Tag: recycling

Best in Energy – 5 June 2023

OPEC⁺ extends production cuts into 2024 (Reuters)

Saudi Arabia to cut extra 1 million b/d in July (WSJ)

Saudi Arabia cuts again to boost oil prices (FT)

Saudi Arabia cuts alone to lift oil price (Reuters)

OPEC⁺ to review members’ output capacity (OPEC)

Saudi Arabia wants ‘fair hearing’ on oil policy (FT)

Bangladesh power cuts on fuel shortages (Reuters)

Solar panels eventually need to be recycled (BBC)

U.S. oil and gas drilling down as prices fall (Reuters)

LME tries to make inventories more visible (Reuters)

U.S./Iran diplomats try to restart negotiations (FT)

U.S./China in ‘secret’ diplomatic talks (FT)

China’s gas consumption fell in 2022 (EIA)

U.S. OIL DRILLING activity has fallen again, with the number of active rigs targeting oil-rich formations down by -15 over the seven days ending on June 2. The oil rig count is down by -72 (-11%) from its recent peak at the start of December 2022. The cyclical upturn in drilling that started after the first wave of the coronavirus pandemic is over. Drilling activity is falling in line with lower oil prices since the middle of 2022:

Best in Energy – 1 June 2023

OPEC bans some journalists from meeting as prices slide (FT)

OPEC has not invited some reporters to next meeting (Reuters)

European insurers balk at loss of business from sanctions (FT)

Europe sells surplus and ageing coal stocks to Asia (Bloomberg)

China ups imports of cheaper coal to record high (Bloomberg)

Nigeria’s fuel hoarding after threat to remove subsidies (FT)

U.S. firms adjust financial statements as economy slows (WSJ)

U.S. residential electricity prices increased +13% in 2022 (EIA)

Wind turbine blades and recycling (Power Technology)

Vaca Muerta oil output forecast to grow (Reuters)

U.K. water pipes and leak detection (Bloomberg)

Zoonotic diseases surveillance and control (GAO)

BRENT calendar spreads between August and September and between September and October have continued to soften and are now trading only in a very narrow backwardation. OPEC⁺’s unexpected output cut announced at the start of April briefly halted the weakening of nearby spreads but it has resumed. Traders now anticipate any significant tightening in the oil market will not occur until the fourth quarter of 2023 at the earliest:

Best in Energy – 27 March 2023

Iraq to control oil exports from Kurdish region

EU plan to diversify critical materials sourcing

Recycling and the availability of critical metals

U.S./China compete to control undersea cables

Australia LNG exports and domestic customers

Aramco to boost low-sulphur distillate exports

China boosts coal output to cut import reliance

Iran’s leaders debate change from above ($FT)

Russia’s shadow tanker fleet raises risk ($BBG)

Russia’s diesel exports hit record high ($BBG)

China’s contract exporters struggle ($FT)

Oil price fall accelerated by hedges ($WSJ)

Oil price rebound – delayed? ($BBG)

Iraq’s oil output growth has stalled

EUROPE has made an early start refilling gas storage ahead of winter 2023/24. Storage has risen in six out of the most recent eight days as increasing temperatures cut gas consumption while high prices continue to restrain demand and attract imports. Storage facilities were 56.0% full on March 25, a record for the time of year, slightly exceeding the previous peak on March 25, 2020: