Closing Bell Story‎ – Page 2

Biden administration races to approve green funding ahead of Trump presidency

December 19, 2024

(Oil Price) – Following the recent election of Donald Trump as the next president of the U.S., the Biden administration is racing to approve huge quantities of green funding to ensure the U.S. gets the best chance possible at a green transition. The Biden government’s far-reaching climate policy, the Inflation Reduction Act (IRA), is under threat as President-elect Trump has repeatedly

Weekly Gas Storage: Inventories increase by 68 Bcf- oil and gas 360

Weekly Gas Storage: Inventories decrease by 125 Bcf

December 19, 2024

Natural Gas Inventories as of December 13, 2024 The EIA has released its natural gas inventory report, showing a net decrease of 125 Bcf as of December 13, 2024. Working gas in storage was 3,622 Bcf as of Friday, December 13, 2024, according to EIA estimates. This represents a net decrease of 125 Bcf from the previous week. Stocks were

We head to notably-tighter markets than stock prices show the consensus is thinking

December 18, 2024

(Oil & Gas 360) – Weekly Oil & Natural Gas Inventory Data Are Indicating We Head To Notably-Tighter Markets Than Stock Prices Show The Consensus Is Thinking. While the NASDAQ and S&P 500 show great performance and expectations, Energy stocks continue to reflect little interest/low expectations. Great performance and high expectations are evident in the NASDAQ setting another new record high

Fitch sees oil at $70 in 2025 on moderating demand growth

December 18, 2024

(Oil Price) – Oil demand growth next year is likely to be in line with this year’s tepid increase and the slower pace of growth compared to 2022 and 2023 would result in oil prices averaging $70 per barrel in 2025, Fitch Ratings said on Wednesday. This year, oil prices have averaged about $80 per barrel. “Fitch expects oil prices to decrease to

Texas RRC adopts major new oil and gas waste management rules

December 18, 2024

(World Oil) – After extensive reviews of public comments and stakeholder input, the Railroad Commission of Texas has adopted a significant overhaul of rules regulating oil and gas waste management facilities in Texas. RRC Commissioners voted to adopt the new regulations at their open meeting today. The regulations cover waste from oil and gas operations, such as rock and other

Barclays downgrades energy services sector amid bearish outlook

December 18, 2024

Oil Price – Analysts at Barclays have downgraded the energy services sector on Wednesday, giving it a Neutral rating from Positive amid a bearish oil macro environment. The analysts have highlighted the absence of investor capital influx into the sector despite stable service and equipment markets and disciplined pricing, and see a potential risk for another cut to 2025 earnings. After

EPA approves California ban of fossil-fueled cars starting 2035

December 18, 2024

( Oil Price) – The Environmental Protection Agency (EPA) has approved California’s bid to enforce a rule to end sales of new gasoline-powered vehicles in the state by 2035. California Gov. Gavin Newsom has applauded the decision, saying it will improve public health by slashing harmful air pollution as residents adopt cleaner electric or hybrid vehicles. “Clean cars are here to stay,” Newsom

WTO fails on dispute reforms before Trump takes office, US ambassador says

December 18, 2024

(Investing) – WASHINGTON – World Trade Organization members failed to agree on reforms to revive a broken trade dispute settlement system during the last General Council meeting before U.S. President-elect Donald Trump takes office in January, outgoing U.S. WTO ambassador Maria Pagan said on Wednesday. Pagan also told reporters in a briefing that the meeting on Monday and Tuesday in Geneva

Petro-Victory signs exclusivity agreement to acquire 13 oil-producing fields in Brazil

December 18, 2024

(World Oil) – Petro-Victory Energy Corp. has announced the signature of an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin. Petro-Victory together with Azevedo e Travassos Petróleo S.A. jointly signed an exclusivity agreement with Brava for the potential acquisition of two producing assets – Porto Carão Cluster

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 0.9 million barrels

December 18, 2024

Weekly Crude Oil Storage as of December 13, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.9 million barrels from the previous week. At 421.0 million barrels, U.S. crude oil inventories are 6% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

Goldman Sachs: Huge spare capacity weighs on oil prices

December 17, 2024

(Oil Price) – Spare oil production capacity at the highest quartile in history is weighing on Brent crude prices, and time spreads have looked undervalued since the summer, according to Goldman Sachs. The expectations for a large surplus next year are also likely weighing on the deferred time spreads, the investment bank said in a recent note. “Nevertheless, we believe neither currently

African Energy 2024: Surging investment, waves of change

December 17, 2024

(World Oil) – I’ve said for years that African energy is a vital investment. Backers clearly agree — to the tune of USD47 billion. That’s how much capital expenditure (capex) 2024 saw in African oil and gas, showing a 23% increase from last year. Better yet, we expect growth to continue through the end of the decade. This capex activity

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