TailingsPond + 1,013 GE May 24, 2023 2 hours ago, Ecocharger said: Action on what? Earth temperature? Those fallacies have already been exploded. Only the scientifically challenged still believe in those tooth fairies. Did I list earth temperature? You have a defeatist attitude. Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 24, 2023 10 hours ago, Ron Wagner said: How does that affect your sailing, if at all? I wouldn't purposely go out in a force 7. In the North Sea it gets very choppy as its very shallow where we are If out in that double reefed main and the Genoa rolled in about 2/3rds. Need to keep your hand on the main sheet to slacken the mainsail to avoid being overpowered by gusts. 1 Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 24, 2023 9 hours ago, Ecocharger said: More garbage nonsense.....the cost would be prohibitive beyond belief. Dreamers are the first victims of their own dreams. The 2nd life for EV batteries is as stationary storage (contrary to the toxic waste dump scare stories Fux News Talking Heads puts out) The roll out of EV's will also increasingly build storage capacity for intermittent renewables. Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 24, 2023 On 5/23/2023 at 7:42 AM, specinho said: This is probably highly speculative... A regularly used phone battery could only last one to three years. Unless, you drive sparingly, the lifespan of battery is a concern, particularly when raw material required are limited or in shortage. 5 to 10 years would be the average, no? Mechanical cars are probably being investigated. Fly-wheel springy coil, swing mode, old hand crank etc... 'o' '-' No rush to end one and promote domination of another. They can coexist. 🙂 The battery issue is not a major obstacle. Battery range declines by 1-2% a year. In older EV's these cars will become family / town runabouts as is the case with many older FF cars. For example our 15 year old 1.6 litre Corolla hatch does about 4000 miles per year. If batteries are replaced the old battery still has considerable function as a stationary storage battery (with some conversion). The current supply is very limited so scale is small but as the numbers increase the opportunities to convert for home / industrial storage will increase. Quote Share this post Link to post Share on other sites
notsonice + 1,266 DM May 24, 2023 10 hours ago, Ecocharger said: The oil industry is on a roll with the driving season now upon us. Get out those beach outfits and get ready for the summer season. https://oilprice.com/Latest-Energy-News/World-News/Crude-Prices-Rise-On-Surprise-Inventory-Draw.html "The price of WTI and Brent were both trading up on Tuesday in the run-up to the data release. By 3:11 p.m. EST, WTI was trading up $0.86 (+1.19%) on the day at $72.91 per barrel, and up more than $2 per barrel week over week. Brent crude was trading up $0.84 (+1.11%) on the day at $76.83—up roughly $2 per barrel from this time last week. WTI was trading at $73.18 shortly after the data release. Gasoline inventories fell by 6.398 million barrels after falling in the week prior by 2.46 million barrels. Distillate inventories fell by 1.771 million barrels after decreasing by 886,000 barrels in the week prior." on a roll????? reduction of supply is the only game oil has now....... Brent Crude over $80 in 2023??? just a fading pipedream by the losers such as Goldman Sachs and their dimwitted supporters Remember the GS call in July of 2022 for $130 Brent to start the year??? oh my , the long awaited jump in Oil demand out of China is your only hope??? Recession in China will last for 2 years.....recession in China real estate sector is not going to fix itself overnight. long term price is down from today.........you can thank weak demand for the fall Reality.....Enjoy the read MAY 22, 2023 EIA expects lower crude oil prices for the second half of 2023 and for 2024 Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, May 2023 We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of relatively rapid declines in the crude oil price since April. Between April 12, 2023, and May 4, 2023, the Brent crude oil price fell $16 per barrel (b) to $73/b; the West Texas Intermediate crude oil price fell $15/b to $69/b. We expect that a drop in OPEC production and increases in demand will lead to relatively moderate price increases over the next few months. The recent price declines are caused by a combination of supply and demand market factors. On the demand side, news of a decrease in China’s manufacturing Purchasing Managers’ Index, an indicator of economic conditions, added to market concerns about China’s economic growth and a possible U.S. recession. Concerns about the banking sector after First Republic Bank was closed and subsequently sold also added to concerns about global economic growth and oil demand. On the supply side, oil flows from Russia have remained higher than expected, increasing global oil supply and putting downward pressure on crude oil prices. However, in April 2023, OPEC+ members agreed to cut oil production through 2023. In our May STEO, we forecast that OPEC total production of liquid fuels will decline from 34.0 million barrels per day (b/d) in April to average 33.7 million b/d for the rest of 2023. In addition to our expectation that OPEC+ countries will adhere to voluntary production cuts, recent disruptions to crude oil exports