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A go-to lender for U.S. electric cooperatives has $4 billion in exposure to the Texas market, where last month’s deep freeze slammed the finances of several co-ops hit with astronomically high gas and electric prices during the state’s grid blackout.
Arguments that Texas should have "winterized" its electricity generators in anticipation of rare, inclement weather ignore the competitive nature of the Lone Star State's power system, a Royal Dutch Shell Plc executive said on Friday at an energy conference.
Oil prices slipped on Monday after earlier climbing above $70 a barrel for the first time since the COVID-19 pandemic began after attacks on Saudi Arabian oil facilities.
Financial strains on Texas city-owned utilities, rural electric cooperatives and the grid operator has spurred calls for state aid and lured private equity firms into plans to fix multi-billion-dollar charges.
Exxon Mobil Corp began restarting the large crude distillation unit (CDU) on Sunday at its 560,500 barrel-per-day (bpd) Baytown, Texas, refinery, said two sources familiar with plant operations.
Saudi Arabia's state oil producer Aramco set its April official selling price (OSP) for its Arab Light crude to Asia at plus $1.40 per barrel versus the Oman/Dubai average, up $0.40 from March, according to a statement issued on Sunday.
Ecuador's state-owned oil company Petroecuador said on Saturday that it had awarded a tender to export some 1.44 million barrels of Oriente-grade crude to a unit of Royal Dutch Shell PLC.
Power grid operator Electric Reliability Council of Texas (ERCOT) made a $16 billion pricing error in the week of the winter storm that led to power outages across Texas, Potomac Economics, which monitors the state's power market, said.
Production at the restarted Exxon Mobil Corp 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery is being hampered by reduced coker throughput, said sources familiar with plant operations.
Oil prices jumped about 3% on Friday, hitting their highest levels in more than a year, following a stronger-than-expected U.S. jobs report and a decision by OPEC and its allies not to increase supply in April.
During several days of brutal cold in Texas, the city of Austin saw its fleet of 12 new electric buses rendered inoperative by a statewide power outage. That problem will be magnified next year, when officials plan to start purchasing electric-powered vehicles exclusively.
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019.
By deciding to leave production unchanged for another month at its meeting on Thursday, OPEC+ risks causing the oil market to overheat and creating conditions for more instability in future.
This week's surprise decision by Saudi Arabia and other top oil producers to broadly stick with output cuts despite rising crude prices was influenced by events in an unexpected place - Italy.
Thyssenkrupp's steel unit must cut costs to reach a point where it no longer needs financial support from the group, Chief Executive Martina Merz said in an internal memo to staff seen by Reuters on Friday.
India, the world's third-biggest oil importer and consumer, on Friday said the decision by major producers to extend output cuts as prices move higher could threaten the consumption led-recovery in some countries.
Nickel has endured its worst week in almost ten years, with the London Metal Exchange (LME) price collapsing by 16% in the space of two days to a three-month low of $15,830 per tonne.
Platts will launch price assessments in April for 'green' aluminium, which is made using process that cut carbon emissions, the pricing agency said on Friday.
February and March are perhaps the two most important months for Argentina’s corn and soybeans to receive ample rainfall, though last month was unusually dry and this month could follow suit, according to the latest weather forecasts.
The decision by OPEC and its allies to extend crude oil output cuts into April came as something of a surprise to a market expecting some level of increase, but it shouldn't have.
Goldman Sachs Commodities Research raised its Brent forecast for second and third quarter by $5 a barrel after OPEC and its allies kept the deal unchanged, and said 'discipline of shale producers' is likely behind the group's slower output increase.
As oil majors and developed nations push for a faster transition to clean energy, much of Latin America is struggling just to cover its basic supply needs for fossil fuels, which is forcing some countries to actually rely more on dirty energy sources.
China set a modest five-year growth target on Friday for its nuclear power generation capacity and promised quicker development of alternative energy sources as it seeks to cut its carbon footprint, but left its coal industry largely untouched.
China will "strengthen management and control" of its strategic mineral resources, the government said on Friday as it set out a five-year development plan, without providing any details on how it plans to secure key supplies and boost self-sufficiency.