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Britain’s largest household energy supplier urges customers to reduce electricity use during a major solar eclipse this week, offering rewards to those who delay running appliances during peak hours.
The strongest El Niño on record is intensifying as Europe faces severe drought threatening power generation, with global energy markets bracing for supply constraints from reduced hydropower and solar output across multiple regions.
Diesel crack spreads hit record highs in the U.S. and Europe this week, with prices reaching $100+ per barrel, signaling a much tighter fuel market than crude oil prices suggest amid supply disruptions.
SLB is preparing to reactivate up to 15 drilling rigs in Venezuela to boost the country’s crude production capacity, with some rigs potentially operational before year-end.
Russia faces fuel shortages and rationing in Moscow after Ukrainian drone attacks on oil refineries. Major gas station networks have implemented sales restrictions as long queues form at filling stations.
Commodity traders are increasingly accepting that Middle East tensions will persist, driving prolonged shortages in crude oil and refined fuels despite earlier optimism about swift peace resolutions.
