By Alasdair Pal SYDNEY (Reuters) -Pilots at Network Aviation, a subsidiary of Qantas Airways, will go on strike on Oct. 4, the Australian Federation of Air Pilots (AFAP) said on Thursday, a move that could affect flights to mines and energy projects in Western Australia. The union has been negotiating…

The United States’ Strategic Petroleum Reserve (SPR) has dropped to its lowest level in four decades, according to Goldman Sachs analyst Daan Struyven. As of Thursday, the SPR had lost approximately 270 million barrels since August 1983, a decrease that Struyven flagged as potentially concerning for the nation’s energy security.…

By Andy Home LONDON (Reuters) – China’s appetite for base metal imports appears to be growing. Refined volumes hit a year-to-date monthly high in August and primary aluminium imports were the highest since November 2021. The country has also fully reverted to being a net importer of unwrought zinc after…

The Canadian energy sector is currently trading at a significant discount to long-term average valuations, according to Stu Morrow, chief investment strategist for Morgan Stanley Wealth Management Canada. In a two-part report published on Thursday, Morrow focused on the sector’s role in net zero emissions commitments and provided data about…

By Arathy Somasekhar HOUSTON (Reuters) – Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in stocks compounded worries of tight global supplies. futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session. U.S. West Texas Intermediate…

By Jan Strupczewski BRUSSELS (Reuters) -European Union governments discussed on Thursday how to revamp EU decision-making and finances to be ready for new members as the Commission said it would propose cash and EU market access for candidates to speed up their membership preparations. The talks among EU affairs ministers…

Persistently high oil prices are expected to prevail until 2024, primarily driven by production cutbacks led by Saudi Arabia. This forecast comes as the oil standard, West Texas Intermediate (WTI), recently hit a 13-month high due to supply constraints. A recent survey by the Wall Street Journal predicts that both…

In a recent analysis, JPMorgan expressed bullish sentiments on the global energy sector, predicting an upcoming ‘supercycle’ propelled by low capital expenditure (CAPEX) and supply shocks. The bank anticipates a significant rise in and West Texas Intermediate (WTI) prices, with Brent potentially reaching $150 per barrel by 2026. This surge…

By Timothy Gardner WASHINGTON (Reuters) – Nuclear power plants using low-cost electricity to make hydrogen from water, an emerging fuel, could play a role in the energy transition, the head of a U.S. office that distributes billions of dollars in loans for new energy technologies said on Thursday. U.S. nuclear…

Investing.com – “When push comes to shove” — the phrase seems to be making itself evident with the oil market, where the sharpest correction in nearly two months occurred on Thursday on overbought crude futures that have risen more than 30% since the end of May. The so-called profit-taking pulled…