Energy

Bloomberg The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader. Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said on Sunday on a podcast. “There’s very clear evidence out there of economic stress …

  Bloomberg Natural gas prices in Europe headed for the longest streak of weekly gains this year as a prolonged shutdown of a key export facility in the US further tightens a market that’s already reeling from Moscow’s supply cuts. Benchmark futures rose as much as 6.1% to advance for a third week. The Freeport LNG project now plans to …

  Bloomberg Russia’s oil output is edging back toward pre-war levels, and a revival in large and small refineries scattered across the country is a major driver of the change. The trend is another example — from rising oil-product exports to higher prices for Urals crude — of how Russia’s energy industry is adapting to trade restrictions imposed after its …

  Bloomberg About half of South Africa’s record electricity outages this week have been caused by employees staying away from work during illegal protests, the head of the state power utility said. Eskom Holdings SOC Ltd. was forced to implement Stage-6 power outages — equivalent to cutting 6,000 megawatts from the grid — because of disruptions that have lasted a …

  Bloomberg Copper sinks below $8,000 a ton, hitting its lowest since early 2021, as deepening fears about a global economic slowdown drive a rout in industrial metals. The metal, widely considered a barometer of the world economy, slumped as much as 3.6% to $7,959 a ton in London, extending losses after its worst quarter in a decade. Investors appear …

  Bloomberg Sweden’s H2 Green Steel took a vital step toward building its first facility in the north of the country after receiving the go-ahead from a local court. The main permit was for construction of the plant, the Land and Environmental Court in Umea said in a statement on Friday. It also granted approval for rerouting a stream, while …

  Bloomberg Investment returns from UK power network operators are set to be higher than analysts expected as the regulator unveiled a $25.5 billion budget for expanding the grid for the green-energy transition. Ofgem said it’s proposing tough efficiency targets for the networks, along with a reduction in their allowed rate of equity return to 4.75% from about 6%. While …

  Bloomberg European natural gas prices rise as Russia’s deep supply cuts are slowing the pace of refilling storage sites, threatening to fall short of levels required to keep homes warm in the coming winter. Benchmark futures started the week with a gain of as much as 6.9%. Buyers have found it more difficult to replace Russian gas from elsewhere …

Bloomberg The cost of charging the UK’s most popular electric car, the Tesla Model 3, has jumped 37% since December along with rising electricity prices. And further hikes look likely in the months ahead. UK petrol prices surged to record levels last week, making it more than $123 to fill a standard car. But even electric vehicle drivers are feeling …

  Bloomberg A group of oil and gas producers including Equinor ASA, Shell Plc and TotalEnergies SE are considering building what would be the world’s largest floating wind farm off Norway to power their fossil-fuel activities. The companies are looking at options to build a 1-gigawatt wind farm to power operations in the Troll and Oseberg oil and gas fields, …