China hiked its imports of crude oil from Iran in June, as Iran accelerated loadings in May and independent Chinese refiners bought more discounted Iranian barrels.  Amid overall high imports in recent weeks, thanks to the lower oil prices in April and May when cargoes were bought, China significantly boosted its imports of crude from Iran this month, according to data from tanker-tracking firms cited by Reuters. Vortexa put the Chinese oil imports from Iran at a record high of 1.8 million barrels per day (bpd) in the period June 1 to June…

Centrica, the owner of British Gas, is prepared to take a 15% stake in the UK’s Sizewell C nuclear power plant project, the final investment decision on which is expected shortly, the Financial Times reported on Friday, quoting sources with knowledge of the talks.   Sizewell C was initially proposed years ago by France’s EDF and China General Nuclear Power Group. However, the UK government bought out the Chinese group’s stake in 2022 amid concerns about China’s influence, and is now a shareholder with 84%, with…

The risk of crude oil supply disruption in the Middle East has dropped to just 4%, according to options traders, Goldman Sachs said in a new note, after Israel and Iran agreed to a ceasefire earlier in the week. The bank’s analysts reported that options traders now see a 60% chance for Brent crude to average between $60 and $70 over the next three months, with the chance of the benchmark topping $70 per barrel at 28%, Reuters wrote. Among the factors driving these expectations, Goldman listed the absence of any disruption during the latest…

Crude oil prices were set to end the week lower than they started it as Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East. At the time of writing, Brent crude was trading at $68 per barrel, with West Texas Intermediate at $65.55 per barrel. That’s down from over $77 for Brent crude and $73 per barrel for WTI at the end of last week. Still, both benchmarks inched higher on Thursday this week, after the U.S. Energy Information Administration reported a draw in both crude oil and fuel inventories,…

Previously, we reported that the United States is witnessing a power storage boom, with a 15-fold increase in utility-scale battery storage capacity since 2020 to nearly 30,000 megawatts (30 GW). Nineteen states have installed at least 100 MW of utility-scale battery storage, driven largely by falling battery costs. However, this surge in battery capacity pales in comparison to China’s hydropower growth. According to the International Hydropower Association, China accounted for nearly 60% of the 24.6 GW in new global hydropower capacity commissioned…

The ongoing transition from baseload power generation to weather-dependent sources of electricity has proven quite challenging due to this dependence. Now, a team of scientists says the challenges are not insurmountable. We just need to build a globally interconnected system of wind and solar. It sounds like a huge undertaking fraught with its own challenges, and indeed it is. For the time being, then, the idea is only theoretical, with the scientists claiming it would result in energy abundance for every part of the world, thanks to the planet’s…

A new oil and gas project in the North Sea has been greenlit by Norwegian oil major Equinor and its Fram partners, which plan to invest NOK 21 billion or USD$2 billion. Equinor Energy owns 45 percent of the Fram Sør project, Vår Energi ASA holds 40 percent and INPEX Idemitsu Norge AS has 15 percent. The plan for development and operations was submitted on Thursday to Norway’s Minister of Energy. The Fram Sør project is a combined development of several discoveries that will export oil and gas via Troll C. The Troll field…

The recent commissioning of Brazil’s largest gas-fired thermal plant is set to raise the country’s annual gas consumption for power generation by at least 6 million cubic meters per day (MMcmd) from July to November – representing a 23% year-on-year rise. Gas Natural Acu’s (GNA) 1.7-gigawatt (GW) GNA II power plant began commercial operations on 31 May, accounting for approximately 8% of the country's total gas-fired installed capacity. As a result, GNA raised its operational thermal portfolio to 3 GW, consolidating itself…

In a move with significant implications for transcontinental energy trade, the UK government has formally withdrawn support for the $34.4-billion Morocco-UK Power Project, a mega-renewables plan that would have delivered solar and wind electricity via a 3,800 km undersea cable from the Sahara Desert to Devon, Reuters reports.  The project, led by British firm Xlinks and backed by TAQA, Octopus Energy, and TotalEnergies, aimed to supply 8% of the UK’s electricity needs, enough for over 7 million homes, with zero-carbon power. But Energy…

In a move with significant implications for transcontinental energy trade, the UK government has formally withdrawn support for the $34.4-billion Morocco-UK Power Project, a mega-renewables plan that would have delivered solar and wind electricity via a 3,800 km undersea cable from the Sahara Desert to Devon, Reuters reports.  The project, led by British firm Xlinks and backed by TAQA, Octopus Energy, and TotalEnergies, aimed to supply 8% of the UK’s electricity needs, enough for over 7 million homes, with zero-carbon power. But Energy…

