Oil Dips With U.S. Crude Supplies Topping Half a Billion Barrels
Bloomberg 4 days ago Andres Guerra Luz
(Bloomberg) Oil fell to the lowest in a week after U.S. crude stockpiles topped half a billion barrels and the International Energy Agency said global supplies are plentiful.
Futures in New York slipped 0.3% on Wednesday, closing out the longest stretch of declines in more than six months. A U.S. government report showed domestic oil supplies rose for a fourth straight week. Further adding to downbeat sentiment, the IEA said that oil markets are not on the verge of a new price supercycle and any concerns of a supply shortfall are misguided.
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Daily on Energy, presented by Bipartisan Policy Center: Former Trump adviser lobbies GOP to reduce emissions through trade policy Print this article
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THE BANKS AGENDA: Former Trump administration international energy adviser
George David Banks wants his party to pursue deeper global emissions reductions through trade policy.
Banks, most recently the chief Republican strategist on the House Select Climate Crisis Committee, left his position last week to shape the GOP agenda from the outside working for three different think tanks.
By Stephanie Kelly NEW YORK, March 16 (Reuters) - U.S. renewable fuel credits this week hit fresh multiyear highs, while an oil refining trade group urged the Biden administration to use its authority to help stabilize the market. Prices for so-called Renewable Identification Numbers, or RINs, have climbed all year as costs for feedstocks such as soybean oil increase and as market participants bet on reduced exemptions granted to oil refiners that would waive them from U.S. biofuel blending requirements.
The Oil Industry Jumps On The Low Carbon Bandwagon
There are two main roads leading to a low-carbon future. The first involves decreasing our combustion of fossil fuels via conservation and a switch to renewable energy. The second is via the increased capture of carbon dioxide out of the air.
Big fossil fuel providers are not in the business of decreasing the use of their products, which is why it is unsurprising that oil giant ExxonMobil XOM -1.2% XOM -1.2% announced its plan to accelerate carbon capture and to invest $3 billion over the next five years to advance 20 new opportunities. In doing so, they unveiled an initial plan for how they can continue to operate their core business in a carbon constrained world. Theirs is just the latest in a series of responses from oil and gas companies starting to answer this crucial question.