Energy

Swiss trading house Trafigura is on a mission to recover $500 million in Mongolia following a year-long investigation into a billion-dollar fraud scheme involving its local fuel supply operations. This incident is the second major fraud case Trafigura has uncovered in two years, prompting concerns among bank trade financiers about the company’s oversight capabilities. Trafigura […]

Equinor has resumed production at the Johan Sverdrup oilfield in the North Sea, achieving two-thirds of its capacity by mid-morning on Tuesday following a power outage that halted operations on Monday. Incident Overview: The outage occurred due to an electrical converter station overheating at Kaarstoe in southwestern Norway, disrupting electricity supply to the platforms and […]

Norway’s Equinor has temporarily halted production at the Johan Sverdrup oilfield, the largest in Western Europe, due to an onshore power outage. The company reported the shutdown on Monday. Impact on Oil Prices: Following the announcement, oil prices increased, with Brent crude futures rising by $1.88 (2.65%) to $72.92 per barrel, and U.S. West Texas […]

Despite Gazprom cutting off gas supplies to Austria’s top importer, OMV, over a contractual dispute, Russian gas is still reaching Austria as of Monday, according to data flows. Supply Situation: Gazprom halted supplies to OMV on Saturday after the company threatened to impound gas as compensation for an arbitration ruling in its favor. However, overall […]

At least three Russian refineries have halted processing or reduced operations due to significant financial losses stemming from export restrictions, rising crude prices, and high borrowing costs. This situation underscores the challenges facing the Russian refining industry, which is grappling with the impacts of Western sanctions, drone attacks, and a volatile energy market. Refinery Closures: […]

Austria announced on Friday that Russia will halt gas deliveries via Ukraine starting Saturday, marking a significant reduction in Moscow’s gas flows to Europe. This suspension comes as Russia’s oldest gas-export route to Europe, a pipeline established during the Soviet era, is set to close by the end of the year. Background: Ukraine has decided […]

U.S. gasoline inventories have fallen to their lowest levels in two years, experiencing an unexpected drawdown last week driven by strong demand, according to the Energy Information Administration (EIA). Meanwhile, crude oil stockpiles increased more than anticipated. Inventory Changes: Gasoline stocks decreased by 4.4 million barrels for the week ending November 8, bringing total inventories […]

The three largest U.S. refiners have prioritized shareholder returns in the third quarter of 2023, distributing over $5.2 billion through stock buybacks and dividends, even as their profits took a hit from declining fuel demand and narrowing refining margins. Profit Overview: The average earnings per share for U.S. oil refiners dropped to 25 cents from […]

The U.S. Energy Information Administration (EIA) announced on Wednesday that both U.S. and global oil production forecasts have been slightly increased, projecting record highs for this year. U.S. Oil Production: The EIA now anticipates U.S. oil output to average 13.23 million barrels per day (bpd) in 2023, an increase of 300,000 bpd from last year’s […]

The selection of U.S. Senator Marco Rubio as Secretary of State by President-elect Donald Trump could indicate a shift toward stricter enforcement of oil sanctions against Iran and Venezuela. However, potential repercussions from China may temper these efforts, analysts noted. Rubio’s Stance: A member of the Senate Foreign Relations Committee, Rubio has consistently advocated for […]