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Natural Gas Has Largest Rally Since January on Smaller-than-Expected Surplus

ENLARGE A natural-gas-fueled drilling rig on land owned by Apache Corp. in Mentone, Texas. Natural-gas prices rose 5.6% Thursday. Photo: Spencer Platt/Getty Images Natural-gas prices surged to their largest one-day gains since January after government data showed stockpiles grew less than expected. Prices for the front-month June contract settled up 14.5 cents, or 5.6%, at $2.751 a million British thermal units on the New York Mercantile Exchange. The market flipped from morning losses of 1.5% as traders were expecting one of the largest surpluses on record for April. That didn’t materialize, sparking the type of rally that is more common for gas in the dead of winter, when heating demand surges—not the spring, when that demand wanes. The settlement is the highest since March 24 and reverses, at least temporarily, what had been a monthlong grind downward. The June contract rose 4.2% in April. The U.S. Energy Information Administration […]

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OPEC oil output in April climbs to highest since 2012: survey

LONDON (Reuters) – OPEC oil supply in April has jumped to its highest in more than two years, boosted by record or near-record supplies from Iraq and Saudi Arabia, a Reuters survey showed, as key members stand firm in their focus on market share. The increase from the Organization of the Petroleum Exporting Countries puts output further above forecasts of demand for OPEC oil in the first half of the year, although second-half demand is expected to be stronger. OPEC supply has risen in April to 31.04 million barrels per day (bpd) from a revised 30.97 million bpd in March, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants. "We are in an oversupplied market, and this oversupply is unlikely to disappear any time soon," said Eugen Weinberg, analyst at Commerzbank in Frankfurt. If the total remains unrevised, April’s supply […]

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U.S. Navy Starts Accompanying Ships in Strait Where Iran Seized Cargo Carrier

ENLARGE The USS Farragut, shown in an undated photo, Tuesday rushed to the area of a confrontation between Iranian warships and a Marshall Islands-flagged cargo ship. Photo: Reuters The U.S. Navy has begun accompanying American-flagged commercial ships through the Strait of Hormuz, defense officials said on Thursday, a vigorous response to Iran’s seizure of a Marshall Islands-flagged ship this week in the gateway to the Persian Gulf. Navy warships have started accompanying U.S.-flagged vessels through the narrow strait where Iranian patrol boats confronted the M/V Maersk Tigris on Tuesday and took control of the ship. While Iran characterized its seizure of the ship as the outgrowth of an unresolved financial dispute, American military officials saw it as a provocative show of force by Tehran. On Thursday, the Pentagon approved the escort plan, defense officials said. “It’s a fast moving train,” said one defense official. “This is a result of […]

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Iraqi forces overpowered at Baiji refinery

A militant stands guard on a road leading to the Baiji refinery. This photograph, taken in July 2014, was given to Iraq Oil Report by a technician at the refinery. BAGHDAD – Fighters from the so-called Islamic State (IS) group have made their largest incursion yet into the Baiji refinery, seizing most of the compound from pro-government security forces who have been hampered by inconsistent supply lines and incoherent strategic planning. Several security officials based in Salahaddin province – including one soldier from the 5th Brigade of the federal police who was reached by phone inside the refinery – said hundreds of fighters from the IS group (which is often referred to as "Daesh" in Arabic) have intensified their attacks over the past two days, using several car and truck bombs, suicide attackers, rockets, and heavy artillery. "We have very little food and ammunition, and we can’t withstand the […]

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Yemenis in Desperate Need of Food and Fuel After Weeks of Airstrikes

Photo Children who have taken refuge with their families in a water tunnel in Sana, Yemen. Credit Mohammed Huwais/Agence France-Presse — Getty Images CAIRO — In one of Yemen’s largest cities, residents have been reduced to a diet of rice. In another, they sleep overnight in lines waiting for gasoline. Hospitals may soon be forced to close, bombs and shells are raining down ever more thickly and randomly, and in places snipers target anyone brave or desperate enough to walk the streets. Five weeks after the start of a Saudi-led bombing campaign, more than 1,000 Yemenis have died in the fighting, and the United Nations says that at least 300,000 people have been displaced, forced to hunt for food and fuel in a country bereft of both. Fierce fighting in the port city of Aden has killed dozens of people in the last few days, left neighborhoods in flames […]

