energy
German utility Uniper has won a multi-billion euro arbitration against former long-time supplier Gazprom, allowing it to terminate dormant gas supply contracts and potentially setting a precedent for similar cases. The ruling, announced on Wednesday, marks a significant victory for Uniper, which was rescued by the German government in 2022 after Russia’s Gazprom cut and later suspended gas supplies, forcing Uniper to buy replacement volumes at sky-high prices on the spot market. Landmark ruling and its implicationsThe arbitration tribunal in Stockholm issued the ruling on June 7, following a p...
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The International Energy Agency (IEA) stated on Wednesday that a U.S.-led surge in global oil production is expected to exceed demand growth from now until the end of the decade. This development could push spare capacity to unprecedented levels and potentially disrupt OPEC+ market management. The IEA’s latest medium-term market report, titled “Oil 2024,” indicates that oil demand growth is on track to slow down before ultimately peaking near 106 million barrels per day by 2030, up from just over 102 million barrels per day in 2023. In contrast, total oil production capacity is projected to su...
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The Brent crude oil price drifted upwards on Monday as investors focused on the upcoming driving season in the United States. It rose for two straight days, moving to the key resistance point at $82.50, higher than last week’s low of $80.60. Driving season aheadThe next crucial catalyst for crude oil price is the US driving season, which starts after the Memorial Holiday weekend. This season is characterised by more driving in the United States and higher demand for gasoline. In some cases, oil prices tend to rise during the driving season, which explains why Joe Biden’s administration has ann...
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Crude oil prices experienced a significant drop of more than 1.5% on Tuesday as the United States Federal Reserve provided no clear indications regarding potential interest rate cuts. The uncertainty stems from recent statements by key Fed officials, reflecting differing views on the economic outlook and inflation trends. Federal Reserve officials’ mixed signalsFederal Reserve Bank of San Francisco President Mary Daly stated that there is “no urgency” to start easing interest rates, citing the absence of evidence for a sustained drop in inflation. Similarly, Fed Vice Chair for Supervision Mich...
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The International Energy Agency (IEA) has revised its global oil demand forecast for 2024, reducing it by 140,000 barrels per day (bpd) to 1.1 million bpd, according to the agency’s May outlook released on Wednesday. The IEA attributed this downward adjustment to sluggish industrial activity and a milder winter, which have dampened gasoil consumption, especially in Europe. In Europe, the decreasing number of diesel cars has further reduced consumption. For 2025, oil demand is projected to slightly exceed this year’s levels, reaching 1.2 million bpd. IEA expects global oil production to growOn ...
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Sustainable energy company EOG Resources has reported its Q1 2024 quarterly earnings, with better-than-expected results all round. One chief reason for this, according to the company, was that EOG experiences “volumes and total per-unit cash operating costs better than guidance midpoints.” It also reflected the continued bullishness of investors and market sentiment at large for more sustainable energy solutions. EOG, with its natural gas, hydrocarbon and crude oil streams, seems to be benefitting from the zeitgeist nicely. Net income and free cash flow riseThe company reported an adjusted net...
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About $150 trillion is expected to go into decarbonizing the global economy over the next thirty years. Here are the top four green energy stocks that may benefit as the world executes on its commitment to that transition. NextEra Energy Inc (NYSE: NEE)NextEra Energy is on our list of top four green energy stocks for long-term investment as it is one of the biggest names in the wind and solar energy space. The energy giant is committed to making its operations free of carbon emissions by 2045. $NEE has increased its adjusted EPS at a compound annualised rate of 10% over the past ten years whil...
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Energy ministers representing the Group of Seven (G7) major democracies are set to sign an agreement aimed at ending the use of coal in electricity production by 2023 and 2035. However, two diplomatic sources say Germany and Japan may be exempt from this agreement. Outlines of the agreementSources state that G7 nations promise to close their coal-fired plants by the early 2030s, however, these countries could also choose to have a deadline aligned with maintaining the global temperature increase below 1.5°C. This would give Berlin and Tokyo flexibility, given that their coal-fired plants gener...
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