September 26, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts Spot gold was steady at $2,658.08 per ounce, as of 0557 GMT, after hitting an all-time high of $2,670.43 earlier.
U.S. gold futures gained 0.2% to $2,682.10.
Spot silver fell 0.9% to $31.85 per ounce, platinum was down 0.4% to $981.93 and palladium shed 1.3% to $1,042.90.
By partnering with the state of Michigan and the local community, Saab will create high-quality jobs, increase domestic manufacturing and strengthen U.S. national defense.
Saab is moving quickly to increase U.S. munitions production capacity and meet the urgent needs of our customers, building on our decades-long relationship with the U.S. military. Once open, the facility will be used for final assembly and integration of shoulder-fired munitions and precision fire systems. Groundbreaking will take place in Q4 2024, with initial manufacturing starting in early 2026.
“Given current global security challenges, it is critical the United States strengthens its national defense capacity. Saab is proud to partner with the state of Michigan and the local community to establish a world-class facility that, with our range of products, will increase and modernize the domestic production of munition systems,” said Erik Smith, President and CEO of Saab in the U.S. “We are making a long-term commitment not only to the U.S. defense industrial base, but to the local community as well. Saab plays a positive role in the communities where we live and work, creating jobs and investing in the local community, and we look forward to joining the Grayling community.”
“Saab’s transformative investment in Grayling will create 70 jobs and contribute to Michigan’s proud legacy and leadership in the defense industry,” said Michigan Governor Gretchen Whitmer. “We will continue pursuing our comprehensive economic development strategy to secure projects, invest in people, and uplift places across Michigan. With Saab’s decision to ‘Make It in Michigan,’ we are building on our economic momentum and strong reputation as a leader in advanced manufacturing. We built the arsenal of democracy to win WWII and will keep rolling up our sleeves to protect our national defense. Let’s get it done.”
The facility in Grayling will mark the 10th facility in the United States for Saab, Inc. Our other facilities include advanced manufacturing within aerospace in West Lafayette, Indiana, radar and sensor systems in Syracuse, New York, training and simulation in Orlando, Florida, autonomous and undersea systems in Cranston, Rhode Island and Quincy, Massachusetts and most recently a new operationally focused incubator in San Diego, California. Read More
OPEC said Tuesday that phasing out oil was a “fantasy”, as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change. The oil cartel’s prediction runs counter to the assessment of the Paris-based International Energy Agency, which sees demand for fossil fuels peaking this decade as the world turns to renewable energy and electric cars. Demand for oil alone is expected to reach 120.1 million barrels per day (bpd) by 2050, up 17.5 percent from 102.2 million bpd in 2023, the report said.
OPEC also raised its forecast for 2045 to 118.9 million bpd, compared to 116 million bpd in last year’s WOO, which did not look at 2050. Read More
Elimini, a new US-based business with an ambition to be a leader in carbon removals, launched at Climate Week NYC. The company is dedicated to permanently removing carbon from the atmosphere while generating renewable, 24/7 power.
By advancing bioenergy with carbon capture and storage (BECCS) in the United States and beyond, the new company will help meet soaring demand for both 24/7 renewable energy and high-integrity carbon removals. Nearly all realistic pathways to limit global warming to 1.5C and 2C require developing and deploying carbon removal technology at gigaton scale and tripling renewable energy capacity. Elimini will pair 24/7 renewable energy production with carbon capture technology through BECCS – the only technology that currently supports the delivery of both targets simultaneously.
The business has been launched as new research finds that 74 percent of Americans are concerned about climate change, with 56 percent believing the government should be doing more to support the development of carbon removal technologies – and for those already familiar with these technologies, that number jumps to 72 percent, suggesting that familiarity directly drives increased favorability.
