VP Harris pledges not to ban fracking; Trump would slash Biden clean power plans

seekingalpha08-31

Crude oil futures fell sharply on Friday after Reuters reported that OPEC+ will move ahead with plans to start unwinding some production cuts in October, on top of continuing concerns about weakening ...

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The report cited six sources from the cartel, saying that with the loss of Libyan production and expectations that the Federal Reserve will start cutting interest rates in September, the plan remains in place. \"It appears that OPEC+ has room to increase production during the final quarter of 2024 as planned without risking turning the market into surplus after a strong deficit in the third quarter,\" Rystad Energy analysts said, according to Dow Jones, but \"despite deficits on the crude side with an increase from October onwards, the emerging product side surplus will weigh much more and is unlikely to provide room to return barrels.\" Libya's National Oil Corporation said recent oilfield closures have caused the loss of 63% of the country's total oil production, as a conflict between rival factions continues. Libya's production losses could reach 900K-1M bbl/day and last for several weeks, consulting firm Rapidan Energy Group said. But \"it is interesting to see the shutdown of Libya's crude oil production have such an impact on market prices one day and completely ignored the next,\" Tim Snyder, chief economist at Matador Economics, told Reuters, believing \"there is a lot of negative inertia in the market pulling prices down.\" Front-month Nymex crude for October delivery (CL1:COM) finished -3.1% Friday to $73.55/bbl, down 1.7% this week and 5.6% for the month, while front-month October Brent (CO1:COM) closed -1.4% to $78.80/bbl, down 0.3% this week and 2.4% for the month. Front-month October Nymex natural gas (NG1:COM) -0.4% on Friday and down 2.4% for the week, but ended up 4.4% for the full month. ETFs: (USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG) Democratic presidential candidate Kamala Harris made news this week when she told CNN in an interview that if she is elected president, she would not stop fracking, which she opposed prior to becoming vice president - and a position that could have proven politically damaging in swing state Pennsylvania. \"As vice president, I did not ban fracking. As president, I will not ban fracking,\" Harris said. She praised the Biden administration's efforts to promote clean energy, saying \"we can grow and we can increase a thriving clean energy economy without banning fracking.\" Meanwhile, Republican candidate Donald Trump said this week that he would rescind many of President Biden's clean energy rules while speeding approvals of power plants to meet surging electricity demand. Energy, as represented by the Energy Select Sector SPDR Fund ETF (NYSEARCA:XLE), was the week's worst performer among S&P industry groups, -2.1%. Top 5 gainers in energy and natural resources in the past 5 days: Idaho Strategic Resources (IDR) +14.3%, Eos Energy Enterprises (EOSE) +13.1%, Imperial Petroleum (IMPP) +12.7%, YPF (YPF) +12.5%, Hallador Energy (HNRG) +11.8%. Top 5 decliners in energy and natural resources in the past 5 days: Osisko Development (ODV) -12%, Sibanye Stillwater (SBSW) -11.8%, Perma-Pipe International (PPIH) -11.1%, New Found Gold (NFGC) -10.3%, Piedmont Lithium (PLL) -10.3%. Source: Barchart.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2463743896"}