MELBOURNE—Woodside Petroleum does not expect heavy selling of the company’s shares by BHP Group investors if Woodside’s acquisition of BHP’s petroleum business goes ahead in June, Chief Executive Meg O’Neill said on Tuesday. Woodside shareholders are set to vote on Thursday on a $40 billion merger to create a top 10 global independent oil and…
Wheat Futures Rise on Exports Restrictions, Russia/Ukraine Crisis, Soaring Inflation: What’s Next?
The Teucrium Wheat Fund (WEAT) gapped up 3.34 percent on Monday. The fund, which tracks the price of wheat futures, shot up almost 9 percent between May 9 and Friday and has soared almost 70 percent higher since Feb. 3. The Teucrium Wheat Fund’s gap up open was a response to India’s decision to restrict wheat exports…
Texas Pipeline Operators Prepare for Higher Volume as Permian Basin Oil Production Picks Up
May 16, 2022
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Business & EconomycommoditieseconomyLocal NewsMarketsoil pipelinesPermian BasinRegional-Local Newsshale productionTexasUS
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Texas oil pipeline operators are preparing to increase the volume of crude oil flowing through pipelines from domestic shale fields to its hubs on the Gulf Coast to pre-pandemic levels by October 2022, according to analysts. U.S. crude oil had been trading at about $100 a barrel, a boon for some Texas oil pipeline operators struggling…
Japan to Ban Exports of High-Tech Goods to Russia
May 14, 2022
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Asia & PacificBusiness & EconomycommoditieseconomyEuropeinflationJapanMarketsRussiaRussia-UkraineRussia-Ukraine WarWorld
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Japan said Friday that it will ban exports of cutting-edge goods to Russia as additional sanctions against Moscow over its invasion of Ukraine. According to the Economic and Trade Ministry, the ban on exports of 14 high-tech goods, including oil refining equipment, quantum computers, 3D printers, and electron microscopes, to Russia will take effect starting…
Russian Oil Revenue Up 50 Percent, Despite Sanctions
Russian oil revenue has risen by 50 percent since the beginning of the year, despite sanctions aimed at punishing the country for its recent and ongoing invasion of Ukraine, according to a new report by the International Energy Agency (IEA). In its most recent monthly market report, the IEA said that the Russian Federation had…
‘Small But Powerful’ Group Pushing SEC Climate Disclosures: Professors
May 13, 2022
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Business & EconomyChinaclimateClimate PoliciescommoditiesCompanieseconomic policieseconomyEnvironmentEnvironmental Protection AgencyInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsScienceSECSpecial TopicsstocksThreat from Communist ChinaUnited NationsUSUS NewsUS-China relations
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Law and finance professors from across the country have criticized the Securities and Exchange Commission’s (SEC’s) March 21 proposal to compel climate-related disclosures by public companies, arguing that the move exceeds the SEC’s authority and reflects the outsized influence of “institutional asset managers who are managing other people’s money, not their own.” “Rather than provide…
Biden Oil and Gas Lease Sale Cancellations Draw Strong Reaction
May 12, 2022
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AlaskabidenBusiness & Economycommoditiescongresseconomic policieseconomyEnvironmentExecutive BranchGina McCarthyMarketsNational SecurityOilPolicies & ImpactsPoliticsRepublicansScienceUSUS FeaturesUS News
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As gas prices continue to break records, the Biden administration’s cancellation of two lease sales in the Gulf of Mexico and one lease sale in Alaska’s Cook Inlet has drawn clashing responses, including an accusation that the administration is “blatantly lying.” One political figure who weighed in was Donald Trump, Jr., who recently campaigned with…
Retail Diesel Prices Surge to Fresh Record High Amid Tight Supplies
Retail diesel prices hit a fresh record high of $5.557 per gallon on Thursday, according to the American Automobile Association (AAA). The cost of a gallon of diesel has been up 1.5 percent over the last week. Retail diesel prices are also 10.5 percent higher than a month ago. Several states are seeing diesel prices…
Apple Knocked Off Top Spot as World’s Most Valuable Company Amid Surge in Energy Prices
Apple has lost its position as the world’s most valuable company to Saudi Arabian oil and gas producer Aramco amid a broad investor sell-off of tech stocks and a surge in energy prices. Shares in Apple fell by more than 5 percent in New York on Wednesday to end the trading day with a stock market…
Natural Gas Prices In Europe Rise After Ukraine Cuts Russian Pipeline Supply
May 12, 2022
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Business & EconomycommoditieseconomyEuropeMarketsNatural gasRussia-Ukraine crisisRussia-Ukraine WarWorld
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Natural gas prices in Europe jumped after Ukraine’s state-owned pipelined operator cut the flow of Russian gas at the Sokhranivka entry point on the border between the Luhansk region of Donbas on May 11. Ukraine’s Gas TSO announced the previous day, that due to the lack of physical control of its pipeline in Russian-controlled areas…
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