In a market response reflecting economic indicators, crude oil futures climbed on Thursday as inflation data showed a decline, fueling expectations of potential interest rate cuts by the Federal Reserve. The consumer price index registered a 0.1% decrease from May to June, stabilizing the annual inflation rate at 3%, a level not seen in over… Continue reading Oil prices rise as inflation eases, bolstering market hopes for Fed rate cut later this year

The Supreme Court’s recent decision in the case of Loper Bright Enterprises vs. Raimondo has resulted in significant legal upheaval, as evidenced by the Court’s decision to remand nine cases to lower courts based on this ruling. This marks a dramatic shift following the overturning of the Chevron deference, a precedent established in 1984 that… Continue reading With Chevron reversal, Supreme Court paves way for a ‘legal earthquake’

Oil prices remained stable on Wednesday as OPEC projected solid demand supported by stronger economic growth this year. OPEC maintained its oil demand growth forecast at 2.2 million barrels per day for 2024. The cartel also slightly revised global economic growth for this year to 2.9%, citing better-than-expected first-half performance in Brazil, Russia, India, and… Continue reading Oil prices hold firm as OPEC sees solid demand on stronger economic growth this year

Tropical Storm Beryl made a swift and impactful landfall along the Texas coast, leaving a trail of chaos and disruption in its wake. Initially arriving as a Category 1 hurricane before quickly downgrading to a tropical storm, Beryl still packed enough punch to knock down hundreds of trees and inundate roads with heavy rains, prompting… Continue reading Tropical Storm Beryl topples trees, floods highways and leaves more than 2M without power in Texas

BP shares fell 2.6% in early trading on Tuesday after the company announced it expects to post an impairment of up to $2 billion in the second quarter and warned of lower refining margins impacting its results. The energy firm anticipates weak refining margins and oil trading performance will significantly affect its second-quarter results, due… Continue reading BP shares drop 3% after warning of up to $2 billion impairment, weak refining margins

Precision Drilling Corp. has successfully extended its senior credit facility, and, with strong cash flow generation during the first half of the year, it is well on track to meet its 2024 debt reduction and share repurchase targets. Senior credit facility extension On June 28, 2024, Precision extended its senior credit facility’s maturity date, revised… Continue reading PRECISION DRILLING EXTENDS SENIOR CREDIT FACILITY AND PROVIDES PROGRESS UPDATE ON 2024 DEBT REPAYMENT AND SHARE REPURCHASE TARGETS

The Globe and Mail reports in its Friday edition that Suncor Energy has shut down its 215,000-barrel-a-day Firebag oil sands site in Northern Alberta as a precaution owing to a wildfire about eight kilometres away. A Reuters dispatch to The Globe says that Suncor said it was keeping only essential workers at the facility, which… Continue reading Globe/wire say Suncor shuts down Firebag over wildfire

U.S. crude oil futures declined on Monday as traders assessed the impact of Tropical Storm Beryl on Gulf Coast refining, production, and export infrastructure. Beryl made landfall near Matagorda, Texas, as a Category 1 hurricane with maximum sustained winds of 80 miles per hour, but was later downgraded to a tropical storm with winds of… Continue reading U.S. crude oil prices fall as market tracks path of Tropical Storm Beryl

In 2023, the Philippines saw a significant surge in its reliance on coal-fired power, marking a 62% increase compared to the previous year, according to a report by London-based energy think-tank Ember. This rise catapulted the Philippines ahead of China, Indonesia, and Poland as the most coal-dependent nation. Coal’s share in electricity generation spiked to… Continue reading Philippines overtakes China and Indonesia to be most dependent on coal-generated power

Crude oil futures remained stable on Wednesday as traders awaited the latest U.S. inventory data for insights into gasoline demand trends. In June, U.S. crude oil prices rose approximately 6%, driven by expectations of a tighter market in the third quarter due to anticipated stockpile drawdowns and increased summer fuel demand. The Department of Energy… Continue reading Oil prices hold firm as traders wait on U.S. stockpile data for signs of where demand is heading

In today’s oil market update, crude oil futures showed minimal movement as a recent uptrend paused, reflecting cautious investor sentiment amid mixed signals of summer fuel demand and geopolitical tensions. Both U.S. West Texas Intermediate (WTI) and global benchmark Brent crude have seen solid gains this month, up 6% and 5.3% respectively, rebounding from sluggish… Continue reading Oil prices hold firm as traders watch Israel-Lebanon tensions, summer demand

Hillcrest Energy Technologies Ltd. has reserved demonstration slots for 2024 for existing customer engagements. “The demand from potential customers in both electric vehicle (“EV”) and stationary applications is accelerating as we continue to adapt to customer feedback, improve our technology and generate even more impressive test results,” states Hillcrest CEO, Don Currie. “Between the burgeoning… Continue reading HILLCREST ENERGY TECHNOLOGIES BOOKS 2024 DEMONSTRATION SLOTS AMID SURGING INTEREST IN ZVS INVERTER