Brace for huge oil volatility

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said. “You could see spikes to even higher than $100 a barrel, even $130, and you could also see it go […]

$100 Oil Is Now A Distinct Possibility

Although oil may not be headed to a new supercycle, prices still have room to rise from current levels because of a strong demand rebound and expected tightness in supply, some of the world’s largest commodity trading groups say. There is a chance for $100 oil, Jeremy Weir, chief executive officer at commodity trader Trafigura, […]

Energy consumption rises as recovery continues

Crude oil closed at $70 per barrel for West Texas Intermediate (WTI) on the New York Stock Exchange (NYMEX) on June 8. Brent crude oil, which is traded on the international exchange, has closed at more than $70 for several days. EIA estimates the price of Brent oil will remain strong amid expectations of global […]

Peak Oil Demand May Be Ten Years Away

The world is past peak coal consumption and may reach peak oil consumption within the next ten years, Alexei Kudrin, the head of the Russian Accounts Chamber, told media this week. The official noted Russia will need to learn to rely less on oil export revenues over these next ten years. Otherwise, Kudrin added, this […]

The pandemic has proved peak oil demand wrong

While the world is not yet back to pre-pandemic travel levels and there is still ongoing disruption to ground transportation and air traffic, the world now consumes more than 95 million barrels of oil per day (bpd) and is forecast to reach an average of 97.7 million bpd during 2021, according to the latest US […]

Oil Prices Rally to Highest Settlements in Years

Oil resumed its advance, reaching the highest settlement in over two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air. West Texas Intermediate crude rose 2.1%, while global benchmark Brent settled above $70 a barrel for the first time since 2019. Prices […]

Is This The First Truly Global Gas Price Benchmark?

In the world of energy, size matters. Therefore, large producers and consumers can influence global markets while smaller players have to acquiesce to developments. One outlier has been the Netherlands, which historically is a ‘natural gas country’ due to its sizeable reserves. The medium-sized European country’s virtual trading hub Titel Transfer Facility, or TTF, is […]

Gas Is Going To $5 Per Gallon: First In California, Then Across The Country

Get ready for $5 per gallon gasoline – especially if you live in California. At least, that was the contention of a new WSJ op-ed that claims higher taxes and environmental regulations are both driving up the price of gas. Author Allysia Finley notes that the average cost at the pump in California is now $4.18 […]

US Crude Oil, Fuel Consumption Surges Ahead Of Summer Driving Season

US crude oil and fuel stockpiles fell sharply last week on accelerated demand from refiners ahead of the start of the peak summer driving in an economy rebounding rapidly from COVID-19 suppression, data from the Energy Information Administration (EIA) showed Wednesday WASHINGTON (UrduPoint News / Sputnik – 26th May, 2021) US crude oil and fuel […]

Expect to pay more for gasoline, electricity, natural gas this summer

It’s not just cars, houses and lumber that are getting more expensive this summer. Be ready to shell out more money for energy this summer, too, the Michigan Public Service Commission said in its May 26 report. Gasoline, electricity and natural gas are all expected to keep getting pricier. Gasoline may be the most noticeable, […]

Macro drivers signal higher oil prices in 2022

While big macro drivers-including a weaker USD, inflation and monetary easing all point to higher oil prices in 2022, micro headwinds (Iran, India’s 2nd wave) may fade in the second half 2021, according to a new a BofA Global Research report. A post-Covid scenario marked by a permanent reduction in mass transit use could quickly […]

Could liquefied natural gas be one solution to climate change

Climate change and the goal of net-zero emissions by 2050 have cast Canada’s oil and gas producers in the role of bad guys in black hats. Now, producers of natural gas hope to recast themselves as white-hatted good guys, with proposals for LNG (liquefied natural gas) ports on the Pacific and Atlantic coasts. LNG would […]

$70 Oil, $200 Iron, $10000 Copper: Commodities Smash Milestones

When headline crude futures topped $70 a barrel on Tuesday, it was just the latest landmark in a banner year for raw materials. From copper to iron ore and oil, prices have rallied broadly in 2021, as the global economy emerges from the depths of the coronavirus pandemic and fires up demand. The Bloomberg Commodity […]

We’re returning to the ‘70s era of social decay, crime, and stagflation

The most dangerous part of the recently released 4.2% headline inflation, the highest since 2008, is the fact that higher labor costs haven’t even kicked in yet, said Scott Rothbort, president of LakeView Asset Management. Rothbort said that the economy is headed to a situation where we will have much higher inflation but low economic […]

The American infrastructure, ancient Rome and ‘Limits to Growth’

Infrastructure is the talk of the town in Washington, D.C. where I now live and with good reason. The infrastructure upon which the livelihoods and lives of all Americans depends is in sorry shape. The American Society of Civil Engineers 2021 infrastructure report card gives the United States an overall grade of C minus. Everyone […]

The Great Pause Week 61: Swallow the Doctor

“The first successful transubstantiation is estimated to happen around 2035. After that we will each be able to back ourselves up to the cloud, if we can afford the data plan.“ Elon Musk and Peter Diamandis, May 5, 2021 X-Prize Launch     Near the start of World War II, Robert A. Heinlein published a story […]

