Trading giants Trafigura and Gunvor have been on a buying spree in the Brent crude oil market, driving prices to their highest level since the benchmark’s methodology changed in 2023. Their activity underscores the critical role Brent plays in setting global oil prices. However, recent buying has also sparked concerns around the future of the benchmark as the oil market continues to evolve.
Victor Adetimilehin
![Victor Adetimilehin](https://energynews.africa/wp-content/uploads/2023/09/cropped-Victor-Adetimilehin-100x100.jpeg)
Victor Adetimilehin
Victor Adetimilehin, widely known as Vic’Adex, is a celebrated global arts in medicine fellow and a staunch ambassador for religious tolerance. Beyond his institutional affiliations, Victor is an incredibly passionate and award-winning spoken word artiste, most notably recognized for his stirring poem, "men not gods." A fervent supporter of pan-Africanism, he actively champions and bolsters Nigerian creative hubs, fostering an environment of artistic growth and cultural exchange. Victor's dedication to the arts and peace advocacy positions him as a vital influencer in bridging cultural gaps.
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The US Senate Budget Committee is investigating domestic oil producers for potential illegal coordination of oil prices with OPEC, raising concerns about market manipulation.
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Oil prices defied expectations on Thursday, climbing due to worries about potential disruptions to global crude supply caused by geopolitical tensions in the Middle East and Europe, even though U.S. crude oil inventories unexpectedly increased.
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Scorching temperatures in Texas are expected to drive record-breaking electricity demand. ERCOT, the state’s grid operator, assures Texans there’s enough supply but urges conservation during peak hours. The heatwave also raises concerns about grid reliability and rising energy costs.
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Major U.S. oil and gas companies face an uphill battle selling billions of dollars in assets as they look to fund investor payouts following a record-breaking wave of mergers. The…
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Lilac Solutions, a leader in lithium extraction technology, unveils advancements in its DLE process. These improvements address efficiency, environmental impact, and cost, making them a contender in the race to meet the growing demand for lithium, a critical element in electric vehicle batteries.
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Excerpt: U.S. power grids are undergoing a significant transformation with the increasing adoption of battery storage technology. This shift is driven by the potential for cost savings through arbitrage, enhanced grid reliability, and smoother integration of renewable energy sources like solar and wind power. As battery technology advances and costs decline, we can expect even wider adoption by utilities, ultimately leading to a more reliable, efficient, and sustainable power grid
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The US LNG industry’s aspirations to become a global leader are facing a significant challenge – a surge in labor costs driven by a skilled worker shortage and strong wage growth. This is squeezing project budgets and threatening to delay or even derail some LNG developments.
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The EU has taken steps to lessen dependence on Russian gas, but an audit identifies weaknesses in its readiness for potential future gas supply disruptions, including a lack of focus on affordability.
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The U.S. is gearing up for a busy summer travel season with jet fuel production reaching its highest level since before the pandemic. Refineries are ramping up production to meet the anticipated surge in air travel as demand nears pre-pandemic levels. While jet fuel prices remain volatile and staffing shortages could cause some disruptions, the overall outlook for summer travel is positive.