The streak of weekly gains in gasoline prices ended last week, with the average price dropping by about 2 cents to $2.32 per gallon nationally, according to GasBuddy. "That trend may continue in the week ahead as oil prices have remained under pressure as the season's close comes into view along with lower gasoline demand and cheaper winter gasoline," GasBuddy Senior Petroleum Analyst Patrick DeHaan said.
Apex Clean Energy, Renewable Energy Systems and other firms with wind farms under various stages of development in North Carolina are keeping an eye on the state's activities to decide whether they want to move forward with their projects, writes Neel Keller. Apex Senior Manager of Federal Affairs Kevin Chandler said his company was disappointed by Gov. Roy Cooper's decision to pass an 18-month moratorium on wind, but said it may still advance its Timbermill Wind project.
Some of Home Depot's big box stores in California, Maryland, Connecticut, New Jersey and New York will have solar energy systems from either GE or Tesla as the company expands its clean energy efforts. Home Depot's solar investment will increase its renewables footprint to over 130 megawatts -- nearing its 135 MW goal set for 2020.
The top-10 favorite brands this year for millennials -- which include Apple, Nike, Walmart, Coca-Cola, Target and Google -- are those that help them represent who they are. "Basically, a brand has to improve a millennials own brand, whether it's making them appear to be socially responsible, ... stylish-looking or even help them be funny," writes Megan Graham.
Much of the crude produced in the Permian Basin over the next few years will be shipped overseas from ports in Houston and Corpus Christi, Texas, to meet rising foreign demand for US oil, according to IHS Markit. IHS Vice President of Oil Markets, Midstream and Downstream Kurt Barrow expects US oil exports to increase threefold to about 3 million barrels per day by 2025, with Permian oil making up the bulk of exports.
The Energy Information Administration is expected to report a decline of roughly 3.5 million barrels in US crude inventories for the week ended Friday, according to a Bloomberg survey. The forecast kept West Texas Intermediate futures, currently around $47 per barrel, from falling further, but Global Risk Management analyst Michael Poulsen questions whether the US inventory draws will continue with the driving season almost over.
Canadian oil sands companies such as Cenovus and MEG Energy significantly improved their bottom lines in the second quarter, helped by higher heavy crude prices and stronger demand from US refiners. However, it's likely to be temporary, as an increase in oil sands production and higher costs due to a shortage of pipeline capacity could drive down prices, weighing on the companies' profits in future quarters.
Dominion Energy has submitted a request to the Federal Energy Regulatory Commission to allow it to kick off the testing process at its $3.8 billion Cove Point liquefied natural gas export terminal in Maryland. "This request is part of the commissioning process for the export project that is scheduled for completion in the fourth quarter of this year," Dominion said.
All governors of Mid-Atlantic states, including North Carolina, New Jersey and Virginia, said they strongly oppose any effort by the Bureau of Ocean Energy Management to include more offshore areas in Atlantic waters in its leasing plan for 2019 through 2024. Meanwhile, four non-Mid-Atlantic members of the Outer Continental Shelf Governors Coalition urged the Interior Department to include all OCS areas in BOEM's next drilling program, arguing that "responsible offshore energy development can generate many good-paying jobs, spur activity in a host of associated industries, and generate billions of dollars in tax revenue."
Two key measures sound a note of caution for those betting that rising US oil production will continue to offset the output OPEC nations have agreed to cut, writes CME Group's Erik Norland. The number of oil rigs in operation is no longer climbing, and marginal productivity of those rigs in operation is now plunging.
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