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U.S. West Texas Intermediate (WTI) crude rose 64 cents, or 0.9%, to $70.31. The U.S. dollar fell to its lowest level since Feb. 3 against a basket of other currencies, supporting oil demand by making crude cheaper for buyers using other currencies. "The big story here is that build ... in crude, which is enough to get us to the 22-month high in crude oil storage. We just have a lot of crude oil in storage and it's not going to go away anytime soon," said Bob Yawger at Mizuho, a bank. An emergency rescue of Credit Suisse Group AG (CSGN.S) over the weekend helped revive oil prices.

U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $69.28. Traders and analysts will be looking out for data from the U.S. Energy Information Administration on Wednesday to see whether it confirms signs of weaker crude demand. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse. An emergency rescue of Credit Suisse over the weekend helped revive oil prices. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

U.S. West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.7%, at $69.20. Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said. Following the meeting, Chair Jerome Powell is expected to unveil new economic projections and the central bank's path for interest rate hikes. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse culminated in an emergency rescue over the weekend. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

☆ Economic asphyxiation puts Russia in China’s orbit
▼ + stars: | 2023-03-20 | by ( Pierre Briancon | ) www.reuters.com time to read: +7 min

Cut off from foreign markets by sanctions, Vladimir Putin’s government is at pains to finance budget deficits that would have been manageable in peacetime. The financial difficulties are pushing Russia further into the sphere of influence of China’s President Xi Jinping, who visits Moscow this week. Dipping into the fund, though, will push Moscow further into China’s financial orbit, Russian economist Alexandra Prokopenko has noted. In the short term, financial hope for Russia can only come from a significant increase in oil and gas prices. Trade between China and Russia increased by 34% last year as Chinese imports of oil and gas jumped 50%.

☆ Corporate Climate Targets Get Lift Under Rosier U.S. Government Emissions Outlook
▼ + stars: | 2023-03-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

A new government projection says the U.S. climate bill will speed up cuts to greenhouse-gas emissions this decade, helping ease the burden on corporate climate targets but still falling short of Paris Agreement ambitions. The EIA considers only energy-related emissions, not the entire economy, and uses 2005 as the baseline because the Paris Agreement also targets that year. The EIA attributed most of the improvement to the 2022 climate bill known as the Inflation Reduction Act. It also remains to be seen if the rosier outlook will spur companies to raise their climate ambitions. “I’m not sure it will lead to more ambitious corporate climate targets, many of which are already targeting net-zero emissions—a goal that will require policy and technology adoption well beyond that included in EIA’s new projections,” Mr. Newell said.

U.S. West Texas Intermediate crude futures (WTI) gained 98 cents, or 1.4%, to $72.31 a barrel. "The OPEC upgrade in Chinese oil demand outlook also lent support, though investors were still concerned over a cascading financial crisis after the recent collapse of U.S. banks," he said, noting that whether WTI can stay above $70 a barrel is being closely watched. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left total global demand steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

TOKYO, March 15 (Reuters) - Oil prices rebounded more than 1% on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left the global demand total steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. "The consensus is that the oil supply-demand balance will tighten in the second half, driven by China rebound, unless a severe global recession hits," he added. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ A tidal power 'mega project' in one of Europe's iconic waterways could power 1 million homes. But costs are huge
▼ + stars: | 2023-03-13 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

Authorities in Liverpool want the river to be home to a huge tidal power project which, they say, could power as many as 1 million homes, generating thousands of jobs for the region in the process. Speaking to CNBC, Martin Land, director of the Mersey Tidal Power Project, outlined how the system would work in practice. Tidal barrage systems in operation today include EDF's 240 megawatt La Rance tidal power plant in France, and South Korea's 254 MW Sihwa Lake tidal power plant, currently the world's largest. The agreement, it added, would see "K-water and the Combined Authority working closely together to explore possibilities for tidal power." "Once operational, Mersey Tidal Power would have the potential to become the world's largest tidal power scheme," he said.

☆ Oil flat as China hopes, US stock draw contend with economic concerns
▼ + stars: | 2023-03-09 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures had edged up by 2 cents to $82.68 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased by 1 cent to $76.65 a barrel. "Oil prices are still under the influence of Powell's hawkish tone recently, and the increasing possibility of another 50 basis points hike rather than a 25 basis points one," said Suvro Sarkar, lead energy analyst at DBS Bank. "Oil prices will be caught in the tug of war between sentiment surrounding rate hikes and inflation targeting on the one hand, and China reopening on the other for much of the year, at least the first half." Despite the EIA inventory report posting the first crude draw of the year, crude demand uncertainty over the short term is "keeping oil prices heavy," said OANDA senior analyst Edward Moya in a note. "Until we see clear signs of China's recovery gaining steam, oil prices look like they want to stay heavy."

