Scientists Find Way To Convert CO2 Into Jet Fuel
Air travel accounts for about 12 percent of greenhouse gas emissions from the transport industry—or at least it did before the pandemic. It is likely that once again travel will Continue Reading
Earth’s Margin for Error Narrows After Another Year of Record Heat
Another year of record-high heat punctuated a decade-long increase in global temperatures that has placed the Earth’s economies dangerously close to climate tipping points. Those are the conclusions published Friday by Continue Reading
Atmospheric Carbon Levels to Hit Unwelcome 2021 Milestone
Global atmospheric carbon dioxide levels will be 50% higher this year than before the start of the Industrial Revolution, according to forecasts that show the rapid pace at which humans Continue Reading
Weather and Climate Change: Met Office Sees 2021 Temperatures Among Hottest Ever
Next year is already set to be among the hottest on record, even as the planet experiences the temporary cooling effect of La Nina phenomenon. Average global temperatures for 2021 are forecast to Continue Reading
Second-Warmest Year on Record Cost the World $210 Billion
The second-warmest year on record brought storms, fires and floods that killed at least 8,200 people and cost the world $210 billion in losses, according to a report by Munich Re. Continue Reading
UAE Oil Takes Center Stage In U.S. Pushback Against China
Abu Dhabi – the oil powerhouse at the centre of the U.S.’s pushback against increasing Chinese influence across the Middle East – last week further cemented this alliance with a Continue Reading
Saudi Surprise Cut Continues To Lift Oil Prices
Oil prices remained elevated and were still on the rise on Thursday, hitting an 11-month high, as the effects of Saudi Arabia’s surprise announcement about an additional million barrels of Continue Reading
Iran Refuses To Negotiate Korean Fuel Tanker Release
Iran has signaled it has no intention to negotiate the release of the South Koran fuel tanker that the Iranian military seized earlier this week in the Strait of Hormuz. Continue Reading
IRAQ DATA: Dec oil production up 4.7%, breaching OPEC+ quota
Iraq’s December oil production, including from the semi-autonomous Kurdistan region, rose 4.7% month on month to 3.857 million b/d, to be above the country’s OPEC+ quota, data from the State Continue Reading
Iranian leader Khamenei bans imports of U.S., British COVID-19 vaccines
Supreme Leader Ayatollah Ali Khamenei banned Iran’s government on Friday from importing COVID-19 vaccines from the United States and Britain. “Imports of U.S. and British vaccines into the country are Continue Reading
NIGERIA DATA: Dec oil output down to 1.52 mil b/d on Qua Iboe issues: DPR
Nigeria’s crude and condensate output in December fell 9% month on month to 1.52 million b/d, data from the Department of Petroleum Resources — the oil industry regulator — showed, Continue Reading
Environmental Debt Risk Is More Than Japan’s GDP
The financial risk posed to companies by natural disasters keep growing and growing, and the size of potential losses is just eye-popping. Moody’s Investors Service says 18 sectors have a combined Continue Reading
China books more US wheat in latest week; overall US sales dip: USDA
China purchased more wheat from US farmers in the week ended Dec. 31, 2020, continuing the country’s buying spree for the eighth straight week, and indicating that US wheat exports Continue Reading
China’s Rapid Recovery Puts Global Dollar Hegemony in Doubt
China’s light-speed recovery from the pandemic has reignited the perennial debate about how long the dollar’s 50-year dominance of global markets can persist. The U.S.’s struggle to control the coronavirus and revive Continue Reading
China’s latest COVID-19 restrictions to impact steel demand more than supply
Steel production, both inside and outside Shijiazhuang, the capital city of China’s Hebei province which has been under lockdown since Jan. 7 due to a resurgence in COVID-19 cases, has Continue Reading
People without symptoms spread virus in more than half of cases, CDC model finds
People with no symptoms transmit more than half of all cases of the novel coronavirus, according to a model developed by researchers at the Centers for Disease Control and Prevention. Their Continue Reading
Coronavirus updates: U.S. records its deadliest day of the pandemic while eyes fixed on Capitol
