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> Sibel Morrow
US Democratic lawmakers inquire of big oil firms’ role in global warming
- Lawmakers send letters to four firms, accusing them of misleading public about dangers of fossil fuels
Spot market natural gas prices for Thursday, Sept. 16
- 1,000 cubic meters of natural gas on spot market costs 2,352 Turkish liras
Spot market electricity prices for Saturday, Sept. 18
- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 290.99 million Turkish liras
Turkey's daily power consumption down 0.8% on Sept. 16
- Electricity exports amount to 14,644 megawatt-hours, while imports total 7,545 megawatt-hours
Swedish Lundin Energy accelerates its carbon neutrality aim by 2 years
- Company now aims to reach its carbon neutrality goal by 2023
US crude oil inventories down 1.5% for week ending Sept. 10
- Commercial crude oil stocks decrease by 6.4 million barrels, lower than market expectation of 3.9 million-barrel draw
Chevron vows to invest more on lower carbon energy businesses
-With this aim, company intends to invest more than $10 billion up to 2028
OPEC keeps 2021 global oil demand forecast unchanged, revises up for 2022
- Crude output rises mainly in Iraq, Saudi Arabia, but decreases in Nigeria, says OPEC
Oil up as supply disruptions continue in US Gulf of Mexico
- Investors to focus on OPEC and EIA oil market reports to be released later this week
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> Sibel Morrow
Oil up by 2% amid mixed demand messages in week ending Sept. 10
- Raising supply fears, China on Thursday announced its decision to release crude oil reserves to market via public auction
Oil up as US fuel stocks drop over expectations
- US gasoline inventories fall by 7.2 million barrels, signaling improving demand and more mobility
US energy agency revises down oil price forecast for 2021
- International benchmark Brent crude now estimated to average $68.61 per barrel in 2021 from previous forecast of $68.71
Oil up over estimated rise in US fuel stocks, ongoing supply halts in US
- Almost 76.9% of oil and 77.2% of natural gas output in Gulf of Mexico is still shut in after Hurricane hit area last week
Spot market natural gas prices for Tuesday, Sept. 7
- 1,000 cubic meters of natural gas on spot market costs 2,167 Turkish liras
Spot market electricity prices for Thursday, Sept. 9
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 329.45 million Turkish liras
Turkey's daily power consumption up 1.45% on Sept. 7
- Electricity exports amount to 12,607 megawatt-hours, while imports total 2,459 megawatt-hours
Oil up as halts in production in US hurricane-hit areas continue
- 79.3% of oil production and 77.9% of natural gas production in Gulf of Mexico have been shut in, says US BSEE
Shipping associations propose levy to reduce carbon emissions
- Levy is based on mandatory contributions by ships trading globally that exceed 5,000 gross tonnage for each tonne of CO2 emitted
Oil mixed over positive economic data from China, Saudi price trim
- Supply halts in US after Hurricane Ida continues to push prices up although demand woes after Saudi price cut axes further rises
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Oil down as deep Saudi price cut signals demand slip in Asia
- Further price declines are limited by supply disruptions in US after Hurricane Ida
Oil up 9% on China's COVID recovery, hurricane threat in Gulf of Mexico
- Fall in US crude oil inventories and full approval of Pfizer vaccine in US raises prices higher
Oil up on COVID recovery in China, possible output halt in Gulf of Mexico
- Investors are also watching Fed chief’s scheduled speech on Friday on US monetary plans
ExxonMobil to produce renewable diesel to aid fall in Canada's emissions
- Project aims to reduce emissions equivalent to the removal of almost 650,000 passenger cars annually from roads
Oil prices down over COVID-induced demand fears despite US oil stock drop
- US inventories fall by 3 million barrels relative to market estimate of 2.37 million-barrel decrease
US crude oil inventories down 0.7% for week ending August 20
- Commercial crude oil stocks decrease by 3 million barrels, relative to market expectation of 2.37 million-barrel draw
Oil prices steady over estimated drop in US stockpiles, fire at Mexico oil platform
- US estimates fall of 1.62 million barrels in crude stocks although market estimate is decrease of 2.37 million barrels
Spot market electricity prices for Wednesday, August 25
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 327.28 million Turkish liras
Spot market natural gas prices for Monday, August 23
- 1,000 cubic meters of natural gas on spot market costs 2,181 Turkish liras
Turkey's daily power consumption down 9.26% on August 23
- Electricity exports amount to 10,704 megawatt-hours, while imports total 5,666 megawatt-hours
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Oil climbs as full US approval of Pfizer vaccine raises hopes of recovery
- Decline in Indian oil throughput weighs on prices
Spot market electricity prices for Tuesday, August 24
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 335.25 million Turkish liras
Spot market natural gas prices for Sunday, August 22
- 1,000 cubic meters of natural gas on spot market costs 2,185 Turkish liras
Will energy players focus on Afghanistan's resources with its new power shift?
