Fossil fuels have provided the lowest amount of UK electricity for a one-hour time period on record. Energy think tank Carbon Tracker today said that on Monday, April 15th, just 2.4 per cent of UK electricity came from fossil fuel sources. Throughout the whole of last year, there were only 16 half-hour periods where coal and gas provided less than five percent of electricity and just five periods in 2022. For 2024 so far, however, there have been 75 half-hour periods where this criteria has been met. Just six years ago, there were no instances…

OPEC Secretary General Haitham Al Ghais said in a statement on Wednesday that the group is looking forward to the prospect of a partnership with Namibia, the hottest new oil frontier after Guyana, with new discoveries lining up and first production of 2.6 billion barrels planned for 2030.  "We are excited about the potential of the Namibian OPEC partnership and stand ready to offer support at this crucial juncture," Al Ghais said in a pre-recorded message at an international energy conference in Namibia. "We are enthused by the discoveries…

OPEC Secretary General Haitham Al Ghais said in a statement on Wednesday that the group is looking forward to the prospect of a partnership with Namibia, the hottest new oil frontier after Guyana, with new discoveries lining up and first production of 2.6 billion barrels planned for 2030.  "We are excited about the potential of the Namibian OPEC partnership and stand ready to offer support at this crucial juncture," Al Ghais said in a pre-recorded message at an international energy conference in Namibia. "We are enthused by the discoveries…

China’s fiscal woes are likely to drag on economies across the Caucasus and Central Asia over the next two years, the World Bank is forecasting.  The Bank’s economic update for 2024-25 says the entire area spanning Europe and Central Asia faces “multiple headwinds,” including China’s “lackluster recovery” and “moderating” commodity prices. “With heightened geopolitical risks and substantial policy uncertainty, investment growth … could weaken further, especially if progress…

China's coal market is poised for a significant uptick in prices, according to fresh insights from the China Coal Transportation and Distribution Association (CCTD). General Manager Han Lei of CCTD's research department highlighted that domestic thermal coal prices have surpassed 800 yuan ($110.41) per metric ton, which is seen by many in the industry as marking the bottom for the year. Current coal market dynamics suggest a trend of stabilization and resurgence in prices. Despite expectations for relatively flat coal output this year compared…

China's coal market is poised for a significant uptick in prices, according to fresh insights from the China Coal Transportation and Distribution Association (CCTD). General Manager Han Lei of CCTD's research department highlighted that domestic thermal coal prices have surpassed 800 yuan ($110.41) per metric ton, which is seen by many in the industry as marking the bottom for the year. Current coal market dynamics suggest a trend of stabilization and resurgence in prices. Despite expectations for relatively flat coal output this year compared…

Last October, when we pointed out that China's FX outflows had just hit a whopping $75BN - the single biggest monthly outflow since the 2015 currency devaluation - we concluded that the "unfavorable interest rate spread between China and the US will "likely imply persistent depreciation and outflow pressures in coming months", or in other words, September's biggest FX outflow in years is just the beginning, and very soon - in addition to geopolitics and central banks - the world will also be freaking out about the capital flight out of China...…

Just a day after announcing it would restate the past two years of financial results, beleaguered SunPower Corp. (NASDAQ:SPWR) on Wednesday said it would reduce its workforce, cut a selection of residential installation locations, and halt direct sales, Reuters reports.  With shares down nearly 60% year-to-date, SunPower says it is seeking to simplify its business structure and move away from areas that are not sustainability profitable. In a letter to employees seen by Reuters, SunPower Principal Executive Officer, Tom Werner, said some 1,000…

Just a day after announcing it would restate the past two years of financial results, beleaguered SunPower Corp. (NASDAQ:SPWR) on Wednesday said it would reduce its workforce, cut a selection of residential installation locations, and halt direct sales, Reuters reports.  With shares down nearly 60% year-to-date, SunPower says it is seeking to simplify its business structure and move away from areas that are not sustainability profitable. In a letter to employees seen by Reuters, SunPower Principal Executive Officer, Tom Werner, said some 1,000…