Elimini’s purpose is to remove carbon for good. To achieve this, it is convening engineers, environmentalists, communities, investors, and innovators to scale the market for carbon removals, with the aspiration of transforming our economies from carbon emitters to carbon removers. As an independently operated, wholly owned subsidiary within Drax Group, Elimini will also sell carbon removals generated at Drax Power Station, which conducted the first BECCS pilot of its kind in Europe and with the right government support will convert that facility to BECCS. Read More
Drax has welcomed over 100 businesses, prospective suppliers and local communities to an event for the planned expansion project at Cruachan Pumped Storage Hydro Power Station. Organised in collaboration with NOF, a not for profit UK membership organisation helping to connect businesses in the global energy sector, the event took place at the historic Argyllshire Gathering Halls and provided an opportunity for attendees to learn more about the wider benefits the Cruachan Expansion Project will deliver, not just across Argyll and Bute, but across Scotland and the UK. The project will see the development of a new underground pumped storage hydro plant located immediately east of the existing Cruachan Power Station on the northern shores of Loch Awe. The new plant will provide an additional 600MW of generation capacity, which would more than double the current site’s generating capacity to over one gigawatt, enough to power two million homes. Read full article
Labour’s plan to decarbonise the energy network by 2030 will cost up to one million jobs, decimate working communities and push up bills for the poorest, the boss of a major union warned yesterday.
GMB leader Gary Smith branded the Government’s flagship net-zero pledge ‘bonkers’ and ‘fundamentally dishonest’ – and claimed it was ‘not rooted in the real world’. He dismissed government claims that shifting to renewables will create 650,000 UK jobs by the end of the decade, saying roles were mostly being created offshore because wind turbines and other renewables infrastructure is largely being built abroad. Read Press Release
Osaka Gas Co., Ltd. (Osaka Gas) and Mitsubishi Heavy Industries, Ltd. (MHI) announced their agreement to implement CO2NNEX®, the city gas industry’s first digital platform for visualizing traded carbon dioxide (CO2) at Expo 2025 Osaka, Kansai, Japan (the Expo). In addition to using this platform for e-methane, Osaka Gas and MHI will also pursue the possibility of expanding its application to carbon recycles fuel (e-fuel, SAF, Green LPG) in the future.
On April 1, 2024, the private sector began to use clean gas certificates, which certifies the environmental value(Note1) of e-methane and biogas.
As the same operation as non-fossil fuel certificates for electricity is proceeding for gas, a system is required to manage transactions and transfers of the environmental value of clean gas certificates. CO2NNEX® will be equipped with functions to manage e-methane attribute data (production volume, amount of CO2 and H2 used as raw materials, etc.), which is necessary for the social implementation of e-methane, and functions to manage and transfer the environmental value created by e-methane and biogas. Read Press Release
Hydro plans to build a new pumped storage power plant in Luster Municipality, Norway. With construction starting in 2025 and operations beginning in 2028/2029, the total investment for the project is estimated at approximately NOK 1.2 billion. The planned power plant will generate 84 GWh of renewable power annually, primarily used for industrial production.The power plant will pump water from the Fivlemyrane reservoir, located 1018 meters above sea level, to the Illvatn reservoir, located 1382 meters above sea level. Simultaneously, the reservoir capacity in Illvatn will be increased by constructing a new drainage tunnel that will lower the lowest regulated water level. This approach will reduce water loss in the Fortun system during summer months and boost production during periods of high power demand during winter season. Read more at
Did you know that you can order the NCS map? The map shows all fields, discoveries, licensed area and area opened for exploration on the Norwegian continental shelf (NCS) . It also provides an overview of all production licences.
Additionally, you can now view the areas on the continental shelf that the government proposes to open for the exploration and extraction of seabed minerals.
The first map was released in 1965, and we have updated it almost every year since then. Read More
General Motors and Ford Motor would need to stop importing vehicles to the U.S. from China under a proposed rule cracking down on Chinese software and hardware, a U.S. Commerce Department official told Reuters Monday.
The rule would also affect other automakers selling or building vehicles in the U.S., such as Volvo Cars and BYD.
