ENERGY

Oil pries rallied for the second straight day near the highs of their range since early November on a combination of further tensions in the Red Sea, signs of tightness in physical markets, and Reuters reports that OPEC+ will consider extending voluntary oil output cuts into the second quarter to provide additional support for the market.

Bulls will be hoping to see continued trend lower in crude builds and ongoing product draws in tonight's API data…

API

• Crude (more…)

By Tsvetana Paraskova of OilPrice.com

Denmark is dropping the investigation over what it described as a “deliberate sabotage” of the Nord Stream gas pipelines in 2022, due to insufficient grounds to pursue a criminal case, the Copenhagen police said on Monday.

Gas leaks in each of the Nord Stream 1 and 2 pipelines were discovered at the end of September 2022 from the infrastructure just outside Swedish and Danish territorial waters in the Baltic Sea.  

Nord (more…)

By Charles Kennedy of OilPrice.com

The Federal Energy Regulatory Commission (FERC) has granted Native American tribes more power to block hydropower projects on their lands if they oppose the plans.  

FERC has previously applied the general policy of granting permits to planned hydropower projects even where Tribes have raised issues over the impact of such projects, which require enormous amounts of water in areas such as the Southwest, where water is scarce.

However, (more…)