Energy News
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The former CEO of one of the United States’ top oil companies fired back Tuesday on the Federal Trade Commission’s allegations that he had colluded with OPEC to boost fuel prices — contending the agency “unjustly smeared” him. Lawyers for Scott Sheffield, the former chief executive of Texas-based Pioneer Natural Resources, filed paperwork demanding that the ...
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A wind farm in Scotland will pay £33.14 million ($42.3 million) to UK energy regulator Ofgem for breaching energy market rules. Beatrice Offshore Windfarm Ltd., broke rules when it charged excessive prices to reduce its output to ease pressure on the grid, “pushing up costs for consumers,” Ofgem said in a statement. The action follows a Bloomberg ...
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When Storm Isha hit Northern Ireland and northern Britain in January 2024, wind gusts of almost 100mph caused widespread damage to property. This strong extra-tropical cyclone also influenced both the insurance and energy sectors. Isha resulted in damages which required the insurance industry to pay out approximately €500 million (£427 million). That’s a ...
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National economic activity continued to expand from early April to mid-May; however, conditions varied across industries and Districts. Most Districts reported slight or modest growth, while two noted no change in activity. Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers. Auto sales were roughly flat, with a few Districts noting that manufacturers were offering incentives to spur sales. Travel and tourism strengthened across much of the country, boosted by increased leisure and business travel, but hospitality contacts were mixed in their outlooks for the summer season. Demand for nonfinancial services rose, and activity in transportation services was mixed, as port and rail activity increased whereas reports of trucking and freight demand varied. Nonprofits and community organizations cited continued solid demand for their services, and manufacturing activity was widely characterized as flat to up, though two Districts cited declines. Tight credit standards and high interest rates continued to constrain lending growth. Housing demand rose modestly, and single-family construction increased, though there were reports of rising rates impacting sales activity. Conditions in the commercial real estate sector softened amid supply concerns, tight credit conditions, and elevated borrowing costs. Energy activity was largely stable, whereas agricultural reports were mixed, as drought conditions eased in some Districts, but farm finances/incomes remained a concern. Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks post: FED BEIGE BOOK: PRICES INCREASED AT A MODEST PACE OVER THE REPORTING PERIOD. post: FED BEIGE BOOK: OVERALL OUTLOOKS GREW SOMEWHAT MORE PESSIMISTIC AMID REPORTS OF RISING UNCERTAINTY AND GREATER DOWNSIDE RISKS. post: FED BEIGE BOOK: NATIONAL ECONOMIC ACTIVITY CONTINUED TO EXPAND FROM EARLY APRIL TO MID-MAY. HOWEVER, CONDITIONS VARIED ACROSS INDUSTRIES AND DISTRICTS. post: FED'S BEIGE BOOK: EMPLOYMENT ROSE AT A SLIGHT PACE OVERALL. EIGHT DISTRICTS REPORTED NEGLIGIBLE TO MODEST JOB GAINS,AND THE REMAINING FOUR DISTRICTS REPORTED NO CHANGES IN EMPLOYMENT.
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As many readers already know, commodities are priced in US dollars on the global market. Therefore, a rising US dollar – which we’re seeing this week – means it takes fewer greenbacks to buy a given amount of a commodity such as a barrel of oil, and the US dollar price of that commodity falls – something we’re definitely NOT seeing this week when it comes ...
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The former CEO of one of the United States’ top oil companies fired back Tuesday on the Federal Trade Commission’s allegations that he had colluded with OPEC to boost fuel prices — contending the agency “unjustly smeared” him. Lawyers for Scott Sheffield, the former chief executive of Texas-based Pioneer Natural Resources, filed paperwork demanding that the ...
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Extending the dismal pace of US economy growth (if not outright contraction) observed in last month's Beige Book, which was validated by the sharp drop in Q1 GDP growth which ...
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Out of 26 banks surveyed by Bloomberg there are 16 going for a 25bp rate cut by the Bank of Canada on 5 June, versus 10 favouring the BoC keeping the overnight lending rate at 5%. ...
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After years of either declining or stable domestic natural gas production, the Republic of the Congo, also known as Congo Brazzaville, began exporting liquefied natural gas (LNG) ...
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National economic activity continued to expand from early April to mid-May; however, conditions varied across industries and Districts. Most Districts reported slight or modest growth, while two noted no change in activity. Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers. Auto sales were roughly flat, with a few Districts noting that manufacturers were offering incentives to spur sales. Travel and tourism strengthened across much of the country, boosted by increased leisure and business travel, but hospitality contacts were mixed in their outlooks for the summer season. Demand for nonfinancial services rose, and activity in transportation services was mixed, as port and rail activity increased whereas reports of trucking and freight demand varied. Nonprofits and community organizations cited continued solid demand for their services, and manufacturing activity was widely characterized as flat to up, though two Districts cited declines. Tight credit standards and high interest rates continued to constrain lending growth. Housing demand rose modestly, and single-family construction increased, though there were reports of rising rates impacting sales activity. Conditions in the commercial real estate sector softened amid supply concerns, tight credit conditions, and elevated borrowing costs. Energy activity was largely stable, whereas agricultural reports were mixed, as drought conditions eased in some Districts, but farm finances/incomes remained a concern. Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks post: FED BEIGE BOOK: PRICES INCREASED AT A MODEST PACE OVER THE REPORTING PERIOD. post: FED BEIGE BOOK: OVERALL OUTLOOKS GREW SOMEWHAT MORE PESSIMISTIC AMID REPORTS OF RISING UNCERTAINTY AND GREATER DOWNSIDE RISKS. post: FED BEIGE BOOK: NATIONAL ECONOMIC ACTIVITY CONTINUED TO EXPAND FROM EARLY APRIL TO MID-MAY. HOWEVER, CONDITIONS VARIED ACROSS INDUSTRIES AND DISTRICTS. post: FED'S BEIGE BOOK: EMPLOYMENT ROSE AT A SLIGHT PACE OVERALL. EIGHT DISTRICTS REPORTED NEGLIGIBLE TO MODEST JOB GAINS,AND THE REMAINING FOUR DISTRICTS REPORTED NO CHANGES IN EMPLOYMENT.
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Fifth District manufacturing activity improved but remained sluggish in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite ...
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The Conference Board Consumer Confidence Index® rose in May to 102.0 (1985=100) from 97.5 in April (a slight upward revision). The Present Situation Index—based on consumers' ...
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video Natural gas continued to strengthen on Wednesday, following a successful test of support around the 200-Day MA earlier in the week. The high of the day was 2.85 and it was reached on a gap at the opening of the session. It provided a retest of resistance around recent highs. Last Thursday a trend high of 2.92 was reached before sellers took charge ...
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As many readers already know, commodities are priced in US dollars on the global market. Therefore, a rising US dollar – which we’re seeing this week – means it takes fewer greenbacks to buy a given amount of a commodity such as a barrel of oil, and the US dollar price of that commodity falls – something we’re definitely NOT seeing this week when it comes ...
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RoboMarkets: upcoming changes to the trading schedule (the Memorial Day in the US and the Late May Spring Bank Holiday in the UK)22.05.2024 / 08:00Dear Clients and Partners, Please note the upcoming adjustments to the trading schedule. Holiday: the Memorial Day in the US and the Late May Spring Bank Holiday in the UK Dates: 27/05/2024 - 28/05/2024 This ...