All eyes are on Wyoming today, and markets will be hanging on every word Fed Chair...
All eyes are on Wyoming today, and markets will be hanging on every word Fed Chair Jerome Powell says at the annual gathering of central banks.
Specifically, reactions will hinge on whether he'll hint at a dovish pivot at next month's policy meeting or send investors running for cover by reaffirming the current hawkish stance.
Unfortunately for those hoping to see doves fly, the consensus going into the meeting is that the Fed's work on tackling inflation is not yet done.
The U.S. Energy Information Administration (EIA) said natural gas inventories for the week ending...
The U.S. Energy Information Administration (EIA) said natural gas inventories for the week ending Aug. 19 rose by 60 Bcf,right on target with estimates ahead of the report.
Indeed, surveys ahead of the EIA report showed expectations clustering around a build in the low-60s Bcf. Reuters polled 13 analysts, whose estimates ranged from injections of 17 Bcf to 67 Bcf, with a median forecast of 60 Bcf. The median of 13 estimates submitted to Bloomberg as of early Thursday also was 60 Bcf, with a range of 17 Bcf to 65 Bcf.
The EIA recorded a 32 Bcf build in the year-earlier period, while the five-year average injection is 46 Bcf.
Italy natural gas reserves up to 80% of capacity ahead of winter, Draghi says
Italy’s push to rapidly reduce its dependence on Russian natural gas has made the country less vulnerable...
Italy’s push to rapidly reduce its dependence on Russian natural gas has made the country less vulnerable to an interruption of supplies, Premier Mario Draghi said Wednesday, noting that the country has stockpiled 80% of its capacity of gas reserves ahead of winter and is on track to hit 90% by October.
Draghi told an annual summertime festival in the Adriatic seaside town of Rimini that Italy has reduced its reliance on Russian natural gas from 40% last year to half that by finding new sources in countries from Algeria to Azerbaijan. The fuel is used to heat and cool homes, generate electricity and run factories.
Italy could be completely independent of Russia by fall 2024 if it installs two new regasification plants, he added.
Oil futures on Thursday posted their first loss in three sessions. Saudi Arabia has suggested that OPEC could decide to cut production if an Iranian nuclear deal is reached, as an agreement would lift Western sanctions and ultimately see additional oil barrels come onto the global market, said Tyler Richey, co-editor at Sevens Report Research. However, "from a fundamental standpoint, any production cuts would be aimed at offsetting the return of Iranian barrels to the global market and not a material new bullish catalyst," he said. October WTI crude CLV22, -1.72% fell $2.37, or 2.5%, to settle at $92.52 a barrel on the New York Mercantile Exchange.
Occidental to Begin Construction of Direct Air Capture Plant in Texas Permian Basin
Occidental Petroleum Corp. is set to begin construction of its first carbon capture...
Occidental Petroleum Corp. is set to begin construction of its first carbon capture project in the Permian Basin this fall, the Houston-based company said in an Aug. 25 release.
“The construction of Oxy’s first DAC (direct air capture) plant is an important milestone on the pathway to achieving our net-zero ambitions and helping the world meet the Paris Agreement’s climate goals,” Oxy President and CEO Vicki Hollub commented in the release.
Occidental said its subsidiary 1PointFive will begin engineering and early site construction on the plant in the third quarter. The plant, which will deploy direct air capture technology developed by Carbon Engineering Ltd., is set to be located in Ector County, Texas, near Oxy’s portfolio of acreage and infrastructure in the Permian Basin.
