The discussion about electric batteries has long been centred around lithium-ion batteries, which use lithium resources in their development. The large-scale rollout of these batteries relies on the development of vast mining projects to source the lithium and other metals and minerals required for their production. Due to the limitations of these types of batteries, scientists have been exploring the viability of alternative materials for battery construction to increase the number of energy storage options. Читать дальше...
Governments around the globe are exploring innovative ways to produce cleaner energy that will help decrease the overreliance on polluting fossil fuels. This ranges from more traditional green energy, such as solar and wind power, to less common options like tidal and geothermal power. As part of its aim to undergo a green transition, the U.S. government recently unlocked millions in funding to develop the country’s geothermal potential, after years of pressure from the industry. Scientists worldwide... Читать дальше...
The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday, falling by 1. U.S. drillers saw a total loss of rigs this year of 2. The total rig count fell by 1 to 620 this week, compared to 751 rigs this same time last year. The number of oil rigs rose by 2 this week after falling by 3 in the week prior. Oil rigs now stand at 508--down by 82 compared to this time last year. The number of gas rigs fell by 2 this week to 110... Читать дальше...
Reuters reported on Friday that Tesla has canceled its inexpensive car that would have catapulted Tesla’s sales growth, citing anonymous sources and a company message seen by the news outlet. “Reuters is lying (again),” Elon Musk said on Twitter in a response to Zerohedge, who cited the Reuters headline, shortly following the article’s publication. The anonymous sources said they become privy to Tesla’s plans to scrap the cheaper model in a meeting in late February. According to Reuters, these sources... Читать дальше...
A few weeks ago, when WTI crude was trading just below $80, I wrote here that I was about to break with my usual, contrarian trading style and establish a long-term long position in oil after a gain of around ten percent since the beginning of February. Normally, if something has climbed that far that fast, I start to look for a pivot point; a level at which a correction or consolidation will come. Last month, however, the more I looked at the fundamental factors influencing oil, the more convinced I became that it was heading higher still. Читать дальше...
Rising seasonal demand and higher crude oil prices have resulted in the highest average U.S. gasoline prices in nearly six months, with the national average gas price hitting $3.57 per gallon, up from $3.10 at the start of the year, and higher than a year ago. The national average hit a new multi-month high on Thursday morning, rising to $3.57 per gallon, the highest since October 14, Patrick De Haan, head of petroleum analysis at GasBuddy, noted. The current average price of a gallon of regular... Читать дальше...
What happens when Argentina’s oil provinces cut off supplies amid a head-to-head battle with the country’s new libertarian president, Javier Milei, who has approached his mandate with a guns-blazing attitude and little political support to back it up? Milei is playing fast and loose with Argentine provinces that have grown accustomed to being treated with more deference and respect and now feel like they are being extorted, and the blowback could be phenomenal, with no sign that Milei is entertaining any notions of backing down. Читать дальше...
Politics, Geopolitics & Conflict Israel has shored up its defenses in anticipation of a direct response from Iran following the Israel leveling of the Iranian consulate in Damascus, Syria. Two Iranian generals were killed in the attack. Israel’s war cabinet has convened, and tension is bursting over an expected Iranian response. In the meantime, needing full U.S. support against Iran, Israel moved to ease the route for humanitarian aid to Gaza via the waterways. In Turkey, the opposition dealt a severe blow to Erdogan... Читать дальше...
1. OPEC+ Sticks to Course as Focus Shifts to Overproducers - The Joint Ministerial Monitoring Committee of OPEC+ has confirmed the oil group’s current production targets, pushing back against increasing calls for a reversal of output cuts on the back of Brent hitting $90 per barrel. - Compliance with stipulated production targets is becoming a major sticking point for OPEC+ members, with the JMMC asking Iraq and Kazakhstan to present detailed compensation plans on how they would cut output in Q2. Читать дальше...