GM sells the Buick Envision and Ford sells the Lincoln Nautilus — both assembled in China — in the U.S. market. Ford did not comment. In the first six months of 2024, GM sold about 22,000 Envisions and Ford sold 17,500 Nautilus SUVs in the U.S. Read Press Release
General Motors will open up access to more than 17,800 Tesla Superchargers for its customers, with the use of a GM approved NACS DC adapter, a move that will help accelerate fast and convenient charging options for current and future EV drivers.
With the addition of the Tesla Supercharger Network, GM customers will have access to more than 231,800 public Level 2 and DC fast chargers in North America – a number which will grow as GM continues to help accelerate the deployment of infrastructure in communities and heavily-traveled corridors through its various charging collaborations. GM approved NACS DC adapters will first be made available to customers in the United States, followed by availability for Canadian customers later this year. Read More
General Motors 2024 Investor Day
Oct 8, 2024
General Motors Company will host a webcast for our 2024 Investor Day on Tuesday, October 8th, 2024. The format of the call will include remarks by management, followed by a question-and-answer session. Read More
The joint venture Alusort is digging deeper in the aluminium scrap pile. Commercial operations of Hydro’s advanced scrap sorting technology have started at PADNOS’s sorting hub in Grandville, Michigan.Norwegian aluminium and renewable energy company Hydro partnered with scrap management enterprise PADNOS to create Alusort LLC. Alusort is owned fifty-fifty by Hydro and PADNOS, and is located to supply Hydro’s Cassopolis and Henderson recycling plants with raw material for large-scale production of low-carbon Hydro CIRCAL, which is Hydro’s line of recycled aluminium with minimum 75 percent post-consumer scrap content.
The proprietary HySort technology, pioneered in Europe and now used by Alusort, allows more mixed and challenging types of post-consumer aluminium scrap to be sorted into fractions, before being returned to the recycling plants as feedstocks. This enables the aluminium recycling plants to achieve streamlined production of high quality, low-carbon aluminium. Read More
On 16 September 2024, Eni acquired on the Euronext Milan no. 540,000 shares (equal to 0.02% of the share capital), at a weighted average price per share equal to 14.0651 euro, for a total consideration of 7,595,157.78 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends.
From the start, on 13 June 2024, of the second tranche of the buyback program, Eni acquired no. 43,617,347 shares (equal to 1.33% of the share capital) for a total consideration of 623,886,979.33 euro.
Considering the treasury shares already held and the purchases made from the beginning of the treasury shares buyback program on 27 May 2024, Eni holds n. 140,238,419 shares equal to 4.27% of the share capital.. Read More
Commercial Vessel Discharge Standards
U.S. Environmental Protection Agency announced the finalization of national discharge standards to control the release of pollutants and invasive species from approximately 85,000 vessels operating in U.S. waters.
These standards, issued through EPA’s Vessel Incidental Discharge National Standards of Performance final rule, address discharges that occur with normal operation of large vessels. EPA’s final rule will help address harmful pollutants, including bacteria, pathogens, oil, grease, and metals while reducing the spread of invasive species that can damage ecosystems and infrastructure.
EPA’s Vessel Incidental Discharge National Standards of Performance final rule applies primarily to non-recreational, non-Armed Forces vessels 79 feet or longer (such as commercial, research and emergency rescue vessels) and ballast water from fishing vessels and non-recreational, non-Armed Forces vessels less than 79 feet long.
Discharges can happen during normal operation of these vessels while operating equipment and systems onboard, such as oil from machinery and wastewater from showers and sinks. Through best management practices and treatment standards, the EPA’s final rule addresses 20 discharges and their associated pollutants.
For example, the final rule requires “Lakers” – large vessels operating in the Great Lakes – that are constructed in the future, to operate ballast water management systems. This new federal requirement addresses known ballast-water management challenges aboard Lakers and will help reduce the spread of invasive species throughout the Great Lakes.
