The three lower basin states of the Colorado River—...
The three lower basin states of the Colorado River—California, Nevada, and Arizona—agreed to cut their water usage by 3 million acre-feet through 2026 in a boost to the system's historically low levels (see chart). The proposal, which comes after a historic winter of precipitation provided some relief, caps a year of negotiations between a federal agency and the impacted states.
All seven states approved the latest agreement ahead of a May 30 deadline triggering federal mandatory cuts, the first ever. Negotiations are expected to begin later this year on a longer-term deal to reach system stability. See a timeline of the Colorado River's history here.
US stock futures fall early Tuesday, following a debt-ceiling meeting between President...
US stock futures fall early Tuesday, following a debt-ceiling meeting between President Joe Biden and House Speaker Kevin McCarthy. Investors will also be watching for data on the manufacturing and services sectors as well as new home sales, due out this morning.Check out the latest market moves.
Earnings on deck: Lowe's Companies, Shell, and Dick's Sporting Goods, all reporting
U.S. oil refinery margins have halved since the middle of 2022 but they are still at...
U.S. oil refinery margins have halved since the middle of 2022 but they are still at historically high levels and will be supported through the summer of 2023 by high operating rates and low fuel stocks.
Gross margins for producing two barrels of gasoline and one barrel of distillate fuel oil from three barrels of crude have retreated to $33 per barrel from a record $60 at the start of June 2022.
Even at this reduced level, however, margins are in the 95th percentile for all trading days since 2001, which is underpinning refinery profitability and encouraging high levels of capacity utilization.
Saudi Lines Up Partners, Financing for $8.4 Billion Hydrogen Plant
Saudi Arabia-based NEOM Green Hydrogen Co. (NGHC) joint venture (JV) has closed financing with nearly...
Saudi Arabia-based NEOM Green Hydrogen Co. (NGHC) joint venture (JV) has closed financing with nearly two dozen banks and investment firms, clearing the path for $8.4 billion to build one of the world’s largest green hydrogen plants, developers said on May 22.
The JV, comprised of ACWA Power, NEOM and industrial gases company Air Products, is constructing the plant at Oxagon, a fully automated port and logistics hub in northwest Saudi Arabia. When complete, the plant will produce up to 600 tonnes per day (mt/d) of hydrogen in the form of green ammonia by year-end 2026. Developers say they will use up to 4 gigawatts (GW) of solar and wind energy as part of the process.
Benchmark U.S. crude oil for June delivery rose 44 cents to $71.99 a barrel Monday. Brent crudefor July delivery rose 41 cents to $75.99 a barrel.
Wholesale gasoline for June delivery rose 7 cents to $2.65 a gallon. June heating oilrose 1 cent to $2.37 a gallon. June natural gasfell 19 cents to $2.40 per 1,000 cubic feet.
