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Physical oil can cost about $38 a barrel more to deliver, as tanker rates surge. View More

In this articleSHEL@LCO26ZFollow your favorite stocksCREATE FREE ACCOUNT GET THIS IN YOUR INBOX FIRST: Subscribe to CNBC's "Power Insider" newsletter. POWER POINTWhat I'm hearing from energy insidersOil, in reality, is $125 per barrel or higher.That's the real cost of a barrel of oil because buying the physical commodity is a very different story from a number on traders' screens.Oil futures are just that: paper contracts indicating a price today, tomorrow, next month or further out.  If you want to buy the physical commodity, it may be a totally different story — and price.As I've reported, prices for oil delivery have skyrocketed. Last week, a VLCC (aka a "supertanker" in non-shipper parlance) was chartered from the U.S. Gulf Coast to China for $76 million. Another very large crude carrier went for $77 million from the U.S. to South Korea. That's 10 times more than the price of the same trip less than one year ago.Zoom In IconArrows pointing outwardsAssuming these ships hold about 2 million barrels of oil, that charter price means each barrel on the ship costs about $38 over the price of the oil itself.I'm certainly not saying to avoid looking at oil futures prices, but you need to know that the price on the CNBC screen or CNBC.com isn't always the full price being paid. These days, any company that needs oil shipped by sea, rail or truck will pay a hefty premium over the price of the oil itself. So, while the volume of oil moving through Hormuz is closing in on pre-war levels, costs are not. And there's no sign that they're going anywhere but up.You know what else is up? The stocks of the shipowners. Look at their moves this month and this year. ***On a more serious note, I want to express my condolences for the awful attacks on the airport in Riyadh, Saudi Arabia. The cowardly strike on civilians—some of whom were religious pilgrims—took the lives of at least 14 people and injured more than 300.Zoom In IconArrows pointing outwardsThe airport was attacked at least three times as travelers and energy industry professionals from around the world were flying into Riyadh for the World Petroleum Council conference. I was scheduled to fly in on Saturday, but the trip was canceled because of the strikes. The WPC went on as planned — here's one panel that took place Tuesday — and I look forward to seeing all my global energy friends again soon.Thanks for reading—and watching. Be safe in these crazy and often scary times.BrianTHE ACTIONABLE INSIDERThe supercap oil and gas stock to watch right now is Shell (SHEL). Shell is not a shell of its former self. It's back to being what energy investors wanted: a major player in global energy, focused on what it does best. Shareholders are being rewarded.Shell hit a new high this week. While analysts remain bullish, the stock is getting close to its target price.Shell may be underappreciated for its huge liquefied natural gas business. RBC analyst Biraj Borkhataria writes: "Without a sustained resumption in Qatari volumes and with European storage levels below seasonal lows heading into winter, European gas prices continued on an upward trajectory in 3Q26. With HH broadly unchanged throughout the summer, export margins have increased to the widest levels seen since 2022, on our estimates nearly double the level in 2Q26 (~$13/mmbtu vs. $7/mmbtu)."Borkhataria expects Shell and other companies with huge U.S. LNG positions — TotalEnergies (TTE) and BP (BP) — to benefit from wider margins on exports to Europe.Speaking of RBC and