Interim heads won’t do for ONGC

There is no denying that ONGC is the jewel in the crown among Indian public sector enterprises. But, can a jewel continue to be without a regular Chairman-cum-Managing Director? For the past 18 months this seems to be the story of ONGC, as it is the third time in succession that the oil and gas … Read more

Raging Markets Selloff in Five Charts: $36 Trillion and Counting

Gauges of currency and bond volatility have been a leading indicator of the ongoing rout. They have been elevated most of this year, with the ICE BofA Treasury volatility index approaching levels hit when the pandemic erupted in 2020. However, the CBOE Volatility Index, known as Wall Street’s fear gauge, remains below levels seen during … Read more

Putin Says Four Regions’ Annexation Is ‘Forever’

President Vladimir Putin early Friday signed decrees recognizing the “independence” of occupied Kherson and Zaporizhzhia in Ukraine as a prelude to absorbing those regions, as well as Donetsk and Luhansk, into Russia — a move that’s expected later today. Putin is also expected to address legislators.

Oil Traders Regain Their Swagger With World Desperate for Fuel

“Energy security is number one, price is number two, sustainability is number three,” said Russell Hardy, chief executive officer at Vitol Group, the world’s top oil trader by volume. “That’s the short-term set of priorities. The long set of priorities haven’t changed, they’re the other way around.”

US Redoubles Efforts to End Dependence on Russian Nuclear Fuel

“We are going to get Congressional support in a bipartisan way for us to make our own fuel cycle supply chain independent, certainly of Russia,” Granholm, 63, said in an interview at the International Atomic Energy Agency in Vienna. “We’ve got to make this happen for our own independence and national security.”

Oil Edges Lower as Slowdown, Dollar Outweighs Supply Concerns

Supply concerns remained at the fore, after US government data showed an unexpected decline in commercial oil stocks last week, signaling improving demand. Crude inventories contracted by 215,000 barrels, even as stockpiles at the storage hub at Cushing, Oklahoma, expanded. Gasoline stocks fell.

Hurricane Ian’s Damages Are Forecast to Be Worse Than 1992’s Andrew

Damages from Ian are expected to range from $60 billion to $70 billion given the latest forecasts, according to Chuck Watson, a disaster modeler with Enki Research. That would make Ian the sixth-costliest US hurricane, below Ida’s $78.7 billion in 2021, according to data from the National Oceanic and Atmospheric Administration.

Oil Rises as US Crude Inventories Show First Decline in a Month

West Texas Intermediate rose as much as 3.4% to trade above $81 a barrel. Crude inventories fell 215,000 barrels last week, the US Energy Information Administration reported. The country’s demand for distillates, which includes diesel, jumped last week bringing the four-week average back above 2020 levels for this time of year. Meanwhile, leaks in three … Read more

Oil Edges Higher on Report Russia to Push for OPEC+ Supply Cuts

Traders were also tracking the progress of Hurricane Ian, which is expected to make landfall on Florida’s west coast late Wednesday. Ahead of that, US energy companies have idled about 190,000 barrels of daily crude production, some 11% of US Gulf of Mexico output, according to government figures.