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Exclusive: Britain told U.N. monitors of active Iran nuclear procurement – panel

UNITED NATIONS (Reuters) – Britain has informed a United Nations sanctions panel of an active Iranian nuclear procurement network linked to two blacklisted firms, according to a confidential report by the panel seen by Reuters. The existence of such a network could add to Western concerns over whether Tehran can be trusted to adhere to a nuclear deal due by June 30 in which it would agree to restrict sensitive nuclear work in exchange for sanctions relief. Talks between six major powers and Tehran are approaching the final stages after they hammered out a preliminary agreement on April 2, with Iran committing to reduce the number of centrifuges it operates and other long-term nuclear limitations. "The UK government informed the Panel on 20 April 2015 that it ‘is aware of an active Iranian nuclear procurement network which has been associated with Iran’s Centrifuge Technology Company (TESA) and Kalay Electric […]

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Saudi’s Naimi says succession changes positive for oil market

RIYADH (Reuters) – Saudi Arabian King Salman’s appointment of two new heirs will help stabilize world oil markets by strengthening political stability in the kingdom, its Oil Minister Ali al-Naimi was quoted as saying by state media on Thursday. Salman named his nephew Mohammed bin Nayef, 55, and his son Mohammed bin Salman, 30, as his heirs on Wednesday, apparently setting the line of succession in the world’s top oil exporter for decades. The moves were part of a much wider government reshuffle in which Naimi retained his job as minister. "The royal decrees come in the national interest and impel it towards further growth and prosperity and progress and stability, and this political stability in the kingdom will positively reflect on its economic growth, and on stability of world oil markets," Naimi was quoted as saying by the official Saudi Press Agency (SPA). At state oil company Saudi […]

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Pemex Expects to Recover Lost Output From Platform Accident

MEXICO CITY—National oil company Petróleos Mexicanos suffered a short-term drop in oil production from an April accident at a Gulf of Mexico processing platform, but is ramping output back up and expects to meet its 2015 goal of 2.29 million barrels of oil a day on average, a company official said. Exploration and production chief Gustavo Hernández said on a conference call Thursday that the April 1 accident at the Abkatun oil and gas processing complex in the southern Gulf shut in some production, as did a series of storms in early January, but Pemex expects to pick up the pace in coming months. Four workers died in the explosion and fire at the Abkatun platform, and three workers are still missing, Mr. Hernández said. So far this year, Pemex has averaged crude-oil production of about 2.27 million barrels a day, with the most recent April 1-26 period just […]

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China’s struggles argue for stimulus all round

SYDNEY (Reuters) – China’s factories stayed stuck in the slow lane in April while Japanese output went into reverse and South Korea suffered its worst export performance in two years, adding urgency to calls for more state stimulus in all three economies. Thailand has already surprised by cutting interest rates this week, while speculation is mounting that the Reserve Bank of Australia (RBA) will chop its rates to a record low of 2 percent at a May 5 policy meeting. The need for action is all the greater as China, the former engine of global growth, remains jammed in neutral. China’s official Purchasing Managers’ Index (PMI) held at 50.1 in April, just a fraction above the 50-point mark that separates growth from contraction on a monthly basis. "As the economy still faces strong headwinds and the risk of deflation has not diminished, the authorities will need to continue to […]

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China unveils measures to shore up job market

BEIJING, May 1 (Xinhua) — China’s State Council (cabinet) rolled out four measures in a circular on Friday, demanding governments at various levels to facilitate entrepreneurship and innovation and create more jobs. The circular — Guidelines over doing work on employment and entrepreneurship under new situation — admitted pressure in creating more jobs and said it is necessary to implement more pro-active employment policies. The government should refine policies and continue encouraging mass entrepreneurship and startups, so as to foster a new engine of economic growth, the circular said. China is faced with a complex and arduous task of ensuring employment in 2015 against the backdrop of an economic slowdown. The Chinese government has pledged to create more than 10 million urban jobs and ensured that the registered urban unemployment rate does not rise above 4.5 percent in 2015, according to a government work report unveiled in March.

