Oil prices are rising and poised for a breakout. Here are the next levels to watch

Analysts say oil prices are approaching breakout levels, and the final day of trading this week will offer clues about whether crude futures can keep rallying. div > div.group > p:first-child »> Brent crude on Friday topped $65 a barrel for the first time this year, hitting a nearly three-month high. The international benchmark for oil prices was pushing toward $66 around 9:45 a.m. ET. Meanwhile, U.S. West Texas Intermediate crude popped above $55, and was threatening to take out last week’s 2½-month high at $55.75. The main catalyst for…

Orsted’s huge offshore wind farm in UK produces first power

The first turbine at Hornsea One, an offshore wind farm situated 120 kilometers off the coast of Yorkshire, has started to generate power. div > div.group > p:first-child »> In an announcement Friday, Danish renewable energy firm Orsted said that, when fully operational, the Hornsea One offshore wind farm would be almost double the size of Walney Extension, which is currently the world’s biggest. The Hornsea One site will be made up of 174, 7-megawatt turbines from Siemens Gamesa. It is a joint venture between Orsted and Global Infrastructure Partners.…

Jeans you can lease instead of buying? How fashion is coming to terms with sustainability

For many of us, the availability of cheap, mass-produced clothing is a blessing. For a few dollars we can bulk buy everything from shirts and shorts to pants, underwear and sweaters. While « fast fashion » may be a boon for our wallets because of its value, its impact on the environment is significant. In October 2018, the U.K. Parliament’s Environmental Audit Committee highlighted just how much our appetite for clothing affects the planet, publishing submissions it had received from experts for an inquiry into the sustainability of the fashion…

Oil prices hit 2019 highs amid OPEC-led supply cuts

Oil prices rallied on Friday, with Brent crude futures hitting fresh 2019 highs amid U.S. sanctions against Venezuela and Iran and supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Brent pushed above $65 per barrel for the first time in 2019, before edging back to $64.91 a barrel by 0143 GMT. That was still 0.5 percent above the last close. The international benchmark for oil prices is at a near 3-month high and set for a 4.5 percent gain for the week. U.S. West Texas Intermediate…

BP’s vision of the near future sees renewable power and natural gas dominating energy

In a not-too-distant future, renewable energy becomes the world’s biggest source of power generation. A quarter of the distances that humans travel by vehicle will be in electric cars. U.S. dominance in the oil market begins to wane, and OPEC’s influence is resurgent, as crude demand finally peaks. div > div.group > p:first-child »> That is the vision laid out by British oil and gas giant BP on Thursday in its latest Annual Energy Outlook. The closely followed report lays out a vision through 2040 for Earth’s energy future, provided…

Net-zero energy homes have arrived — and are shaking up the US housing market

In 2013 De Young Properties built a single-family house in central California that defied nearly three generations worth of homes the family business had constructed. It was a net-zero energy building — it had the potential to produce as much energy as it would consume in a year. De Young didn’t build another one for four years, but within that period the company refined its designs to be more energy-efficient and technology-focused and drove down costs. div > div.group > p:first-child »> « Energy bills tend to be pretty high…

Innovative wave technology could be used to provide homes with low cost energy

Engineers have developed wave energy technology that could help to produce low-cost electricity for thousands of households. In an announcement Wednesday, the University of Edinburgh said that the device could convert wave power into electricity and had been designed « to be incorporated into existing ocean energy systems. » Experiments in an ocean simulator have shown that one full-size device was able to produce the equivalent of 500 kilowatts, the university added. This represents enough electricity for roughly 100 houses. The device, called a Dielectric Elastomer Generator, uses flexible rubber…

Climate disasters cost $650 billion over 3 years — Americans are bearing the brunt: Morgan Stanley

Climate-related disasters have cost the world $650 billion over the last three years, and North America is shouldering most of the burden, according to a new report from Morgan Stanley. div > div.group > p:first-child »> While both governments and corporations are taking steps to mitigate the impacts of climate change, Morgan Stanley says companies need to strongly consider preparing for a world gripped by more frequent and intense weather events, rising sea levels, changes to agriculture and the spread of infectious disease. Those outcomes will have a lopsided effect…

Oil prices rise on Beijing-Washington trade hopes, upbeat China data

Oil prices rose on Thursday, buoyed by hopes that potential progress in the latest Sino-U.S. tariff talks would improve the global economic outlook, and as China’s trade figures including crude imports beat forecasts. U.S. West Texas Intermediate (WTI) crude futures were at $54.16 per barrel at 0413 GMT, up 26 cents, or 0.5 percent, from their last settlement. International Brent crude oil futures were up 37 cents, or 0.6 percent, at $63.98 a barrel. Optimism that a trade deal could be reached between the United States and China was boosted…

Goldman sees oil rising toward $70, says demand forecasts are too gloomy

Oil prices have struggled to rally above $64 a barrel since last quarter’s sharp pullback, but Goldman Sachs believes crude futures could break out in the coming months. div > div.group > p:first-child »> The investment bank forecasts international benchmark Brent crude will peak at $67.50 a barrel in the second quarter. Goldman’s outlook is based on its view that forecasts for demand growth have grown too gloomy and OPEC has adopted a « shock and awe » approach to pulling back supply. « Our constructive outlook for oil prices…

