Month: September 2022

  WARSAW, Sept 30 (Reuters) – Major leaks that suddenly erupted in the Nord Stream gas pipelines that run from Russia to Europe under the Baltic Sea have generated plenty of theories but few clear answers about who or what caused the damage. Here is what we know and what has been said so far: … Read more

September 30, 2022 LONDON/DUBAI, Sept 30 Reuters) – OPEC+ oil producers considering lowering their output target at a meeting on Oct. 5 are focused on a cut of between 500,000 and 1 million barrels per day (bpd) to support the market, OPEC+ sources told Reuters. Earlier this week, a source familiar with Russian thinking said … Read more

By Irina Slav More From Irina Slav I’ve noticed the headlines of my posts recently range from gloomy to outright apocalyptic and I’m sorry if that depresses anyone but I’ve got 30 years of Gothic music and existentialist literature fandom behind me. Besides, finding a glimmer of positivity in news about Europe has been quite … Read more

Oil headed for its first quarterly loss in more than two years as escalating fears over a global economic slowdown and a stronger dollar overshadowed the prospect for tightening supply. West Texas Intermediate futures climbed Friday to trade near $82 a barrel but prices are down 22% this quarter. Crude has been roiled by the … Read more

(Bloomberg) Mark Carney, the former central banker who now heads Brookfield Asset Management Inc.’s transition fund, said that moving to a net-zero economy will be impossible without wider adoption of nuclear power. “There’s no transition that works without nuclear, full stop,” Carney said at the company’s investor day Thursday. Toronto-based Brookfield bought nuclear power business … Read more

Russia said on Thursday that the United States stands to benefit from ruptures to the Nord Stream gas pipelines under the Baltic Sea, in comments that escalate a war of words with the West over responsibility for the still-unexplained damage. In a press briefing, Foreign Ministry spokeswoman Maria Zakharova said the United States would be … Read more

(Bloomberg) Oil traded near $82 a barrel as traders weighed a clouded outlook for global economic growth against the potential for output cuts from the OPEC+ producer group. West Texas Intermediate futures pared an earlier decline to trade little changed. The Organization of Petroleum Exporting Countries and its allies are discussing cutting output at a meeting next … Read more

OPEC+ has begun discussions about cutting oil output when it meets next week, as a fragile global economy continues to pressure crude prices. The size of the potential supply reduction is still under consideration, said a delegate, asking not to be identified as the talks are private. The Organization of Petroleum Exporting Countries and its … Read more

Sept 29 (Reuters) – QatarEnergy CEO and state minister for energy Saad al-Kaabi said on Thursday that skyrocketing energy prices are “weighing painfully” on the global economy, dampening support for the transition to green energy. “Sadly, the growing economic burden has fizzled the euphoria over the series of energy transition plans, causing severe erosion in … Read more

Sept 29 (Reuters) – QatarEnergy CEO and state minister for energy Saad al-Kaabi said on Thursday that skyrocketing energy prices are “weighing painfully” on the global economy, dampening support for the transition to green energy. “Sadly, the growing economic burden has fizzled the euphoria over the series of energy transition plans, causing severe erosion in … Read more

BRUSSELS, Sept 29 (Reuters) – European Union countries are poised to approve a package of emergency measures including windfall profit levies on energy companies on Friday, at a meeting where states will also lock horns over whether to cap gas prices. The 27 EU member countries are negotiating measures proposed by Brussels last week to … Read more

This election season candidates are getting lots of energy-related questions. Here are pro-freedom, pro-human answers to some of the most popular ones. By Alex Epstein What’s your policy on energy, environment, and climate?I believe in energy freedom: the freedom to use all forms of energy, with laws against emissions and practices that are significantly harmful … Read more

(Bloomberg) European governments and companies moved to bolster security around their energy assets after the Nord Stream blasts, as the German Navy was deployed to investigate the suspected sabotage. European leaders lined up to say the almost simultaneous explosions on the three Russian-gas pipelines were deliberate, with Polish Prime Minister Mateusz Morawiecki blaming Russia for … Read more

(Bloomberg)  Oil erased earlier losses amid volatility in the US dollar and a focus on whether producer nations might curb output following a price rout.West Texas Intermediate, which had been down as much as 2.5% earlier, recovered to trade little changed on the day at 12:40 p.m. in London. Brent moved similarly. Oil prices have … Read more

Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook. Goldman’s commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a … Read more

Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint said on Tuesday. The meeting will take place on October 5 against the backdrop of falling oil prices and months of severe market volatility which … Read more

LONDON/SINGAPORE, Sept 27 (Reuters) – Rocketing LNG cargo prices have squeezed out dozens of smaller traders, concentrating the business in the hands of a handful of international energy majors and top global trading houses. This grip is not expected to ease until 2026 when more liquefied natural gas (LNG) starts to materialise and lower prices, … Read more

SINGAPORE, Sept 27 (Reuters) Crude oil prices are engaged in a tussle between fears of a recession-led demand decline and ongoing supply tightness, with risks to demand currently edging ahead. But many in the oil industry are concerned that supply tightness will make a comeback when the European Union ban on Russian crude imports comes … Read more

Oil rebounded after hitting the lowest level since early January as a rally in the dollar paused, buoying crude even as concerns remain about tighter monetary policy and weakening demand. West Texas Intermediate climbed back toward $78 a barrel after sinking more than 8% over the previous two sessions. A gauge of the US currency … Read more

