Clean energy and industrial gas company Chart Industries has signed a global master goods and services agreement with ExxonMobil, Chart Industries announced on Wednesday.
The pace of sales for February-loading Angolan oil is faster than the last couple of months, with only 20-30 percent of next month’s supplies still seeking buyers.
Porsche is offering a $15,000 match on top of $7,500 in lease incentives to clear out 2024 Taycan models, yet iSeeCars research finds the model the most expensive alternative fuel vehicle to drive based on miles used per year. Porsche’s increased use of discounting and rapid deterioration in its core China market has slashed more than $30 billion from its market cap since April, and has reduced risk views below luxury rivals Ferrari, BMW and Mercedes for the first time since its IPO in 2022.
The S&P 500 closed out 2024 with a total return of 23.3%, building on its 24.2% gain in 2023. Despite a weaker finish to the year, the index notched 57 record closes, fueled by optimism around artificial intelligence (AI) and the Federal Reserve’s interest rate cuts. Every sector in the index posted gains for the year, but seven of the eleven sectors underperformed the broader benchmark, while five delivered returns of at least 20%.
While ADNOC has yet to significantly expand its international upstream asset portfolio, its downstream acquisitions and investments in drilling and shipping are positioning the company as a strong competitor to global energy giants. With initiatives like XRG and strategic collaborations, ADNOC is solidifying its presence on the global stage.
This week, oil has been trending higher already on signs of a tighter market and an American Petroleum Institute inventory report that saw crude oil stocks shedding a sizable 4 million barrels in the first week of January. The API also estimated another round of hefty inventory builds in fuels.
With European inventories depleting fast and now sitting below the five-year average for this point during the winter season, Europe will need to boost overseas supply not only for this winter’s consumption, but also in the spring and summer, to fill up storage sites ahead of the 2025/2026 winter.
The president-elect has made no secret of his attitude to Iran, and he demonstrated that attitude during his first term when he withdrew the United States from the Joint Comprehensive Plan of Action, commonly referred to as the Iran nuclear deal, and slapped back sanctions that the JCPOA had put an end to previously. The administration that took over in 2020 did not pay as much attention to Iran and sanction enforcement.
Last month, a survey by law firm Haynes Boone LLC revealed that banks are gearing up for oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term. The survey of 26 bankers showed that they expect WTI prices to drop to $58.62 a barrel by 2027, nearly $20 lower than the intraday price of $76.22 at 12.00 pm ET on Wednesday.
The rise in crude oil prices is crucial for achieving President Bola Tinubu’s N47.9 trillion 2025 budget. The federal government aims to raise N19.60 trillion, or 56% of its revenues, from the oil sector and N15.22 trillion, or 43% of total revenues, from non-oil sources. This indicates that Nigeria has to earn more money from oil.