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BP BP-N +1.01%increase

plans to sell its U.S. onshore wind energy business, it announced on Monday, saying the assets were not aligned with its growth plans.

BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states.

“We believe the business is likely to be of greater value for another owner,” William Lin, BP’s executive vice president for gas and low carbon energy said in a statement.

Several offshore wind companies have cancelled or sought to renegotiate power contracts for planned U.S. projects in the past year, citing soaring materials costs, high interest rates, and supply chain disruptions.

bp Wind Energy’s assets, which have net total generating capacity of 1.3 gigawatts, are not aligned with BP’s plans for growth in Lightsource bp, the London-listed company said.

BP announced in November it would take full ownership of Lightsource bp, Europe’s largest solar energy developer. The deal to build up its renewable energy capacity is expected to be complete by the end of the year.

It said on Monday it would integrate its onshore renewable power development into Lightsource bp.

The move also comes as BP’s new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company told Reuters in June.

It marks a stark reversal from the direction the CEO’s predecessor Bernard Looney took to rapidly move away from fossil fuels. This has weighed on BP’s shares as returns from renewables shrank, while profits from oil and gas soared in the wake of the COVID-19 pandemic and Russia’s invasion of Ukraine.

Last month, Danish renewable energy group Orsted reported 3.9 billion Danish crowns ($581.59-million) in impairment losses for the second quarter, partly due to delays in a major U.S. offshore wind project.

20% of GOM Oil Production Remains Shut In After Hurricane Francine

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Will Opec respond to the short selling ?

Short selling

Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday.

Fears of a major oil glut are “completely overplayed,” Currie told the Asia Pacific Petroleum Conference (APPEC) in Singapore, where executives at major oil trading houses expressed bearish views about demand and global market balances for this year and next.

According to Currie, Chinese “weaknesses in demand are being deeply exaggerated by base effects and by destocking.”

“The key issue there is, the market is dramatically overestimating that flood [in oil supply], and it’s reflected in record short positions … and I’ve never seen anything like that,” Currie said at the APPEC conference, as reported by CNBC.

Hedge funds and other money managers accelerated their selling in the most traded petroleum futures contracts in the latest reporting week to September 3. Portfolio managers slashed their overall net long position—the difference between bullish and bearish bets—to the lowest level since exchanges began compiling such data in 2011.

Rising global oil supply and weaker-than-expected demand have made traders increasingly bearish on oil prices.

The top executives of some of the biggest independent oil traders also said this week that supply is outstripping demand.

Ben Luckock, Global Head of Oil at Trafigura, expects Brent to drop into the $60s handle, although he warned that traders shouldn’t put all their eggs in the basket of shorts.

Another major oil trader, Gunvor, also expects Brent at $70. Gunvor’s co-founder and chairman Torbjorn Tornqvist told the APPEC conference on Monday that Brent’s fair value is $70 a barrel as supply outpaces demand.

The problem with oversupply is not the OPEC+ policy but the fact that the group doesn’t have control over the jump in non-OPEC+ supply, Tornqvist said.

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Company BP plc (BP.)

Stock Exchange London Stock Exchange (United Kingdom)

Amount 8c

Dividend Type Quarterly

Ex-Dividend Date Thursday August 08 2024

Pay Date Friday September 20 2024

Your Holding 1 share change this

Your Payment: $0.08 (approx £0.06)

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Crude oil prices began the week with gains as traders took a break after the latest selloff and as a weather system in the Gulf of Mexico could become a hurricane before it makes landfall.

In midmorning trade in Asia Brent crude had added over 1% from last Friday’s close and West Texas Intermediate was up by some 1.30% from last week. The benchmarks lost some 10% last week in a selloff that Bloomberg dubbed “brutal”.

“Crude oil recorded its biggest weekly fall in 11 months amid a darkening economic backdrop. Weak jobs data in the U.S. on Friday raised concerns over flagging oil demand in the world's biggest consumer,” ANZ analysts said in a note cited by Reuters.

The latest jobs report from the Labor Department, released on Friday, showed 142,000 new jobs were added in August, which was below expectations. However, unemployment rose less than forecast in the same month, keeping optimism alive about an interest rate cut soon.

“OPEC+’s announcement to delay the start of its planned output increase signals that the producers’ group remains focused on balancing the market,” Morgan Stanley analysts said in a note quoted by Bloomberg. “Unless demand weakens more, we estimate Brent likely remains anchored around the mid-$70s.”

It is worth noting that the selloff last week did not pause even after OPEC signaled it would not, after all, start returning supply to the market from October and even after the EIA reported yet another sizable draw in crude oil inventories for the last week of August.

This week, three reports will move prices, including OPEC’s and the International Energy Agency’s latest monthly market updates. The Energy Information Administration is also scheduled to release its Short-Term Energy Outlook this week. OPEC and the EIA will release their reports on Tuesday. The IEA’s Oil Market Report is due out on Thursday

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Saudi and Emirati NOC Vie for Shell Assets. Middle Eastern oil-producing giant Saudi Aramco and ADNOC are reportedly competing to buy Shell’s (LON:SHEL) service stations in South Africa as the UK-based energy major seeks to garner $1 billion from its African divestment program.

Norway Seeks to End Climate Injunction on New Fields. Norway’s government has asked its appeals court to lift injunctions against three oil and gas fields operated by Aker BP and Equinor (NYSE:EQNR), in place since January after a ruling found that the state failed to fully assess their climate impact.

Colombia’s Diesel Protests Disrupt Supply Chains. After Colombia’s Petro government ended a diesel price subsidy that kept fuel prices stable for four years, protests have erupted across the country including attacks on pipelines, with state oil firm Ecopetrol (NYSE:EC) warning of oil output fallout.

Indian Major Seeks Approval For New Projects in Venezuela. India’s state-owned ONGC Videsh (NSE:ONGC) is seeking US regulatory approval to operate two new projects in Venezuela, citing a similar permission to Chevron (NYSE:CVX), to help it recover a pending dividend of more than $500 million.

ExxonMobil Keeps on Drilling in Guyana. Following the sixth FID of US oil major ExxonMobil (NYSE:XOM) in Guyana’s prolific Stabroek block, the Texas-based producer started appraisal drilling at its seventh oil project, the Hammerhead project that is believed to produce up to 190,000 b/d from 2029.

African Oil Producer Eyes New Routes. South Sudan’s output remains heavily curbed after the ongoing civil war in Sudan blocked its only pipeline route, prompting the country to invite China’s CNPC to develop an alternative pipeline to Djibouti via Ethiopia, avoiding its northern neighbour altogether.

Argentina’s Star Performer Sheds Lithium Assets. Argentina’s state-run oil firm YPF (NYSE:YPF), up 45% in 2024 to date, is considering a sale of its lithium unit as part of a sweeping divestment drive that will see it streamline investment into the Vaca Muerta shale patch, only three years after its creation.

European Carmakers Dial Down EV Ambitions. Europe’s leading carmakers Volkswagen and Volvo have corrected their EV strategies to the downside, with the former closing EV operations in Europe due to slower demand and the latter giving up on a strict mandate of producing only emissions-free cars by 2030.

DoE Grants First LNG Export Approval Since Biden Ban. The US Department of Energy authorized LNG developer New Fortress Energy (NASDAQ:NFE) to export LNG from its Altamira LNG offshore plant in Mexico to non-FTA countries, the first approval of its kind since he Biden administration halted the permitting process.

Venezuelan Oil Exports Soar to 4-Year High. Venezuela’s oil and fuel exports in August rose to their highest in more than four years, hitting 885,000 b/d or 62% higher year-on-year, defying the reimposition of US sanctions as