Global energy markets are undergoing a dramatic rebalancing, and most people have no idea what’s happening. While politicians argue about which energy sources to cancel, real-world supply constraints are forcing a reckoning. Ukraine sanctions have wiped out Russian refinery capacity, diesel prices are spiking worldwide, and the U.S. is caught in a policy whiplash China […]
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Heating oil opened the season at $6.04 a gallon, a record in EIA’s weekly data and 70% above last fall. The government expects oil-heated homes to spend 21% more this winter; the state energy-aid directors say closer to 50%. What is driving it, who gets hit hardest, where to find help, and what could still […]
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The Permian Basin remains the engine of U.S. oil growth, but it is steadily becoming gassier. Rising gas-to-oil ratios (GORs) mean every incremental barrel of crude now brings more associated natural gas. Without matching takeaway capacity, that gas depresses local prices, forces curtailments or flaring, and erodes the economics that keep oil drilling active. New […]
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Record VLCC rates now equal about $33 a barrel — 27 percent of delivered crude — and history shows that energy shocks plus Fed tightening are how demand destruction turns into recession. Especially after the Fed raises rates during an energy crisis, recessions follow. Patterns in finance matter, just like physics matters to the grid. […]
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ENB Pub note: This article first appeared on the Energy News Beat Substack, and we reached out to Peter Clack about appearing on the Energy Realities or Energy News Beat Podcast. If you want to leave a comment, subscribe to the Energy News Beat Substack. The world is running out of easily accessible high-grade ores, […]
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President Trump’s Midterm Diesel Probability Forecasting Tool ties record distillate prices directly to Senate control odds less than five weeks before the November 3 vote. Retail on-highway diesel sat at $6.382 per gallon for the week of September 28 (EIA), down only modestly from the $6.529 record the prior week and more than $2.60 above […]
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LNG Canada will again source major modules from a Chinese state-owned fabricator for its $33 billion Phase 2 expansion in Kitimat, B.C., even as Canadian primary steel producers idle lines and issue layoff notices under U.S. tariffs and persistent import pressure. Prime Minister Mark Carney has left the steel decision to the project owners while […]
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South Korea’s planned U.S. investment package includes a framework for eight large nuclear reactors, with Commerce Secretary Howard Lutnick naming Ohio, Tennessee, South Carolina, and Kentucky as expected host states. The September 30, 2026 White House announcement is real, but it is a commercial framework tied to last year’s tariff deal—not a zero-cost gift fully […]
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China is once again withholding refined products from the global market, layering fresh stress onto an already strained diesel complex. On October 1, 2026, trade sources reported that Chinese refiners have suspended oil-product exports for October to destinations other than Hong Kong and Macau, pending new guidance from Beijing. State-owned major PetroChina has canceled planned […]
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Stelco Holdings, owned by Ohio-based Cleveland-Cliffs since a $3.4-billion acquisition in late 2024, announced it will indefinitely idle cold-rolled and coated operations at its Hamilton Works plant beginning around October 9. The company says the move is required “to help ensure the survival of Stelco.” About 350 workers at Hamilton are expected to be […]
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