Oil eased after a three-session advance as traders assessed fresh US stockpile data and a Federal Reserve interest-rate cut. West Texas Intermediate fell 0.7% to settle above $64 a barrel after the Federal Reserve lowered its benchmark interest rate by a quarter percentage point and penciled in two more reductions this year. Although lower rates typically boost energy demand, investors focused on policymakers’ warnings of mounting labor market weakness. Traders had also mostly priced in a 25 basis-point cut ahead of the decision, leading some to unwind hedges against a bigger-than-expected reduction. The dollar strengthened, making commodities priced in the currency less attractive. “There is a somewhat counterintuitive reaction to the Fed’s cut, but the dovish pivot cements their shift to protect the labor side of their mandate,” said Frank Monkam, head of macro trading at Buffalo Bayou Commodities. The shift suggests “an admission that growth risks to the economy are becoming more apparent and concerning.” The Fed move compounded an earlier slide as traders discounted the most recent US stockpile data, which showed crude inventories fell 9.29 million barrels amid a sizable increase in exports. However, the adjustment factor ballooned and distillate inventories rose to the highest since January, adding a bearish tilt to the report. “Traders like to see domestic demand pulling the inventories,” as opposed to exports, said Dennis Kissler, senior vice president for trading at BOK Financial Securities. The distillate buildup also stunted a rally following Ukraine’s attack on the Saratov refinery in its latest strike on Russian energy facilities — which have helped cut the OPEC+ member’s production to its lowest post-pandemic level, according to Goldman Sachs Group Inc. Still, the strikes haven’t been enough to push oil out of the $5 band it has been in for most of the past month-and-a-half, buffeted between

Abu Dhabi National Oil Co. dropped its planned $19 billion takeover of Australian natural gas producer Santos Ltd., walking away from an ambitious effort to expand overseas after failing to agree on key terms. A “combination of factors” discouraged the company’s XRG unit from making a final bid, it said Wednesday. The decision was strictly commercial and reflected disagreement over issues including valuation and tax, people familiar with the matter said, asking not to be identified discussing private information. It’s a notable retreat for XRG, the Adnoc spinoff launched to great fanfare last year and tasked with deploying Abu Dhabi’s billions into international dealmaking. The firm has been looking to build a global portfolio, particularly in chemicals and liquefied natural gas, and nixing the Santos transaction may slow an M&A drive aimed at diversifying the Middle Eastern emirate away from crude. The company made its indicative offer in June with a consortium that included Abu Dhabi Development Holding Co. and Carlyle Group Inc. The board of Santos, Australia’s second-largest fossil-fuel producer, recommended the $5.76-a-share proposal, which represented a 28% premium to the stock price at the time. But although the shares surged that day, they have remained well below the offer price, potentially indicating investors were skeptical the consortium could land the deal. Santos extended an exclusivity period for a second time last month, saying the group had sought more time to complete due diligence and obtain approvals. “The market will ask questions about Santos’ valuation after this,” Saul Kavonic, an energy analyst at MST Marquee, said by email. Investors may be wary about “any skeletons that may be lurking there, all the more so because XRG was a less price-sensitive buyer than most, yet still couldn’t make it work.” Santos’ American depositary receipts slumped as much as 9.5% to $4.69 on Wednesday. Covestro Hurdles Following agreements for

Slovakia and Hungary signaled they would resist pressure from US President Donald Trump to cut Russian oil and gas imports until the European Union member states find sufficient alternative supplies.  “Before we can fully commit, we need to have the right conditions in place — otherwise we risk seriously damaging our industry and economy,” Slovak Economy Minister Denisa Sakova told reporters in Bratislava on Wednesday.  The minister said sufficient infrastructure must first be in place to support alternative routes. The comments amount to a pushback against fresh pressure from Trump for all EU states to end Russian energy imports, a move that would hit Slovakia and Hungary.  Hungarian Cabinet Minister Gergely Gulyas reiterated that his country would rebuff EU initiatives that threatened the security of its energy supplies. Sakova said she made clear Slovakia’s position during talks with US Energy Secretary Chris Wright in Vienna this week. She said the Trump official expressed understanding, while acknowledging that the US must boost energy projects in Europe.  Trump said over the weekend that he’s prepared to move ahead with “major” sanctions on Russian oil if European nations do the same. The government in Bratislava is prepared to shut its Russian energy links if it has sufficient infrastructure to transport volumes, Sakova said.  “As long as we have an alternative route, and the transmission capacity is sufficient, Slovakia has no problem diversifying,” the minister said. A complete cutoff of Russian supplies would pose a risk, she said, because Slovakia is located at the very end of alternative supply routes coming from the West.  Slovakia and Hungary, landlocked nations bordering Ukraine, have historically depended on Russian oil and gas. After Russia’s full-scale invasion of Ukraine in 2022, both launched several diversification initiatives. Slovakia imports around third of its oil from non-Russian sources via the Adria pipeline

