JPMorgan on Friday pounded the table for energy stocks, as higher-for-longer interest rates further squeezes the flow of capital into new supply. Europe’s energy stocks have only gained 10% since June while oil prices have jumped 30%. JPMorgan said it’s recommending the majors over midcaps, upgrading Eni ENI, +1.48% to overweight, reiterating overweights on Shell SHEL, +0.44%, TotalEnergies TTE, +0.05% and Neste NESTE, -0.39%, and lifting Repsol REP, -0.19% to neutral. The bank raised its rating on global energy stocks to overweight from neutral, as it sees an emerging supply-demand ...

Asia’s middle distillates markets were volatile through the week as mixed demand-supply outlooks for October persisted, though gains were evident on Friday as a knee-jerk reaction amid tight supply worries in the West offset remaining market drivers. Refining margins GO10SGCKMc1 for 10 ppm sulphur gasoil closed the week at $31.69 a barrel, down by around 5% week-on-week despite a late-week surge. Meanwhile, spot cash premiums GO10-SIN-DIF firmed further reflecting price strength in the prompt markets. A buy-sell gap hindered serious discussions. A potential decline in Russian exports for both September ...

The emergence of renewable and cleaner forms of energy globally is a reason to be hopeful about mitigating the impacts of climate change, but reaching greenhouse gas emissions reduction targets hinges on fair international cooperation and without it energy transition will be slower and more expensive, Fatih Birol, executive director of the International Energy Agency, said Sept. 21. One of the beauties of working at the IEA is “we have all the energy data at our fingertips,” and when looking at this data one “extremely clear” trend is the energy ...

U.S. natural gas futures climbed about 2% on Friday on forecasts for warmer-than-normal weather in early October that will likely force power generators to burn more gas to keep air conditioners humming. Prices were also up with exports to Mexico on track to hit a record high in September and as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants rises as Cheniere Energy’s LNG.A Sabine Pass plant in Louisiana pulls in more fuel. Capping those gas price gains were expectations that a tropical storm could ...

ABP Plc BP.L and Shell Plc SHEL.L consortium has reached an agreement with Trinidad and Tobago to explore three deepwater blocks for hydrocarbon production inthe Caribbean country, Minister of Energy Stuart Young said on Thursday. The deal would help Trinidad speed up offshore exploration and production to secure more natural gasto support its liquefied natural gas and petrochemical industries. “The Cabinet approved the award of three deepwater blocks to a consortium of BP and Shell” on Sept. 8, Young said in a press release. A signing ceremony is planned for ...

Hydropower generation in Asia has plunged at the fastest rate in decades amid sharp declines in China and India, data shows, forcing power regulators battling volatile electricity demand and erratic weather to rely more on fossil fuels. The two countries, which account for about 3/4 of Asia’s power generation and most of its emissions, are also to a lesser extent using renewables to make up for the hydropower shortfall and address rising electricity use. Major Asian economies have faced power shortages in recent years due to extreme weather conditions, including ...

Dutch and British wholesale gas prices mostly inched up on Friday morning after changes to Norwegian maintenance outages and on expectations of weaker wind output over the weekend. The Dutch October contract TRNLTTFMc1 was up 0.79 euro at 39.49 euros per megawatt hour (MWh) at 0850 GMT, while the Q4 contract TRNLTTFQc1 was 0.90 euro higher at 43.50 euros/MWh. In the British market, the weekend price TRGBNBPWE rose by 1.50 pence to 98.00 pence per therm while the October contract TRGBNBPMV3 rose by 0.68 pence to 101.25 pence/therm. Gassco has ...

Sizable offshore findings and the worldwide preference for natural gas will power Colombia’s economy and hydrocarbon industry over the long term, according to a new report from Fitch Ratings. In the short term, Colombia will still need to rely on crude to meet its energy needs, especially for transportation, and to maintain economic growth, government spending and foreign currency inflow. While strong crude prices and a robust pipeline of existing contracts will support the Colombian energy industry in the short and medium term, Colombia’s crude oil reserves are expected to ...

Oman’s Duqm refinery has completed its start-up processes and is operator OQ aims to begin commercial operations by year-end, it said. “Significant progress has been made in the project’s execution, with the start-up phase of the refinery now completed, marked by the production of high sulphur fuel oil (HSFO) – the first shipment of which has already been exported to the U.S.,” OQ said in a written statement in response to a Reuters email. Naphtha production has also been achieved, OQ added. Around 95,000 metric tons of HSFO shipped from ...

Middle East crude benchmarks Dubai and Oman climbed on Friday following two straight days of declines, as more spot trades emerged. Meanwhile, Brent’s Exchange Futures for Swaps (EFS) to Dubai has steadied by the end of the trading week, after its volatile surge earlier this week. November EFS DUB-EFS-1M was pegged at a premium of $1.90 a barrel at the Asia close on Friday, compared with $1.85 the previous day, LSEG data showed. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 22 cents to $2.74 a barrel. NEWS Russia ...

An Australian union alliance on Friday called off strikes at Chevron (NYSE:)’s two major local liquefied (LNG) projects, agreeing to resolve disputes that had threatened to disrupt around 7% of global LNG supplies. The union alliance and Chevron accepted proposals on pay and conditions from the country’s industrial arbitrator for the Gorgon and Wheatstone LNG facilities, and workers suspended strikes that began two weeks ago. “The Offshore Alliance will now work with Chevron to finalise the drafting of the agreement and members will soon cease current industrial action,” Offshore Alliance ...

Crude oil futures rose in midmorning Asia trade Sept. 22 after Russia introduced a ban on exports of diesel and gasoline, bringing tight supply concerns to the fore. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:50 am Singapore time (0250 GMT), the ICE November Brent futures contract was up 65 cents/b (0.70%) from the previous close at $93.95/b while the NYMEX November light sweet crude contract rose 74 cents/b (0.83%) at $90.37/b. “Crude prices were ready to continue pulling back but Russia’s ...

Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Brent futures were up 80 cents, or 0.86%, at $94.10 a barrel by 1154 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 95 cents, or 1.06%, to $90.58 a barrel. Brent had traded 99 cents higher earlier at $94.29 a barrel, while WTI hit a peak of $90.80, up $1.17. Both benchmarks were relatively flat on the week, having gained more ...

Exxon Mobil Corp (NYSE:) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said. The largest U.S. oil company has been generating strong refining profits this year in part on a massive expansion of refining capacity and focus on higher margin chemicals. Executives forecast gasoline demand will not peak until late this decade, a much longer timeframe than other forecasters. “Toward the end of this decade we see gasoline demand peaking, but it ...

Startup companies traditionally have turned to private equity and venture capital funds for financing, but big oil and gas companies have a chance to become early supporters of cleantech companies, according to a panel of energy financiers at an industry conference. The gap between the needs of low-carbon, climate-focused startups and the resources of large energy companies is a window of opportunity for oil and gas players, said early-stage investor Naynika Chaubey, a partner at Evok Innovations. The oil and gas companies have the project development experience and the know-how ...