Author: omc_admin

WTI/CL Technical Analysis The light sweet crude oil market has shown itself to be bullish as we continue to hang around the $65 level. The $65 level also is backed up by the 50-day EMA, and it is the area that we previously had seen a lot of resistance. We had a massive move higher after the Israel airstrikes in Iran, but once the peace was signed and agreed to, oil markets collapsed. What I find interesting, though, is that we are hanging around this same area of previous resistance, and it seems like the market is getting comfortable. We…

Geothermal system reduces energy use by 30% for heating and cooling by tapping into the Earth’s natural underground temperature. 5.5 MW solar system—Amazon’s largest outside the U.S.— includes vertical panels to optimize energy capture and reduce building heat. Expected Zero Carbon Certification by 2026, supported by 2.9 MWh battery storage and advanced sustainability technologies. Amazon has unveiled a groundbreaking fulfillment center in Nagoya, Japan, designed to integrate advanced geothermal and solar technology to minimize its environmental footprint. The facility is Amazon’s first globally to feature vertical solar panels on the building’s exterior walls, in addition to rooftop and parking lot…

US diesel demand, a closely watched measure of the country’s economic health, was higher in April than early weekly estimates, the Energy Information Administration said in its monthly report. Distillate fuel oil demand was 3.88 million barrels a day in April, according to the agency’s latest Petroleum Supply Monthly report released Monday. That is 4.7% higher than early estimates published by the agency in its Wednesday weekly report and 2.2% higher than April 2024. April was a volatile month for diesel futures after President Trump announced sweeping tariffs on April 2, causing prices to tank. Demand for jet fuel was revised down by 5%…

Kazakhstan’s crude oil output jumped 7.5% in June to 1.88 million barrels per day (bpd), matching the country’s all-time high set in March, according to figures leaked to Reuters. This puts Kazakhstan well over its official OPEC+ quota of 1.5 million bpd, and continues a pattern of months-long noncompliance that’s frustrating the group’s core members—especially Saudi Arabia.Total oil and condensate production rose to 2.15 million bpd in June, up from 2.02 million in May. Most of the increase came from Tengiz—the Chevron-led mega-field—where output surged from 813,200 bpd in May to 953,000 bpd in June. Chevron began a $48 billion…

OPEC’s second-largest producer, Iraq, was the single biggest supplier of crude from the cartel to the United States in May, per data from the U.S. Energy Information Administration (EIA) cited by Iraqi media outlets Shafaq News and IraqiNews.Iraq ranked first among the 12 OPEC producers in terms of exports to the United States in May. Shipments totaled nearly 7 million barrels of crude, 6.95 million barrels to be precise. The second-largest OPEC supplier to the U.S. was Nigeria with 6.803 million barrels of crude oil exports, followed by Saudi Arabia with 6.208 million barrels of crude.Iraq has boosted exports in…

The UK’s hottest day of the year so far has been recorded with a temperature of 33.6C (92F) in Frittenden, Kent, the Met Office has said.The temperature exceeded the previous highest temperature of the year, which was 33.2C in Charlwood, Surrey on 21 June.On Tuesday afternoon, forecasters said the temperature was “very likely to be exceeded in the coming hours”.The UK Health Security Agency (UKHSA) extended amber heat health alerts for much of the country into Wednesday morning. An amber alert means heat impacts are likely to be felt across the whole health service, and may affect the wider population,…

New €100M ELTIF for Clean Tech: Azimut to launch a venture capital fund targeting U.S. and global startups in decarbonization, energy efficiency, sustainable mobility, and the circular economy, with advisory from Eni Next. Strategic Industry Collaboration: Partnership leverages Azimut’s private market experience and Eni Next’s deep technological expertise to back breakthrough energy solutions. Broadened Investor Access: Fund will be open to institutional and private investors under ELTIF 2.0 Regulation, expanding reach and supporting global energy transition goals. Azimut Group and Eni Next have announced a strategic collaboration to launch a €100 million European Long Term Investment Fund (ELTIF), targeting high-potential…

Google announced that it has signed the largest-ever direct corporate offtake agreement for fusion energy with Commonwealth Fusion Systems (CFS), as well as an investment in CFS, aimed at supporting the CFS’ efforts to bring fusion power to the grid at scale, and the development of its first commercial plant. Fusion, the process of combining two atoms to form a single atom to release energy, has been long referred to as the “Holy Grail” of clean and abundant energy production, given its potential to produce power from hydrogen – the most common element in the universe – without producing carbon…

Record Investment: CAF approved $5.2 billion across 16 projects in 10 countries to drive infrastructure, energy transition, and social development. Strategic Expansion: Guatemala and St. Lucia join as new shareholders, broadening CAF’s reach and influence in Central America and the Caribbean. Sustainable Focus: Projects span clean energy, climate action, mobility, and mental health, reinforcing CAF’s role in shaping sustainable and inclusive growth. CAF – Development Bank of Latin America and the Caribbean – has approved a record $5.2 billion in funding for 16 sustainable development operations across 10 countries, marking its largest round of credit approvals to date. The decision…

The EU plans to count high-quality international carbon credits for up to 3% of its 2040 emissions reduction target. The credits would begin in 2036, easing pressure on domestic industries and offering cost-effective compliance options. The proposal introduces broader flexibilities to address concerns from member states over the cost and competitiveness of climate measures. The European Commission is preparing to propose the use of carbon credits purchased from other countries to help meet the European Union’s upcoming 2040 climate target. The official target—set for release on July 2—is expected to call for a 90% cut in net greenhouse gas emissions…