ENERGY

Update (1345ET): It's real this time…

While we have seen numerous examples of 'strawman' headline leaks from OPEC meetings in the past to test the market's reaction to various scenarios, it appears this one is real as OPEC just issued a statement confirming the outout hikes:

The group’s choice may be yet another illustration of the sway of Trump, who last month called on OPEC to “cut the price of oil.”

Additionally, Trump’s renewed “maximum (more…)

By Charles Kennedy of OilPrice.com

The strongest solar power generation in Germany since September sent intraday power prices in Germany, Belgium, and the Netherlands to below zero for the early Monday afternoon, in yet another spate of negative prices that undermine investment in renewable energy capacity.

With the strong German solar power output, the intraday prices for the hour from 1 p.m. to 2 p.m. plunged to minus -$18.55 (-17.73 euros) per megawatt-hour (MWh), per data from (more…)

Authored by Julianne Geiger via OilPrice.com,

The U.S. Treasury just gave Chevron Corp. a short 30-day eviction notice from Venezuela, cutting off its ability to pump and sell crude from the sanctioned country. 

The decision, following Trump’s vow to reverse Biden’s oil concessions to Nicolás Maduro and the cancellation of a sanction waiver just days ago, is a seismic shift that could slam both Venezuela’s already fragile economy and U.S. refiners relying on its heavy (more…)