- Proposed Turkmenistan-India gas pipeline via Afghanistan could bring untold riches to long-troubled country, expert says
Oil prices increase after last week’s 9% decline
- Weaker dollar also exerts upward pressure on oil prices which are indexed to US dollar
Oil down over 5% on falling demand in big economies in week ending Aug. 20
- Demand worries rise after Chinese industrial data shows decline, US gasoline inventories rise and COVID-19 cases spike
Oil down over 2% over rising US fuel stocks and demand worries
- Low demand concerns linger over more-than-expected rise in US gasoline inventories of 700,000 barrels last week
US crude oil inventories down 0.7% for week ending August 13
- Commercial crude oil stocks decrease by 3.2 million barrels, relative to market expectation of 1.26 million-barrel draw
Corp. renewable purchase deals play bigger role in Asia Pacific decarbonization
- India, Australia, and Taiwan top the Asia Pacific corporate renewable procurement market, Wood Mackenzie says
Oil up on declining US oil stocks while rising virus cases hamper demand
- Weak dollar and US inventory drop support prices but rising Delta cases and poor economic data from China suppresses demand
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Wind turbine prices to rise 10% over next 18 months: WoodMac
- Possible supply restrictions in wind turbine sector may jeopardize country-level decarbonization objectives in next 2 years
Oil down as rising virus cases in China fuel demand worries
- Further price declines are capped with OPEC+ saying it will not add more barrels to the market than previously planned
Oil down over 3% due to demand fears in week ending August 6
- Investors focus on Chinese oil demand drop, bearish US economic data, and increasing OPEC+ oil production during week
Oil up over rising tension between Iran and Israel
- Surging COVID-19 cases forces countries to impose fresh mitigation measures, casting doubt over short-term demand recovery
Spot market electricity prices for Friday, Aug. 6
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 287.77 million Turkish liras
Spot market natural gas prices for Wednesday, Aug. 4
- 1,000 cubic meters of natural gas on spot market costs 2,195 Turkish liras
Turkey's daily power consumption sets new record on August 4
- Daily electricity consumption of 1.45 million megawatt-hours on Wednesday smashes previous day’s record high
Oil drops on shock US stocks build and rise in China virus cases
- Concerns rise with China's announcement of fresh travel restrictions with further increase in COVID-19 Delta variant cases
US crude oil inventories rise 0.8% for week ending July 30
- Commercial crude oil stocks surge by 3.6 million barrels, higher than market expectation of 2.9 million-barrel draw
Oil prices mixed over minor drop in US stocks, tensions in Gulf region
- US estimates fall of 879,000 barrels in crude stocks although market estimate is decrease of 2.9 million barrels
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Iran declares almost zero petroleum smuggling on border
- Confirmation of zero smuggling comes during unveiling of Iran's system that aims to prevent petroleum smuggling on borders
Oil down as Chinese, US economic data fall short of expectations
- Sluggish growth of US PMI in July fuels investor concerns of slow pace of demand recovery
Oil slips on negative economic data from China, output rise of OPEC+
- China’s PMI drops to lowest level since February 2020 as Delta coronavirus variant cases surge in the country
Oil increases over 3% from demand recovery hopes in week ending July 30
- US inventories fall by 4.1 million barrels relative to market estimate of 3.4 million-barrel decrease
Oil down over weaker-than-expected US economic data
- Despite rising virus cases, hopes of better vaccination rates reducing mitigation measures are limiting further price falls
Turkey to soon start new hydrocarbon exploration in Black Sea
-Turkish energy minister says country plans to add fourth drillship to its fleet
Oil prices up over US oil stock drop, Fed’s positive remarks on US economy
- US inventories fall by 4.1 million barrels relative to market estimate of 3.4 million-barrel decrease
US crude oil inventories fall 0.9% for week ending July 23
- Commercial crude oil stocks decline by 7.9 million barrels, higher than market expectation of 4.3 million-barrel draw
Norway's Equinor reports $1.9 billion profit for 2Q21
- Equinor's total revenues climbs to $17.4 billion during second half of year from $7.6 billion in same period of last year
Oil prices up on expected drop in US oil stocks despite rising virus cases
- US estimates fall of 4.7 million barrels in crude stocks although market estimate is decrease of 3.4 million barrels
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Italian Eni boosts its green portfolio in Spain and France
- Company strikes deals to increase renewables capacity to more than 4.3 gigawatts
Oil prices fall on demand hopes dashed from Delta variant case rises
- Prices find support from UK reports of lowest daily virus cases on Monday, which prevents further decline
Oil prices down as rising Delta variant cases threaten oil demand
- Upcoming supply increase of OPEC+ raises oversupply fears while COVID-19 continues blurring oil demand outlook
Spot market electricity prices for Wednesday, July 21
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 247.3 million Turkish liras
Spot market natural gas prices for Monday, July 19