from Iraq and a force majeure limiting crude oil exports from Nigeria have also reduced our near-term OPEC liquid fuels production forecast. We expect that these supply constraints will put upward pressure on crude oil prices. In 2024, we expect OPEC liquid fuels production will increase by 0.7 million b/d to 34.4 million b/d, driven by an end of the currently agreed upon OPEC+ production cuts in 2023. We expect the Brent crude oil price will increase from $74/b in May 2023 to $79/b in September before declining slightly to average $78/b in the last three months of 2023. We expect the West Texas Intermediate price will follow a similar path. Principal contributor: Matthew French Tags: prices, forecasts/projections, STEO (Short-Term Energy Outlook), liquid fuels, crude oil, oil/petroleum Quote Share this post Link to post Share on other sites
turbguy + 1,556 May 24, 2023 14 hours ago, Eyes Wide Open said: Acid rain was stopped due to gas reformulation..Sulphur became almost extinct. Acid rain in the eastern states was significantly "reduced" via coal plant fuel switching to PRB coals, and the installation of scrubbers. This occurred in the "70's... ...and it did not "hurt" my home state at all! Quote Share this post Link to post Share on other sites
Eyes Wide Open + 3,555 May 24, 2023 1 minute ago, turbguy said: Acid rain in the eastern states was significantly "reduced" via coal plant fuel switching to PRB coals, and the installation of scrubbers. This occurred in the "70's... ...and it did not "hurt" my home state at all! Quite true, again it was the sulphur content being released into the atmosphere. The 70's was a very very long time ago. Actually 50's technology was being used to power the US at that time. Quote Share this post Link to post Share on other sites
Old-Ruffneck + 1,257 er May 24, 2023 (edited) 7 hours ago, notsonice said: on a roll????? reduction of supply is the only game oil has now....... Brent Crude over $80 in 2023??? just a fading pipedream by the losers such as Goldman Sachs and their dimwitted supporters Remember the GS call in July of 2022 for $130 Brent to start the year??? oh my , the long awaited jump in Oil demand out of China is your only hope??? Recession in China will last for 2 years.....recession in China real estate sector is not going to fix itself overnight. long term price is down from today.........you can thank weak demand for the fall Reality.....Enjoy the read MAY 22, 2023 EIA expects lower crude oil prices for the second half of 2023 and for 2024 Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, May 2023 We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of relatively rapid declines in the crude oil price since April. Between April 12, 2023, and May 4, 2023, the Brent crude oil price fell $16 per barrel (b) to $73/b; the West Texas Intermediate crude oil price fell $15/b to $69/b. We expect that a drop in OPEC production and increases in demand will lead to relatively moderate price increases over the next few months. The recent price declines are caused by a combination of supply and demand market factors. On the demand side, news of a decrease in China’s manufacturing Purchasing Managers’ Index, an indicator of economic conditions, added to market concerns about China’s economic growth and a possible U.S. recession. Concerns about the banking sector after First Republic Bank was closed and subsequently sold also added to concerns about global economic growth and oil demand. On the supply side, oil flows from Russia have remained higher than expected, increasing global oil supply and putting downward pressure on crude oil prices. However, in April 2023, OPEC+ members agreed to cut oil production through 2023. In our May STEO, we forecast that OPEC total production of liquid fuels will decline from 34.0 million barrels per day (b/d) in April to average 33.7 million b/d for the rest of 2023. In addition to our expectation that OPEC+ countries will adhere to voluntary production cuts, recent disruptions to crude oil exports from Iraq and a force majeure limiting crude oil exports from Nigeria have also reduced our near-term OPEC liquid fuels production forecast. We expect that these supply constraints will put upward pressure on crude oil prices. In 2024, we expect OPEC liquid fuels production will increase by 0.7 million b/d to 34.4 million b/d, driven by an end of the currently agreed upon OPEC+ production cuts in 2023. We expect the Brent crude oil price will increase from $74/b in May 2023 to $79/b in September before declining slightly to average $78/b in the last three months of 2023. We expect the West Texas Intermediate price will follow a similar path. Principal contributor: Matthew French Tags: prices, forecasts/projections, STEO (Short-Term Energy Outlook), liquid fuels, crude oil, oil/petroleum Oil Moves Higher As EIA Reports Huge Crude Draw | OilPrice.com This is todays, not projected 6 months consumption. The EIA has made many claims on usage that were incorrect projections on consumption!!! Enjoy the oil boom notsonice !!! I am!! Edited May 24, 2023 by Old-Ruffneck add Quote Share this post Link to post Share on other sites
