NN Hunt confirmed the construction of the long-awaited Sizewell C nuclear power plant in Suffolk during his Autumn Statement on Thursday afternoon. Speaking in the Commons, Mr Hunt said the new plant would create 10,000 highly skilled jobs as well as providing reliable, low carbon energy to six million homes and will generate electricity for …
OPEC is “back in the driver’s seat” as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, U.S. crude oil production will average 13 million bpd over the next few years, where it will plateau, as investors pressure U.S. oil companies to focus …
Oil prices fell on Wednesday and continued lower on Thursday as NATO confirmed Russia did not fire missiles at Poland. The reduction in geopolitical tensions moved traders to focus on economic woes and the potential of Covid spikes in China during flu season. There is still plenty of upside in oil markets as the EU …
The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, James Bullard, president of the Federal Reserve Bank of St. Louis, said Thursday. Bullard’s comments raised the prospect that the Fed’s rate hikes will make borrowing by consumers and businesses even costlier …
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Homebuyers have faced a dilemma during the pandemic: Swallow rapid price increases and forgo typical steps like house inspections, or risk getting left out of the real estate market. Those dynamics have caused some observers to question whether the U.S. is repeating the housing bubble of the early 2000s, which led to a painful housing …
OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervene for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by 2 mb/d in November 2022 …
The Federal Open Market Committee may need to push through one or more 50-basis-point interest rate hikes this year to get inflation under control, Fed Governor Christopher Waller. “I really favor front-loading our rate hikes, that we need to do more withdrawal of accommodation now if we want to have an impact on inflation later …
Ukrainian President Volodymyr Zelensky claimed on Wednesday that he has “no doubt that it was not our missile or our missile strike” that resulted in an explosion that killed two Polish civilians yesterday. He told reporters that he believes that Russia launched the missile in question, citing Ukrainian military reports that he “can’t help but …
The U.S. Energy Information Administration reported an inventory decline of 5.4 million barrels for the week to November 11. This compares with an inventory build of 3.9 million barrels for the previous week, which pushed prices lower last week. In fuels, the EIA reported inventory builds. Gasoline inventories added 2.2 million barrels over the week …
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Fed’s Daly: Range of 4.75%-5.25% is reasonable for policy rate end-point San Francisco Fed President Mary Daly said on Wednesday that the Federal Reserve wants to see the economy slow as it attempts to get it “back to a sustainable pace of growth.” She added that consumers are “stepping back” and preparing for a slowdown, …