Early winter procurement has become increasingly competitive since Europe started replacing its pipeline gas imports with LNG following the Ukraine crisis.

Clean energy technologies like solar, wind, electric cars, and heat pumps seem to be reshaping the power that we deploy today in factories, vehicles, home appliances and heating systems.

Brent climbed 17 cents, or 0.21%, to $79.93 a barrel, WTI increased by 21 cents, or 0.27%, to $77.19 per barrel.

Brent gained 97 cents, or 1.27%, to $77.27 a barrel, WTI climbed $1.14, or 1.56%, to $74.08.

However, this rapid transition has raised concerns about the stability and reliability of our energy systems. It's already becoming clear that the premature adoption of nascent technologies has led to:

The cessation of fossil fuel use would strand approximately $60 trillion of coal, oil and natural gas resources, depriving the owners of those resources of their profitable sale and depriving the nation of their beneficial use.

AI chatbots such as ChatGPT and Bard are known as voracious consumers of electricity and water. More precisely, it is the colossal data centers powering them that are to blame and there are no signs of slowing down.

The International Energy Agency (IEA) predicts that the US data center electricity consumption will rise from 200 TWh in 2022 to about 260 TWh by 2026 – roughly 6% of US electricity demand – while a study by the Boston Consulting Group (BCG) puts the number at 7.5% by 2030.

Sweden and the USA have signed a memorandum of understanding aimed at pursuing cooperation in industrial collaboration, technology development, and research and innovation in technologies related to nuclear energy for peaceful purposes.

BRENT Crude trading at the Globex Open on a $76.57/bbl & WTI Crude trading at $73.64/bbl. This is after the US DOE finalised its purchase of 4.65m/bbl of Crude Oil for SPR to be delivered from October to December.ExxonMobil to also supply 3.9m/bbl,Macquarie Commodities trading to supply the rest at an average pricing of $76.92/bbl.

Brent fell by 32 cents, or 0.4%, to $79.46 a barrel, WTI down 36 cents, or 0.5%, at $75.45 a barrel.

According to Russian customs data, the Russia-India bilateral trade volume hit a record US$23.1 billion in the first four months of the current year, marking a 10% rise versus the same period in 2023.

Стороны обсудили широкий круг вопросов развития кооперации в нефтяной, газовой, угольной, атомной и электроэнергетической сферах, а также в области возобновляемых источников энергии и декарбонизации энергетики.

Сопредседатели МПК подробно обсудили совместные шаги по развитию сотрудничества в сферах транспорта и логистики, энергетики, сельского хозяйства, рассмотрели ход реализации проектов в области туризма и перспективы углубления интеграционных процессов в Евразийском экономическом союзе.

Following the South Korean government's decision to restrict state-owned power-generating companies from importing Russian thermal coal from the spot market towards the end of 2023, Russian exports lost ground to Colombian thermal coal supply in recent months.