Oil Prices Surge WTI crude oil's current bullish trend, closely following Brent crude's movements, has placed it at a crucial point for traders. This trend, driven by a mix of geopolitical tensions and economic factors, is pivotal in determining the future direction of oil prices. Heightened Geopolitical Tensions Influencing Market The surge in WTI crude oil prices is primarily due to escalating geopolitical unrest in the Middle East, especially tensions involving Israel and Iran. Such conflicts often lead to uncertainties in oil supply... Читать дальше...
Abu Dhabi National Oil Company (ADNOC) has been sending medium sour grade Upper Zakum for processing at a local refinery since the end of 2023, releasing more volumes of the sweeter, lighter, and more expensive, Murban crude for exports, a source familiar with the plan has told Argus. The Upper Zakum grade is now being used at the refurbished Ruwais refinery, which has a capacity to process 837,000 bpd of crude. Back in 2018, ADNOC said it would invest $3.1 billion to introduce crude processing... Читать дальше...
Oil prices rallied this week as geopolitical risk and supply issues added to bullish sentiment, although concern that the Fed might not cut interest rates this year could counter that sentiment.Friday, April 5th 2024Aided by a whirlwind of bullish news, Brent prices surpassed the $90 per barrel threshold and surged past the $91 per barrel mark on Friday morning. The anticipation of Iran’s retaliatory strike on Israel, a developing Mexico export shortage, and the continuation of OPEC+ cuts have boosted... Читать дальше...
Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia, by more than expected. Aramco set the official selling price (OSP) of Arab Light for Asia for May by $0.30 per barrel to a premium of $2.00 over the Oman/Dubai average, the... Читать дальше...
The closing of the merger of Chesapeake Energy and Southwestern Energy, which would create the top U.S. natural gas producer, is being pushed back to the second half of 2024 as the U.S. regulator has asked for additional information in its review of the transaction, the companies said on Friday. Back in January, Chesapeake Energy and Southwestern Energy agreed to merge in an all-stock transaction valued at $7.4 billion, which will create the biggest U.S. natural gas producer by market value and production. Читать дальше...
Ford Motor Company is delaying the planned rollout of some of its next-generation electric vehicles (EVs) as it is expanding hybrid vehicle offerings, the car manufacturing giant said on Thursday in the latest sign that consumer uptake of EVs has slowed down. Ford continues preparations for the market launch of its all-new three-row electric vehicles at the assembly complex in Oakville, Ontario, it said. The transformation of the Oakville Assembly Plant – a comprehensive overhaul of the plant from... Читать дальше...
Shell expects the trading results in its Integrated Gas division to be lower in the first quarter of 2024 compared to an exceptionally strong fourth quarter of 2023, the UK-based supermajor said in an earnings preview on Friday. The trading and optimization results in Integrated Gas “are expected to be strong, but significantly lower than an exceptional Q4’23,” the company said ahead of the results release on May 2. In the chemicals and products division, however, Shell sees trading and optimization... Читать дальше...
The east coast of Australia will swing into a natural gas surplus later this year even if all LNG producers in the area export all the gas they have no long-term contracts for. This is according to the Australian Competition and Consumer Commission, which noted this was the first time it expects a gas surplus for the eastern states. Despite being a major LNG exporter, Australia has faced gas supply issues on its east coast, and in 2022, it introduced a price cap on natural gas for the domestic market. Читать дальше...
Colombia’s national oil company Ecopetrol, regarded as one of the best-managed state-controlled energy companies in Latin America, is still dealing with allegations of murder, extortion, and intimidation. Since the early 2000s, rumors have swirled over Ecopetrol’s financing of rightwing paramilitary militias, which suppressed leftist guerillas, quashed organized labor, and quelled community dissent against controversial energy as well as mining projects. Those events occurred at a crucial time for... Читать дальше...
Tesla’s sales showed a disastrous slump in the first quarter of 2024, with deliveries falling far below even the most pessimistic market estimates. Tesla reported just 386,810 vehicle deliveries, marking the company’s lowest sales quarter since the third quarter of 2022. The level of deliveries marked an 8.5% slump compared to the same quarter last year, and a whopping 20% nosedive from the previous quarter. Altogether, it’s the electric vehicle company’s biggest non-pandemic decline in over a decade. Читать дальше...
