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The Latest Breaking News from Petroleum

‘A Setup for Disaster’: California Legislation Requiring Companies to Pay for Oil and Gas Well Cleanup in Limbo

The bill, which awaits a decision by Gov. Gavin Newsom, follows ProPublica’s reporting on the multibillion-dollar cost to clean up California’s oil and gas industry and the exodus of major companies shifting ownership of thousands of aging wells.

Capital & Main

Have Oil Prices Peaked or is This a Temporary Dip?

While the U.S. and Europe continue to favor alternative and renewable fuels, crude oil remains the energy commodity that powers the world. After reaching a low in May 2023, crude oil has moved significantly higher to over $95 per barrel at the most recent high.

Barchart

Safety issues at retail petroleum outlets in focus in Chennai

Last week’s collapse of the canopy at a petrol bunk on East Jones Road in Saidapet in Chennai that left one dead and several injured has turned the focus on the stability of structures at petroleum retail outlets in the city

The Hindu

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Rosebank shows the UK's offshore oil regulator no longer serves the public good

In a four-line statement announcing the approval of the new Rosebank oil field 80 miles west of Shetland, the UK’s offshore oil and gas regulator showed its mission no longer serves the public good.

The Conversation

3 Energy Stock Investments Beating Exxon Mobil (XOM)

Considering the burgeoning crude oil prices, the energy sector has considerable potential for significant expansion this year. Given this backdrop, quality energy stocks TotalEnergies SE (TTE), Marathon Petroleum Corporation (MPC), and Valero Energy Corporation (VLO), which are outpacing Exxon Mobil (XOM), could be wise portfolio additions now. Read on….

StockNews.com

PM Modi dedicates Rs 13,500 cr worth projects in poll-bound Telangana

Prime Minister Narendra Modi has dedicated and laid the foundation stone of multiple developmental projects worth more than Rs 13,500 crore in important sectors like road, rail, petroleum and natural gas and higher education in poll-bound Telangana. Read further on Dynamite News:

Dynamite News

Oil firms raise ATF, commercial LPG prices

State-run Oil marketing companies (OMCs) have hiked the prices of 19-kg commercial liquefied petroleum gas (LPG) cylinders by a little over ₹200 each with effect from October 1

The Hindu

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Swiss prosecutors indict an ex-employee of trading firm Gunvor over bribes paid in Republic of Congo

Swiss federal prosecutors say they have indicted a former employee of the Geneva-based commodities trading firm Gunvor over bribes paid to obtain access to the Republic of Congo’s petroleum market more than a decade ago

The Independent UK

Plea to consider Deepam households in Telangana, A.P. for LPG subsidy

Nearly 85 lakh households across Telangana and Andhra Pradesh using LPG connections issued under the Deepam scheme are not getting the subsidy of ₹200 per cylinder like the Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.

The Hindu

Chart of the Day: Marathon Petroleum --- All Time High

The Chart of the Day belongs to the energy company Marathon Petroleum (MPC) . I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart...

Barchart

Revealed: Ex-Nigerian gov’t official to share in $11bn gas scandal damages

Grace Taiga is one of three Nigerians who stand to make money if the court orders Nigeria to pay the landmark award.

Al Jazeera

Khartoum's burning tower: architects on the destruction of a city – and what it'll take to rebuild

There has been a continued escalation in fighting between Sudan’s army and the paramilitary Rapid Support Forces. The destruction of the capital Khartoum continues – physically, economically, socially and culturally – as buildings are bombarded and homes looted. One of the city’s landmark skyscrapers, the Greater Nile Petroleum Oil Company…

The Conversation

Chevron vs. Occidental Petroleum: Which Warren Buffett Energy Stock is a Better Buy?

Dividend stability, earnings track record, oil price exposure - if you can pick only one of Warren Buffett's favorite energy stocks, should it be CVX or OXY?

Barchart

Occidental Petroleum Looks Cheap Here Given Its Huge Free Cash Flow

Occidental Petroleum generated $1 billion in free cash flow last quarter. It could have exceeded that in Q3 with higher oil prices. That makes it attractive to value buyers and short-put traders.

Barchart

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The Independent UK

Architect mourns as iconic Sudan skyscraper engulfed in flames: ‘Such senseless destruction’

Seeing Khartoum’s Greater Nile Petroleum Oil Company Tower in flames is ‘truly painful’, Tagreed Abdin says

Barchart

3 Top Energy Stocks to Buy on Rising Oil Prices

With crude futures closing last week at a new year-to-date high, here's a spotlight on three high-quality stocks from the energy sector that are poised to benefit from higher commodity prices.

Barchart

The Best & Worst Performing Warren Buffett Stocks So Far in 2023

Forget Apple and Occidental Petroleum - the best & worst stocks in Berkshire Hathaway's portfolio so far this year might surprise you.

Chicago Sun-Times

Biden administration cancels remaining oil and gas leases in Alaska’s Arctic Refuge

The administration overturns Trump-era sales and proposed stronger protections against development on vast swaths of the National Petroleum Reserve-Alaska.

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The Conversation

Separating molecules is a highly energy-intensive but essential part of drug development, desalination and other industrial processes – improving membranes can help

Separating molecules is critical to producing many essential products. For example, in petroleum refining, the hydrocarbons – chemical compounds composed of hydrogens and carbons – in crude oil are separated into gasoline, diesel and lubricants by sorting them based on their molecular size, shape and weight. In the pharmaceutical industry,…

Barchart

Can Heating Oil Prices Explode Again?

NYMEX heating oil prices rose to a record high in April 2023, soaring past the previous 2008 peak. Heating oil is a distillate fuel, and the NYMEX futures are a proxy for jet and diesel fuels. Despite heating oil’s use as a winter fuel, distillates experience less seasonality than gasoline…

StockNews.com

Guide to 3 Buy-Rated Energy Stocks

Record-high demand for crude oil and tight supplies amid extended oil output cuts will likely push energy prices higher, driving the energy sector’s growth prospects. Given favorable conditions in the oil and gas market, fundamentally sound energy stocks Equinor (EQNR), Inpex (IPXHY), and YRF Sociedad (YPF) could be ideal buys…

The Hindu

Taxes on petroleum high in Andhra Pradesh: Purandeswari

Daggubati Purandeswari, BJP State President, demanded A.P. Govt explain why taxes on petrol/diesel are high. Central Govt reduced tax twice, but A.P. Govt failed to bring down local tax.

The Hindu

Petroleum dealers urge Centre to notify them in advance of any changes in fuel price

CIPD urges Centre to inform dealers in advance of any RSP reduction to prevent losses. Dealers have not had margin increase in 6 yrs & faced huge losses in Nov 2021 & May 2022. CIPD seeks compensation for losses & price protection to help industry.

StockNews.com

Marathon Oil (MRO) vs. Marathon Petroleum (MPC): Which Energy Stock Has the Potential for Great Momentum in September

A pickup in demand for oil and gas and constrained supplies amid production cuts will likely push crude prices higher, driving strong investor interest in the energy sector. Thus, energy stocks Marathon Oil (MRO) and Marathon Petroleum (MPC) are well-placed to gain robust momentum in the near term. But which…

The Hindu

IOCL to launch new hose for commercial users soon

Indian oil Corporation Ltd. (IOCL) will soon launch a black high-pressure hose for commercial liquefied petroleum gas (LPG) users, including restaurants and catering establishments

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