energy-market
Top StoriesAs Russia Cuts Gas, German Industry Grapples With Painful Choices
InvestingOil Slumps Over 6% as Biden Set to Cut Fuel Costs for Drivers
Top StoriesExplainer-Why Is There a Worldwide Oil-Refining Crunch?
Top StoriesGermany Sets Out Ways to Cut Gas Usage Amid Russia Supply Crunch
Oil Climbs $2/bbl on Strong Demand, Tight Supply
Date: June 21, 2022
By Arathy Somasekhar HOUSTON (Reuters) -Oil rose $2 per barrel on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $2.06, or 1.8%, to $116.08 a barrel by 10:40 a.m. ET (1440 GMT). The U.S. West Texas Intermediate (WTI) crude...
Germany Risks Recession as Russian Gas Crisis Deepens
Date: June 21, 2022
By Rachel More and Stine Jacobsen BERLIN/COPENHAGEN (Reuters) -Germany faces certain recession if already faltering Russian gas supplies stop completely, an industry body warned on Tuesday, as Italy said it would consider offering financial backing to help companies refill gas storage to avoid a deeper crisis in winter. European Union states from the Baltic Sea...
Spain Readies New Tax on Electric Utilities’ Profits
Date: June 21, 2022
MADRID (Reuters) -The Spanish government is readying a new tax on electricity utilities’ profits, which have been boosted by energy prices, Budget Minister Maria Jesus Montero said on Tuesday. “Since profits of electric utilities have been exorbitant, from the government’s point of view, we want to be able to ask them for a higher contribution,”...
No Need for Highest German Alert Over Gas Supply, Sector Lobby Says
Date: June 21, 2022
ESSEN (Reuters) – Germany does not need to move to its highest emergency plan to prepare for possible disruption to piped supply of Russian gas, its gas industry trade association said on Tuesday. “That point does not yet make sense,” Timm Kehler, managing director of the Zukunft Gas lobby, said at a trade fair in...
Vitol CEO Says More Russian Crude and Products Set for Asia in 2023
Date: June 21, 2022
DOHA (Reuters) – More Russian crude oil and products will head to Asian markets in 2023 while Europe will turn more to the Middle East to buy diesel, Vitol CEO Russell Hardy said on Tuesday. Hardy also said tight energy markets would persist until demand slows. “Its tough to see markets really giving up much...
Oil Prices Fall as Recession Fears Trump Tight Supply
Date: June 20, 2022
By Rowena Edwards LONDON (Reuters) -Oil prices fell on Monday, continuing last week’s losses as concerns about slowing global economic growth overshadowed tight supply. Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel by 1429 GMT. Front-month prices tumbled 7.3% last week for their first weekly fall in five. U.S. West...