Oil tabs remain steady after the cross of the $80/bbl price mark,as the Stock 600 Energy Complex paring gains of +1.01% standing at 113.42 at the European Open.

The Worldwide Rig Count for July was 1,820, up 20 from the 1,800 counted in June 2023, and up 45, from the 1,775 counted in July 2022.

Brent rose 10 cents, or 0.1%, to $85.24 a barrel, WTI rose 17 cents, or 0.2%, to $81.72.

The G7, the European Union and Australia imposed the $60 per barrel cap last December on sea-borne exports of Russian crude in retaliation for Russia’s war on Ukraine.

The current government claims to be all-in for new nuclear. Its Energy Security Strategy, published last year, set a target of 24 gigawatts of nuclear energy generating capacity by 2050.

The failure of the IEA principles has led to panic in Europe and the UK as energy supplies have decreased and energy prices have increased rapidly. Numerous European industries have shut down or reduced production as the result of energy supply shortages and rising energy prices.

U.S. commercial crude oil inventories decreased by 17.0 million barrels to 439.8 million barrels.

Brent fell 42 cents, or 0.5%, to $83.82 a barrel, WTI fell 34 cents, or 0.4%, to $79.75 a barrel.

These projects total 167 gigawatts of new generation capacity. The total monetary value is estimated to be $33 billion. That is assuming they get built.

While that trails California’s 52%, Texas is a bigger market. It’s already No. 1 in wind, making it the largest clean energy market in the US.

Brent rose 63 cents to $80.27 a barrel, WTI climbed 62 cents to $76.27 a barrel.

Benchmark futures settled 3.9% higher after another session of sharp price moves. Searing temperatures in parts of the region and global competition for liquefied natural gas continue to provide upward pressure — even as flows from Norway, Europe’s top supplier, return to levels last seen in April.

BNEF estimates that the global annual green investments would need to almost triple to $6.9 trillion by 2030 to have any hope of getting to net zero by 2050.

Wind employs twice as many people as coal power generation. However, coal still produces 19.5% of our electricity while wind only accounts for 10.2%.

U.S. commercial crude oil inventories decreased by 0.7 million barrels to 457.4 million barrels.