energy, the firm lists ConocoPhillips as one of its top 30 global stock ideas. The company is covered by analyst Scott Hanold, who believes it has a "returns-focused value proposition, a strong balance sheet, and peer-leading distributions." He loves its "global and diverse" asset base and management's clear "investment propositions." Hanold has a $152 target on COP. That's more than 20% upside.In oil and gas, refiners and big energy stocks are generating cash for investors, and Morgan Stanley is optimistic more is coming.Zoom In IconArrows pointing outwardsThe firm says the diesel shortage is now spilling over into gasoline, potentially marking another leg of the "golden age" for refiners. Morgan Stanley has been revising its earnings estimates higher for companies including ExxonMobil (XOM), Valero (VLO), Phillips 66 (PSX) and PBF (PBF).Fun Fact →  While nearly every other company calls Texas home, refiner PBF is headquartered in a suburban office park just off a highway in New Jersey.Two big calls to quickly highlight in power production.First, Truist says you have to buy First Solar (FSLR). The analyst upgrades it to Buy with a $270 target. Tariffs should help the Phoenix-based company, giving it pricing power for at least four more years. The Section 232 tariffs—which are too complicated to detail here—should help First Solar raise solar module prices and boost earnings. We agree, having written about the company and stock back in July.Another call on the Power Insider radar: TD Cowen is starting coverage of TeraWulf (WULF) with a Buy rating and a $21 target. That indicates about 50% upside for the stock, but it's actually one of the Street's lower price targets. TeraWulf and other AI power companies have seen their stocks hit hard following months of big gains, but Cowen analyst Michael Elias says the valuation is now attractive and a likely lease in the second half of 2027 at a Kentucky location could be a catalyst.TAKE A LOOKIn the wake of the terror attacks on Saudi Arabia, we spoke with RBC Capital Markets' Helima Croft about the attacks, energy and more.watch nowVIDEO4:2804:28RBC’s Helima Croft on oil prices: We're in a transportation crisisPower LunchINSIDE LINEZoom In IconArrows pointing outwardsZoom In IconArrows pointing outwardsRANDOM, BUT INTERESTINGThe entire energy world is watching Europe's natural gas storage levels. The question is whether the continent will have enough gas to make it safely through the winter. Power Insider wrote about the topic in the last issue.The fact that JPMorgan highlights expected weather patterns should tell you how much temperature matters when it comes to gas storage. The early forecast calls for October and November to be average or slightly warmer than the 10-year average. The red line represents the 10-year average.Europe has been largely "saved" by mild temperatures over the past few years. Natural gas storage levels are lower this year than in years past, so the thermometer will matter a lot when it comes to how well countries can, ahem, weather the winter. Random, but interesting.Zoom In IconArrows pointing outwardsTHE GRIDContainer ship sinks in Strait of Hormuz as Iran steps up attacksIran says it's 'counting the moments' until it can strike U.S. warshipsDiesel squeeze set to last well into 2027 as Iran war disrupts supply, IEA saysCatch up with more on energy including interviews and video content from CNBC and Power Insider.    Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Tata Power said the West Bengal government has shown a lot of keenness to promote rooftop solar adoption in the State under “Ghar Ghar Solar” initiative View More

