Many major banks aren't breaking up with fossil fuels
Major financial institutions are increasingly under pressure to cut ties with fossil fuel companies,...
Major financial institutions are increasingly under pressure to cut ties with fossil fuel companies, yet Wells Fargo, JPMorgan Chase, Citi, Bank of America and other major financial institutions have issued billions of dollars worth of bonds to related entities this year. A potential loss of revenue is one concern, but some banking leaders also argue their support is also needed to help fund fossil fuel companies' green transition.
BP has come out in favor of adding WTI Midland, rather than Norway's Johan Sverdrup...
BP has come out in favor of adding WTI Midland, rather than Norway's Johan Sverdrup field, to S&P Global Platts' benchmark global dated Brent that is widely used for pricing oil futures outside of the US. "BP also believes that in the medium-term Forties and Brent will need to be removed from the benchmark as their values become increasingly difficult to assess due to their reducing volumes," a BP document notes.
Aramco CEO: Rushed Energy Transition Could Spark Social Unrest
A rushed transition into renewable energy would cause spiraling inflation and social unrest, the chief...
A rushed transition into renewable energy would cause spiraling inflation and social unrest, the chief executive of Aramco warned at the World Petroleum Congress in Texas this week, noting that investments in oil and gas needed to continue in order to avoid such a scenario. “I understand that publicly admitting that oil and gas will play an essential and significant role during the transition and beyond will be hard for some,” Amin Nasser said as quoted by the Financial Times.
“But admitting this reality will be far easier than dealing with energy insecurity, rampant inflation, and social unrest as the prices become intolerably high and seeing net-zero commitments by countries start to unravel,” the executive added.
U.S. natural gas futures rose from a four-month low on Tuesday following a 7% gain in European gas futures...
U.S. natural gas futures rose from a four-month low on Tuesday following a 7% gain in European gas futures that was expected to keep U.S. liquefied natural gas exports at record highs. Traders noted that the rise in U.S. prices came despite forecasts for milder U.S. weather and lower heating demand over the next two weeks than previously expected. January futures were trading up 10 cents at $3.75 per MMBtu at 10:04 AM ET.
Energy stocks rose along with the broader markets as concerns about the severity of the omicron virus...
Energy stocks rose along with the broader markets as concerns about the severity of the omicron virus variant receded and China pledged measures to support economic growth.
In an interview Pioneer Natural Resources’s CEO said it will distribute 80% of the company’s free cash flow next year back to investors.
Risk assets including oil are recovering this week after initial data showed the surge in omicron cases hasn’t overwhelmed hospitals and as China’s moves help settle markets whipped by bouts of volatility. Meanwhile, Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies. In another sign of confidence in oil demand, the world’s top exporter Saudi Arabia raised monthly crude prices on Sunday.
