ENERGY

Authored by Haley Zaremba via OilPrice.com,

• The International Energy Agency predicts a terminal decline for coal, oil, and gas by 2030, challenging dominant climate narratives.

• Despite the predictions, oil profits are soaring, and supermajors like Chevron and Exxon Mobil are increasing investments in fossil fuel extraction.

• Contradictions have arisen at COP28, where oil-funded climate talks discuss phasing down fossil fuels, while the industry walks back emission reduction (more…)

Oil plunged again today, on pace for its longest weekly losing streak since 2018, after inflation data prompted some fears that The Fed will not be cutting rates as soon as many hoped.

Traders are worried that the Fed does not have inflation under control and will have to keep the foot on the accelerator when it comes to interest rates, said Phil Flynn, an analyst with the Price Futures Group.

The oil market shrugged off reports from The BBC that Yemeni's Iran-backed Houthi rebels (more…)

Oil prices are rebounding modestly today after yesterday's puke (though WTI is still on pace for its longest weekly losing streak since 2018), as OPEC forecast a significant shortfall in global oil supplies next quarter.

It even raised forecasts for the (more…)