China Records Slowest Population Growth In Decades

China’s population grew at its slowest pace in decades, according to government data released on Tuesday. The average annual growth rate was 0.53% over the past 10 years, down from a rate of 0.57% between 2000 and 2010 – bringing the population to 1.41bn. The results add pressure on Beijing to boost measures for couples […]

More than 1,000 gas stations run out of fuel

More than 1,000 gas stations in the Southeast reported running out of fuel, primarily because of what analysts say is unwarranted panic-buying among drivers, as the shutdown of a major pipeline by a gang of hackers entered its fifth day Tuesday. Government officials acted swiftly to waive safety and environmental rules to speed the delivery […]

Oil buying accelerates amid growing confidence in economic recovery

Hedge funds boosted their position in petroleum for the fourth week running, as bullishness about oil consumption and prices rebounded after the setback in March. Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to May 4. Oil […]

East Coast Faces Fuel Shortage

Motorists from New York to Atlanta face a growing threat of fuel shortages and surging prices as a cyberattack that crippled North America’s biggest petroleum pipeline drags into its third day. Colonial Pipeline said on Sunday that it was still developing a plan for restarting the nation’s largest fuel pipeline — a critical source of […]

Michael Lynch: Peak Oil Demand, Really? Some Lessons From The Debate Over Peak Supply

Some recent headlines and quotes from the press: “Peak Oil is Suddenly Upon Us” (Bloomberg 12/1/20); “Even Exxon Mobil is Capitulating to Peak Oil Demand” (Bloomberg 12/1/20); “End Game for Oil? OPEC Prepares for an Age of Dwindling Demand,” (Reuters 7/28/20); “World has already passed peak oil, BP figures reveal” (CarbonTracker 9/15/20); “COVID-19 has brought peak […]

Jet Fuel Use Set to Surge 30% in USA

It’s the postponed weddings and family reunions. It’s meeting newborn grandchildren and attending memorial services for loved ones lost to the pandemic. It’s the rebooked trips to Maui and adventures in new cities. All that travel demand has been piling up for more than a year, and now it’s about to burst out into one […]

Coal Is Getting Even Closer to the End of Its Line

In 2020, Americans used 447 million short tons (to distinguish from metric tons) of coal. That’s enough to fill 4 million railroad cars, which sounds like a lot. But it’s also the country’s lowest annual coal consumption since 1965, and even that barely hints at the historical territory coal may soon explore. A few more […]

Living within our energy income

Traditional fiscal advice for a sustainable life style is to preserve your capital and live on your interest income. The cautionary tale is a person who burns through an inheritance, living beyond their income, and eventually winds up bankrupt. This same basic idea can be applied to natural resources and energy systems. Natural resources have […]

When Will Oil Demand Fully Recover?

As the Covid-19 pandemic began to spread last year, I developed an idea. I hypothesized that the pandemic would cause a permanent dent in oil demand. I covered that hypothesis in a couple of articles last year, including Will Covid-19 Hasten The Demise Of Fossil Fuels? My reasoning was that the large scale move to telework […]

Covid Boost for Global Car Sales to Spark a Surge in Oil Demand

It’s starting to feel as commonplace as handwashing: To protect against Covid, people across the globe are skipping trains and buses. Instead, they’re part of the great car comeback that’s sending vehicle sales soaring and fueling a demand surge for oil and metals.     Julie Murataj is a reluctant part of the shift. Two […]

Gold & The Coming Oil Shortage

The oil price crash on the back of the COVID-19 lockdowns has accelerated the coming supply crunch. Both national and international oil companies have slashed CAPEX and maintenance spending, which will push up decline rates and US shale drillers finally focus on profitability instead of growth. Current longer-dated oil prices are too low to give […]

Rystad: Oil to Peak in 2026

The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway’s biggest independent energy consultancy Rystad said on Wednesday. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made […]

No peaking of oil demand yet

Oil traders at work in Houston. Creative Commons photo by Oil Industry News. Those advancing the notion of a rapidly approaching peak in oil demand will have to wait for another day, as the world regains its thirst for crude from last year’s pandemic-induced lows, according to public and private forecasts. In its April Short-Term […]

Copper is the new oil: Demand for the metal expected to soar this decade

The 2020s are expected to be the strongest phase of volume growth in global copper demand in history, as per Goldman Sachs. Goldman Sachs has argued that the critical role copper will play in achieving the Paris climate goals cannot be understated. Without serious advancements in carbon capture and storage technology in the coming years, […]

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LATEST NEWS HEADLINES

• February Non-OPEC Oil Production Sinks
• Everyone Wants to Sell the Last Barrel of Oil
• Brace for huge oil volatility
• OPEC told to expect limited U.S. oil output growth, for now
• One day in May and Big Oil’s future

• Rosneft Warns of ‘Severe’ Oil Shortage Amid Hasty Energy Shift
• BP CEO calls IEA net zero scenario ‘credible’ despite planning more oil and gas projects
• Peak Oil Demand May Be Ten Years Away
• Oil alliance holds firm on output as price passes $70
• The pandemic has proved peak oil demand wrong
• Oil Prices Rally to Highest Settlements in Years