ENERGY

Authored by Charles Kennedy via OilPrice.com,

The benchmark U.S. natural gas prices slumped by more than 10% early on Monday amid high inventories and forecasts of warmer-than-usual weather suggesting very light demand for space heating.

As of 9:24 a.m. ET on Monday, the front-month futures at the Henry Hub, the American benchmark, were trading down by 10.50% at $2.305 per million British thermal units (MMBtu). Prices are now at their lowest level since the start of the summer. (more…)

Last week, Sultan al Jaber, the president of the UN's COP28 climate summit, insisted that there is "no science" behind calls to phase-out fossil fuels, before getting in a hilarious eco-fight with three leading women from the conference over climate change and gender.

Responding to the remark, U.N. Environment Program Executive Director Inger Andersen said she lives in Kenya with solar power and clean electricity from the local utility.

 The remarks from al Jaber draw (more…)

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…)