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Shell cuts 2015 capex, sees downstream downturn

* Capex reduced by more than $2 billion * Decision on Majnoon development pushed back to 2017 * CFO says refining margins already worsening Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little more than $35 billion as the company continues to adjust its business to the lower oil-price environment. Shell, releasing its first-quarter results, also said it continued to reduce its operating costs and capital spending, with Q1 operating expenditure down by $1.1 billion year on year. Speaking to reporters on a conference call, CFO Simon Henry said the capex this year would be $33 billion, or "potentially less," a reduction of at least $2 billion compared with guidance given by Shell three months ago. Article continues below… Platts 8th Annual Global Crude Oil Summit sets a unique global agenda, inviting industry leaders to share views on […]

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Suppressed French report says 100% renewables is possible

Over the Easter break, French daily Le Monde reported that an official study for a conference to be held last week was being held back. The energy experts investigated a 100 percent renewable supply of electricity by 2050. Craig Morris got hold of a copy, which still lacks an executive summary. So he wrote one. France has the potential for 100% renewable electricity – but the subject is too touchy for the country’s political leaders. Last week, a conference was held in France to investigate, as the title puts it ( website in French ), whether France is ready for 40 percent renewable electricity by 2030. But as Le Monde pointed out at the beginning of the month ( report in French ), French energy agency Ademe announced at the beginning of the year ( press release , PDF in French) that the centerpiece was to be “the presentation […]

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U.S. safety watchdog’s oil train plan ‘infeasible’: refiners

WASHINGTON (Reuters) – The leading voice for the refining sector on Thursday said it was not realistic for U.S. regulators to expect existing oil train tankers to be retired within five years, and sought a meeting with the National Transportation Safety Board (NTSB). "The emphasis on tank car modifications through an overly aggressive and infeasible retrofit schedule creates the incorrect perception that tanks car improvements are the magic remedy," Charles Drevna, the president of the American Fuel & Petrochemical Manufacturers wrote. On Friday, the U.S. Transportation Department and Transport Canada are expected to outline a cross-border oil train safety plan. North Dakota’s Bakken energy fields rely on oil trains to reach distant refineries but several such shipments have derailed in fiery mishaps in the last two years. Regulators have struggled with how to make such cargo safer without cramping a major source of domestic energy. Drevna’s letter urged regulators […]

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U.S. data suggest economy picking up steam after weak first quarter

WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits tumbled to a 15-year low last week and consumer spending rose in March, signs the economy was regaining momentum after stumbling badly in the first quarter. The economic outlook was brightened further by another report on Thursday showing a solid increase in wages in the first quarter, which should keep the Federal Reserve on track to raise interest rates this year. "This morning’s reports all point to an economy that is doing a lot better than the near-stagnation in first-quarter GDP suggests," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 262,000 for the week ended April 25, the lowest reading since April 2000, the Labor Department said. Though the decline, which far exceeded Wall Street’s expectations for a drop to 290,000, […]

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Nova Scotia calls explorers to frontier territory

Nova Scotia issued calls for bids for frontier territory, noting energy companies may be taking the long view in a weak crude oil market. Map courtesy: Canada-Nova Scotia Offshore Petroleum Board HALIFAX, Nova Scotia, April 30 (UPI) — A petroleum board for the province of Nova Scotia aims to bring explorers to frontier territory, touting geological prospects over short-term economics. The Canada-Nova Scotia Offshore Petroleum Board issued a call for bids for nine frontier prospects as part of an annual bidding round that’s just five years old. Nova Scotia’s government estimates there may be as much as 120 trillion cubic feet of natural gas and 8 billion barrels of oil offshore. At least two of the nine parcels up for grabs have proven oil and gas potential, though neither has yet been considered viable for commercial development. The call for bids comes as energy companies are spending less on […]

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North Dakota gas capturing up for Whiting

