LONDON – The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country’s buying binge earlier in the year.
Despite short-term challenges such as the coronavirus-crisis, Australia is set to become the world’s leader in the energy transition in the long term, achieving the fastest transition to an overwhelming share of renewable sources in its energy mix, data and analytics company GlobalData said on Monday.
Australia has a strong pipeline of solar and wind power projects, which are set to bring investor confidence in the market, GlobalData said.
(Bloomberg) -- Oil rallied and gasoline surged to a five-month high as energy companies suspended offshore operations and refiners shuttered Gulf Coast plants with Tropical Storm Laura expected to strengthen into a hurricane before making landfall later this week.
Around 82% of oil production in the Gulf of Mexico was halted by around midday Monday, with refinery closures from companies including Motiva Enterprises LLC and Valero Energy Corp. potentially shutting in more than 1 million barrels a day of capacity. Gasoline futures rose to their strongest level since before the pandemic on concern over possible fuel shortages. Meanwhile, oil futures rose 0.7% in New York and 1.8% in London.