Author: omc_admin

Editor’s Note: While the API reported a huge crude build, Reuters data released shortly after painted a starkly different picture, indicating a U.S. crude inventory build of 800,000 barrels, with Cushing up 100,000 barrels, gasoline rising by 1.9 million, and distillates up 800,000.The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply for the second week in a row, this time gaining an additional 19.10 million barrels in the week ending July 11. That’s on top of last week’s 7.1 million barrel build. It is the largest single week build reported by the API…

While the industry chatters about electric dreams, General Motors is pouring $4 billion into the steel-and-combustion reality of gas-powered trucks and SUVs—an investment that will retool three U.S. plants to build more of what actually sells—and it’s placing big bets in Michigan.Starting in 2027, Escalades will roll off the line in Orion Township, Michigan, not Texas, and that same Michigan facility will also add production of GM’s money machines: the Chevrolet Silverado and GMC Sierra.This isn’t a pivot—it’s a tactical pause in GM’s all-electric playbook. Officially, the company still aims to sell only EVs by 2035. Unofficially? ICE is paying…

Slate Auto’s new electric vehicle is expected to be unusually cheap, priced in the mid-twenty-thousand-dollar range.Given its anticipated price point, Slate says it has seen interest from five different consumer segments as it prepares to enter the market, CEO Chris Barman said in a recent interview with Sherwood News.First, Barman said that “everyday Americans” are interested in the vehicle, mostly because “it’s just an affordable vehicle and a lot of utility and value for the money.”Barman also said that “young professionals” fresh out of college or trade school are interested. “They’re looking for value for the money, and what they…

Like all great things in the modern era, I first saw LG’s portable StanbyME TV on TikTok. As a New York City apartment dweller, I’m always looking for space-saving options. And though I’ve never liked the idea of a TV in the bedroom, there are evenings when all I want to do is crawl into bed and watch reality TV.But I do way more than just watch TV in bed with my LG StanbyME. I bring it into the bathroom to watch movies while I take a bath. I play recipe videos on it while I cook. I even take…

(Bloomberg) – The U.S. may depart the International Energy Agency without changes to forecasting that Republicans have criticized as unrealistically green, President Donald Trump’s energy chief said.  IEA Director Fatih Birol “We will do one of two things: we will reform the way the IEA operates or we will withdraw,” Energy Secretary Chris Wright said during an interview Tuesday. “My strong preference is to reform it.”  The Paris-based IEA, established in response to the 1970s oil crisis to enhance energy security, stirred controversy in recent years as long-term forecasts began to factor in more active government policies to…

Egypt is delaying some liquefied natural gas deliveries as its newest import facilities haven’t yet started operating. A small number of cargoes due to arrive in July are being rescheduled for next month, people familiar with the matter said, asking not to be identified discussing private information. The delay is not expected to be material or recurring, they said. The most populous Arab country has turned into a major LNG importer amid deteriorating domestic gas production and high consumption. Last month, Egyptian Natural Gas Holding Co. agreed on large LNG deals with suppliers including Saudi Aramco, Trafigura Group and Vitol Group, with…

Sulzer’s new facilities will support essential industries in the region, including oil and gas and power generation. The expansion underlines Sulzer’s global strategy of establishing full-service, in-region capabilities to meet the needs of its industrial customers.  As part of its ongoing strategy to grow across Latin America and enhance its service offerings, Sulzer has expanded its footprint in Argentina with the opening of a third facility. In addition to a field service hub in La Plata and a main office in the heart of Buenos Aires, Sulzer has recently opened a new rotating equipment service center in Ezeiza…

Oil fell as the dollar strengthened and traders doubted US President Donald Trump’s plan to pressure Moscow would disrupt Russian exports. West Texas Intermediate slid 0.7% to settle above $66, extending Monday’s losses. Trump told reporters the US will impose a 19% tariff on goods from Indonesia after teasing the deal earlier in the day. The dollar strengthened, making commodities priced in the currency less attractive. Trump’s plan to pressure Russia into a ceasefire with Ukraine that was released Monday didn’t directly target energy infrastructure, a decision that brought some bears off of the sidelines. The administration intends to impose…

Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025. NYSECircle shares slid on Tuesday after the U.S. House of Representatives failed to clear a key procedural hurdle that would have teed up votes on long-awaited crypto-related bills.The move dealt a major setback to the digital asset industry, which had cast this week as a turning point for regulatory clarity in Washington, D.C.Circle, the stablecoin issuer that’s soared in value since its public market debut last month, fell more than 5% after the vote. Crypto exchange Coinbase slipped about 2%.Even…

(World Oil)– MidOcean Energy, a liquefied natural gas company founded by private equity firm EIG and backed by Saudi Aramco, has emerged as the frontrunner to buy a minority stake in Petronas’ Canadian business, people familiar with the matter said. Petronas, as the Malaysian state energy firm is known, has picked MidOcean as the preferred bidder, according to sources. The companies are in advanced talks to hammer out details of a transaction for the stake, which could be valued at several billion dollars, the people said. Petronas has been considering options for the Canadian unit, which was formerly known as…