IEA’s latest Monthly Oil Market Report called for Opec to maintain current production levels of around 30 mmb/d amid developed world demand resurgence that has depleted OECD oil inventories by 1.5 mmb/d in the last three months of 2013, the steepest quarterly decline since 1999. “At this time of year, when the global oil market… Keep reading →
In what could already be described as stunning news – and would become a stunning development if it materialized – is a report by Reuters that the United Arab Emirates (UAE), an OPEC oil producer situated in the Persian Gulf, is “said to be looking at the possibility of importing natural gas from North America.”… Keep reading →
Although yesterday’s EIA Weekly Natural Gas Storage Report recorded a smaller draw than analysts expected – 262 Bcf declined from storage, but expectations were around 271 Bcf – and the March NYMEX gas futures contract decreased in price as a result, storage remains historically low and the need to replenish it during injection season could… Keep reading →
Saudi Arabia announced an ambitious natural resource development project in the underpopulated Northern Borders region. Nearly $10 billion in investments and agreements will jumpstart construction on King Abdullah Wa’ad Al-Shamal City, which will include a 1,000 MW power plant and other infrastructure needed to support industrial activity. “President and CEO of Saudi Aramco Khalid Al-Falih… Keep reading →
A 30-megawatt offshore wind pilot project will use 5 floating turbines to generate electric power routed back to the mainland in Coos Bay, Oregon. “We’re not as anxious to commercialize it, but it’s still worth getting the projects into the water and testing them,” said Belinda Batten, director of the Northwest National Marine Renewable… Keep reading →
Majority government-owned Danish utility Dong Energy recently brought in new investors that included two Danish pension funds and US investment bank Goldman Sachs. The Danish public strongly opposed Goldman’s involvement due to several aspects of the deal’s structure and the degree of control Goldman would receive with its 19% equity stake in the company. This… Keep reading →
Energy and climate stakeholders were surprised by news Thursday that Rep. Henry Waxman, D-Calif. will retire at the end of the year after 40 years in Congress. “Waxman was also a champion of environmental causes. He was one of the chief architects behind a 1990 upgrade to air pollution laws, and in 2009, along with… Keep reading →
Near record low temperatures today in New York and Boston are driving up spot gas and power prices, as utilities struggle to obtain power generation fuel amid pipeline constraints caused by surging demand. Some East Coast generators have taken to burning oil in cases where they cannot source natural gas fast enough or in adequate… Keep reading →
Freezing weather throughout much of the US is sending spot energy prices soaring. “Natural gas for next-day delivery on the Transco pipeline into New York rose to a record $90 per million British thermal units on Monday, up 660 per cent from last week’s close and 20 times more than benchmark futures prices, according to… Keep reading →
EIA’s latest Annual Energy Outlook (AEO) projects a 56 percent increase in natural gas production by 2040, overtaking coal as the largest share of U.S. electric power generation. On December 16, 2013, the Energy Information Administration (EIA) released the AEO 2014 Early Release Overview presenting updated projections for U.S. energy markets through 2040. The AEO… Keep reading →
