Australia’s Origin Energy Quits Shale Gas Exploration
Origin Energy on Sept. 19 agreed to sell its...
Origin Energy on Sept. 19 agreed to sell its stake in an early stage but potentially high-producing shale gas basin in Australia's Northern Territory and said it would exit some other gas exploration permits as it focuses more on renewable energy.
The Beetaloo Basin is a shale sub-basin in Australia’s Northern Territory considered comparable to the prolific Marcellus Shale, the biggest U.S. gas field, but needs billions of dollars of spending on roads and pipelines before it can be developed.
Origin, Australia’s no.2 power producer, said it would sell its 77.5% stake in the Beetaloo Basin joint venture to Tamboran Resources Ltd. and its top shareholder for A$60 million (US$40 million), looking to beef up investment in renewable energy and its retail arm instead.
Consumers' expectations for long-term inflation dropped to the lowest level since July 2021. Over...
Consumers' expectations for long-term inflation dropped to the lowest level since July 2021. Over the next five to ten years, consumers see prices rising by 2.8% annually, according to the University of Michigan. And over the next year, consumers see prices jumping 4.6%.
China's economy is faltering and global markets have noticed. Beijing is navigating ...
China's economy is faltering and global markets have noticed. Beijing is navigating a slew of headwinds, including COVID-19 lockdowns and issues across property and labor markets, according to Bank of America.
"Meanwhile, unfavorable demographics and a low return on investment after years of rapid infrastructure development pose structural challenges to growth," analysts wrote in a Friday note.
Global oil benchmark falls back below $90 a barrel as recession fears, dollar strength take toll
Oil futures traded lower Monday, after a third straight losing...
Oil futures traded lower Monday, after a third straight losing week,as investors await a Federal Reserve decision that’s expected to deliver another jumbo rate hike.
West Texas Intermediate crude for October delivery CL.1, fell $2.02, or 2.4%, to $83.09 a barrel on the New York Mercantile Exchange.
November Brent crude BRN00, the global benchmark, was down $2, or 2.2%, at $89.35 a barrel on ICE Futures Europe.
Back on Nymex, October gasoline RBV22, fell 2.8% to $2.348 a gallon, while October heating oil HOV22, -0.82% dropped 1.2% to $3.135 a gallon.
October natural gas NGV22, declined 3.8% to $7.467 per million British thermal units.
Germany's takeover of Russian refineries frees the nation from dependence on Moscow, Chancellor Olaf Scholz says
After the German government ...
After the German government seized control of three oil refineries owned by Russia's Rosneft, Chancellor Olaf Scholz said it is a step away from energy dependence on Moscow.
"We are making ourselves independent of Russia, and any decisions that are taken there," he said at a news conference Friday, according to Bloomberg.
He added that Germany is taking steps to prepare for Russia to slash oil deliveries. Another refiner, per the report, has already warned it's bracing for such retaliation from Moscow.
