ENERGY

Today saw some respite in the recent rout for oil prices as WTI stalled its decline around $73 (just off six-month lows) as stocks bounced and lifted Treasury yields, supporting crude for now.

Concerns remain about the outlook for crude demand in China and the U.S. A run of softer-than-expected economic data late last week set in motion the stock-market selloff and weighed on oil futures, analysts said.

Downside appeared to be limited, however, by expectations that Iran would launch (more…)

By Tsvetana Paraskova of OilPrice.com

The U.S. Department of Energy is allocating $2.2 billion in grants for upgrades of the grid to make it more resilient to extreme weather events and accommodate more renewable energy.

The funding from the DOE will add to private sector financing to support eight grid upgrade projects across 18 states.

According to the U.S. Administration, the DOE funding is expected to support the construction of more than 600 miles of new transmission (more…)

By Tsvetana Paraskova of Oilprice.com

Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day (bpd) in the second half of the year, Saudi Aramco’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals.

Aramco sees total global oil demand at 104.7 million bpd for the full-year 2024, the top executive of the world’s largest oil company said on the second-quarter (more…)