After angry rioters and supporters of President Trump stormed the U.S. Capitol in a last stand for the outgoing president, the United States has tallied its deadliest day of the coronavirus Continue Reading
Polar vortex conditions could form, potentially driving up US power, gas prices
US weather forecasters said there are indications that cold air outbreaks could begin during the third week of January while polar vortex conditions could develop, bringing Arctic air into the Continue Reading
US oil, gas rig count slips by 1 to 406; Permian posts 6-rig loss
The US oil and gas rig count slipped by one to 406 in the week ending Jan. 6, rig data provider Enverus said, with the Permian Basin posting a six-rig Continue Reading
Weekly US coal production totals 9.8 million st, up 12.5% on week: EIA
Highlights Year-on-year output down 18.5% Output from all major basins jump on week Houston — Weekly US coal production was estimated to be over 9.8 million st in the week Continue Reading
Hiring likely weakened in December amid resurgent virus
America’s employers likely cut back again on hiring last month — and might even have shed jobs — with the economy under pressure from a resurgent virus that has led Continue Reading
U.S. Unemployment Claims Remain Elevated While Consumer Demand Boosts Goods Imports
Workers continued to apply for unemployment aid at an elevated level at the end of 2020 and holiday-season demand for imported consumer products pushed the November trade deficit in goods to Continue Reading
As U.S. tops 4,000 deaths in a day, a record, Fauci warns that January will get harder.
Dr. Anthony S. Fauci, the top infectious disease expert in the United States, predicted on Thursday that the daily death toll from the coronavirus would continue to rise for weeks Continue Reading
Polar vortex conditions could form, potentially driving up US power, gas prices
US weather forecasters said there are indications that cold air outbreaks could begin during the third week of January while polar vortex conditions could develop, bringing Arctic air into the Continue Reading
Shale CEOs Urge Production Restraint
The new boss of Devon Energy said he won’t let this week’s rally in oil prices tempt him to return to the days of rampant production growth at any cost. Continue Reading
U.S. Drivers Paying Most at the Pump Since the Pandemic
U.S. retail gasoline prices are at their highest since the pandemic drove widespread lockdowns last March, according to auto club AAA. Thursday’s national price average of $2.29 a gallon is the Continue Reading
Brexit Creates Major Problem For UK Energy Companies
In the international electricity markets, countries fall into one of three categories: those that provide adequately for their needs like the US, those with excess reserves like Canada and those Continue Reading
Sweden’s distinctive Covid strategy nears an end as lockdown proposed
Sweden’s coronavirus strategy has always stood out from the crowd. That distinctive approach is now coming to an end. The government this week proposed an emergency law that would allow it Continue Reading
Crude oil futures rise on EIA data of large crude draw, Democrats clinch US Senate
Crude oil futures extended their overnight gains during mid-morning trade in Asia Jan. 7, as the oil market priced in a massive decline in crude inventories reported by the Energy Continue Reading
Oil gains with supply constraints in focus after Saudi cuts
Oil prices rose on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia to cut output over the next two months. Brent Continue Reading
Light Crude Closes Above $50 a Barrel
Oil pared gains late in the session as protests in Washington overtook the U.S. Capitol, overshadowing a draw in U.S. crude inventories and Saudi Arabia’s surprise pledge to unilaterally cut Continue Reading
Fitch Solutions Reveals Latest Oil Price Forecasts
Fitch Solutions Country Risk & Industry Research has revealed its latest Brent crude oil price projections in an outlook report published earlier this week. Fitch Solutions Country Risk & Industry Continue Reading
Goldman: Saudi Oil Strategists Fear Weak Demand In 2021
Saudi Arabia’s unexpected major oil production cut announced on Tuesday is likely a sign that the world’s largest oil exporter expects oil demand to weaken in coming weeks due to Continue Reading
