Oil edged up after a US government report allayed concerns about near-term demand destruction, even as the Federal Reserve forecast slowing economic growth. West Texas Intermediate rose 0.4% to top $67 a barrel, while Brent settled near $71. US distillate inventories dropped to the lowest in more than three months, while gasoline stockpiles hit January lows, reining in concerns about declining fuel consumption. The official data also showed a smaller gain for crude stockpiles than estimated by the American Petroleum Institute, while reserves fell at the Cushing hub. “There’s a lot of concern about the US economy right now, and this belies it to a degree,” said John Kilduff, a partner at Again Capital. “It’s is a very hopeful sign for demand.” The dollar pared gains after Fed officials held their benchmark rate steady while telegraphing expectations for higher inflation. A softer greenback boosts the appeal of commodities priced in the currency.   Crude remains markedly lower from a peak in January as several bearish drivers combine to pressure prices. On the supply side, OPEC and its allies are preparing to increase production, while the escalating trade frictions are threatening a hit to demand just as consumption in China remains weak. Economic data “will remain the salient driving force of sentiment and consequently prices,” said Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd. Market participants also parsed mixed geopolitical signals. US President Donald Trump pressed Iran to rein in the Houthis, treating attacks from the Yemeni militant group as Tehran’s direct responsibility. Ukrainian President Volodymyr Zelenskiy, meanwhile, agreed to a proposal to halt strikes on Russian energy assets as talks for a ceasefire in the Russia-Ukraine war trudge on. The US benchmark’s April expiry on Thursday also contributed to choppy trading. Oil Prices: WTI for April delivery advanced

Aberdeen’s OEG Group has been acquired by Apollo in a deal that values the group for more than $1 billion (£770m). The US-based fund manager acquired a majority stake in the offshore energy services group from private-equity backer, Oaktree Capital Management, and other investors. Although the size of the stake acquired was not revealed, Apollo said the transaction meant the group achieved a “headline valuation” of over $1bn, with Los Angeles-based Oaktree retaining a small stake. Apollo, which manages funds worth over $750bn, gave up after making a number of attempts buy Aberdeen’s energy services firm Wood Group in 2023. The firm, which has acquired OEG on behalf of fund investors, highlighted that OEG operates one of the world’s largest fleets of cargo carrying units (CCUs), with over 75,000 units handling cargo to and from offshore energy installations. OEG launched its renewables division, largely targeting offshore wind, in 2021. At the end of 2024, OEG told Energy Voice it employs 1,300 people across 65 locations worldwide and was on track to deliver revenue in excess of £400 million this year for 2024, with the aim to achieve £800m turnover within the next five years. Its heritage dates back to 1973, when it bought Ferguson Seacabs, which launched on the back of the first North Sea oil field, Argyll. OEG chief executive John Heiton, CEO of OEG, said: “Since our company’s founding, we have worked hard to establish OEG as a global leader in delivering core services throughout the offshore energy value chain. “As energy producers across Europe and around the globe continue to invest in the energy transition, we are committed to expanding and enhancing our capabilities as a key partner. “We look forward to working with Apollo as we enter this new and exciting chapter for our business and remain

WASHINGTON, D.C. – U.S. Secretary of Energy Chris Wright today approved a liquefied natural gas (LNG) export authorization to the Venture Global CP2 LNG export project proposed for Cameron Parish, Louisiana. This action reflects another step in the Trump administration’s commitment to restoring American energy dominance. “The benefits of expanding U.S. LNG exports have never been more clear, and I am proud to be taking action to support the American people and our allies abroad with more affordable, reliable, secure American energy,” said Secretary Wright. “Thanks to President Trump’s leadership, we are cutting the red tape around projects like CP2, unleashing our energy potential and ensuring U.S. can continue to meet growing energy demand for decades to come.” The issuance to CP2 marks the fifth LNG-related approval from DOE since President Trump took office, following an export approval to Commonwealth LNG on February 14, an order on rehearing removing barriers for the use of LNG as bunkering fuel announced on February 28, an approval providing the Golden Pass LNG terminal more time to commence exports issued March 5, and approval granting the Delfin LNG project additional time to commence exports issued on March 10. Once constructed, CP2, owned by Venture Global, will be able to export up to 3.96 billion cubic feet per day (Bcf/d) of LNG. “The CP2 project is another project that has been waiting too long for regulatory action at DOE, and I am glad to see that being corrected today” said Tala Goudarzi, Principal Deputy Assistant Secretary of the Office of Fossil Energy and Carbon Management. “With Venture Global’s track record of getting projects constructed quickly, I look forward to seeing this project come to fruition before long.” Today’s authorization conditionally grants CP2 authorization to export LNG to non-free trade agreement countries from the proposed CP2

