A vital dam exploded in Ukraine yesterday, causing the country’s largest river to flood dozens of downstream communities.
Ukraine and Russia are blaming each other for one of Europe’s biggest human-caused environmental disasters. The destroyed dam was part of the Moscow-controlled Kakhovka hydroelectric station in Southern Ukraine and was critical to harnessing the flow of the Dnipro River in a region partially occupied by Russia.
Nonprofit aims to hire veterans to plug donated wells
A nonprofit in Edmond, Okla., is hoping to hire veterans to help plug abandoned wells donated by oil...
A nonprofit in Edmond, Okla., is hoping to hire veterans to help plug abandoned wells donated by oil and gas companies in the state. "Kind of like someone donates a car to the Salvation Army. They can donate and have a tax write-off, and then we'll have fundraising efforts to plug those wells," said Parker Bowles with Environmental Innovators of America.
Saudi output cut seen pushing US crude exports higher
Analysts expect Saudi Arabia's latest production cut to put a floor under oil prices and lift US crude...
Analysts expect Saudi Arabia's latest production cut to put a floor under oil prices and lift US crude oil exports next month, which in turn will further drain domestic crude inventories. However, exports could be constrained by elevated freight rates, a narrow WTI-Brent differential and uncertainty surrounding Russia's production and exports.
Exxon sets the stage for shale drilling breakthroughs
ExxonMobil is developing new extraction technologies that could double oil production from its...
ExxonMobil is developing new extraction technologies that could double oil production from its US shale assets within five years and boost oil recovery rates, said CEO Darren Woods at a recent conference. Woods acknowledged the untapped potential of hydraulic fracturing and highlighted two key areas of focus: extending the duration of open fractures and enhancing fracking precision.
The energy sector is off to a lower start, reeling amid steep declines in the underlying commodities and in the major equity futures which slipped lower on lingering uncertainty around the Federal Reserve’s policy outlook following yesterday’s mixed economic data. Sector news is thin and there are no major economic drivers on tap for today.
WTI and Brent crude oil futures turned lower in early trading, erasing yesterday’s gains as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts. The mood was dented by data that showed German industrial orders fell unexpectedly in April mixed with reports showing the U.S. services sector barely grew in May as new orders slowed, shifting attention back to the Fed to see if they will hike or hold interest rates in June. Backwardation in Brent crude oil futures retreated with the six-month spread falling to around $1.96/bbl this morning. Traders will be looking to the EIA short-term energy outlook later today, tomorrow’s Chinese May trade data and next round of inventory data for fresh demand indicators.
Natural gas futures turned lower this morning, retreating following two-consecutive days of strong gains after overnight forecasts for the next two weeks turned slightly cooler.
