Competition Reshapes North American Pipeline Costs
Increased competition from the Trans Mountain pipeline in Canada is forcing...
Increased competition from the Trans Mountain pipeline in Canada is forcing other operators, including Enbridge, to lower their crude oil transport rates to remain competitive in the face of new market options for oil producers. "[Our] data suggests that increased westbound flows will moderately cut into volumes moving on other routes out of Western Canada, especially crude-by-rail and Enbridge's Mainline system," Wood Mackenzie analysts say.
The Energy Information Administration projects a doubling of North American...
The Energy Information Administration projects a doubling of North American LNG export capacity within the next three years, fueled primarily by expansion in the United States. This forecast hinges on the completion of all 10 LNG infrastructure projects currently in development. Meanwhile, oil major Shell anticipates global LNG demand to surge by over 50% by 2040, underscoring the growing significance of LNG in the global energy landscape.
Harris proposes a smaller capital gains tax hike than Biden
VP Kamala Harris may have been swapped in so quickly as a candidate that...
VP Kamala Harris may have been swapped in so quickly as a candidate that the party platform approved at the Democratic National Convention still had Joe Biden’s name on it, but now she’s putting her own policy spin on things, breaking with the president on the size of a proposed increase to the capital gains tax rate. Speaking in New Hampshire, Harris pitched a 28% top tax rate for when investments are sold, more than the current 23.8% top rate, but less than the 39.6% rate Biden supported.
A bad day for Nvidia got even worse on Tuesday when Bloomberg reported...
A bad day for Nvidia got even worse on Tuesday when Bloomberg reported that the Department of Justice subpoenaed the chipmaker as part of its investigation into whether the world’s hottest company unfairly wields its industry dominance.
Yesterday, Nvidia denied being technically subpoenaed. Bloomberg followed up to say that Nvidia was merely splitting hairs about the type of request it received from the DOJ but that it was, in fact, asked to answer questions about its empire.
The number of US job openings fell more than expected in July, new government data shows, in another worrying sign for the labor market.
Volvo scrapped its plan to make only electric vehicles by 2030, reflecting the slow demand for EVs.
Verizon is said to be in talks to buy Frontier Communications to bolster its fiber-optic cable network.
Australian breakdancer Raygun said she’s “very sorry for the backlash that the community has experienced” because of her much-mocked Paris Olympics performance.
U.S. Crude Oil Falls Below $70 per Barrel to Nine-Month Low Amid Uncertainty Over OPEC+ Production
U.S. crude oil fell more than 1% on Wednesday, tumbling...
U.S. crude oil fell more than 1% on Wednesday, tumbling below $70 per barrel and raising speculation that OPEC+ could delay production increases scheduled to begin next month.
The U.S. benchmark hit a session low of $68.83, the lowest level since Dec. 13, after plunging more than 4% on Tuesday. U.S. crude and global benchmark Brent have erased all gains for 2024.
“With demand growth uncertain and significant supply outages looking unlikely, all eyes are again on OPEC+,” Svetlana Tretyakova, senior analyst at Rystad Energy, said in a note Wednesday. “Until OPEC+ clarifies its strategy, overall bearishness will persist.”
Here are Wednesday’s closing energy prices:
West Texas Intermediate October contract: $69.20 per barrel, down $1.14, or 1.62%. Year to date, U.S. crude oil has fallen 3.4%.
Brent Crude November contract: $72.70 per barrel, down $1.05, or 1.42%. Year to date, the global benchmark has declined 5.6%.
RBOB Gasoline October contract: $1.96 per gallon, down more than 1 cents, or 0.8%. Year to date, gasoline has pulled back 6.7%.
