Oil Price Uncertainty about the pace of renewable energy growth with the U.S. presidential election approaching has pushed investors to withdraw money from funds invested in renewables stocks—so much that these funds booked the biggest quarterly withdrawal ever in the first quarter of the year. Exchange traded funds that invest in stocks of renewable energy firms saw a combined outflow
World Oil (Bloomberg) – International oil companies listed in the U.S. benefit from higher multiples, greater access to capital and a friendlier investor base, according to Shell Plc’s former chief executive officer. “It’s a major issue,” Ben van Beurden said when discussing the valuation gap between European and North American oil and gas players at the FT Commodities Global Summit
World Oil (Bloomberg) – Jamie Dimon said U.S. delays of liquefied natural gas (LNG) projects were done for “political reasons” to pacify those who believe oil and gas projects should be stopped — a position he calls “wrong” and “enormously naïve.” The head of JPMorgan Chase & Co. made the comments Monday in his annual shareholder letter, in which he
Oil Price The Netherlands’ five largest pension funds have said they are willing to invest billions in the country’s renewable energy sector and the electricity grid. The funds, with a combined 900 billion euros ($975 billion) in assets, have offered to help with finances and expertise in the nation’s electric grid expansion and sustainable heating projects. “We want to make a bigger
Oil Price BlackRock has asked Texas authorities to reconsider the withdrawal of $8.5 billion in assets of the Permanent School Fund from the asset manager. The decision to withdraw from BlackRock was announced earlier this week by the Texas State Board of Education Chair, who cited the 2021 law that Texas passed to penalize financial firms that, according to state
World Oil (WO) – Following news that the Texas State Board of Education (SBOE) and Chairman Aaron Kinsey would terminate an $8.5 billion contract with BlackRock, Texas Railroad Commissioner Wayne Christian applauded the SBOE’s decision, which protects Texas’ Permanent School Fund and classrooms across the state, and said the following: “Texas state leadership continues to land blows to BlackRock and
Oil Price A total of 70% of passive funds passed off as “sustainable” by five of the largest asset managers in the U.S. and Europe are exposed to companies developing new oil and gas projects, environmental organization Reclaim Finance said in a report on Wednesday, calling out asset managers for greenwashing ESG-labeled passive funds. In new research published today, Reclaim Finance has
Oil Price The U.S. Export-Import Bank approved a loan guarantee of $500 million for a Bahrain oil project despite opposition from Democrats noting the move would compromise the Biden administration’s hard line on climate change. Last month, the Export-Import Bank voted to notify Congress that it plans to underwrite a loan of more than $100 million to the borrower, Bahrain’s
Nasdaq TC Energy TRP.TO said on Monday it has agreed to sell Portland Natural Gas Transmission System (PNGTS) to a BlackRock-managed fund and Morgan Stanley Infrastructure Partners for $1.14 billion as part of its ongoing efforts to reduce debt and fund investments. The Calgary, Alberta-based company, best known for its Keystone oil pipeline, is undergoing an overhaul and had said last
Fox Business JPMorgan Chase and institutional investors BlackRock and State Street Global Advisors announced Thursday that they are quitting or, in the case of BlackRock, substantially scaling back involvement in a massive United Nations climate alliance formed to combat global warming through corporate sustainability agreements. In a statement, the New York-based JPMorgan Chase explained that it would exit the so-called Climate
Nasdaq Pipeline operator Enbridge ENB.TO missed fourth-quarter profit estimates on Friday, hurt by lower tolls related to its Mainline crude pipeline system and a decrease in earnings from the company’s gas segment. Enbridge reached a toll agreement for Mainline with oil shippers last year, which was lower than the previous one, after scrapping earlier plans for long-term contracts. Quarterly adjusted core
Nasdaq LONDON – Portfolio investors raced to build bullish positions in petroleum at the end of January amid signs the business cycle slowdown is coming to an end and fears about attacks on tankers near southwestern Arabia. Hedge funds and other money managers purchased the equivalent of 97 million barrels in the six most important petroleum futures and options contracts
