Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported a 1.519-million-barrel drop in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by another 0.7 million barrels as of March 22. Inventories are now at 363 million barrels—the highest point since last April. Читать дальше...
The perils that threaten the continuity of human civilization are so obvious that it is puzzling that so little is being done to counter these perils. In fact, much is being done to hasten their arrival. Climate change, nuclear war, toxic pollution leading to complete loss of human fertility, solar storms and electromagnetic pulse weapons that could take down the entire electric grid, designer viruses against which none of us have defenses, and energy and resource depletion are just some of the extinction-level risks that we face. Читать дальше...
If you’re expecting South Africa will make a quick shift away from coal-fired power in favor of green energy, prepare to be disappointed. Expecting South Africa to quickly give up on coal-fired power would be “very wrong,” South Africa’s energy minister Gwede Mantashe told Bloomberg this week. Instead, South Africa will continue to rely on coal and other fossil fuel-generated power, even as richer nations push the country towards greener forms of energy, because it is less intermittent than green energy... Читать дальше...
Via Metal Miner The latest steel news and sources from the UK indicate that the Community trade union plans to ballot its members at Tata Steel for strike action. The move comes amid the company's plans to replace two blast furnaces at the Port Talbot site with electric arc furnaces. “Community representatives from all Tata Steel UK plants have unanimously agreed to serve notice on the company should Tata confirm their intention to close Blast Furnace Number 4,” the London-headquartered union quoted... Читать дальше...
Enbridge is forming a joint venture to build and operate natural gas pipelines connecting gas supply from the Permian Basin to the U.S. Gulf Coast to tap into growing LNG export demand, the Canadian-based pipeline giant said on Tuesday. Enbridge has entered into a definitive agreement with WhiteWater/I Squared Capital and MPLX LP to form a joint venture that will develop, construct, own, and operate natural gas pipeline and storage assets connecting Permian gas with the Gulf Coast. Enbridge... Читать дальше...
A “more dynamic” price cap could be introduced by Ofgem based on the time of day households use its energy, it has been revealed. The energy regulator has launched a consultation on a range of options for the future of the price cap including on with a “time-of-use dependent unit rates to encourage consumer flexibility”. Ofgem is also considering introducing a targeted cap which could be based on a variety of factors such as vulnerability, and more flexible, market-based price protections such as... Читать дальше...
The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency WAM in an interview. “Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations,”... Читать дальше...
“Electric vehicles (EVs) are pilling up on lots across the country as the green revolution hits a speed bump, data show.”~ USA Today, November 14, 2023 “Hertz Global Holdings announced Thursday it planned to cut one-third of its global EV fleet over the year. Following the announcement, Hertz CEO Stephen Scherr suggested the road to electrification could be bumpier than anticipated.”~ Bloomberg, January 11, 2024 Starting mid-point last decade, the investment community became convinced EV adoption would quickly surge. Читать дальше...
Chinese EV exports to the European Union slumped by 19.6% in January and February 2024 compared to the same period last year as the EU continues its investigation into whether China’s subsidies are giving its auto manufacturers an unfair advantage over other EV makers. In the first two months of 2024, China exported around 75,600 EVs to the EU, according to official Chinese customs data reported by Bloomberg on Tuesday. In October, the EU launched anti-subsidy investigations into EU imports of... Читать дальше...
The United States and the European Union are at odds over how far a ban on fossil fuel loans and guarantees would extend and haven’t reached an agreement at the latest round of talks within the OECD organization of the most developed nations, sources with knowledge of the discussions have told the Financial Times. OECD members, which include the U.S., the EU, Canada, the UK, Japan, and South Korea, among others, have recently held a round of talks in Paris, without reaching any compromise about the... Читать дальше...
In what feels like an increasingly bullish oil market, $90 Brent is now a real possibility. While demand uncertainty persists, geopolitical risk, a weakening U.S. dollar, and OPEC+ supply cuts have moved prices higher.- Long positions held by hedge funds and other money managers have seen the strongest influx of bullish interest since September 2023, indicating the market believes geopolitical pressures will keep on pushing oil prices higher.- Net long positions held in Nymex WTI rose by 50 million barrels in the week ending March 19... Читать дальше...
Indian state and private refiners have suspended purchases of crude from Venezuela as the U.S. sanctions waiver on Venezuela’s oil exports expires on April 18 and could lead to complications if not renewed, sources familiar with the purchases have told Bloomberg. Private refiner Reliance Industries, which is India’s largest buyer of Venezuelan crude grade Merey, looks to avoid complications with cargoes if the U.S. were to re-impose the sanctions that were temporarily lifted for six months in the middle of October 2023. Читать дальше...
Russia has supplied oil directly to North Korea this year as both regimes are openly defying UN sanctions on sales of petroleum to Pyongyang in response to its nuclear weapons tests, satellite images shared exclusively with the Financial Times have shown. North Korea has been under UN Security Council sanctions since 2017, but Russia is said to have supplied and smuggled oil to the country since then. In August 2018, The Asian Institute for Policy Studies said while most of the sanction-bypassing... Читать дальше...
French lender Credit Agricole has declared it will no longer finance the Rovuma LNG project in Mozambique and the Papua LNG project in Papua New Guinea. The bank cited its commitments to reduce exposure to the oil and gas industry as the basis for its decision, according to a Reuters report on the news. Rovuma LNG and Papua LNG are two of the largest liquefied natural gas projects in progress, with the companies involved including Exxon, TotalEnergies, Eni, and Australia’s Santos. Environmentalists welcomed the decision... Читать дальше...
Australia’s transition to net zero is being threatened by the limited availability of local natural gas supply, one of the country’s biggest energy infrastructure operators. “Without gas, we’re going to see major disruptions to energy security and costs will increase. Without gas, we’ll be keeping the coal and diesel generators going for a long, long time,” the chief executive of APA Group said at an industry conference this week in a stark warning that Australia had a “desperate need” for…
Mexico’s troubled state energy major Pemex has announced plans to slash its carbon dioxide emissions by 54% over the next six years—perhaps the most ambitious emission-cutting program in the oil industry ever. The company also said it would increase the amount of money it spends on non-oil and gas energy technologies and improving its safety standards, Bloomberg reported, citing Pemex executives during a call with investors, at which the company presented its updated sustainability plan. “We are... Читать дальше...
Private equity firms and money managers are increasing their direct oversight of renewable energy startups that have been left struggling thanks to soaring demand for fossil fuels, slower-than-expected technological development and supply-chain shortages of materials and equipment. Pooja Goyal, CIO at the infrastructure subsidiary of multinational private equity, alternative asset management firm Carlyle Group, has revealed that his company has been negotiating key components on behalf of its portfolio companies. Читать дальше...
Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad. The current oversupply in the U.S. natural gas market is set to ease in the coming months as many operators are curtailing production in response to the February price slump, which saw prices tumble to a three-decade low. This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative... Читать дальше...
The biofuels industry in the US is booming, and a fresh surge in production is just around the corner thanks to increased demand for renewable diesel and sustainable aviation fuels (SAFs) in the coming years. Rystad Energy research predicts biofuel production in the US will increase by about 53% by the middle of next decade, jumping from 850,000 barrels of oil equivalent per day (boepd) in 2023 to about 1.3 million boepd in 2035. Domestic output is expected to surpass 1 million boepd as early as 2026. Читать дальше...
