Trump nominates oil and gas champion for energy secretary
The president-elect chose ...
The president-elect chose Chris Wright, the CEO of oil-field services company Liberty Energy, to serve as the next energy secretary. Wright is one of the pioneers of the American fracking revolution and has been an outspoken booster of fossil fuels, at one point renting out billboards to attack North Face for deciding not to do an apparel partnership with an oil and gas company. In a video post to LinkedIn last year, Wright said, “There is no climate crisis and we’re not in the midst of an energy transition either.” As the head of the Energy Department, he would not only oversee the country’s energy policy but also is responsible for maintaining the nuclear weapons stockpile and related infrastructure,
The G20 summit begins in Brazil: Top world leaders,...
The G20 summit begins in Brazil: Top world leaders, including the US’ Joe Biden, France’s Emmanuel Macron, China’s Xi Jinping, and India’s Prime Minister Narendra Modi, will meet in Rio de Janeiro for a two-day summit to try and form consensus around pressing geopolitical issues. The G20 is the first major gathering of leaders since the election of Donald Trump, who has pledged to enact policies that put “America first” over international cooperation. Speaking to Biden before the summit, Xi said he’s prepared to work with Trump to improve US–China relations.
Donald Trump’s pick for Treasury secretary appears to be growing contentious within his inner circle. Elon Musk and Robert F. Kennedy Jr. spent the weekend touting billionaire businessman Howard Lutnick, while Trump appears to favor Kevin Warsh, Marc Rowan, or Scott Bessent.
Southwest Airlines said a bullet struck one of its planes preparing to take off from Dallas Love Field Airport, forcing the flight to be canceled.
Cabinet tracker: Here’s a list of Trump’s big hires so far for his next administration.
The winner of a Jeremy Allen White lookalike contest in Chicago received $50 and a pack of cigarettes as the pertinacious celebrity doppelganger trend continues.
Biden Allows Ukraine to Strike Russia With Long-Range U.S. Missiles
President Biden has authorized the first...
President Biden has authorized the first use of U.S.-supplied long-range missiles by Ukraine for strikes inside Russia, U.S. officials said.
The weapons are likely to be initially employed against Russian and North Korean troops in defense of Ukrainian forces in the Kursk region of western Russia, the officials said.
Mr. Biden’s decision is a major change in U.S. policy. The choice has divided his advisers, and his shift comes two months before President-elect Donald J. Trump takes office, having vowed to limit further support for Ukraine.
Allowing the Ukrainians to use the long-range missiles, known as the Army Tactical Missile Systems, or ATACMS, came in response to Russia’s surprise decision to bring North Korean troops into the fight, officials said.
U.S. Rig Count Declines for First Time in Four Weeks
U.S. energy firms reduced the total number of oil and natural gas rigs...
U.S. energy firms reduced the total number of oil and natural gas rigs by one to 584 in the week ending November 15, marking the lowest count since early September, according to Baker Hughes. This puts the rig count 34 rigs, or 6%, below the same time last year.
Oil rigsfell by one to 478, their lowest since mid-July, while gas rigs also dropped by one to 101. The rig count has declined 20% in 2024 due to lower energy prices, rising costs, and a shift toward debt reduction and shareholder returns over production growth.
U.S. crude output is projected to rise from 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, according to the EIA. The agency slightly raised its 2024 forecast but trimmed its 2025 outlook. Meanwhile, gas production is expected to dip to 103.4 billion cubic feet per day (bcfd) in 2024 from 2023’s record 103.8 bcfd, marking the first annual decline since 2020.
Earlier reductions in gas drilling followed a 32-year low in Henry Hub prices earlier this year, prompting producers to scale back spending.
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Crude oil posts loss for the week as looming surplus depresses market
Crude oil futures posted a loss for the week on Friday as a looming supply...
Crude oil futures posted a loss for the week on Friday as a looming supply glut and a strong dollar depressed the market. U.S. crude oil lost nearly 5% this week, while Brent has declined nearly 4%.
Here are Friday’s closing energy prices:
West Texas Intermediate December contract: $67.02 per barrel, down $1.68, or 2.45%. Year to date,, U.S. crude oil has shed more than 6%.
Brent January contract: $71.04 per barrel, down $1.52, or 2.09%. Year to date, the global benchmark has lost nearly nearly 8%.
RBOB Gasoline December contract: $1.9493 per gallon, down 1.63%. Year to date, gasoline has fallen more than 7%.
Natural Gas December contract: $2.823 per thousand cubic feet, up 1.36%. Year to date, gas has gained more than 12%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged after President-elect Donald Trump’s election victory.
