News Oil 

Oil executives are panicking over the threat of electric cars

“Refiners and oil executives are beginning to look at the threat that electric cars pose to the future of diesel and gasoline as the vehicles gain staying power” writes John Siciliano for businessinsider.com. Electric cars are one way to get to that goal by relying on electricity instead of oil for fuel.He believes that most news outlets miss the significance of the electric car on refiners and oil producers.While the oil giant expects fuel-efficiency regulations and the growth of electric cars to push down oil demand significantly by 2035, BP…

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News 

U.S. import prices leap 0.7% in November on higher fuel costs

“Excluding fuel, import prices were unchanged, the government said Thursday” writes Jeffry Bartash for marketwatch.com. If fuel is omitted, the increase in import prices over the past year was a scant 1.4%.Higher import prices add to picture of slowly rising inflation in the U.S., though much of the gain lately has been driven by fuel.The increase in import prices over the past 12 months rose to 3.1% from 2.3%. Source: marketwatch.com Share This:

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AUD News 

Australia regulator to block BP/Woolworths deal

“BP already supplies fuel to about 1,400 BP-branded service stations in Australia, setting fuel prices at roughly 350 of them” writes Robb M for marketwatch.com. SYDNEY–Australia’s antitrust regulator will block BP PLC’s BP, -0.02% planned acquisition of a network of gas stations across Australia, which it said likely would significantly reduce competition in retail fuel supply.The deal was a blow to Caltex Australia Ltd. (CTX.AU), the existing fuel supplier to Woolworths’ outlets. Source: marketwatch.com Share This:

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News 

Calls for greater fossil fuel divestment at anniversary summit

“But green campaigners were concerned that the measures announced at the conference were insufficient to drive forward the Paris agreement goals” writes Fiona Harvey for theguardian.com. It followed a meeting of governments in Bonn, Germany, last month under the auspices of the UN, aimed at fleshing out the technicalities of the Paris agreement.Nearly 200 civil society organisations, from nearly 60 countries, called on governments at the meeting to end subsidies and public finance for fossil fuels, and for the World Bank to end fossil fuel finance.The Paris agreement on climate…

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News Oil 

Insurance giant Axa dumps investments in tar sands pipelines

“Buberl said his company was disposing of coal and tar sands investments for both business and ethical reasons” writes Damian Carrington for theguardian.com. Axa was one of the first major financial companies to start selling off coal investments in 2015, with a €500m divestment.One of the world’s biggest financial services companies is both dumping investments and ending insurance for controversial US oil pipelines, taking fossil fuel divestment to a new level. Source: theguardian.com Share This:

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News Oil 

Saudi Arabia is reportedly planning to hike petrol prices by 80%

“Petrol prices are set to jump by about 80% while jet fuel prices will be raised to international levels, a person with knowledge of the matter told Bloomberg” writes Camilla Hodgson for businessinsider.com. Fuel prices, excluding jet fuel, are not expected to rise to international levels until 2023 at the earliest.LONDON — Saudi Arabia plans to raise petrol and jet fuel prices in January in an effort to reduce energy subsidies and bolster state finances, according to a report by Bloomberg.Under Crown Prince Mohammed bin Salman’s plans to reform the…

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Futures News Stocks 

Europe Stocks, Wall Street Futures Bump Higher; Solid China Trade Data Adds Fuel

“Wall Street futures are showing early signs of bullishness, as well, following solid gains from Thursday’s session that were again led by the large-cap tech stocks” writes Martin Baccardax for thestreet.com. European stocks are expected to open higher Friday, while U.S. equity futures extended gains following a solid session in Asia boosted by stronger-than-expected trade data from China and a firming U.S. dollar ahead of the November employment report.Both will benefit from modestly softer domestic currencies, owing to the dollar’s recent gains, which have pushed the euro to around 1.1760 in…

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Crypto News 

they take used tires and heat them to a precise temperature, resulting in components like steel, carbon black, and a burnable fuel

“Basically, they take used tires and heat them to a precise temperature, resulting in components like steel (from belted tires), carbon black, and a burnable fuel” reports vice.com. If this year’s upward price trend continues, we could be looking at an incredible amount of power used by various cryptocurrency mining networks, including Bitcoin.Cryptocurrency mining in general is the process that secures transactions and generates new tokens.An entrepreneurial cryptocurrency mining company has just announced an unusual deal: it has partnered with a tire-based waste-to-energy company in the United States to power…

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Futures News Oil Stocks 

Oil hits 2-week lows as US fuel stock build signals easing demand

“However, gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, both exceeding expectations in a Reuters poll” reports foxbusiness.com. Brent crude futures were down $1.31, or 2.1 percent, at $61.55 a barrel by 12:43 p.m.U.S. crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s.Gasoline stocks tend to build in December, but at 221 million barrels of inventory, stocks are slightly above the five-year average for this time of year.U.S. oil production has…

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