An oil production cut by the Organization of the Petroleum Exporting Countries and allies is vital to break the negative momentum in prices amid recession fears and a stronger dollar, analysts at UBS said on Tuesday. “A lack of action by the group to remove barrels from the market is likely to spur further downside … Read more

(Reuters) – Russia has ramped up oil shipments to Asia since Europe imposed sweeping sanctions, but still needs to re-route over a quarter of its crude exports away from Europe – or about 1.3 million barrels per day – when a full oil embargo hits in December. Russia exports around 20 million tonnes of crude … Read more

TOKYO, Sept 26 (Reuters) – More than 20 countries, led by Japan, have agreed to boost output of low-emission hydrogen to at least 90 million tonnes a year by 2030 from 1 million tonnes now, the Japanese industry ministry said on Monday. The agreement between countries including the United States, Australia and Germany came at … Read more

Sep 26, 2022 (Bloomberg) Oil dropped again, with Brent sliding below $85 a barrel at one point, as the dollar’s surge and mounting recessionary concerns threatened global demand.The global oil benchmark hit the lowest intraday level since January as a Bloomberg gauge of the US currency rallied to an all-time high. Most other commodity markets from … Read more

Sep 26, 2022 (Bloomberg)  Oil dropped again, with Brent sliding below $85 a barrel at one point, as the dollar’s surge and mounting recessionary concerns threatened global demand.The global oil benchmark hit the lowest intraday level since January as a Bloomberg gauge of the US currency rallied to an all-time high. Most other commodity markets … Read more

Hold onto your hats, 2022’s wild oil ride isn’t done yet. By Julian Lee Julian Lee is an oil strategist for Bloomberg First Word. Previously he worked as a senior analyst at the Centre for Global Energy Studies. Oil markets are broken. Extreme volatility and a lack of liquidity mean that crude futures have become disconnected from tight … Read more

(Bloomberg) Russia’s invasion of Ukraine has brought the largest war to Europe in decades, sparked global food and energy crises, worsened inflation — and distracted leaders from the big climate promises they made last year at the COP26 meeting in Glasgow.Only 19 out of the 193 countries that vowed to put forward more ambitious targets to cut greenhouse gas emissions … Read more

Sept 23 (Reuters) U.S. energy firms this week added oil and natural gas rigs for a second week in a row even as the rig count was on track to fall for a second consecutive month as supply chain disruptions and inflation continue to roil production. The oil and gas rig count, an early indicator … Read more

Europe’s frantic search for gas supplies in the wake of Russia’s invasion of Ukraine is being stymied by buyers’ unrealistic demands, TotalEnergies SE’s chief executive officer said. “If Europe wants some security of supply, it has a cost,” Patrick Pouyanne said in the Qatari capital, Doha, where the French energy company signed a deal to invest about … Read more

JEDDAH, Sept 24 (Reuters) – German Chancellor Olaf Scholz said on Saturday after a meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman that he wants to deepen the energy partnership between the two countries. Speaking to reporters, Scholz said that the partnership should go beyond fossil fuels to include hydrogen and renewable energies. Germany, … Read more

Why are global elites demanding poor nations make energy expensive? By Michael Shellenberger More From Michael Shellenberger Demonstrators block roads and set fires during nationwide protests against the Haitian government’s decision, made under the advice of the United Nation’s International Monetary Fund, to cut fossil fuel subsidies (Photo by Georges Harry Rouzier/Anadolu Agency via Getty … Read more

(Bloomberg) The world’s failure to invest enough in fossil fuels before cleaner alternatives can fully meet today’s energy needs is a “recipe for disaster,” according to Sultan Al Jaber, chief executive officer of Abu Dhabi National Oil Co. Oil producers have limited ability to react to further disruptions in energy supplies as spare crude capacity … Read more

Summary Brent, WTI down on weekly basis Recession fears weigh as major central banks hike rates Stalled Iran nuclear deal, Ukraine concerns cap oil’s losses LONDON, Sept 23 (Reuters) – Oil prices fell on Friday as demand fears were stoked by rising interest rates and a stronger dollar, though losses were capped by Moscow’s mobilisation … Read more

Summary Britain pushing to increase domestic energy supply Moratorium has been in place since 2019 More research needed to assess risk of tremors BGS survey says challenges remain on predicting impact LONDON, Sept 22 (Reuters) – Britain on Thursday formally lifted a moratorium on fracking for shale gas that has been in place since 2019, … Read more

(Bloomberg) Oil rose as the dollar declined and investors weighed the demand outlook following another interest-rate hike from the Federal Reserve. West Texas Intermediate traded near $84 a barrel after falling over the past two sessions. The dollar dipped and US equity futures turned higher, spurring more positive sentiment in crude early on Thursday. Those moves … Read more

(Bloomberg) Money appeared to be no object when Mark Carney, the former central banker, brought together financial firms managing more than $130 trillion of assets behind a pact to rapidly slash greenhouse gas emissions.“We have all the money we need for the transition,” he declared at last year’s United Nations climate summit. Now it appears some of the giant banks … Read more

Sep 21, 2022 (Bloomberg) A year after President Xi Jinping promised China would stop building coal power plants overseas, the country has completed 14 such facilities beyond its borders and will finish another 27 soon, according to a new report.Most of the projects that were in progress when Xi made the announcement are in limbo, but … Read more

Sep 20, 2022 (Bloomberg) In Tuas, Singapore’s industrial-heavy district, Finnish company Neste Oyj is building what will one day be the world’s largest facility for sustainable aviation fuel.Once up and running in 2023, the plant should produce 1 million metric tons a year — a decent amount, but still less than 0.3% of annual global jet fuel demand. What little … Read more