ENERGY

Oil slipped for a second day, extending a bumpy run so far this month, with the market focusing on Libyan supplies, key technical indicators and US inventory data.

The outages in Libya have been countered by a broadly bearish undertone – leading top Wall Street banks including Goldman Sachs. and Morgan Stanley to shave their price forecasts for next year.

API

• Crude  -3.4mm (exp. -3mm)

• Gasoline -1.86mm

• Distillates -1.4mm

• Cushing -486k (more…)

Authored by Charles Kennedy via OilPrice.com,

The operator of the biggest U.S. power grid has issued hot weather and maximum generation alerts for the areas in the Midwest and East it serves as a heat wave that has settled on large parts of the Midwest and parts of the South.

PJM Interconnection, which coordinates the movement of wholesale electricity and ensures power supplies for 65 million people in all or parts of 13 eastern and Midwest U.S. states and D.C., has (more…)

Via OilPrice.com,

• Over 40 energy sector companies have voiced their concerns over Labour's proposed windfall tax increase, warning it could lead to significant job losses.

• The tax hike, intended to fund green initiatives, has been criticized for potentially hindering investment in both fossil fuels and transition technologies.

• While the government argues the tax is necessary for the UK's clean energy transition, industry leaders believe it will have a detrimental (more…)