EPA’s new standards will not be implemented for up to two years while the U.S. Coast Guard develops and issues corresponding regulations. Until the U.S. Coast Guard regulations are final, effective and enforceable, vessels continue to be subject to the existing discharge requirements established in the EPA’s 2013 Vessel General Permit (pdf) and the U.S. Coast Guard’s ballast water regulations, as well as any other applicable state and local government requirements. Source,
Significant fuel savings and reduced carbon emissions through the use of innovative no-SAPS & zinc-free engine oils are now possible for the commercial fleet sector, as revealed by NEOL Copper Technologies, a UK-based manufacturer of new generation high-performance technical lubricants, after a series of tests conducted at an independent state-of-the-art advanced propulsion R&I lab IAAPS, a spin-off from the University of Bath, which demonstrated fuel economy gains of up to 5%.
The tests were carried out on a 3-year-old ex- commercial rental Ford Transit Custom van, affectionately named ‘Bob Van Go’ and powered by Ford’s 2.0 litre EcoBlue engine.
‘Bob,’ a hard-worked van with over 100,000 kilometres on the odometer, was equipped with an array of measurement instruments and embarked on his next 12,000 kilometres—without ever leaving the IAAPS facility. Through a rigorous simulation of real-world delivery scenarios typical of ‘white van’ operations, it became undeniably clear that advancements in lubricant technology can significantly boost the efficiency of heavily used light commercial vehicles (LCVs), restoring their original performance.
Over the course of 12,165 kilometres (7,559 miles)—equivalent to nine trips from Land’s End to John O’Groats or two round-trips from London to Istanbul—’Bob’ was put to the test by a robot driver, enduring 170 test cycles over 228 hours while carrying a simulated 500 kg payload.
‘Bob’ was repeatedly tested in four cycles designed to represent the daily grind of LCVs operating in delivery services, including the Worldwide Harmonised Light Vehicle Test Cycle (WLTC), Fleet Local Delivery Representative (FLDR), Steady State (SS), and Baseline tests.
Each test cycle replicated the demanding conditions typical of LCV operations, including speeds of up to 131 kph, frequent stops, accelerations, decelerations, and steep gradients up to 10%.
After just 400 km of direct back-to-back testing, ‘Bob’ recorded a 0.9% reduction in fuel consumption compared to a global-branded OEM-approved SAE 0W-30 engine lubricant.
After concluding 6,935 km run on NEOL’s full-synthetic no-SAPS SAE 0W-30 diesel engine oil, ‘Bob’ showed a 2.5% decrease in fuel consumption during Baseline testing. Fuel efficiency gains reached up to 4.85% in the WLTC cycle, highlighting the substantial savings that the NEOL oil can deliver in the global standard for determining fuel consumption of light-duty vehicles.
As a direct result of burning less fuel, there was a corresponding reduction in harmful carbon emissions: carbon dioxide (CO2) dropped by 4.4% and carbon monoxide (CO) by 6.1%.
An inspection of Bob’s engine before and after testing revealed a significant reduction in carbon deposits, demonstrating the powerful detergency properties of the new oil. This cleaner engine environment contributes to longer-lasting engine performance and lower maintenance costs. . Read More
INEOS Grenadier 4X4 has launched in China following worldwide acclaim and multiple award wins in the US and Europe.
The Grenadier’s arrival in China follows the successful introduction of INEOS Automotive in over 40 countries worldwide – including in Mexico last week – and sets a new benchmark for premium 4X4s in the market. From launch, the Grenadier will initially be available from four retail sites. Stores in Beijing and Chengdu are already welcoming customers, with sites in Shanghai and Guangzhou opening within the next four weeks. As well as a full brand and retail experience, these sites will also provide customers with comprehensive and robust aftersales support.
INEOS Automotive has spent two years planning the Grenadier’s introduction to China, including establishing a national sales company and recruiting a team to work with strong local retail partners to build solid foundations ahead of the start of sales. Committing significant commercial and technical resources represents a major investment into the long-term strategy for the INEOS Grenadier in China.
A first wave of customer deliveries will start before the end of October with pricing starting at 808,000 CNY. Read full article
INEOS Grenadier 4X4 arrives in Mexico following worldwide acclaim and multiple award wins in the US and Europe.