notsonice + 1,266 DM May 24, 2023 16 minutes ago, Old-Ruffneck said: Oil Moves Higher As EIA Reports Huge Crude Draw | OilPrice.com This is todays, not projected 6 months consumption. The EIA has made many claims on usage that were incorrect projections on consumption!!! Enjoy the oil boom notsonice !!! I am!! Oil Boom??? you are delusional.... Saudis just cut production ....Because of the lack of demand and falling price... a production cut with Oil booming??? ha ha ha you must be smoking some real good shit Saudis are meeting again and all they have is the ability to cut production again to try to prop up the price Did you love the chart showing a long term decline in the price.....Booming???? ha ha ha I bet you are waiting for you pals in China to pick up their demand........they are your savoir ?????? The IEAs predictions are all based on their assumption of booming China demand yet manufacturing in China is now contracting with steel production declining...... Iron Ore price has collapsed.... China government is restricting steel production to try to stop the fall in steel prices One sector in energy that is booming... Renewables.....Enjoy the Boom, I am and I love that the Renewables Boom is right out your front door Enjoy it Old Man Quote Share this post Link to post Share on other sites
Old-Ruffneck + 1,257 er May 24, 2023 4 hours ago, notsonice said: Saudis just cut production ....Because of the lack of demand and falling price... You are ill informed as usual. Saudis cut production because other "Oil Plays" are ramping up taking a slice of their pie. You show your ignorance in the fact that with subsidies and tax breaks, there would be slim pickins' on EVs. Same with wind and solar farms. So you really are barking up the wrong tree guessing and trying to future trip on oil demand. Production of world wide oil IS at all time high as of last week. You skimmed over that I see. And will keep increasing as more population more needs in Petro. It's a Fact!! The EIA's predictions are less than reliable that I would use as an investment tool. Just relax and enjoy Crude Boom Global Oil Demand Hit A Record High In March | OilPrice.com Old Man? What is "Old"? I don't smoke anything btw. No drink either. I enjoy life without liquid courage or smokin' dope. 1 Quote Share this post Link to post Share on other sites
specinho + 475 May 25, 2023 21 hours ago, NickW said: The battery issue is not a major obstacle. Battery range declines by 1-2% a year. In older EV's these cars will become family / town runabouts as is the case with many older FF cars. For example our 15 year old 1.6 litre Corolla hatch does about 4000 miles per year. If batteries are replaced the old battery still has considerable function as a stationary storage battery (with some conversion). The current supply is very limited so scale is small but as the numbers increase the opportunities to convert for home / industrial storage will increase. There was a battery in a claimed to be original samsung power bank, with three years warranty period, inflated to near explosion being left in a car booth accidentally for few hours. The functional decline was within few hours to zero. Not familiar with car battery of EV. But... There was a very small experiment shown when i was schooling with capacitor. Zero energy change was claimed theoretically upon cycle of charged- discharged. But accidentally felt the heat on the capacitor. Out of curiosity from no basic (started late), i asked a stupid question " if it is zero energy change, why is it not cold but hot?".... Was told might be impurity. In a rechargeable battery, electrons are used. We recharge by returning the electrons. It might be alright to assume it works like a capacitor i.e.charged- discharged?....... Impurity within components or a battery, particularly when raw material are in limited supplies, would heat it up. When lithium is concerned, it is highly reactive. E.g. with moisture, humidity/ water and heat. This heat could possibly reach a point of burning the component and render it useless. Therefore, it might depend on the quality of finished product before we could know how much is the % of decline. Judging from the current trend racing for QUANTITY to be dominant driver in the market, 1-2% is probably not close to the real figure. 10 - 20% or more might be more appropriate? 1 Quote Share this post Link to post Share on other sites
specinho + 475 May 25, 2023 14 hours ago, notsonice said: Oil Boom??? you are delusional.... Saudis just cut production ....Because of the lack of demand and falling price... a production cut with Oil booming??? ha ha ha you must be smoking some real good shit Saudis are meeting again and all they have is the ability to cut production again to try to prop up the price Did you love the chart showing a long term decline in the price.....Booming???? ha ha ha I bet you are waiting for you pals in China to pick up their demand........they are your savoir ?????? The IEAs predictions are all based on their assumption of booming China demand yet manufacturing in China is now contracting with steel production declining...... Iron Ore price has collapsed.... China government is restricting steel production to try to stop the fall in steel prices One sector in energy that is booming... Renewables.....Enjoy the Boom, I am and I love that the Renewables Boom is right out your front door Enjoy it Old Man When demand from one country is reducing, there would be other countries trying to have more of it... The world is not just having 7 big countries in G7, which needs plenty of those, you know that right? In addition, the latest cult trend says that " in order to heed the call on sustainability, major players might have decided to cut production and such, and save some for future generations.... " 'o' '-' >.< Quote Share this post Link to post Share on other sites