Whiting Petroleum said the amount of gas flared, or burned off, in North Dakota is less than the state requires. Photo by Steve Oehlenschlager/Shutterstock DENVER, April 30 (UPI) — It’s cheaper to drill and the amount of natural gas captured from North Dakota oil beat state requirements by nearly 10 percent, Whiting Petroleum said. U.S. Interior Secretary Sally Jewell said in March her department was considering federal standards meant to cut emissions and reduce the amount of gas wasted during flaring . While the Interior Department will do its part, the secretary said part of the onus lies with industry and state leaders. North Dakota, a state at the heart of the shale oil boom in the United States, requires operators to capture at least 77 percent of the natural gas associated with oil deposits in the state rather than burn it off. Whiting, which has headquarters in Denver, […]

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U.S. refinery group opposes exports

Sen. Lisa Murkowski, R-Alaska, inserts amendment into Iranian nuclear act that would repeal a ban on U.S. crude oil exports. File Photo by UPI/Roger L. Wollenberg WASHINGTON, April 30 (UPI) — A coalition of U.S. refineries said repealing a 40-year-old ban on crude oil exports will harm energy security at a time when oil markets are in flux. A group of refineries united under the banner of the Consumers and Refiners for Domestic Energy, or CRUDE, coalition said the long-standing ban on exporting domestic crude oil is protecting the U.S. energy sector during fluid market conditions. "Repealing our long-standing energy independence policy is tantamount to imposing sanctions on consumers," group Executive Director Jay Hauck said in an emailed statement. "Lower fuel prices are broadly benefiting U.S. consumers [by more than] $700 per household." The ban was put in place following a decision from Arab members of the Organization of […]

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Savannah’s Train Problem: 192 Horn Blasts in 24 Hours

ENLARGE Traffic backs up while a train crosses President Street in Savannah, Ga. A growing number of cities and towns are fed up with the boom in rail traffic. Photo: Stephen B. Morton for The Wall Street Journal Every day, as up to eight freight trains pass back and forth on the outskirts of historical downtown Savannah, Ga., they blow their horns at every single one of the 24 rail crossings along the three-mile stretch. That is making the Genesee & Wyoming Inc. GWR -2.11 % railroad anything but popular along tracks that, until four years ago, were essentially dormant. Noble L. Boykin Jr., whose law firm is on East 38th Street, said he and other attorneys have to take “train breaks” during depositions. He has to step into a closet for phone calls. He also lives near the tracks, so he can’t escape them—even at 5 a.m. “Everybody […]

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Bakken, What Is The Data Telling Us?

North Dakota publishes, every month, a Monthly Statistical Update  from which we can gather a wealth of data if we dig deep enough. They publish the number of spuds, that in new wells started, each month, along with the average number of rigs that month. From this we can glean the average number of days each rigs spends on each well. Spuds per Rig The last data point is March, 2015. Through 2011 a rig could drill about .75 wells per month, or about 40 days spud to spud. Today that figure is about 1.14 wells per month or about 26.3 days spud to spud. Permits & Spuds Again, the data is through March. We can see the falloff of spuds, rigs and permits in February and March. April and May should show a further decline in all three. Just how many rigs per month does it take to […]

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Foreign suppliers maintain ties as crude sales to US fall, study says

WASHINGTON, DC, Apr. 28 International producers are keeping relations with the US strong despite its plunging crude oil imports as production from domestic tight shales climbs, research by 16 University of Texas at Austin master’s degree candidates found. Overseas crude producers are quickly finding new customers in China and elsewhere, said Peter Marton, one of the participants in a year-long graduate course examining implications of unconventional oil and gas production technologies for US national security at UT-Austin’s Robert S. Strauss Center for International Security and Law. “Common concerns about security implications are somewhat overstated,” Marton said during an Apr. 30 briefing at the UT system office in Washington, DC. “There’s a cherished idea by some that oil specially permeates US foreign policy. But even under the most optimistic domestic shale production forecast, the US still will import oil.” During the public policy study , students worked on-campus and abroad […]

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Canada’s crude oil exports reached record high in January

