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Jeff Currie: Copper Is The Best Trade Of My Career

4 hours 21 min ago
A couple of years ago, commodity pundits predicted that the green metal quartet of copper, lithium, nickel and cobalt would become the new age oil rivaling the total value of crude oil production amid the clean energy transition. A 2021 Eurasia Review analysis forecast that prices for the four metals could reach historical peaks for an unprecedented, sustained period in a net zero emissions scenario, with total value of production rising more than four-fold for the period 2021-2040.  Unfortunately, the renewable energy revolution…
Categories: Oil news

Europe Needs To Address Intermittent Renewables Generation

6 hours 21 min ago
While solar and wind power installations and power generation are booming in Europe, policymakers need to address the growing gap between baseload capacity and soaring intermittent renewable electricity. Europe still has a lot of work to do in providing flexible and reliable grids to handle the soaring share of renewables in electricity generation and consumption.   Last month, the European Union saw a record-low power generation from fossil fuels and a record-high share of renewables in the electricity mix, energy think tank Ember says.…
Categories: Oil news

Russia Loses Ground to China in Central Asian Trade

Sun, 05/19/2024 - 22:00
Trade data for 2024 is showing that Kyrgyzstan has an unhealthy dependency on China, even considering a wide discrepancy in figures released by Chinese and Kyrgyz official agencies. Bilateral trade turnover during the first quarter of 2024 totaled $4.815 billion, according to figures compiled by China’s General Customs Administration. The trade imbalance between the two countries was pronounced: according to Beijing, Chinese exports to Kyrgyzstan totaled $4.163 billion, while only $22 million of Kyrgyz goods and services made their way to…
Categories: Oil news

New Tech Could Make Solar Panels More Efficient

Sun, 05/19/2024 - 20:00
University of Ottawa researchers have now devised a smart approach to optimize solar energy effectiveness. Their innovative method includes incorporating artificial ground reflectors, a simple yet powerful enhancement. The study “Artificial Ground Reflector Size and Position Effects on Energy Yield and Economics of Single Axis Tracked Bifacial Photovoltaics” was published in the journal Progress in Photovoltaics. The researchers found that by integrating these reflectors into solar setups, they could improve the system’s energy…
Categories: Oil news

Tehran's Nuclear Threats Raise Global Concerns

Sun, 05/19/2024 - 18:00
Acquiring nuclear weapons has long been a taboo topic in Iran, where the country's supreme leader has declared them un-Islamic. But a growing number of Iranian officials in recent weeks have openly suggested that the Islamic republic could weaponize its nuclear program, which Tehran has long claimed is strictly for civilian purposes. The change in rhetoric has coincided with Tehran's growing hostilities with Israel. Last month, Israel launched an attack on Iran in response to Tehran's unprecedented missile and drone assault on its archfoe. Experts…
Categories: Oil news

LNG Market Faces Disruption as Red Sea Closure Forces Risky Detours

Sun, 05/19/2024 - 02:00
The last LNG carrier that passed the Bab el Mandeb strait off the Yemeni coast did so in February. Since that month, there has been no LNG traffic via the once major energy chokepoint as vessels diverted around Africa—or changed destinations entirely. When the Houthi attacks on ships traversing the Red Sea prompted the redirection of maritime trade in the area, multiple analysts tried to gauge the significance of the events. Most seemed to agree that the rerouting of maritime transport would make goods more expensive and deliveries slower.…
Categories: Oil news

SPR Levels Remain Low

Sun, 05/19/2024 - 00:00
Over the past week, multiple stories have appeared in the media with headline phrases like “The U.S. is refilling the Strategic Petroleum Reserves.” However, this is misleading at best. To recap, the SPR is maintained by the U.S. Department of Energy, and its oil stocks are stored in huge underground salt caverns at four sites along the coastline of the Gulf of Mexico. The size of the SPR (authorized storage capacity of 714 million barrels) makes it a significant deterrent to oil import cutoffs and a key tool in foreign policy. After…
Categories: Oil news

These Are the 21 Most Polluted Cities in the U.S.

Sat, 05/18/2024 - 22:00
According to the World Health Organization, air pollution is responsible for 7 million deaths annually, and could cost the global economy between $18–25 trillion by 2060 in annual welfare costs, or roughly 4–6% of world GDP. And with predictions that 7 in 10 people will make their homes in urban centers by mid-century, cities are fast becoming one of the frontlines in the global effort to clear the air. In this visualization, Visual Capitalist's Chris Dickert uses 2024 data from the State of the Air report from the American Lung Association…
Categories: Oil news

Body Heat: A New Source of Energy for Buildings?

Sat, 05/18/2024 - 20:00
In a few countries around the globe, governments are using an innovative method to warm buildings using body heat. The long-talked-about idea is finally becoming a reality, but it is not yet widely used. A resting male can generate between 100 and 120 watts of energy, most of which is lost as excess heat. However, capturing this heat for other applications is complicated. In recent years, significant progress has been made in the body heat power generation industry, but scientists believe that applications of body heat can be much more widespread…
Categories: Oil news

A New Sugar-Based Catalyst That Can Make CO2 Valuable

Sat, 05/18/2024 - 18:00
A new catalyst made from an inexpensive, abundant metal and common table sugar has the power to remake carbon dioxide (CO2) gas into carbon monoxide (CO).In a just released Northwestern University study, the new catalyst successfully converted CO2 into CO, an important building block to produce a variety of useful chemicals. When the reaction occurs in the presence of hydrogen, for example, CO2 and hydrogen transform into synthesis gas (or syngas), a highly valuable precursor to producing fuels that can potentially…
Categories: Oil news