Oil gets a boost from Saudi output pledge, declining US inventories

Brent oil prices rose on Wednesday, after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, while U.S. futures gained on a decline in domestic oil inventories. Brent crude futures rose 88 cents to $63.30 a barrel by 0950 GMT, while U.S. crude oil futures gained 66 cents to trade at $53.76 a barrel. « The feel-good factor is back in play but oil bulls are by no means out of the woods yet, » PVM Oil Associates Stephen Brennock…

Don’t expect US sanctions against Venezuela to fuel a rally in oil prices, IEA says

Energy market participants may be able to adjust to U.S. sanctions against Venezuela’s crude industry, the IEA said in its closely-watched report on Tuesday. div > div.group > p:first-child »> The report comes at a time when tensions in Venezuela are reaching boiling point, with the oil-rich, but cash-poor, country in the midst of the Western Hemisphere’s worst humanitarian crisis in recent memory. President Donald Trump’s administration imposed targeted crude sanctions on Caracas late last month. The surprise move was designed to bar President Nicolas Maduro’s access to oil revenue…

Oil rises 1 percent on deepening OPEC supply cuts, sanctions on Venezuela

Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.70 per barrel at 0344 GMT, up 60 cents, or 1.1 percent, from their last close. International Brent crude futures were up 1.1 percent, or 69 cents, at $63.11 per barrel. Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore, said oil prices were boosted after « Saudi Arabia announced it was cutting…

Alexandria Ocasio-Cortez’s Green New Deal is the latest villain in Trump’s 2020 stump speech

President Donald Trump took aim at the Green New Deal touted by freshman lawmaker Alexandria Ocasio-Cortez in his first true campaign speech of the 2020 election cycle, unveiling a line of attack that seems destined to be a staple of his campaign stump speech. div > div.group > p:first-child »> « I really don’t like their policy of taking away your car, of taking away your airplane rights, of ‘let’s hop a train to California,’ of you’re not allowed to own cows anymore! » Trump said at a large rally…

Environmental damage could lead to a new economic crisis, report claims

The world is entering an age of unprecedented environmental breakdown that could see an economic collapse like the 2008 financial crisis, a thinktank warned on Tuesday. div > div.group > p:first-child »> According to a report from the Institute for Public Policy Research (IPPR), climate change is just one of many environmental threats which, when combined, threatens social stability. It said that natural systems were now being destabilized so quickly by human activity that dangerous tipping points would soon be reached. Rising global temperatures would have consequences which threatened major…

Saudi Aramco will expand into international oil and gas exploration: FT

Saudi state energy giant Aramco aims to expand into international oil and gas exploration in the coming years, a move that will see the company compete more directly with the likes of Exxon Mobil and Royal Dutch Shell. div > div.group > p:first-child »> Aramco has historically stuck to producing Saudi Arabia’s vast, low-cost oil reserves, the world’s second largest. But Saudi Energy Minister Khalid al-Falih now confirms in an interview with the Financial Times that the company will look overseas for oil and natural gas prospects. « We are…

Scientists develop flags that can produce energy from the wind and sun

Researchers at the University of Manchester have designed flags that can produce energy via wind and solar power. div > div.group > p:first-child »> In a statement Monday, the university said that the flags used « flexible piezoelectric strips and flexible photovoltaic cells. » Photovoltaic refers to a way of directly converting light from the sun into electricity, while piezoelectric strips enable the flag to generate power via movement. The university added that the flags were able to power remote sensors and small-scale portable electronics that can be used for…

OPEC cuts production by nearly 800,000 barrels a day in January, pumping just above its oil target

OPEC fell just short of its production goal in January, as a fresh round of output cuts from the 14-nation producer group got under way. div > div.group > p:first-child »> The slight miss comes as the group once again cut its outlook for global oil demand in 2019. Meanwhile, OPEC slightly increased its forecast for supply from the United States and other non-OPEC nations. OPEC is partnering with 10 non-member nations, including Russia, to keep 1.2 million bpd off the market. The so-called OPEC+ alliance aims to prevent another…

Oil up 1 percent on Saudi and OPEC cuts but outlook picture clouded

Oil prices gained about 1 percent on Tuesday, supported by OPEC-led production cuts and U.S. sanctions against Iran and Venezuela, though remain wary of surging U.S. output and the outcome of U.S.-China trade talks. Brent crude futures were up 61 cents at $62.12 a barrel and U.S. West Texas Intermediate (WTI) crude oil futures rose 54 cents to $52.95 a barrel by 0950 GMT. The continuing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped to prop up WTI, traders said, after…

BP has invested more money in Egypt than anywhere else in the last two years, CEO says

