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(World Oil) – (Bloomberg) — Shell Plc denied a Wall Street Journal report that it is in active talks about acquiring its London-based oil rival bp Plc. “This is further market speculation. No talks are taking place,” a Shell spokesperson said. bp surged as much as 10% in New York earlier on Wednesday on the report that it was in early-stage takeover talks with Shell. Shares of the company erased most of those gains to trade 1.2% higher as of 12:44 p.m. local time. bp has been under intense pressure after years of poor performance and the intervention of activist…
Piotr Swiat | Lightrocket | Getty ImagesCore Scientific shares surged 35% on Thursday following a report from The Wall Street Journal that artificial intelligence infrastructure vendor CoreWeave is in talks to acquire the bitcoin mining and hosting provider.The company’s stock was briefly halted after the report, and then proceeded to have its second-sharpest rally since Core Scientific returned to the Nasdaq in January 2024 after completing a reorganization. Its biggest one-day gain came last June, when the shares popped 40% on news that the company would significantly expand its AI business with CoreWeave.The Journal reported, citing people familiar with the…
Oil held steady as traders grappled with conflicting signals about how much US military strikes hobbled Iran’s nuclear program and whether Washington will continue to target Tehran’s oil flows. West Texas Intermediate edged up to settle near near $65 a barrel while Brent closed little changed near $68. WTI had climbed as much as 2.3% earlier after the Financial Times reported that European capitals believe that Iran’s highly enriched uranium stockpile remain largely intact following US strikes. President Donald Trump, in a social media post, denied reports that Iran successfully moved nuclear material from its sites before the attacks. At…
Spot rates for very large crude carriers (VLCCs) sailing from the Persian Gulf to Asia have fallen sharply in recent days, as military tensions near the Strait of Hormuz subside and shipping flows resume a more stable pattern. Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight.According to tanker brokers cited by gCaptain, VLCC rates for Gulf-to-China routes have dropped to approximately $63,000 per day, down from nearly $100,000 just two weeks ago. The fall reflected improved vessel availability and a partial unwinding of…
(Bloomberg) — U.S. shale oil producers are unlikely to heed President Donald Trump’s latest call to “Drill, Baby, Drill” as they prioritize hedging over ramping up production in response to U.S. military strikes on Iran. Wary of being caught by yet another false start in global crude markets, U.S. oil companies are likely to use hedging contracts to lock in revenue for future output rather than spend heavily on new drilling, analysts said. Trump called to increase in U.S. drilling in a social media post Monday in order to prevent oil prices from rising. West Texas Intermediate declined…
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Iran confirmed on Wednesday that no radioactive material leaked following coordinated U.S.-Israeli airstrikes on two of its major uranium enrichment facilities, easing immediate fears of a nuclear incident. The strikes, conducted over the weekend, targeted centrifuge halls at the Natanz and Fordow sites, according to Iranian and Western officials cited by the Financial Times. While Tehran downplayed the operational damage, with speculation that Washington exaggerated its efficacy, energy analysts are scrutinizing the longer-term implications for Iran’s civil nuclear program. Iran’s energy ministry has aimed to derive at least 15% of national electricity from nuclear sources by 2030. Its flagship Bushehr reactor already…
A worker inspects a 24-kilowatt Generac home generator at Captain Electric in Orem, Utah, on Feb. 18, 2021.George Frey | Getty Images News | Getty ImagesWith hurricane season underway and an oppressive heat wave rolling across parts of the nation, investors have been snapping up shares of Generac.The backup generator maker is on track for its sixth straight day of gains and best week since November 2024. It is up nearly 12% this week.High temperatures blanketed areas through the central and eastern U.S. starting last weekend, resulting in reported power outages in states such as New York, New Jersey and…
MONTEVIDEO, Uruguay (AP) — An unusual gust of frigid air extending from Antarctica has blasted the small South American nation of Uruguay, leading to the deaths of at least seven homeless people this week and prompting authorities to declare a state of emergency as they scrambled to open shelters.The polar front first dumped the mass of freezing weather on Uruguay on Monday, shocking a coastal nation with flat terrain accustomed to mild winters in the Southern Hemisphere. Light snow dusted parts of the country for the first time in four years as temperatures hit minus 3 Celsius (26 Fahrenheit) and…
Equinor and its Fram partners will invest more than $2 billion (NOK 21 billion) in a new subsea development. The plan for development and operation was today submitted to the Minister of Energy, Terje Aasland. The Troll C platform, North Sea. Image provided by Equinor “Fram Sør will contribute to security of energy supply from the Norwegian continental shelf (NCS) to Europe,” said Geir Tungesvik, Equinor’s executive vice president, Projects, Drilling & Procurement. “The development will put new oil and gas resources on stream by connecting new infrastructure to existing facilities that provide good and robust profitability. With…