Higher oil prices are expected to double Russia’s oil and gas revenues in April compared to the same month last year, according to Reuters calculations based on data from industry sources and official statistics on oil and gas production and supply.   This month, Russia is expected to pocket $14 billion (1.292 trillion Russian rubles) from oil and gas, according to the estimates. That’s double compared to the $7 billion (648 billion rubles) Russia received from oil and gas in April last year. This month’s Russian…

As well productivity in the U.S. shale patch has declined in the past two years, producers are looking to deploy new technology to reverse these declines, but small companies often cannot afford the high upfront costs, industry executives and analysts have told Reuters. While shale production pushed U.S. crude oil output to record highs in recent months to above 13 million barrels per day (bpd), the rate of productivity declines has steepened since 2020 as the fracking of closely located wells has interfered with geology and pressure, resulting…

As well productivity in the U.S. shale patch has declined in the past two years, producers are looking to deploy new technology to reverse these declines, but small companies often cannot afford the high upfront costs, industry executives and analysts have told Reuters. While shale production pushed U.S. crude oil output to record highs in recent months to above 13 million barrels per day (bpd), the rate of productivity declines has steepened since 2020 as the fracking of closely located wells has interfered with geology and pressure, resulting…

As well productivity in the U.S. shale patch has declined in the past two years, producers are looking to deploy new technology to reverse these declines, but small companies often cannot afford the high upfront costs, industry executives and analysts have told Reuters. While shale production pushed U.S. crude oil output to record highs in recent months to above 13 million barrels per day (bpd), the rate of productivity declines has steepened since 2020 as the fracking of closely located wells has interfered with geology and pressure, resulting…

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared with an inventory draw of 3.23 million barrels as estimated by the American Petroleum Institute on Tuesday, with the group also reporting a gasoline inventory decline of about half a million barrels. Analysts had expected…

Disruptions to global oil product flows, still strong refining margins, and lowered U.S. refinery utilization are expected to have bolstered the quarterly earnings of American oil refiners in the first quarter of 2024, analysts told Reuters. Profits are expected to be lower than in 2022 when the Russian invasion of Ukraine upended markets and pushed up refining margins, but U.S. refiners are still set to report in the coming days strong earnings for the first quarter of the year. “It is going to be another really strong quarter,” TD…

Poland has upped the nuclear rhetoric with Russia, on Monday suggesting NATO nuclear warheads could soon be positioned on its territory. It comes amid general NATO euphoria in the wake of the US House finally passing Biden's giant aid package for Ukraine, despite widespread acknowledgment that Ukrainian forces are being beaten by Russia. Polish President Andrzej Duda declared in a fresh and hugely provocative statement that Poland is "ready" to host nuclear weapons should NATO decide to do so as reinforcement of its…

The electric vehicle, Artificial Intelligence (AI), power infrastructure and automation boom will drive at least 10 million metric tons of additional copper demand by 2035, Swiss multinational commodity trading company Trafigura has predicted. According to Graeme Train, Trafigura’s head of metals analysis, one third of the 10 million tons of new demand will come from the electric vehicle sector, "A third is electricity generation, transmission and distribution, and the rest is for things like automation, manufacturing capex and cooling…

Slowing U.S. crude oil production growth and changed global oil flows have stalled projects by pipeline giants and oil majors to have deepwater ports built off the Texas coast to handle the loading of supertankers. Four projects were planned offshore Texas before multiple crises hit the industry in the 2020s and changed trade oil flows. But only one of these projects has received a license from the U.S. Administration—and it’s not certain it would soon have long-term customer commitments or partners to underpin a final investment decision.…

Back in 2020, a senior Washington-based lawyer who has long worked closely with the U.S. Treasury Department exclusively told OilPrice.com that: “Just like Pakistan was with Al Qaeda and us, we know the Iraqis are lying about Iran, but we still have to give them cookies when they visit”. Cookies were presumably in abundance as Iraq’s latest prime minister, Mohammed Al Sudani, rocked up to the White House last week, along with the ministers of oil, finance, trade, and electricity, the president of the central bank, and…

When policymakers both here and abroad deregulated and restructured the electricity industry they made four big mistakes. And we are still living with them.    Number 1: The architects of deregulation, being economists, focused on market structure and operating savings when the big problem facing the industry was increasing capital expenditures and adjusting to climate change. They diverted attention from an existential challenge to achieve modest operating savings that rarely flowed through to consumers. They created markets that…