Two Sectors Driving the Future of Oil Demand

Sat, 05/18/2024 - 03:00
Oil demand will rise further in the medium term, according to Rystad Energy research and modeling, as low-carbon alternatives are not yet sufficiently developed or economically competitive to offset the growing demand for transportation and industrial services. Rystad Energy’s latest Oil Macro Scenarios report explains how the 13 sectors that rely on oil will face a more complex transition than expected just a couple of years ago. These findings underscore the notion that oil demand remains sticky and the process of substituting the capital…
Categories: Oil news

WTI Challenges $80 Again on Strong Economic Data

Sat, 05/18/2024 - 00:00
U.S. crude oil prices pushed past $80 on Friday, with the global benchmark Brent crude also enjoying its first weekly gain since mid-April on Chinese industrial output data and U.S. consumer prices, both of which came in more favorably than anticipated for April.  On Friday at 4:20 p.m. ET, West Texas Intermediate (WTI) was trading a penny shy of $80, and had surpassed $80 earlier in the afternoon. Brent crude was trading at $83.91, up 0.77% on the day.  The April U.S. Consumer Price Index (CPI) released on Wednesday showed a 0.3% increase…
Categories: Oil news

British Steel Plans to Build Electric Arc Furnace at Scunthorpe Site

Sat, 05/18/2024 - 00:00
Via Metal Miner British Steel recently secured permission from the local authorities to build an electric arc furnace at its Scunthorpe site in Lincolnshire. In an April 30 announcement to steel news outlets, the London-headquartered company stated that the North Lincolnshire council approved its application to build a new EAF at Scunthorpe following a consultation. Officials at British Steel did not indicate a timeline for the new EAF to come on stream. However, a spokesman told MetalMiner that the furnace will have a capacity of 130 metric tons…
Categories: Oil news

Europe Imports Russian Oil Products via Turkey, Skirting Sanctions

Fri, 05/17/2024 - 22:30
A recent report by the Centre for Research on Energy and Clean Air (CREA) and the Center for the Study of Democracy (CSD) reveals that the European Union (EU) has imported EUR 3 billion worth of oil products from Turkish ports that predominantly handle Russian oil—ports that don't have refining hubs. This trade has effectively bypassed the EU/G7 sanctions on Russian petroleum products. Since the implementation of the EU/G7 petroleum products ban on February 5, 2023, until the end of February 2024, the EU has sourced 5.16 million…
Categories: Oil news

Vertical Axis Wind Turbines Redefined by Machine Learning

Fri, 05/17/2024 - 22:00
EPFL (École Polytechnique Fédérale de Lausanne) researchers have used a genetic learning algorithm to identify optimal pitch profiles for the blades of vertical-axis wind turbines. Vertical-axis wind turbines with their high energy potential, have until now been vulnerable to strong gusts of wind. The explanatory open access paper has been published Nature Communications. When you consider today’s industrial wind turbine, you likely picture the windmill design, technically known as a horizontal-axis wind turbine (HAWT).…
Categories: Oil news

Precious Metals Markets Slide Sideways

Fri, 05/17/2024 - 21:00
Via Metal Miner The Global Precious Metals MMI (Monthly Metals Index) slowed its upward price action and moved sideways from April to May. All in all, the index only rose by 2.38%. Among precious metal prices, gold remains at historically high levels, while silver and palladium prices trended more sideways month-over-month. Precious Metal Prices: Gold Gold prices rallied to new highs in Q1 2024. However, more recent price action drove gold prices into a sideways range after a swing low formed near $2277/oz. Gold prices need to break above their…
Categories: Oil news

Oil, Gas Activity in U.S. Holds Steady

Fri, 05/17/2024 - 20:07
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 1 to 604 this week, compared to 720 rigs this same time last year. The number of oil rigs rose by 1 this week, after falling by 3 in the week prior. Oil rigs now stand at 497--down by 78 compared to this time last year. The number of gas rigs stayed the same this week at 103, a loss of 38 active gas rigs from this time last year. Miscellaneous rigs stayed the same…
Categories: Oil news

Saudi Aramco Signs MOUs with U.S. Firms to Advance Lower-Carbon Solutions

Fri, 05/17/2024 - 19:30
In a strategic move to bolster its commitment to sustainable energy, Saudi Aramco (2223.SE) has entered into three significant memorandums of understanding (MOUs) with U.S. companies Aeroseal, Spiritus, and Rondo. The agreements aim to explore and develop lower-carbon energy solutions, as detailed in an official statement released on Friday. Improving Pipeline Integrity The MOU with Aeroseal—an energy efficiency solutions provider—focuses on the deployment and commercialization of its innovative technology designed to enhance the efficiency…
Categories: Oil news

Heatwaves Push Asia’s Spot LNG Prices To Highest Since January

Fri, 05/17/2024 - 19:00
Heat waves in some parts of Asia and forecasts of above-average temperatures in southeast Asia and China in the coming weeks have prompted more spot LNG buying, which has raised the spot prices in Asia this week to the highest level since early January. The average LNG spot price for delivery into northeast Asia in July has increased this week to $10.90 per million British thermal units (MMBtu), according to estimates from industry sources cited by Reuters. This week’s average spot LNG price in Asia is higher than last week’s average…
Categories: Oil news

China’s Apparent Oil Demand Dips in April for First Yearly Decline Since 2022

Fri, 05/17/2024 - 18:09
Chinese refiners processed lower crude volumes in April due to maintenance, while apparent oil demand in the world’s top importer of the commodity fell for the first time on an annual basis since the end of 2022. Chinese government data showed on Friday that crude processing rates fell by nearly 4% year-over-year to 14.36 million barrels per day (bpd) in April, due to the start of maintenance season at refineries.   Apparent oil demand in China declined by 3% in April compared to the same month last year. This marked the first annual…
Categories: Oil news

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