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Mining and commodity giant Glencore’s traded oil volumes in 2022 fell 24% year on year, but the company managed to make record profits by taking advantage of global market volatility stemming from Russia’s invasion of Ukraine. The Swiss company, reporting full-year earnings Feb. 15, said its volumes of traded crude fell 24% from 2021 levels […]

The New York Power Authority is using a first-of-its-kind lithium-ion battery energy storage system to provide electricity peak shaving capabilities as part of a demonstration project that stores lower cost energy and delivers it during high demand periods when power prices are higher, Cadenza’s CEO said in Feb. 17. NYPA and the New York State

India could surpass its target to increase the share of natural gas in the country’s total energy mix as its economic growth prospects and thrust on decarbonization temper the impact of recent events, namely the COVID pandemic and the Russia-Ukraine war, Great Eastern Energy Corporation Limited Managing Director and CEO Prashant Modi said. The Indian

Oil product stockpiles at the UAE’s Port of Fujairah dropped 2.6% in the week ended Feb. 13, extending their slide to a nine-month low with heavy distillates now at an eight-month low, according to Fujairah Oil Industry Zone data published Feb. 15. The total inventory was 17.17 million barrels on Feb. 13, the lowest since

Cleveland-Cliffs CEO Lourenco Goncalves said Feb. 14 his company is seeing strong order activity from its automotive clients in 2023 following the successful renegotiation of fixed price contracts at the end of last year, and this momentum in the US market has underpinned the steelmaker’s recent price increases and bullish shipment outlook. “In our view

Turkish steel mills in the regions of the Feb. 6 earthquakes may remain closed for around a month until workforce, logistics and power cut problems are resolved, Turkish Steel Producers’ Association (TCUD) General Secretary told S&P Global Commodity Insights Feb. 14. No notable damage was reported at production facilities, Veysel Yayan also said. “Producers in

US automaker Ford will invest $3.5 billion to establish a lithium-ion electric vehicle battery plant in Marshall, Michigan, that will prioritize the production of batteries with lithium-iron-phosphate chemistries, it said Feb. 13. The facility will be the first “automaker-backed” lithium-iron-phosphate, or LFP, battery plant in the US, according to Ford, and the project will allow

Global land driller Nabors Industries sees slower Lower 48 rig count adds for his company, although its international rig additions remain at their same pace as in recent quarters, its top executive said Feb. 8. Consistent with a tighter and more cautious outlook for North American rigs in general, Nabors CEO Anthony Petrello said the

Norway’s Aker BP outlined Feb. 10 several projects likely to boost volumes of the medium-gravity Grane crude blend in the second half of the decade, as the company enjoys surging output from the giant Johan Sverdrup field and the benefit of several assets purchased from Lundin Energy. The details came in a year-end report showing

Gas shortages in rural areas of China’s northern Hebei province this winter pointed to the need for more progress in the country’s gas market reforms, but also signaled how companies were coping with high international LNG prices which suggests more reliance on long-term contracts in the future. These rural areas in Hebei experienced severe natural