Oil and Gas 360 Mobius Intel Brief Texas power prices jumped from a high of less than $60/MWh on Tuesday (05/07) to over $5,000/MWh at peak net load on Wednesday (05/08) as record-warm May temperatures and high levels of generation outages combined to pressure system-wide supplies. Variable wind output showed its limitations as a power resource of the future as
Oil and Gas 360 Energy Shots (Mobius Risk Group): Why China’s long-term economic outlook is complicated by an aging population and shrinking labor force. Summary: Long-Term Growth Handicapped by Aging Population: China’s hopes to become a high-income developed country must reconcile an aging population and a shrinking working class. The country’s infamous “one-child” policy from 1980-2015 created a demographic crisis
Oil and Gas 360 Energy Shots By Mobius Risk Group Summary: The New Era of Power Demand Growth: Two decades of sub-1% annual growth in electricity consumption is nearing its end as AI-fueled power demand sets a new course for the U.S. generation fleet. Forecasts from institutions like the IEA see global power demand from data centers, AI, and cryptocurrency
Oil Price Congress leaders from the Republican Party have sent a letter to Fatih Birol, the executive director of the International Energy Agency, expressing concern that the IEA has strayed from its core mission of promoting energy security. Senate Energy and Natural Resources Committee ranking member John Barrasso (Wyo) and House Energy and Commerce Committee Chair Cathy McMorris Rodgers (Wash) wrote in
World Oil (Bloomberg) – Oil prices likely will trade at about $85-$90 a bbl in the third quarter even if OPEC+ producers and allies decide not to extend current supply cuts, said Gunvor Group Ltd.’s global head of research and analysis. If Saudi Arabia and allies extend cuts beyond the second quarter, that could send prices even higher, Frederic Lasserre
Oil and Gas 360 ExxonMobil announced yet another discovery in its coveted Stabroek block in Guyana. The Bluefin well encountered 197 feet of hydrocarbon-bearing sandstone in 4,244 feet of water, adding to Exxon’s growing list of over 30 oil discoveries in the Stabroek block since 2015. The latest announcement follows explosive growth in Guyana’s production, which benefitted from the early
Oil and Gas 360 After years of delays and running $7 billion over budget, Pemex’s CEO says the company’s new Dos Bocas (Olmeca) 340,000 bpd refinery will reach maximum production by the end of March. The new refinery will produce 170,000 bpd of gasoline and 120,000 bpd of ultra-low sulfur diesel, increasing Pemex’s fleet-wide output forecasts by 60% to 1.05
World Oil (WO) — The American Petroleum Institute (API) issued a statement from President and CEO Mike Sommers in response to reports that the Biden administration is considering changing the implementation timeline for its proposed tailpipe emissions standards: “Reports that the EPA is moving forward with a de facto ban on new gasoline-powered cars shows the Biden administration is significantly
Oil and Gas 360 Ethanol’s Last Stand U.S. ethanol producers are on the cusp of calamity, but hopes are growing for policy-driven longevity. Summary: Ethanol Producers’ Last Stand: Declining gasoline demand forecasts present a catastrophic risk to an industry born out of the EPA’s renewable fuel standards, which mandate ethanol blending in fuels. The industry’s lobbying could pay off, however,
Publisher’s Note: Dan Genovese with EnerCom spoke with Anthony Diab and Chris Williams – Co-Founders and Directors with Skeltek/ Rheopectic to discuss Namibia’s oil boom that has attracted international oil giants, including TotalEnergies, GALP, Shell, QatarEnergy, Chevron and ExxonMobil in search of long-term oil supplies following discoveries made in 2022 and 2023. Exploration success, and significant foreign investment, has accelerated Namibia’s
Oil Price Rising global demand for energy and oil is set to keep crude oil prices elevated, OPEC’s Secretary General Haitham Al Ghais told the BBC in an interview published on Tuesday. Oil demand is expected to rise by around 2.4 million barrels per day (bpd) this year compared to 2022, and by another 2 million bpd next year, Al Ghais said.
Yahoo Finance (Bloomberg) — Oil is headed as high as $150 a barrel unless the US government does more to encourage exploration, according to Continental Resources Inc., the shale driller controlled by billionaire Harold Hamm. Crude output in the Permian Basin will one day peak as it already has in rival shale fields such as the Bakken region of North
