Author: omc_admin

The U.S. Energy Information Administration (EIA) has revealed its latest average Henry Hub natural gas spot price forecasts in its August short term energy outlook (STEO), which was released on August 12. According to that STEO, the EIA sees the Henry Hub spot price averaging $3.61 per million British thermal units (MMBtu) in 2025 and $4.34 per MMBtu in 2026. The EIA’s previous July STEO projected that the Henry Hub spot price would average $3.67 per MMBtu this year and $4.41 per MMBtu next year. Both STEOs highlighted that the 2024 Henry Hub spot price averaged $2.19 per MMBtu. A…

Air India CEO and Managing Director Campbell Wilson said that the company is committed to support the GoI’s initiatives to promote sustainable development in the aviation sector Air India and Indian Oil Corporation Ltd (IOCL) on Tuesday signed a Memorandum of Understanding (MoU) to collaborate on the supply of Sustainable Aviation Fuel (SAF). According to the official press release, the move is part of efforts to reduce emissions in Indian aviation and aligns with the country’s target of achieving 5 per cent SAF blending target by 2030.The airline said that it is pursuing measures such as fuel efficiency, route optimisation,…

One Austin-based startup may have the answer to a crucial problem that the AI industry is still stuck on: how to power it all.Aalo Atomics says the answer isn’t the hulking nuclear plants of decades past. Instead, it’s betting on mass-manufactured smaller reactors built to sit beside the data centers they’ll fuel.That pitch earned the company a hefty check. Aalo recently closed a $100 million Series B, CEO Matt Loszak told Business Insider. Valor Equity Partners led the round, and Harpoon Ventures, Alumni Ventures, and others participated, bringing Aalo’s total funding to north of $136 million.The startup’s trajectory shows just…

A Lukoil refinery in the Russian city of Volgograd is on fire after being hit by Ukrainian drones overnight, Andrey Bocharov, governor of the Volgograd region, said on Tuesday.The Volgograd refinery is Lukoil’s second-biggest crude processing facility in Russia and a key fuel supplier to the southern federal district in the country.Russia has said it had shot down 13 Ukrainian drones over the Volgograd region on August 19, the Kyiv Independent reports.The attack on the Volgograd refinery is the latest in a series of at least half a dozen drone strikes at refineries in Russia from Ukraine since the beginning…

InPlay Oil Corp. said its Q2 production surpassed expectations by reaching around 1,000 barrels of oil equivalent per day (boepd). The outperformance was driven by base production performing above expectations and wells brought onstream in March significantly outperforming InPlay’s type curves by around 135 percent on average based on the first 120 days of initial production, the company said in a news release. Current production based on field estimates remains at 19,400 boepd even though no new wells have been brought on since March, InPlay said, adding that it now expects 2025 average production to be at the upper end…

BOSTON (AP) — Rip currents are one of the coast’s greatest dangers and account for the most beach rescues every year. Hurricane Erin is bringing the potentially deadly currents to the East Coast this week.About 100 people drown from rip currents along U.S. beaches each year, according to the United States Lifesaving Association. And more than 80 percent of beach rescues annually involve rip currents.Already this year, there have been at least 27 people killed from rip currents in U.S. waters, according to the National Weather Service. Hurricane Erin brought evacuations to North Carolina’s Outer Banks on Tuesday, a day…

India is breaking renewable energy records, especially in solar capacity additions and output, but it has been forced to curb solar generation during periods of low demand to keep its grid stable.   Solar output is being reduced to ease congestion in access to the grid, due to delays in transmission projects and new plants coming online ahead of schedule, India’s Ministry of New and Renewable Energy has told Reuters.The need to curtail solar power generation highlights the setbacks of booming capacity installations if there isn’t an adequate expansion of power lines and distribution and transmission upgrades.India saw record-high power generation…

North America added three rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on August 15. Although the total U.S. rig count remained unchanged week on week, Canada added three rigs during the same period, taking the total North America rig count up to 722, comprising 539 rigs from the U.S. and 183 rigs from Canada, the count outlined. Of the total U.S. rig count of 539, 524 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig…

Eni SpA and BlackRock Inc.’s Global Infrastructure Partners (GIP) have signed an agreement for the New York City-based infrastructure investor’s purchase of a co-controlling stake of 49.99 percent in the Italian energy major’s carbon capture, utilization and storage (CCUS) business. “The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions”, Eni chief executive Claudio Descalzi said in an online statement issued by the company on Monday. Eni CCUS Holding operates the Liverpool Bay and Bacton projects in the United…

“Make Europe’s tech ecosystem great again” might not fit on a Trump campaign badge, but it’s something he might unintentionally be delivering on.At least, that’s what investors and founders on the continent are betting on as the US has become more protectionist with its economic policies and a less reliable ally for Ukraine.It’s spurred investors in Europe to put more capital into defense startups, and tech companies and politicians to embrace so-called tech sovereignty in areas like AI and climate.”There’s been a shift in deployment targets,” Flavia Levi, a deep tech VC at Europe-based Join Capital, told Business Insider. “Now,…