☆ U.S. won't reach a new record in oil production 'ever again,' says Pioneer Natural Resources CEO
▼ + stars: | 2023-03-09 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

Many oil companies have outlined production increases as part of spending plans this year, though oil companies are now in an era of greater fiscal discipline, not shy about signaling they will favor shareholder rewards like stock buybacks over higher production levels. "I think gas prices at the pump are not so bad at this price, so I think it's optimal," she said. The White House has pushed oil companies to use their record profits to ramp up production instead of on buybacks or increasing dividends. Biden said U.S. oil majors invested "too little of that profit" to ramp up domestic production to help keep gas prices down. "Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders."

☆ Oil extends losses as rate hike concerns spur sell-off
▼ + stars: | 2023-03-08 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude futures slipped $1.11, or 1.4%, to $76.47 a barrel. "[We] expect the continued recovery in civil aviation demand in China and neighboring countries, a stabilisation in industrial activity and slower non-OPEC+ supply growth to drive the oil market balance into a deficit later this year," the bank added. Data from the API showed U.S. crude inventories fell by about 3.8 million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000 barrel rise in crude stocks from nine analysts polled by Reuters. Meanwhile, gasoline inventories rose by about 1.8 million barrels, while distillate stocks rose by about 1.9 million barrels, according to the sources.

☆ Oil extends declines on rate hike concerns
▼ + stars: | 2023-03-08 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

Data from the American Petroleum Institute showed U.S. crude inventories fell by about 3.8 million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000 barrel rise in crude stocks from nine analysts polled by Reuters. Meanwhile, gasoline inventories rose by about 1.8 million barrels, while distillate stocks rose by about 1.9 million barrels, according to the sources. Powell's comments had propelled the U.S. dollar, which typically trades inversely with oil, to hit a three-month high against a basket of currencies. The dollar index =USD rose as high as 105.65, up 1.3% on Tuesday and the highest since Dec. 6.

Brent crude futures rose 18 cents, or 0.2%, to $83.47 per barrel by 0452 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents to $77.62 a barrel. Data from the American Petroleum Institute showed U.S. crude inventories fell by about 3.8 million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000 barrel rise in crude stocks from nine analysts polled by Reuters. Traders were awaiting crude inventory data from the U.S. Energy Information Administration later on Wednesday, after the API data showed a decline in crude inventories for the first time after a 10-week build, she added. Powell's comments propelled the U.S. dollar, which typically trades inversely with oil, to hit a three-month high against a basket of currencies.

☆ Oil falls 3% on U.S. rate hike expectations, strong U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $2.35, or 2.7%, to $83.83 a barrel by 1:05 p.m. EST (1805 GMT) . U.S. West Texas Intermediate crude dropped by $2.48 a barrel, or 3%, at $77.98. Prices sank after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. More pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with U.S. Energy Information Administration data following at 1530 GMT on Wednesday.

☆ Oil falls 2% on U.S. rate hike expectations, stronger U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $1.46, or 1.7%, to $84.72 a barrel by 11:06 a.m. EST (1606 GMT). Prices declined after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. The remarks pushed up the U.S. dollar , which rose 0.70% on the day at 104.97. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Further pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions.

☆ A new nuclear reactor in the U.S. starts up. It's the first in nearly seven years
▼ + stars: | 2023-03-07 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

For the first time in almost seven years, a new nuclear reactor has started up in the United States. On Monday, Georgia Power announced that the Vogtle nuclear reactor unit 3 has started a nuclear reaction inside the reactor. It's when the nuclear fission process starts splitting atoms and generating heat, Georgia Power said in a written announcement. However, because nuclear energy is generated without releasing carbon dioxide emissions, which cause global warming, the current increased sense of urgency in responding to climate change has given nuclear energy a chance at a renaissance. The cost associated with building nuclear reactors is a major barrier to a potential resurgence in nuclear energy, however.

☆ U.S. power use to slide in 2023 on slower economic growth
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

EIA projected power demand will slide from a record 4,048 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,065 billion kWh in 2024 as economic growth ramps up. That compares with an eight-year low of 3,856 billion kWh in 2020 when the coronavirus pandemic depressed demand. EIA projected 2023 power sales would ease to 1,476 billion kWh for residential consumers, 1,378 billion kWh for commercial customers, and 998 billion kWh for the industrial sector. That compares with all-time highs of 1,521 billion kWh for residential consumers in 2022, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers. The EIA projected 2023 gas sales would slide to 13.06 billion cubic feet per day (bcfd) for residential consumers, 9.41 bcfd for commercial customers, 22.56 bcfd for industrial customers and 32.51 bcfd for power generation.

