Oil Jumps: Supply Squeezes Fuel Optimism

• The US Environmental Protection Agency proposed new rules for methane emissions, introducing a financial penalty of 900 per metric tonne above a specified amount, expected to raise $750 million this year across 2,000 oil and gas facilities.

• US investment giant BlackRock (NYSE:BLK) agreed to buy Global Infrastructure Partners for 12.5 billion, boosting its infrastructure assets to $150 billion and adding a sizable renewables portfolio.

• US offshore-focused oil producer Talos Energy (NYSE:TALO) struck a deal to acquire privately held producer QuarterNorth Energy in a $1.29 billion cash and stock deal, boosting its presence in Mexico.

• The largest EV carmaker globally, China’s BYD (SHE:002594) has been holding talks with Brazil’s Sigma Lithium over a potential lithium supply agreement, joint venture, or even outright acquisition, seeking to build EVs in Brazil from mid-2024.