EIA predicts that heating US homes with electricity will cost more than it did last winter
The Energy Information Administration reported on Wednesday that U.S. homes heated by electricity primarily will spend 4% more to stay warm this winter, due to forecasts of higher power prices. The demand for electricity will likely outpace supply due to the growth of data centers, which are driving the AI boom. Also, the electrification and automation of other industries…
Sherry Duhe, Santos' Finance Chief, resigns after one year in the role
Santos announced on Tuesday the resignation of CFO Sherry duhe, only one year after she assumed the position. The Australian gas producer is navigating a period of transition ahead of the start-up of its Barossa, and Pikka, projects. Duhe was appointed as Santos' new CEO in September of last year, amid speculation about a possible leadership change.
Cricket-New Zealand Santner and Ravindra return to England T20 Series
The national cricket body, NZC, said that the return of Mitchell Santner, New Zealand's regular white-ball captain, and Rachin Ravindra, an all-rounder, will give New Zealand a boost in the three-match Twenty20 match series this month against England. However, Williamson will not be playing, a key batter, according to the NZC.
Congo will revoke cobalt export quotas to companies who fail to export the full volume
In a statement released on Saturday, the mining regulator of the Democratic Republic of Congo said that it would revoke export quotas for companies who fail to meet their export targets, violate environmental or tax regulations, or transfer them to third parties. It was announced that the new rules would come into effect on 16 October.
The United States has experienced a number of deadly industrial accidents this century
Officials said that multiple people died in an explosion at a military explosives facility in Tennessee on Friday. They also reported the absence of 19 other people. Here are some of the most notable industrial explosions that have occurred in the United States during this century. An explosion on the 23rd of March 2005 at a BP…
Sources say that Pemex is overhauling multiple units in the refinery at Deer Park (Texas)
Mexico's national oil company Pemex completed the shutdown of multiple units at its 312,500-barrel-per-day Deer Park, Texas, refinery on Thursday to begin a multi-unit overhaul, people familiar with plant operations said. Sources said that the 270,000 bpd DU-2 crude distillation unit (CDU), which is the larger of the two refineries, will be shut down for a planned overhaul lasting about 60 days.
Draft bill shows India plans to open the retail electricity sector to private companies nationwide
A draft bill from the federal ministry of power showed that India intends to open its retail electricity market nationwide for private companies, ending the dominant role of state-run distribution in the majority states. This move will enable private companies like Adani Enterprises (Tata Power), Torrent Power (CESC) and Tata Power to increase their presence in the country.
Petrobras to meet 20% of the country's nitrogen fertilizer demand in 2026
Magda Chambriard, CEO of Petrobras, said that the company will be able meet about 20% percent of the total nitrogen fertilizer demand in Brazil next year once it restarts its operations at three plants. According to Petrobras' strategic plan, the Bahia plant and the Sergipe plant, located in Brazil's northeastern area, will supply 5% of the national market for urea, and 7% respectively.
US grants license to Shell, Trinidad to develop Venezuelan gas field, official says
Trinidad's Attorney General said that the U.S. Government has given Shell and Trinidad and Tobago permission to develop a offshore gas field near the maritime border in Venezuela, Trinidad's attorney-general announced on Thursday. In recent years, the project to supply Trinidad with Venezuelan natural gas has been progressing slowly, due to frequent U.S. changes in policy towards Venezuela.
Palm oil closes strong in Indonesian biodiesel plans and Dalian oils
Malaysian palm futures closed at their highest level in seven months on Thursday. This was due to the strength of rival Dalian oil and Indonesia's plans for biodiesel. Profit-taking ahead of Malaysia Palm Oil Board (MPOB's) monthly data is expected. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange in Malaysia rose 49 ringgit or 1.08% to 4…
Palm oil gains from Indonesia's biodiesel plan, and strong Dalian oils
Malaysian palm futures rose for the third session in a row on Thursday. This was due to strength in Dalian oils, a rival oil company, and Indonesia's plans to produce biodiesel. However, traders are expected take profits before the Malaysia Palm Oil Board releases its monthly data. By midday, the benchmark palm oil contract on…
Grid operators claim that the UK's winter energy is secure, despite lower gas margins.
In their winter outlooks, the electricity and gas grid operators in Britain expect that there will be enough energy this winter despite tighter margins for gas due to declining production at home. National Gas and Britain's National Energy System Operator publish annual reports on the supply and demand of gas and electricity for the coming winter in order to assist businesses and governments prepare.
Sources say that Congo will tie export quotas for cobalt to data from three-year companies.
Three sources with knowledge of the issue said that the Democratic Republic of Congo would allocate cobalt export quotas annually based on the production and shipment statistics of companies for the past three years. This is a major shift in policy intended to limit the supply of the world's largest producer. The new quota system is set to come into effect on 16 October.
Sources say that Congo will tie export quotas for cobalt to data from three-year companies.
Three sources with knowledge of the issue said that the Democratic Republic of Congo would allocate cobalt export quotas annually based on the production and shipment statistics of companies for the past three years. This is a major shift in policy intended to limit the supply of the world's largest producer. The new quota system is set to come into effect on 16 October.
South Africa coal heartland is home to a small solar city
Even though the locals are coughing up grey smog, coal keeps them at work, heats their homes during winter, and cooks dinner. Now, however, things are slowly beginning to change. South Africa, one of the largest coal exporters in the world, has launched a plan that will wean itself off coal pollution and embrace green industries to create jobs.
First political hurdle cleared for EU's plan on phase-out of Russian energy
EU diplomats reported that the ambassadors of European Union countries agreed on Wednesday to push ahead with the plan to stop Russian oil and natural gas imports by the year 2028. This agreement cleared the first political hurdle for the law before it is voted on later this month. The EU is currently negotiating proposals that would phase out Russian gas and oil by January 2028.
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news…
US Natural Gas Prices Rise as LNG Exports Increase
U.S. natural gas futures climbed about 2% on Monday on near-record flows to liquefied natural gas (LNG) export plants and forecasts for more demand this week than previously expected.Front-month gas futures for November delivery on the New York Mercantile Exchange (NYMEX) rose 6.7 cents, or 2.0%, to $3.391 per million British thermal units (mmBtu) at 8:42 a.m.
S&P 500 and Nasdaq fall after setting intraday records, as momentum wanes
S&P 500 index and tech-heavy Nasdaq index retreated on Thursday after reaching intraday records earlier in the day. Investors locked in gains as the U.S. shutdown entered its second day. The rapid pullback highlights how fragile the market momentum is, with stretched values and uncertainty over the Federal Reserve’s lack of visibility in economic data keeping traders at edge.
OMV reduces investment targets and cuts back on spending for renewables until 2030
Austria's OMV announced on Monday that it would cut sustainable investments, and reduce its target for organic capital expenditures yearly by 1 billion euro ($1.2 billion). This was also to reflect Borealis' deconsolidation following a merger. The group has set a new organic capital spending goal of 2.8 billion euro per year. This is down from its previous projections of 3.8 billion euro.