Apple’s position in the rapidly evolving artificial intelligence landscape is increasingly precarious. While rivals such as Google, Microsoft and even Samsung have surged ahead by integrating large language models (LLMs) and generative AI into their products, Apple’s progress has been notably cautious and incremental. Commentators and insiders alike question whether Apple is losing the race to harness one of the most critical technology revolutions of the decade. “I’m massively bearish on it (Apple) long term”, Dan…

Spot rates for very large crude carriers (VLCCs) sailing from the Persian Gulf to Asia have fallen sharply in recent days, as military tensions near the Strait of Hormuz subside and shipping flows resume a more stable pattern. Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight. According to tanker brokers cited by gCaptain, VLCC rates for Gulf-to-China routes have dropped to approximately $63,000 per day, down from nearly $100,000 just…

Spot rates for very large crude carriers (VLCCs) sailing from the Persian Gulf to Asia have fallen sharply in recent days, as military tensions near the Strait of Hormuz subside and shipping flows resume a more stable pattern. Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight. According to tanker brokers cited by gCaptain, VLCC rates for Gulf-to-China routes have dropped to approximately $63,000 per day, down from nearly $100,000 just…

Spot rates for very large crude carriers (VLCCs) sailing from the Persian Gulf to Asia have fallen sharply in recent days, as military tensions near the Strait of Hormuz subside and shipping flows resume a more stable pattern. Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight. According to tanker brokers cited by gCaptain, VLCC rates for Gulf-to-China routes have dropped to approximately $63,000 per day, down from nearly $100,000 just…

For the past few years, Central Asian states focused on settling border disputes and forging stronger trade connections among themselves. Now it seems they are ready to broaden their horizons to include Mongolia, a country with strong cultural and historical ties to the region, but which, until now, has been largely forgotten as a trade partner. Uzbek President Shavkat Mirziyoyev on June 24-25 made a first-ever visit for an Uzbek leader in the post-Soviet era to the Mongolian capital Ulaanbaatar, describing it as an “historic event in the…

Iran confirmed on Wednesday that no radioactive material leaked following coordinated U.S.-Israeli airstrikes on two of its major uranium enrichment facilities, easing immediate fears of a nuclear incident. The strikes, conducted over the weekend, targeted centrifuge halls at the Natanz and Fordow sites, according to Iranian and Western officials cited by the Financial Times.  While Tehran downplayed the operational damage, with speculation that Washington exaggerated its efficacy, energy analysts are scrutinizing the longer-term implications…

Iran confirmed on Wednesday that no radioactive material leaked following coordinated U.S.-Israeli airstrikes on two of its major uranium enrichment facilities, easing immediate fears of a nuclear incident. The strikes, conducted over the weekend, targeted centrifuge halls at the Natanz and Fordow sites, according to Iranian and Western officials cited by the Financial Times.  While Tehran downplayed the operational damage, with speculation that Washington exaggerated its efficacy, energy analysts are scrutinizing the longer-term implications…

Via Metal Miner British Steel has secured a 5-year agreement to supply rail to Network Rail, the infrastructure manager of the UK’s rail network. Under the tenets of the deal, the steelmaker will provide 70,000 to 80,000 metric tons per year. In a June 17 statement, British Steel reported that the contract is worth £500 million (almost $673 million) and has an option to extend by three years. British Steel Recently Constructed New Rail Facility Rails supplied from British Steel’s Scunthorpe plant, in Lincolnshire, are to include…

Demand for critical electrical equipment supply is soaring as U.S. utilities plan billions of dollars of investments in transmission and distribution to meet rising power consumption after two decades of zero growth. U.S. power utilities have announced billions of dollars in capital plans for the next few years and are getting a lot of requests from commercial users, most notably Big Tech, for new power capacity in many areas next to planned data centers. Annual investment in transmission and distribution infrastructure by U.S. investor-owned utilities…

Russia has seized a village near Shevchenkove in eastern Ukraine, just kilometers from a major untapped lithium deposit, according to a pro-Russian local official cited by Reuters on Wednesday. The area lies close to the Kruta Balka site, one of Ukraine’s most valuable hard-rock lithium prospects, raising fresh alarm over Europe’s long-term access to critical energy transition materials. The Kruta Balka deposit is part of a cluster of lithium-rich zones in eastern and central Ukraine, previously estimated to contain over 500,000 metric…