☆ Oil holds gains on China rebound, even as U.S. crude stocks rise
▼ + stars: | 2023-03-02 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

However a tenth consecutive week of crude stock builds in the United States capped the market's gains. U.S. crude inventories (USOILC=ECI) rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported. Record exports of U.S. crude oil, however, kept the build smaller than in recent weeks, with shipments rising to 5.6 million barrels per day (bpd) last week, according to the EIA. Meanwhile, crude oil processed by Indian refiners reached record levels in January, provisional government data on Wednesday showed, as the country boosted imports of Russian barrels that Western countries shunned. Refinery throughput in the world's third-largest oil importer and consumer reached 5.39 million barrels per day for January, the highest since Reuters records going back to 2009.

Nearly 80% of distillates are used in freight transport, manufacturing and construction, so fuel consumption is closely geared to the manufacturing and freight cycle. Growth in both manufacturing activity and distillate consumption peaked in the first half of 2021 as the economy rebounded after the first wave of the pandemic. Distillate consumption also fell below prior-year levels in six of the nine months between April and December 2022 as demand dropped. Slower consumption created some scope to stabilise depleted distillate inventories towards the end of 2022. Notwithstanding the impact of poor weather, growth seems to have been decelerating slightly since November, as oil prices and drilling rates have fallen.

Losses were limited by oil supply concerns after Russia halted exports to Poland via a key pipeline. That positive economic data helped global stock markets to rebound, yet shares remained near six-week lows as investors braced for interest rate hikes in the United States and Europe. Adding to global oil demand worries, rising Sino-U.S. tensions hammered equity markets in China and Hong Kong while investors awaited policy signals from the upcoming National People's Congress. On Monday, Russian oil pipeline monopoly Transneft said it started pumping oil from Kazakhstan to Germany via Poland through the Druzhba pipeline, while halting deliveries to Poland. Russia announced plans this month to cut oil exports from its western ports by up to 25% in March versus February, exceeding previously mooted production cuts of 5%.

☆ Oil gains on Russian supply cut worries, but higher U.S. inventories weigh
▼ + stars: | 2023-02-24 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, Feb 24 (Reuters) - Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States. Brent crude futures rose 61 cents, or 0.7%, to $82.82 per barrel by 0215 GMT. The prospect of further rate hikes supported the dollar index , which was set for a fourth straight week of gains. Oil has also been pressured by a surge in U.S. crude inventories to the highest since May 2021, as refiners ran less oil during a strong maintenance season. Crude inventories rose by 7.6 million barrels to a about 479 million barrels, data from the U.S. Energy Information Administration said.

Feb 23 (Reuters) - Oil prices rose slightly in thin Asian trade on Thursday, with WTI pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand.

Feb 23 (Reuters) - Oil prices rose slightly in thin Asian trade on Thursday, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand.

Europe’s distillate stocks were -41 million barrels (-10% or -1.43 standard deviations) below the ten-year average at the end of January. Singapore’s distillate inventories were -3 million barrels (-30% or -1.53 standard deviations) below the ten-year average on February 19. At the end of the last three recessions, U.S. distillate fuel oil inventories stood at 151 million barrels (April 2020), 163 million barrels (June 2009) and 139 million barrels (November 2001). By contrast, inventories currently stand at just 122 million barrels, according to data from the U.S. Energy Information Administration (EIA). So far, there has been only modest progress in rebuilding distillate stocks and defanging the inflation threat.

☆ Why it's so hard to build new electrical transmission lines in the U.S.
▼ + stars: | 2023-02-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +14 min

Building new transmission lines in the U.S. takes so long — if they are built at all — that electrical transmission has become a roadblock for deploying clean energy. Energy companies that build new transmission lines need to get a return on their investment, explains James McCalley, an electrical engineering professor at Iowa State University. "Someone that benefits more frequent transmission line will pay more than someone who benefits less from a transmission line." transmission lines, energy grid, clean energyGreat River Energy and Minnesota Power are in the early stages of building a 150-mile, 345 kilovolt transmission line from northern to central Minnesota. Engaging with all members of the respective community is a necessary part of any successful transmission line build out, Patel and Johnson both say.

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