The INEOS Grenadier was conceived by Sir Jim Ratcliffe, co-owner of Manchester United Football Club and the Mercedes-AMG Petronas F1 team and one of Britain’s most successful businessmen. As a passionate adventurer and off-road enthusiast, he oversaw the design of a world-class 4X4, developed and built in Europe to first-rate quality standards. With a powerful BMW six-cylinder gasoline engine, the five-seat station wagon boasts unbeatable off-road capabilities, modern on-road refinement, premium interior comfort, and the durability to make the most of Mexico.
A wide range of options, accessories and a plug-and-play external wiring set-up mean the Grenadier can be customised to individual lifestyle and preferences. It can serve as a tough workhorse, a refined daily family transport, and as a trusted partner in enabling far-reaching adventures and an exciting outdoor lifestyle – every day of the year.
A limited allocation of customer vehicles is available for a first wave of deliveries through December. With continued strong demand globally, the next allocation of vehicles for delivery to Mexico is planned for Q2 2025. Prices for the INEOS Grenadier start from Mex$2,199,000, and orders can be placed now with exclusive import partner, Grupo Herrera. Its first two sales and service centres are in Mexico City and Guadalajara. Grupo Herrera is one of Mexico’s largest dealer groups with 80 years of experience within the premium and luxury segment. Read full article
Baker Hughes Rig Count: U.S. -2 to 588 Canada -7 to 211
U.S. Rig Count is down 2 from last week to 588 with oil rigs unchanged at 488, gas rigs down 1 to 96 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 7 from last week to 211, with oil rigs down 6 to 144, gas rigs down 1 to 66 and miscellaneous rigs unchanged at 1.
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 20 September 2024 | 588 | -2 |
| Canada | 20 September 2024 | 211 | -7 |
| International | August 2024 | 931. | -3 |
U.S. Environmental Protection Agency and AmeriCorps announced the Environmental Justice Climate Corps, a new partnership launched as part of President Biden’s American Climate Corps to open doors for people to serve in careers that benefit disadvantaged and other low-income communities.
This partnership will support more than 250 AmeriCorps VISTA members nationwide over three years, with each new participating member completing a one-year term of service. This historic initiative is the largest environmental partnership in AmeriCorps’ history and EPA’s first nationwide service effort. The Environmental Justice Climate Corps represents the Biden-Harris Administration’s ongoing commitment to tackling the climate crisis and advancing environmental justice. It also reaffirms the Administration’s commitment to creating pathways to middle class jobs and a step to implement the Biden-Harris Administration’s Executive Order to Promote Good Jobs by supporting workforce development through the American Climate Corps.
EPA Administrator Michael S. Regan will announce the program alongside AmeriCorps CEO Michael D. Smith during their upcoming Climate Week NYC 2024 Solutions House panel. Read full article
California sues oil giant Exxon over plastic recycling ‘myth’
California began legal action Monday against oil giant ExxonMobil over a “decades-long campaign of deception” about plastics recycling that has worsened a global pollution crisis. In a lengthy lawsuit filed in San Francisco, the state’s attorney general said the company had used “slick marketing” to deceive consumers into believing single-use plastics could and would be recycled, when the vast majority of them get dumped into the environment. FRANCE 24’s Oliver Farry tells us more. Read full article
Neste Corporation has today received a notification under Chapter 9, Section 10 of the Finnish Securities Market Act (FSMA). According to the notification by BlackRock, Inc., the aggregate holdings of the entities referred to therein excluding financial instruments according to SMA 9:6a have on 24 September 2024 exceeded 5% of the total number of shares and voting rights of Neste Corporation. The aggregate holdings including financial instruments according to SMA 9:6a owned by BlackRock, Inc. and the entities referred to above amounts to 5.38% of the total number of shares of Neste Corporation. The share stock of Neste Corporation consists of 769,211,058 shares, each entitling one vote. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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