Gasoline inventories rose this week by 1.814 million barrels compared to last week’s 2.48-million-barrel decrease. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data.
Europe has stepped up imports of liquefied natural gas in recent weeks, especially LNG from the United States, where the benchmark gas prices at Henry Hub are significantly lower compared to the European benchmark, the Dutch TTF Natural Gas Futures.
“It seems the news of a ceasefire between Israel and Lebanon is behind the price drop, though no supply has been disrupted due to the conflict between the two countries and the risk premium in oil has been low already before the latest price decline,” said Giovanni Staunovo of UBS.
According to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released recently, the world produced an average of 76.10 million barrels of crude oil per day in the third quarter of 2024.
Nigeria faces its worst cost-of-living crisis in a generation after the government ended costly subsidies that made petrol affordable for many in Africa’s most populous country
he National Energy System Operator (NESO) flagged the EGL1 as essential to the UK’s 20030 clean energy goals, as it will transport electricity generated from North Sea wind farms from East Lothian to Country Durham.
Crude oil prices fell 2.5% this week due to softening demand projections, a strong U.S. dollar, and rising supply expectations. Amid global economic uncertainty, reports from the U.S. Energy Information Administration (EIA), the International Energy Agency (IEA), and OPEC are collectively highlighting a bearish outlook, particularly as non-OPEC supply growth appears likely to outpace sluggish demand.
Oil prices fell on Monday after China’s fiscal stimulus measures, announced at the National People’s Congress, failed to meet investor expectations, suggesting limited support for fuel demand.
The Nigerian government is working to slash oil project timelines and cut industry costs by 40 per cent through new executive orders signed by President Bola Ahmed Tinubu.
Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from US fields.