U.S. Hydrogen Developers Seek to Expand IRA Tax Credit Rules
Oil Price
by Tsvetana Paraskova
58m ago
Developers of hydrogen projects and industry associations are seeking expanded tax credits under the Inflation Reduction Act, saying in hearings this week that the rules on clean energy for hydrogen production need to be loosened to allow the industry to take off. At the end of last year, the U.S. Department of the Treasury finally released the long-awaited proposed tax credits for clean hydrogen production under the Inflation Reduction Act (IRA), in a move welcomed by environmentalists but criticized by others as too narrow ..read more
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Oil Prices Set to Post a Strong Quarterly Gain
Oil Price
by Irina Slav
2h ago
The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the OPEC+ output cuts. WTI, according to Bloomberg, has added 14% since the start of the year, topping $82 per barrel earlier this week. Brent crude has gone from around $78 per barrel at the start of the year to over $86 per barrel this week. What’s interesting in the latest movements in oil is that prices earlier today moved up despite the Energy Information Administration reporting an estimated build in crude oil stocks for the latest week ..read more
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More Canadian Oil Heads to California Ahead of Trans Mountain Pipeline Launch
Oil Price
by Irina Slav
3h ago
Canadian oil shipments to Los Angeles hit the highest in four years this month ahead of the formal launch of the expanded Trans Mountain pipeline that is expected to boost export volumes further. According to Vortexa data cited by Bloomberg, three tankers carrying a combined 1.74 million barrels departed from the port of Vancouver this month bound for LA. At least two of these were purchased by Marathon Petroleum, which has a refinery in LA. Bloomberg notes that Marathon Petroleum has reserved capacity on the expanded TMX, meaning this increased ..read more
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The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR
Oil Price
by Irina Slav
3h ago
The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding the $79 ceiling set by the federal government. Per an Argus report, the DoE declined to comment on why it had bought the oil despite the higher price hinting at more news to come later today. Back in 2022, to arrest an inexorable climb in retail fuel prices, the White House announced a release of 180 million barrels of crude oil from the strategic petroleum reserve. Critics ..read more
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Why Morgan Stanley Says to Buy Energy Stocks Right Now
Oil Price
by Alex Kimani
11h ago
The AI boom and Big Tech might be hogging all the media limelight right now, but the smart money is quietly piling into energy stocks. Indeed, the energy sector is the most crowded of all 11 U.S. market sectors, with the sector’s favorite benchmark, Energy Select Sector SPDR Fund (NYSEARCA:XLE) up 10.7% in the year-to-date compared to a 7.9% return by the Technology Select Sector SPDR Fund (NYSEARCA:XLK) and 9.4% gain by the S&P 500. According to Citi, Energy (XLE) is now the most crowded U.S. quant factor, noting ..read more
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Russia and Iran Build Out Gas Alliance String of New Cooperation Agreements
Oil Price
by Simon Watkins
11h ago
Nineteen new cooperation agreements in the areas of oil gas, infrastructure, and finance have been signed in recent days between Iran and Russia, a senior source who works closely with Iran’s Petroleum Ministry told OilPrice.com last week. These build upon the key enhanced cooperation themes laid out in the new 20-year comprehensive cooperation deal between the two countries to which Iran’s Supreme Leader, Ali Khamenei, gave his official approval on 18 January. That deal, and the new agreements on top of it, in many ways ..read more
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Sanctions Begin To Bite Into Russian Oil Exports
Oil Price
by Tsvetana Paraskova
12h ago
The tightening sanctions on Russia's oil exports are raising freight costs for moving Russian crude and having India scrutinize deliveries to avoid opaque trades. The U.S. upped the ante in the sanctions game last month, and Russia may now have to work out new routes and ways to circumvent sanctions at a cost.   The sanctions' estimated direct cost to deliver Russian cargoes now is around 6-8% of the price of a barrel of crude leaving the western ports in Russia for Asia, according to data from commodity price reporting agency Argus crunched ..read more
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TotalEnergies’ South Africa Ambitions: Wise or Risky?
Oil Price
by Irina Slav
14h ago
Two environmentalist groups have challenged in court French oil major TotalEnergies’ plans to drill five wells offshore South Africa. The groups seek to stop the drilling, claiming that the environmental impact assessment was not done according to requirements. This is not the first time activists are challenging oil exploration in South Africa. It won’t be the last. But the French supermajor does not seem too bothered by it. Neither does it seem too bothered, for now, about other challenges it may encounter should the results ..read more
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U.S. Heavy Industries Get Green Makeover with $6 Billion Boost
Oil Price
by Felicity Bradstock
15h ago
The latest green transition move by the U.S. government is to invest in the decarbonisation of hard-to-abate industries. The White House has announced that it will provide funds for companies across several industries to increase the use of renewable energy and clean technologies to power and run plants, aimed at reducing greenhouse gas emissions. It will also incorporate carbon capture and storage (CCS) technology into operations to reduce the CO2 emitted into the atmosphere. This is expected to spur greater private investment in the sector and ..read more
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Western Wind Turbine Manufacturers Struggle to Compete with Chinese Pricing
Oil Price
by OilPrice.com
16h ago
China is quietly dominating another major global sector, wind power. The country accounted for two-thirds of the entire global build in 2023 and now boasts a 77GW portfolio, more than ten times that of the US, the next largest market. Data from Bloomberg’s specialist research unit NEF out today shows that Europe added a record 15.3GW last year, 16 per cent more than the amount installed in 2022, but still only 40 per cent of the required annual volume to meet the 2030 500 GW target. China is strengthening its wind project stock both off its ..read more
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