Money managers have become increasingly bullish on crude oil amid the geopolitical tensions in the Middle East and growing confidence that the U.S. will successfully avoid a recession this year.
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.
The total rig count fell by 2 to 619 this week, compared to 759 rigs this same time last year.
Big Oil has seriously underperformed the overall market over the past year, and it’s not just because of the decline in oil prices.
Investors are not convinced that oil companies—despite supplying essential products for today’s way of living such as gasoline, chemicals, fibers and what-not—have a future. Instead, they are focused on the trendy technology stocks, which have now become the darlings of the stock market.
Oil prices refrained from responding to geopolitical pressure on Monday, instead dropping slightly on solid numbers from the U.S. jobs report and a caution over interest rate cuts.
The latest report from the U.S. Bureau of Labor Statistics showed accelerating job growth for January, with wages seeing a two-year-high increase.
Industries such as steel, cement, and heavy transport account for some one-third of global greenhouse gas emissions (GHG), rendering breakthrough zero-carbon industrial products one of the most valuable assets of the world’s climate change portfolio. Heavy carbon emitting manufacturers all over the world are making the switch to cleaner industrial processes such as low-carbon electricity for industrial heat and hydrogen-based steelmaking. These companies are desperate to find a new technology that enables this. While quality control remains paramount, lower GHG-emitting industrial products have become the preferred choice.
The Chamber of Bulk Oil Distributors has stated that the presence of Sentuo Oil Refinery will go a long way to reduce the cost of operations for its members.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified that Oil and Gas assets in Nigeria can only be transferred in accordance with the requirements of the Petroleum Industry Act (PIA 2021).
Members of the public have been urged to contact the Health Department and their respective local authorities on the sale of vape-like nasal inhalers called “energy sticks”.
The second edition of India Energy Week kicks off in Goa on 6 February with participation from global oil majors including Russia’s Rosneft and Saudi Arabia’s Saudi Aramco.
Alberta Environment Minister Rebecca Schulz says the province is gearing up for another court battle against the federal government, this time over a forthcoming proposed oil and gas emissions cap that she claims will in practice be a cap on production.