- 1,000 cubic meters of natural gas on spot market costs 2,074 Turkish liras
Oil prices fluctuate amid demand fears caused by Delta variant
-Prices fall more than 6% during previous session
Turkey's daily power consumption down 7% on July 19
- Electricity exports amount to 13,979 megawatt-hours, while imports total 2,663 megawatt-hours
Spot market electricity prices for Tuesday, July 20
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 223.4 million Turkish liras
Spot market natural gas prices for Sunday, July 18
- 1,000 cubic meters of natural gas on spot market costs 2,079 Turkish liras
Turkey's daily power consumption down 7.1% on July 18
- Electricity exports amount to 14,191 megawatt-hours, while imports total 3,282 megawatt-hours
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Oil prices slip as OPEC+ opens tabs, fueling oversupply fears
-Rising COVID cases continue exerting downward pressure on oil prices
Spot market electricity prices for Saturday, July 17
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 333.6 million Turkish liras
Turkey's daily power consumption down 4.7% on July 15
- Electricity exports amount to 15,118 megawatt-hours, while imports total 3,353 megawatt-hours
US crude oil inventories fall 1.8% for week ending July 9
- Commercial crude oil stocks decline by 7.9 million barrels, higher than market expectation of 4.3 million-barrel draw
Spot market electricity prices for Thursday, July 15
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 290.47 million Turkish liras
Spot market natural gas prices for Monday, July 12
- 1,000 cubic meters of natural gas on spot market costs 2,052 Turkish liras
Oil down over negative data on Chinese oil imports
- However, data revealing decline in US inventories offers upward support to falling oil prices
Turkey's daily power consumption up 1.94% on July 13
- Electricity exports amount to 14,975 megawatt-hours, while imports total 2,852 megawatt-hours
Gazprom export revenue up 57.7% between Jan-May 2021
-Gazprom's natural gas exports via pipelines also rises by 15.3% in first five months of year compared to same period of 2020
Oil sees large price swings following unresolved OPEC meeting
- Prices see vast fluctuations as market takes 'wait and see' position
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Oil up over demand hopes as US crude, gasoline stocks signal recovery
- Hefty drop in US crude and gasoline inventories spurred price rises in world's largest oil consumer
US crude oil inventories fall 1.5% for week ending July 2
- Commercial crude oil stocks decline by 6.9 million barrels, higher than market expectation of 3.9 million-barrel draw
Spot market electricity prices for Thursday, July 8
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 324.51 million Turkish liras
Spot market natural gas prices for Tuesday, July 6
- 1,000 cubic meters of natural gas on spot market costs 2,060 Turkish liras
Turkey's daily power consumption up 1.5% on July 6
- Electricity exports amount to 17,615 megawatt-hours, while imports total 7,743 megawatt-hours
Oil prices on volatile ride amid ongoing OPEC+ dispute
- Goldman Sachs keeps oil forecast unchanged despite market uncertainty over OPEC+ meeting, saying market needs extra barrels
Oil price soars as OPEC+ calls off meeting without setting new date
- Ministerial meeting of major oil producers was adjourned twice last week as UAE insists on update on its quota baseline
OPEC+ calls off meeting until further notice
- Division between OPEC+ members and United Arab Emirates over latter's demand for higher production level led meeting dissolve third time
Oil giants BP, Lukoil seek to exit Iraq: Iraqi Oil Minister
- BP’s presence in Iraq dates back to 1920s while Lukoil's investments began in 2014 in the country's West Qurna-2 field
Oil prices volatile on back of production policy disagreement of OPEC+
- OPEC and its allies, known as OPEC+, is scheduled to gather later on Monday after adjourning for second time on Friday
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OPEC+ postpones meeting for second time to continue on Monday
- Group was supposed to decide on their output quota as of August
Oil records limited increase over supply concerns in week ending July 2
- Although Brent and WTI set new record highs, delay in meeting of OPEC+ fueled investor fears about higher output levels
OPEC+ expected to 'cautiously increase' production: expert
- Oil prices could go to $80 per barrel if OPEC+ decides to extend production cuts, expert says
OPEC+ meeting postponed for further consultation
- Member countries to meet again on Friday after meeting that start on Thursday bear no fruit
Oil up over drop in US stocks as investors await new output policy of OPEC+
- OPEC+ could raise output by at least 1.5M barrels per day to meet August demand spurt and still keep market in equilibrium
OPEC+ welcomes Iran’s return to oil market under its oversight
- Having world's fourth-largest oil reserves, Iran has been suffering US sanctions on its oil exports since 2018
Oil prices up boosted by expected fall in US crude stocks
- US estimates fall of 8.1 million barrels in crude stocks, relative to market estimate of decrease of 4.5 million barrels
Oil down over fears that Delta variant will dent demand
- Investors await US crude oil inventory data on Wednesday and outcome of OPEC+ meeting on Thursday to form clear outlook
Spot market electricity prices for Tuesday, June 29
- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 307.73 million Turkish liras