Hedge Funds Haven’t Been This Bullish On Oil Since Pandemic Started
Money managers started 2021 with optimism that oil prices will benefit from a rise in economic activity as vaccines are being rolled out. Hedge funds and other portfolio managers held Continue Reading
The World’s First Major Hydrogen Hubs Are In The Making
A profuse literature on hydrogen is coming forth from companies, governments, and energy market analysts. All are seeking the most likely paths forward for what is anticipated to be a Continue Reading
OPEC Production Rose Last Month as Libya Continued Comeback
OPEC’s production rose for a third month in December as a continued cease-fire in crisis-torn Libya enabled it to restore more supplies. While the group’s dominant producer, Saudi Arabia, startled oil markets Continue Reading
Saudis Raise Asia and U.S. Oil Prices After Shock Output Cut
Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock move this week to cut output sent crude prices climbing. A day after its unilateral Continue Reading
U.S. Imports No Saudi Crude Oil for First Time in 35 Years
The U.S. didn’t import any Saudi crude last week for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American Continue Reading
Crude Oil Flow From Saudi Arabia To U.S. Falls To Zero
For the first time in 35 years, no oil flowed from Saudi Arabia to the United States last week, according to EIA data, in a show that the United States—at Continue Reading
Iran: U.S. Owes Tehran $70B In Damages For Missed Oil Revenues
Iran claims that the U.S. should pay Tehran as much as US$70 billion as compensation for lost oil revenues due to the U.S. sanctions, as a prerequisite for a return Continue Reading
Goldman Sachs: Here’s What’s Behind Saudi’s Shocking Production Cut Decision
The first monthly OPEC+ meeting to decide on the group’s production ended with an unexpected, in fact shocking two-month agreement: Saudi announced an unexpected and unilateral production cut of 1 Continue Reading
Guards Block Oil Loading At Libyan Port
Petroleum facilities guards at an oil export terminal in eastern Libya have delayed the loading of at least one crude oil cargo and are threatening to block exports until their Continue Reading
Saudi Arabia comes to the aid of OPEC+ but seeks goodwill in return
Ever since Saudi energy minister Prince Abdulaziz bin Salman took his post in August 2019, he has cracked the whip on OPEC+ compliance, pressuring, scolding and cajoling quota violators to Continue Reading
Japan declares state of emergency for Tokyo area as COVID-19 cases surge
Japan declared a one-month state of emergency in the capital, Tokyo, and three neighbouring prefectures on Thursday to stem the spread of coronavirus infections, as new daily cases surged to Continue Reading
For first time in 5 years, US gas mileage down, emissions up
A new government report says gas mileage for new vehicles dropped and pollution increased in model year 2019 for the first time in five years. The mileage increase comes as Continue Reading
U.S. Banks Don’t Want To Be Forced To Lend Money To Oil & Gas
U.S. banks want to continue choosing whether to lend money to the oil and gas industry according to risk and reputation management practices, asking a regulator not to proceed with Continue Reading
Easing path for Biden energy agenda, Democrats gain control of US Senate
Brightening the prospects for the climate agenda of incoming President Joe Biden, Democrats have regained control of the US Senate. As the final votes from the Georgia runoff were being Continue Reading
US crude inventories move sharply lower amid strong exports, rising refinery utilization
US crude oil inventories saw their largest decline since July in the week ended Jan. 1 on the back of strong exports and rising refinery demand, US Energy Information Administration Continue Reading
Alaska Industrial Development Authority apparent high bidder in ANWR auction
The Alaska Industrial Development and Export Authority was the high bidder, by far the most active bidder, and saw little competition in Alaska’s Arctic National Wildlife Refuge Coastal Plain lease Continue Reading
Shale Needs More to Boom Again
Don’t count on America’s shale industry to boom once again in response to $50 per barrel oil and Saudi Arabia’s plan to throttle back its own oil production. (Bloomberg) — Continue Reading