Crude oil prices started trade with a dip today, following the U.S. Energy Information Administration’s weekly report, which showed a sizable build in gasoline stocks.
As governments worldwide put increasing pressure on oil and gas companies to decarbonize, many have responded by pledging to expand their renewable energy portfolios and cut emissions in fossil fuel operations.
Crude oil prices remained stable today as a ceasefire between Israel and Hezbollah took effect, suggesting the end of violence in the oil region could be in sight. Separately, expectations that OPEC+ will extend its production cuts on Sunday helped keep the benchmarks steady.
The price of liquefied natural gas in Asia could surge to above $20 per million British thermal units this winter as supply tightens in Europe, Goldman Sachs has predicted.
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.