The 1.5-GW Atlantic Shores 1 wind energy project in progress offshore New Jersey had its Clean Air Act permit from the Environmental Protection Agency remanded by the agency’s Environmental Appeals Board in a Friday filing. The board said EPA’s Region 2 office, which covers New Jersey, requested the voluntary remand “so that the Region has the opportunity to reevaluate the Project and its environmental impacts” in light of President Trump’s Jan. 20 executive order, which mandated a pause on offshore wind leasing and a review of existing leases. The group Save Long Beach Island originally requested an appeal and review of the project’s Clean Air Act permit last October. The group’s website states its goal is to ensure that Atlantic Shores’ proposed wind turbines “are moved further offshore and out of sight to the Hudson South Call Area which is approximately 30 to 57 miles from our coastline.” The Friday filing said that Atlantic Shores Offshore Wind filed a March 7 response objecting to the remand and arguing that Region 2 didn’t provide “good cause” for it, but the board said it “has broad discretion to grant a voluntary remand.” “The circumstances here support a voluntary remand. In this case, the Region has clearly stated its intent to reconsider the Project and permit decision in light of the Presidential Memorandum,” the board said. Region 2’s review of the permit will involve “[conferring] with other executive branch agencies regarding further evaluation of various impacts that may result from the Project, including impacts on birds, wildlife, fishing, and other relevant environmental concerns described in the Presidential Memorandum,” along with other steps left unspecified, according to the board. In a Monday statement, Atlantic Shores said it is “disappointed by the EPA’s decision to pull back its fully executed permit as regulatory certainty is critical to

Dive Brief: Schneider Electric and power system design and operations firm ETAP on Tuesday released digital twins that can design and simulate the power needs of AI factories, the companies said in a release shared with Facilities Dive. A digital twin is a system replica that enables users to simulate operations to improve performance in real time.  By leveraging ETAP’s integration of NVIDIA Omniverse technologies, the companies said, they were able to develop digital twins that bring together multiple inputs for mechanical, thermal, networking and electrical systems to mirror how an AI factory operates.  NVIDIA introduced its Omniverse Blueprint for AI factory design and operations Tuesday at its annual conference, GTC. The companies say the collaboration will provide enhanced insight and control over the electrical systems and power requirements at AI factories. That presents “an opportunity for significant efficiency, reliability and sustainability gains,” Schneider Electric said.  Dive Insight: AI workloads such as large-scale training clusters and edge inference servers are driving a significant increase in data center power consumption, requiring substantial computational power that has led to higher rack power densities, the companies say. This has led data center capacity proposals to balloon, with the average proposed center doubling in size from about 150 MW in early 2023 to 300 MW in mid-2024, according to an Oct. 24 report from Wood Mackenzie.  The demand is giving AI-related occupiers increasing influence over data center development decisions like site selection, design and operational requirements, CBRE said in its North America Data Center Trends H2 2024 report, released Feb. 26. These occupiers are “prioritizing markets with scalable power capacity and advanced connectivity solutions,” the commercial real estate services firm said.  Power availability remains the top priority for data center developers looking at greenfield sites, according to CBRE’s report. “Startups, enterprises, colocation providers, and

In a rebound from early COVID-era declines, utilities invested a record $8.8 billion in energy efficiency in 2023, the American Council for an Energy-Efficient Economy said Tuesday in its assessment of state policies. “Energy efficiency remains our nation’s least-cost energy resource while also delivering additional benefits such as grid reliability and resilience,” ACEEE said. “Utility electricity efficiency investments slowed from 2020 through 2022, but in 2023 reached a new high.” The total includes $6.9 billion for electric efficiency and $1.9 billion in gas efficiency investments. The total is an increase of approximately 16% compared with the recent low of 2020, ACEEE said, and 6% more than the previous high in 2019.  Many states and utilities are now looking beyond more traditional efficiency efforts, like lighting retrofits, to focus on deep energy home upgrades, smart buildings, expansion of electric vehicle infrastructure, zero-energy buildings, and electrification of space and water heating, according to the report. But the investment is uneven. ACEEE’s “2025 State Energy Efficiency Scorecard” found that just five states accounted for 90% of the increase in 2023 efficiency spending: Massachusetts, Missouri, New Jersey, New York and Pennsylvania. “In the wake of rapidly rising energy prices and electricity bills, several states are recognizing energy efficiency’s important role in keeping energy affordable by helping homeowners and businesses reduce costs, by improving living conditions, and by creating jobs, all while supporting increasingly ambitious state and local goals to reduce carbon emissions,” ACEEE said. The scorecard ranks states on their policy and program efforts to advance energy efficiency. California ranked No. 1 for the seventh time. Massachusetts was second, followed by New York, with Maryland and Vermont tied for fourth. “Leading states are reducing costs and cutting pollution through energy savings measures, but many other states are stagnating,” Mark Kresowik, senior policy director at ACEEE and lead author of