Uttar Pradesh has installed over 900,000 rooftop solar plants, taking capacity to 3,000 Mw, with daily additions of 9-10 Mw and an estimated 100,000 direct jobs created View More

Tom Green, an Iowa farmer, backs the Folsom Lake Solar Project after it secured the green light from the Mills County Zoning Board. This initiative is set to ensure reliable income through long-term land leases amid tough farming conditions. It promises to produce a substantial amount of electricity, enough to power many local homes, while also creating jobs and boosting tax revenues. View More

The facility, spread across approximately 1.65 lakh sqft, is designed to scale up to 15 GWh in later phases View More

India and Chile are progressing with negotiations for a Comprehensive Economic Partnership Agreement to enhance trade relations. The agreement will focus on sectors such as digital services, critical minerals, and investment. Both nations seek to diversify their trade partnerships and reduce reliance on single markets, particularly in mineral exports. View More

As India and Chile inch toward upgrading their existing Preferential Trade Agreement (PTA) into a more comprehensive trade pact, the negotiations have unfolded quietly, far from the buzz that accompanies India’s deal with the European Union (EU) or the US. The trade negotiations for the Comprehensive Economic Partnership Agreement (CEPA) with Chile should not be viewed as a routine upgrade to a trade deal; this may be one of the most strategic trade negotiations underway. The India-Chile trade relationship is not a new one. The two countries signed a PTA in 2006, which was expanded in 2016 to cover nearly 1,800 tariff lines. That arrangement reduced tariffs on select goods and widened market access but remained limited in scope. Further, to enhance economic integration and cooperation, in May 2025, both countries signed a framework agreement for CEPA, which would include several sectors, including digital services, investment promotion and cooperation, MSMEs, critical minerals , etc. Though trade between the two nations has grown steadily, it has remained relatively small compared to other trading partners. Exports to Chile account for just 0.2-0.3% of India’s export basket, while Chile exports around 2-3% of its total exports to India by value. Chile’s exports are very concentrated, with China occupying around 40% of its exports. Chile’s export basket to India is dominated by copper and related minerals, alongside chemicals and some agricultural products. India, in turn, exports pharmaceuticals, automobiles, particularly two- and three-wheelers, textiles, and engineering goods. Though this relationship may not be trade-heavy, it is trade-compatible. And in the era of energy transition, that compatibility requires a dimension: improved market access with supply-chain resilience. Chile holds some of the world’s largest lithium reserves and is a major global producer of copper. These are not ordinary commodities; they are critical inputs for industry and the global net-carbon neutrality goals. Lithium is central to electric vehicle (EV) batteries, grid storage systems, and renewable energy apparatus. Copper is also indispensable for power transmission, EV charging infrastructure, and the expansion of electricity grids. In a rapidly changing world, metal and mineral security has become synonymous with industrial security. In this respect, India’s ambitions are clear. It aims to scale up EV adoption, expand solar and wind capacity, build domestic battery manufacturing under production-linked incentive (PLI) schemes, and reduce import dependence in critical sectors. However, secure, sustainable, and diversified access to critical minerals and metals, such as lithium and copper, is essential for realising these ambitions. At present, global mining, processing, and refining capacities for many critical minerals are highly concentrated, creating vulnerabilities in supply chains. For India, expanding partnerships with resource-rich countries like Chile is not only about lowering tariffs; it is also about building long-term supply chain resilience amid a fragmenting world order. Live Events The India-Chile negotiations, therefore, should not be approached as a routine expansion of tariff concessions. They represent an opportunity to embed critical mineral cooperation within a broader trade and investment architecture. For Chile, too, trade diversification matters. While China remains a dominant destination for Chilean mineral exports, overdependence on a single market carries its own risks. India offers an expanding industrial base, growing domestic demand for energy transition technologies, and a large consumer market for goods. Beyond raw material trade, there is scope for collaboration in value addition, such as refining, battery assembly, and technology partnerships. In terms of Digital products and services, Chile may learn from India’s experience of creating and operationalizing the digital public infrastructure. Unified Payment Interface has been a success in India for cashless transactions, while the use of Digilocker for paperless authentication has been growing. Further cooperation between the two may be explored in the Digital Currencies, as in India, the RBI has piloted the use of e-currency in both the retail and wholesale segments. The future of such a partnership should move beyond a simple buyer-seller model. Instead of limiting engagement to mineral exports, India and Chile could explore joint ventures in mineral processing, long-term offtake agreements that ensure supply stability, and mechanisms for technology sharing in manufacturing. Investment protection provisions and facilitation of capital flows would also be vital to encourage Indian firms to participate directly in Chile’s mining and processing sectors. Additionally, there is a larger geopolitical context. Much of the recent global discourse on critical minerals has been framed through strategic competition among major powers, like China and the US. India-Chile cooperation offers a different model, which is rooted in Global South collaboration rather than bloc politics. It demonstrates that strategic supply chains can be diversified through pragmatic economic partnerships, without being a part of geopolitical blocs. Ultimately, the success of the India-Chile agreement will depend on how negotiators treat it. Though lowering or eliminating the tariff and non-tariff barriers for the merchandise trade may bring welfare effects for both countries, a strategic expansion rather than a conventional one would anchor a long-term industrial partnership. If designed with foresight, integrating trade, minerals, investment, technology, and sustainability, it could present a model for sustainable economic partnership for the Global South also. The scope of the agreement, therefore, should not remain partial. It should become strategic. Dr. Badri Narayanan Gopalakrishnan, PhD is the Founder of Infinite Sum Modelling. Himanshu Jaiswal is Research Fellow, Infisum Modeling. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

About 4.2% of total solar generation could not be absorbed by the grid in July and August, highlighting inadequate transmission ?infrastructure, data from the Centre for Research on Energy and Clean Air (CREA) show View More

The scheme currently provides subsidies of up to 40% to households installing rooftop solar panels and aims to provide up to 300 units of free electricity a month to 10 million households. View More

Bear Grylls and his family spend part of the year on a 20-acre Welsh island without mains electricity or water. Their remote home relies on wind power, solar panels and harvested rainwater, offering privacy alongside the challenges of off-grid living View More

Optimal combination depends not just on the duration but also time of power delivery View More