Canada’s crude oil exports set a monthly record with an average of 3.11 million b/d in January, the country’s National Energy Board reported. The total was 12.8% higher than a year earlier and 80% higher than January 2010. Volumes exported to the Gulf Coast “increased significantly” in 2014, in part due to commissioning of several pipeline projects. NEB said the Gulf Coast holds significant long-term potential as a market for western Canadian crude oil, particularly heavy grades. Conventional oil production has seen “moderate growth” in recent years, but is expected to decline this year due to lower oil prices, NEB said. Increased demand for domestic crude in Canadian refineries since 2011 indicates that oil sands production is driving crude oil export increases ( OGJ Online, Mar. 31, 2015 ). Related Articles

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Shell Pushes on with Arctic Exploration as it Awaits US Permit

LONDON, April 30 (Reuters) – Royal Dutch Shell is pushing ahead with plans to explore for oil in the Arctic Ocean near Alaska this summer despite opposition from environmental groups. The Anglo-Dutch oil major is preparing "an armada of 25 vessels" to begin a two-year programme to explore two to three wells in the Chukchi Sea off the coast of Alaska, Chief Financial Officer Simon Henry said on Thursday. "We are currently on track. Some of the permits are issued at the last moment," he told reporters. Although Shell had to pull out of the region in 2012 after an oil rig ran aground, the Arctic oil reserve "remains a massive value opportunity," Simon said. Shell has submitted plans to explore the Arctic to the U.S. Interior Department after the Obama administration last month upheld a 2008 Arctic lease sale, clearing an important hurdle for Shell. The Department of […]

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Whiting Would Add Rigs If Oil Prices Hit $70 Per Barrel

WILLISTON, N.D., April 30 (Reuters) – Whiting Petroleum Corp., the top oil producer in North Dakota, plans to keep 11 drilling rigs operating through 2016, though it would add "a couple of rigs" if crude prices rise to $70 a barrel, its chief executive said on Thursday. The comments from CEO Jim Volker were among the most definitive yet from a leader of a big crude producer on what threshold is needed to start fresh drilling and curb recent pullbacks that have rocked the oil sector since prices started to drop last summer. Thus far this quarter, executives at industry peers have sent mixed messages on adding new rigs. Hess Corp, for example, does not plan to add any rigs this year, while Pioneer Natural Resources Co told Reuters last week that it was considering adding rigs in the near future. Oil prices have gained more than 15 percent […]

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U.S. shale firms revive hedging as oil rebounds, may vex OPEC

NEW YORK (Reuters) – U.S. oil producers are rushing to take advantage of the rebound in oil markets by locking in prices for next year and beyond, safeguarding future supplies and possibly paving the way for a rebound in production. The flurry of hedging activity in the past month will help sustain producers’ revenues even if oil markets tumble again, which is bad news for OPEC nations, such as Saudi Arabia, that are counting on low prices to stunt the rapid rise of U.S. shale and other competitors. Oil drillers are racing to buy protection for 2016 and 2017 in the form of three-way collars and other options, according to four market sources familiar with the money flows. In some cases, that means guaranteeing a price of no less than $45 a barrel while capping potential revenues at $70. U.S. crude futures traded just below $60 a barrel on […]

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Exxon profit slips but beats forecasts on refining, output

(Reuters) – Exxon Mobil Corp’s first-quarter profit dropped less than expected in results posted on Thursday as margins at the refining unit of the world’s largest publicly traded oil company surged on tumbling crude prices. While pure exploration and production companies have been stung by low prices, integrated companies such as Exxon and Royal Dutch Shell are relying on their refining units to bolster their bottom lines. A 50 percent drop in crude prices since June has slashed the costs of feedstock for refiners. "It was a strong quarter (for Exxon)," said Brian Youngberg, analyst at Edward Jones in Saint Louis. "Their diversified model tends to hold up better in a weaker oil market and that is seen in this quarter." Shares of Exxon rose 0.2 percent to $88.05 early Thursday afternoon. The Irving, Texas-based company earned a first-quarter profit of $4.9 billion, or $1.17 per share, down 46 […]

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North Dakota Overhauls Tax on Oil Producers

