Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer…
Macquarie, Australia's Macquarie Bank, has'very little exposure' in Trump's war on green energy
Macquarie Group, the top Australian investment bank, downplayed on Tuesday its exposure to U.S. green power sector that has been disrupted by executive orders issued by President Donald Trump. It posted a flat profit for the third quarter. The bank that makes a third its profit in Americas said it has reviewed its U.S.
Goldman Sachs: Trump's tariffs will have a limited impact on oil and gas prices
Goldman Sachs stated in a Sunday note that the new tariffs placed by U.S. president Donald Trump on imports coming from Canada, Mexico and China will likely have a limited impact on oil and gas prices globally. The bank stated that the potential tariff-driven decrease in U.S. Natural Gas imports from Canada was too small to have a significant impact on U.S.
Tariffs on copper and aluminium by Trump could increase costs for U.S. customers
Analysts and industry participants stated on Tuesday that President Donald Trump's promise to impose tariffs on U.S. imports of copper and aluminum would lead to higher prices for local consumers due a lack of production at home and the time required to renew the industry. Trump told Republican lawmakers that he will impose tariffs on steel and aluminium…
Goldman Sachs raises US gas price forecast amid colder winter
Goldman Sachs raised its forecast of U.S. Natural Gas prices from $3.00 per million British Thermal Units (MMBtu), to $3.60 for 2025. This is due to tighter gas balances in this winter, as a result of colder than average temperatures. The bank stated that "there is no need for $4 gasoline just yet".
JPMorgan Upgrades YPF and Expects Further Growth for the Argentine Energy Sector
In a client note, JPMorgan analysts raised their rating of Argentine oil company YPF. They said that the energy sector in South America has more room to grow as part of its "economic transformation". The U.S. Investment Bank raised its YPF recommendations to "overweight" and from "neutral."…
Greece Aims to Wean Tourist Islands from Fuel Imports
Greece signed a deal with the European Commission and the European Investment Bank (EIB) on Thursday to set up a fund that will help its tourism-reliant islands wean off fossil fuel and reduce power costs, the Greek government said.Greek Prime Minister Kyriakos Mitsotakis met EIB's Chair Nadia Calviño on Thursday.
Vulcan Energy, a company listed in Australia, receives $106 million funding from the German Ministry
Vulcan Energy Resources, an Australian company, announced on Tuesday that it received funding of 100 million euros (106.42 millions dollars) from the German Economy Ministry for its renewable energy facility in Landau in Germany. The Vulcan HEAT4LANDAU Project is a project to generate renewable…
Wall Street welcomes Trump's comeback, but with trepidation
Wall Street executives praised the prospect of business friendly regulations and a flurry of deals, as they analysed the implications of Donald Trump’s reelection. However, some were uneasy over his unpredictable nature. Executives from banks and private equity firms said that Trump's return…
Brazil millers claim current sugar prices are limiting production growth
Brazilian millers said that the current reference price for raw sugar is not high enough to justify investments in new plants and that marginal gains from production adjustments in existing plants are nearing their limit. The sugar demand is growing at a rate of 2% annually, but production…
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates…
Energy prices are falling, putting pressure on big oil's huge payouts
Analysts said that major energy companies will borrow billions of dollars to maintain payouts to shareholders or reduce the rate of share purchases in response to a decline in oil prices following more than two years' bumper profits. Since decades, the majors have attracted investors with their promises of steady payouts.
European and Southern African Development Banks to lend an extra $220 million to clean energy projects
The European Investment Bank and Development Bank of Southern Africa announced on Wednesday that, together, they will lend an additional 200 millions euros ($220.16million) to renewable energy project in South Africa. The EIB and DBSA have pledged 400 million euros at the COP27 Climate Summit…
Morgan Stanley lowers Brent crude oil price forecast as market signals softening demand
Morgan Stanley cut its Brent crude forecasts for the coming quarters on Monday and said that the global oil market was facing a period similar to recessions when demand is weak. Brent crude futures reached their lowest level since December 2021 at $71,06 on Friday. Brent crude was trading at around $71.74 per barrel by 1026 GMT.
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases…
BHP's return in Argentina is a new sign of hope for copper mines that are still untapped
More than half a dozen officials from the mining industry said that a new incentive program for mining in Argentina has attracted major players like BHP. They are now looking to the South American nation as the next frontier for the copper market. BHP's investment in Argentina last month was the first time in 20 years that BHP had invested in mining.
U.S. drillers Add Oil and Gas Rigs for 4th week in a Row
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec.
US LNG Exports at 20-month Low
Natural gas flows to U.S. liquefied natural gas (LNG) export plants plunged this month after falling to a 20-month low in June as coronavirus lockdowns cut global demand for the fuel.Before the pandemic slashed energy demand, U.S. producers counted on LNG exports to keep growing fast as an outlet for their record gas output.
Sembcorp Begins Proceedings Against Hin Leong Affiliate
Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Singapore's Universal Terminal, partly owned by oil trader Hin Leong Trading Pte Ltd.Just last week, Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading…
Oilfield Services Giants Start Year with Asset Sales
Schlumberger, Halliburton Co, and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust to falling demand.Oilfield service providers are facing reduced spending by oil and gas…