Slovakia and Hungary signaled they would resist pressure from US President Donald Trump to cut Russian oil and gas imports until the European Union member states find sufficient alternative supplies.  “Before we can fully commit, we need to have the right conditions in place — otherwise we risk seriously damaging our industry and economy,” Slovak Economy Minister Denisa Sakova told reporters in Bratislava on Wednesday.  The minister said sufficient infrastructure must first be in place to support alternative routes. The comments amount to a pushback against fresh pressure from Trump for all EU states to end Russian energy imports, a move that would hit Slovakia and Hungary.  Hungarian Cabinet Minister Gergely Gulyas reiterated that his country would rebuff EU initiatives that threatened the security of its energy supplies. Sakova said she made clear Slovakia’s position during talks with US Energy Secretary Chris Wright in Vienna this week. She said the Trump official expressed understanding, while acknowledging that the US must boost energy projects in Europe.  Trump said over the weekend that he’s prepared to move ahead with “major” sanctions on Russian oil if European nations do the same. The government in Bratislava is prepared to shut its Russian energy links if it has sufficient infrastructure to transport volumes, Sakova said.  “As long as we have an alternative route, and the transmission capacity is sufficient, Slovakia has no problem diversifying,” the minister said. A complete cutoff of Russian supplies would pose a risk, she said, because Slovakia is located at the very end of alternative supply routes coming from the West.  Slovakia and Hungary, landlocked nations bordering Ukraine, have historically depended on Russian oil and gas. After Russia’s full-scale invasion of Ukraine in 2022, both launched several diversification initiatives. Slovakia imports around third of its oil from non-Russian sources via the Adria pipeline

Listen to the article 2 min This audio is auto-generated. Please let us know if you have feedback. Per capita carbon dioxide emissions from energy consumption fell in every state from 2005 to 2023, primarily due to less coal being burned, the U.S. Energy Information Administration said in a Monday report.  In total, CO2 emissions fell by 20% in those years. The U.S. population increased by 14% during that period, so per capita, emissions fell by 30%, according to EIA. “Increased electricity generation from natural gas, which releases about half as many CO2 emissions per unit of energy when combusted as coal, and from non-CO2-emitting wind and solar generation offset the decrease in coal generation,” EIA said. Emissions decreased in every state, falling the most in Maryland and the District of Columbia, which saw per capita drops of 49% and 48%, respectively. Emissions fell the least in Idaho, where they dropped by 3%, and Mississippi, where they dropped by 1%. Optional Caption Courtesy of Energy Information Administration “In 2023, Maryland had the lowest per capita CO2 emissions of any state, at 7.8 metric tons of CO2 (mtCO2), which is the second lowest in recorded data beginning in 1960,” EIA said. “The District of Columbia has lower per capita CO2 emissions than any state and tied its record low of 3.6 mtCO2 in 2023.” EIA forecasts a 1% increase in total U.S. emissions from energy consumption this year, “in part because of more recent increased fossil fuel consumption for crude oil production and electricity generation growth.” In 2023, the transportation sector was responsible for the largest share of emissions from energy consumption across 28 states, EIA said. In 2005, the electric power sector had “accounted for the largest share of emissions in 31 states, while the transportation sector made up the

Chord Energy Corporation announced a “strategic acquisition of Williston Basin assets” in a statement posted on its website recently. In the statement, Chord said a wholly owned subsidiary of the company has entered into a definitive agreement to acquire assets in the Williston Basin from XTO Energy Inc. and affiliates for a total cash consideration of $550 million, subject to customary purchase price adjustments. The consideration is expected to be funded through a combination of cash on hand and borrowings, Chord noted in the statement, which highlighted that the effective date for the transaction is September 1, 2025, and that the deal is expected to close by year-end. Chord outlined in the statement that the deal includes 48,000 net acres in the Williston core, noting that “90 net 10,000 foot equivalent locations (72 net operated) extend Chord’s inventory life”. Pointing out “inventory quality” in the statement, Chord highlighted that “low average NYMEX WTI breakeven economics ($40s) compete at the front-end of Chord’s program and lower the weighted-average breakeven of Chord’s portfolio”. The company outlined that the deal is “expected to be accretive to all key metrics including cash flow, free cash flow and NAV in both near and long-term”. “We are excited to announce the acquisition of these high-quality assets,” Danny Brown, Chord Energy’s President and Chief Executive Officer, said in the statement. “The acquired assets are in one of the best areas of the Williston Basin and have significant overlap with Chord’s existing footprint, setting the stage for long-lateral development. The assets have a low average NYMEX WTI breakeven and are immediately competitive for capital,” he added. “We expect that the transaction will create significant accretion for shareholders across all key metrics, while maintaining pro forma leverage below the peer group and supporting sustainable FCF generation and return of capital,” he continued.