Energy & Petroleum News Today

This year, renewable energy is poised to surpass fossil fuels in the global electricity market, with China leading the charge. Despite challenges, renewables offer economic benefits and a pathway to a sustainable future.

Brent crude futures for July rose 31 cents, or 0.4%, to $83.89 a barrel by 0533 GMT. U.S. West Texas Intermediate crude for June was up 39 cents, or 0.5% to $79.38 per barrel. MCX Crude oil prices opened at 6626 with a gain of 0.59%.

Dutch and British wholesale gas prices drop due to warm weather and restocking of storages in Europe, countering worries over liquefied natural gas supplies availability.

Oil prices rise due to a dip in US crude storage and expectations of a Fed rate cut by year end. Despite a sudden increase in gasoline stocks, hopes for a Middle-East ceasefire further boost prices.

Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel by 0020 GMT. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel. MCX Crude oil prices opened at 6521 with a fall of 0.97%.

European wholesale gas prices witnessed a rise due to geopolitical tensions and predicted lower wind production, impacting Dutch and British markets significantly.

Natural gas flow to Texas’ Freeport LNG export plant has reached a two-month high, marking a potential end to a series of recent outages, according to energy traders.

The US Energy Department plans to purchase 3.3 million barrels of oil to refill its Strategic Petroleum Reserve, reinforcing global oil markets.

China issued 18 million metric tons of fuel export quotas in its second allocation this year, matching the first batch, according to trade sources and consultancies.

Russia's top oil executive suggests the potential hike in OPEC+ supply depends on market conditions, indicating Russia's flexibility to tailor oil production if necessary, as per Interfax.