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Businessenergy

All articles tagged with #businessenergy

businessenergy1 year ago

Oil Prices Rebound Amid Fed Rate Cut Hopes and OPEC+ Decisions

Oil prices rose on Thursday, driven by expectations of a U.S. Federal Reserve interest rate cut in September, despite being tempered by OPEC+'s plan to increase supply and higher U.S. inventories. While oil benchmarks recovered after recent declines, prices are still set for a weekly drop of about 3%. The market remains cautious amid mixed signals on demand and supply adjustments from OPEC+ and Saudi Arabia's price cuts for July crude.

via Investing.com|
#businessenergy#federal-reserve#interest-rates
businessenergy1 year ago

OPEC+ Likely to Extend Oil Cuts Through 2025 Amid Price Struggles

OPEC+ has decided to extend its significant oil production cuts into 2025 to stabilize the market amid weak demand growth, high interest rates, and increasing U.S. production. The group will gradually phase out some cuts starting in October 2024, while postponing discussions on individual member capacity targets until November 2025. This move aims to address market concerns and maintain solidarity within the group.

via Reuters|
#businessenergy#economic-growth#global-oil-market
businessenergy1 year ago

"National Grid Proposes Significant Rate Hikes for 2024"

National Grid has requested the New York State Public Service Commission to approve a 15-20% rate hike for residential electric and gas customers starting in spring 2025. The increase aims to support infrastructure, customer service, economic growth, and the transition to clean energy. The proposal could potentially spread costs over several years to mitigate the immediate impact. This follows similar rate increases approved for RG&E and NYSEG. Public hearings will be held for customer feedback.

via RochesterFirst|
#businessenergy#clean-energy#national-grid
businessenergy1 year ago

"Iran's Attack on Israel: Impact on Gas Prices at the Pump"

Fears of an Iranian attack on Israel led to a drop in the stock market and a spike in oil prices, with concerns that ongoing conflict in the Middle East could keep oil prices high and potentially lead to a recession. Analysts warn that sustained oil prices above $100 a barrel could increase the likelihood of a U.S. recession, while gas prices have already risen dramatically, reaching a national average above $3.60. The impact of Iran's attack on gas prices at the pump remains uncertain, with potential relief if the Middle East conflict does not escalate further, but continued escalation could lead to even higher gas prices.

via Benzinga|
#businessenergy#gas-prices#iran
businessenergy1 year ago

JPMorgan CEO Warns of Economic Impact of Biden's Natural Gas Pause

JPMorgan CEO Jamie Dimon criticized the Biden administration's pause on new liquified natural gas (LNG) projects, warning that it increases dependence on oil and coal and harms economic and geopolitical advantages. He also cautioned about prolonged high inflation and elevated federal funds rates due to government spending. Dimon highlighted the need for increased spending in transitioning to a greener economy and restructuring global supply chains, while also pointing out global events that threaten the U.S. economy. JPMorgan reported record profits in 2023 despite a crisis in the banking sector, and Dimon emphasized caution due to quantitative tightening and ongoing wars in Ukraine and the Middle East.

via Daily Caller|
#biden-administration#businessenergy#economy
businessenergy2 years ago

"Unholy Alliance: Weather and Wall Street Drive Gas Prices Skyward"

Gas prices are on the rise due to a combination of factors, including extreme weather events and Wall Street speculation. Severe weather conditions have disrupted oil production and transportation, leading to a decrease in supply. Additionally, financial investors are betting on higher energy prices, driving up the cost of gasoline. The energy market is experiencing fluctuations as supply and demand dynamics continue to impact gas prices.

via The Wall Street Journal|
#businessenergy#energy-market#gas-prices