Oil pumps in McKenzie County, in western North Dakota, earlier this year. Photo: Matthew Brown/Associated Press North Dakota is revamping the way it taxes the oil industry amid the recent slump in oil prices, aiming to tone down big fluctuations in tax revenue. The state, the second-largest oil producer after Texas, is already experiencing lower revenue because of falling oil prices. Republican Gov. Jack Dalrymple late Wednesday signed a tax-overhaul bill that was passed in the final days of the legislative session, as concern grew that the state could miss out further on oil-tax collections because of a provision that drops a tax rate to zero for most wells when prices stay below a certain threshold. North Dakota’s tax system was designed more than two decades ago to give oil producers an incentive to keep pumping during price slumps. But the boom of recent years means that changes in […]

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US, Canada to jointly announce crude-by-rail regulations Friday

US and Canadian officials on Friday will jointly announce new tank car safety standards for trains carrying crude oil, ethanol and other flammable liquids, the US Department of Transportation said Thursday. The announcement came as seven Democratic US senators introduced a bill that would impose a $175/car fee on shippers using older DOT-111 tank cars, adding to the chorus of lawmakers pressuring the Obama administration to finalize its long-anticipated crude-by-rail regulations. Transportation Secretary Anthony Foxx and Canadian Transport Minister Lisa Raitt will be meeting Friday in Washington to harmonize standards between the two countries, according to sources. US regulators have been criticized for how long it has taken to finalize crude-by-rail safety rules first proposed in July, as oil train derailments continue to make headlines. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream […]

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Tesla launches line of Li-ion stationary storage systems for homes and businesses: POWERWALL and POWERPACK

« ITF report finds self-driving shared vehicles could take up to 90% of cars off city streets; total kilometers travelled increases | Main As widely expected, Tesla CEO Elon Musk unveiled the company’s new product line: scalable stationary battery systems for homes, businesses and beyond. Available for immediate order on the Tesla Web site (teslaenergy.com or teslamotors.com/powerwall) is the modular wall-mounted POWERWALL system, which is targeted at homes and perhaps some small commercial applications, Musk said. Delivery is projected for sometime later this summer (3-4 months from now.) The sleek, sculpture-like Li-ion packs come in 7 kWh ($3,000) and 10 kWh ($3,500) configurations. Both are guaranteed for 10 years (with an optional 10-year extension), and can be combined to up to 9 units—i.e., up to 90 kWh of storage. The packs contain all the integrated safety systems, the liquid thermal control and the DC/DC converter, and work with solar […]

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Tesla CEO Elon Musk Unveils Line of Home and Industrial Battery Packs

ENLARGE CEO Elon Musk unveils a suite of batteries at Tesla’s design studios in Hawthorne, Calif., on Thursday. Photo: Kevork Djansezian/Getty Images HAWTHORNE, Calif.— Tesla Motors Inc. TSLA -2.75 % Chief Executive Elon Musk unveiled a line of home and industrial battery packs late Thursday, representing a strategic shift as his money-losing electric car company tries to break into a crowded energy storage market. More than just a splashy evening party in a giant hangar at Tesla’s Southern California design studios, the event was the 43-year-old billionaire’s attempt to bring attention to an alternative business unit that has long been under development. Mr. Musk says “power wall” batteries—ranging from a $3,000 7 kilowatt-hour wall-mounted unit to a $3,500 10 kwh unit—cost far less than the going rate for large-scale batteries and can be easier to install. Tesla aims to begin delivering units by the summer from its car factory […]

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Of Giants, Super-Giants, And Mega-Giants

Summary The developments in energy in the USA over the last ten years are a miracle. The USA is now and will remain the dominant world energy producer for decades to come. All Americans should know and be proud of the superlative facts of the US energy revolution. Of Giants, Super Giants and Mega Giants It sounds like the title should be a lead in for a piece about the Avengers or some other comic book heroes. The only hero in this article is the United States Energy Industry. The revolutionary, innovation inspired growth of the last ten years is nothing short of a miracle. This narrative is not popular with the current White House or Democratic Party. You won’t hear them or the media talk much about it. It is not part of their playbook. Along with the intelligentsia in this country, the media, the White House and […]

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