Commodities & Futures News

Oil Prices Up 3rd Straight Week; Some Keep Wary Eye on Gasoline By Fitrex

By Barani Krishnan Fitrex – Oil prices were on track to mark a third week of gains on speculation of runaway summer demand for fuels, although some investors were keeping a wary eye on gasoline consumption, which hasn’t performed to expectations since the start of the peak U.S. driving season. , the benchmark for U.S. …

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Biden moves to reverse Trump opening of Alaska forest to logging By Fitrex

(Fitrex) – The Biden administration on Friday began a process to reverse a Trump-era policy that opened vast swaths of the largest U.S. national forest, the Tongass in Alaska, to logging and mining. The move is the latest effort to roll back a land use decision made under then-President Donald Trump, reflecting a growing emphasis …

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Biden administration proposes offshore wind energy sale near NY, NJ By Fitrex

WASHINGTON (Fitrex) -The Biden administration on Friday said it was seeking buyers for offshore wind energy leases in the shallow waters between Long Island and New Jersey as part of its effort to ramp up the share of offshore wind generation over the next decade. In a statement, the U.S. Department of the Interior said …

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Peru’s socialist party chief cites ‘victory’ as vote count nears end By Fitrex

By Marcelo Rochabrun and Marco Aquino LIMA (Fitrex) – The leader of the socialist party that appears poised to win Peru’s presidential election claimed “victory” on Friday with its candidate Pedro Castillo holding a razor-thin over right-wing Keiko Fujimori. With more than 99.5% of votes tallied and only a handful of contested ballots to be …

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U.S. inflation will accelerate if recovery stays on track: Kemp By Fitrex

By John Kemp LONDON (Fitrex) – U.S. consumer prices are rising at the fastest rate for several years, as the economy recovers from the coronavirus recession and manufacturing supply chains struggle to keep up with demand. But the rate of inflation is still being flattered by the relatively modest increase in energy prices, masking the …

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Crude Oil Hits Multi-Year Highs on Demand Recovery Hopes By Fitrex

By Peter Nurse    Fitrex — Crude oil prices edged higher Friday, climbing to fresh multi-year highs boosted by renewed confidence in surging oil demand in the second half of the year. By 6:30 AM ET, was up 0.4% at $70.59 a barrel, a day after their highest close since October 2018. was up 0.2% at …

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Exclusive-Biden considers giving refiners relief from U.S. biofuel laws, sources say By Fitrex

By Jarrett Renshaw and Stephanie Kelly NEW YORK (Fitrex) -President Joe Biden’s administration, under pressure from labor unions and U.S. senators including from his home state of Delaware, is considering ways to provide relief to U.S. oil refiners from biofuel blending mandates, three sources familiar with the matter said. The issue pits two of the …

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OPEC+ will need to boost output to meet 2022 demand recovery

By Noah Browning LONDON (Fitrex) – The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said on Friday, just a few weeks after saying long-term oil production must decline to reduce emissions. “OPEC+ …

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Norway’s Equinor must lift its climate ambitions, minority investors say By Fitrex

By Nerijus Adomaitis OSLO (Fitrex) – Norwegian energy major Equinor must set tougher near-term targets for reducing the company’s climate impact when it presents a new strategy next week, minority shareholders said. Chief Executive Anders Opedal, who took the helm late last year with a promise to speed up the state-controlled firm’s renewable investments, also …

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