BP has invested more money in Egypt in the last two years than anywhere else, the oil giant’s Chief Executive Bob Dudley told CNBC. div > div.group > p:first-child »> « Today (the scale of our operations) is very big, » Dudley told CNBC Monday. « We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas. All across from the Nile Delta, to the east, to the west of the Nile Delta, it’s helping power…

Iran is turning its ‘people into paupers’ instead of providing food, Saudi prince says

Iran is funding militias throughout the Middle East while turning its own people into paupers, Saudi Arabian Prince Turki Al-Faisal told CNBC Tuesday. div > div.group > p:first-child »> « I’ve described Iran in the past, and I think the description still fits, the leadership in Iran has developed into a paper tiger with steel claws, » he told CNBC Tuesday. « The ‘steel claws’ are the militias that they have established throughout the Middle East, whether it’s Hezbollah (in Lebanon) or the Houthis (in Yemen) or the al-Abbas (a…

BP CEO Bob Dudley warns oil market uncertainty could lead to a ‘real crunch’

A flurry of intensifying risks could trigger an energy market « crunch » over the coming months, according to the chief executive of BP. div > div.group > p:first-child »> His comments come at a time when energy market participants expect U.S. sanctions on crisis-stricken Venezuela, as well as OPEC-led production cuts, to offset a potential supply glut this year. When asked whether production cuts from the so-called OPEC+ coalition were likely to help stabilize oil prices, Dudley replied: « Well, there’s a lot of variables here and there’s a…

UAE energy minister and Siemens CEO agree it’s time for the US to move on from coal

Energy industry leaders issued calls for a greater commitment to developing renewable energy sources during the 2019 World Government Summit in Dubai — and some honed in specifically on the U.S. coal industry as an obstacle to those goals. div > div.group > p:first-child »> Siemens CEO Joe Kaeser and United Arab Emirates Energy Minister Suhail al-Mazrouei criticized coal consumption in the U.S., stressing that it was time to move on to cleaner fuel sources and a more diversified energy mix. « What we need from the U.S. is lower…

Oil prices fall on rising US rig count, Illinois refinery outage

Oil prices fell on Monday as drilling activity in the United States picked up and a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. Concerns about faltering economic growth curbing fuel demand also weighed on oil markets, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.17 per barrel at 0750 GMT, down 55 cents, or 1 percent, from their last settlement. International Brent crude oil futures were down 27 cents, or 0.4 percent, at $61.83 a barrel.…

$60 to $70 is a fair price for a barrel of oil, Egypt’s petroleum minister says

There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla. div > div.group > p:first-child »> « It is in the range between $60 and $70 a barrel … somewhere in this bracket of price, » El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy. « If prices of crude increase significantly we…

Oil prices fall as U.S. rig count rise, trade concerns

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. A refinery fire in the U.S. state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.09 per barrel at 0347 GMT, down 63 cents, or 1.2 percent, from their last settlement.…

A bill to hobble OPEC is advancing in Congress. Trump’s support is the question

Democrats and Republicans don’t agree on much these days, but a bipartisan group of lawmakers is finding common cause in legislation that would make life very difficult for the oil producer group OPEC. div > div.group > p:first-child »> Legislation that aims to prevent the 14-nation OPEC from coordinating production — and influencing oil prices — is once again advancing on Capitol Hill. On Friday, at least one senior Trump administration official expressed support for the legislation, signaling a potential chip in White House opposition to the measure, which has…

Oil falls on economic slowdown, but OPEC output cuts offer some support

Oil markets fell on Friday, pulled down by an economic slowdown, although supply cuts led by producer club OPEC and U.S. sanctions against Venezuela provided crude with some support. U.S. West Texas Intermediate (WTI) crude futures stood at $52.20 per barrel by 0351 GMT, down 44 cents, or 0.8 percent, from their last settlement. WTI dropped by around 2.5 percent the previous session. International Brent crude oil futures were down by 44 cents, or 0.7 percent, at $61.19 per barrel, after falling 1.7 percent the previous session. Weighing on financial…

Ocasio-Cortez’s Green New Deal offers ‘economic security’ for those ‘unwilling to work’

The Green New Deal that Democrats proposed Thursday looks to create a more environmentally sound country with economic benefits for everyone — even those who don’t want to work. div > div.group > p:first-child »> An overview circulated by proponents states the plan seeks a « massive transformation of our society » that could rid the country of fossil fuels and « create millions of family supporting-wage [sic] union jobs. » But for those not interested in working, there’s something in the plan as well. The overview notes that the…

Alexandria Ocasio-Cortez just released her massive Green New Deal — here’s what’s in it

Freshman Congress member Alexandria Ocasio-Cortez and veteran lawmaker Sen. Edward Markey are introducing a resolution spelling out congressional support for a Green New Deal — an ambitious plan to remake the U.S. economy and drastically reduce the nation’s greenhouse gas emissions. div > div.group > p:first-child »> The resolution largely sticks to a blueprint Ocasio-Cortez laid out when she proposed creating a House select committee to establish a Green New Deal. That framework called for generating 100 percent of the nation’s power from renewable sources, making all buildings energy efficient…