Rob Plant + 2,756 RP May 25, 2023 UK Expected To Win Battle With Spain For Jaguar-LandRover EV Gigafactory https://oilprice.com/Latest-Energy-News/World-News/UK-Expected-To-Win-Battle-With-Spain-For-Jaguar-LandRover-EV-Gigafactory.html Good news for the UK, not so much for Spain. Quote Share this post Link to post Share on other sites
Rob Plant + 2,756 RP May 25, 2023 Energy price cap falls significantly as Ofgem reveals new level for average bills https://news.sky.com/story/energy-price-cap-falls-significantly-as-ofgem-reveals-new-level-for-average-bills-12888237 For those on here who were incorrectly claiming Europe's exorbitant energy bills were down to renewables, please have a read of this that explains it was all to do with NG prices and the Ukraine war. Europe now has a NG surplus in storage and as we know the price of NG has fallen through the floor, surprise surprise energy bills are dramatically falling as a consequence! Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 25, 2023 37 minutes ago, specinho said: There was a battery in a claimed to be original samsung power bank, with three years warranty period, inflated to near explosion being left in a car booth accidentally for few hours. The functional decline was within few hours to zero. Not familiar with car battery of EV. But... There was a very small experiment shown when i was schooling with capacitor. Zero energy change was claimed theoretically upon cycle of charged- discharged. But accidentally felt the heat on the capacitor. Out of curiosity from no basic (started late), i asked a stupid question " if it is zero energy change, why is it not cold but hot?".... Was told might be impurity. In a rechargeable battery, electrons are used. We recharge by returning the electrons. It might be alright to assume it works like a capacitor i.e.charged- discharged?....... Impurity within components or a battery, particularly when raw material are in limited supplies, would heat it up. When lithium is concerned, it is highly reactive. E.g. with moisture, humidity/ water and heat. This heat could possibly reach a point of burning the component and render it useless. Therefore, it might depend on the quality of finished product before we could know how much is the % of decline. Judging from the current trend racing for QUANTITY to be dominant driver in the market, 1-2% is probably not close to the real figure. 10 - 20% or more might be more appropriate? A study of the Nissan Leaf found that typical loss over 5 years was 15%. So if that is industry typical its 2.85% per year however the Nissans don't have active cooling (they rely on passive I recall) so this may hasten their decline. I accept 1-2% is too optimistic but >10% is unrealistic. Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 25, 2023 22 minutes ago, Rob Plant said: UK Expected To Win Battle With Spain For Jaguar-LandRover EV Gigafactory https://oilprice.com/Latest-Energy-News/World-News/UK-Expected-To-Win-Battle-With-Spain-For-Jaguar-LandRover-EV-Gigafactory.html Good news for the UK, not so much for Spain. Musk has also mooted the strong possibility of building a Tesla factory in the UK. 1 Quote Share this post Link to post Share on other sites
notsonice + 1,266 DM May 25, 2023 Global clean energy investment to exceed $1.7tn in 2023 Solar financing is set to overtake the amount going into oil production for the first time, says IEA report 25 May 2023 08:18 Other News Global investment in clean energy is on course to rise to nearly $2tn in 2023, with solar set to eclipse oil production for the first time. A new report from the IEA estimates that out of $2.8tn expected to be invested globally in energy this year, more than $1.7tn is expected to go to clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps. According to the IEA’s latest World Energy Investment report, the remainder, slightly more than $1tn is going to coal, gas and oil. IEA Executive Director Fatih Birol said: “Clean energy is moving fast – faster than many people realise. “This is clear in the investment trends, where clean technologies are pulling away from fossil fuels. “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. “Five years ago, this ratio was one-to-one. “One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.” Led by solar, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation. Commenting on IEA’s report, Ember's head of data insights, Dave Jones, said: "This crowns solar as a true energy superpower. “It is emerging as the biggest tool we have for rapid decarbonisation of the entire economy, especially as solar is increasingly used to power cars in place of oil. “The irony remains that some of the sunniest places in the world have the lowest levels of solar investment, and this is a problem that needs attention." Annual clean energy investment is expected to rise by 24% between 2021 and 2023, driven by renewables and electric vehicles, compared with a 15% rise in fossil fuel investment over the same period, according to IEA’s report. But more than 90% of this increase comes from advanced economies and China, presenting a serious risk of new dividing lines in global energy if clean energy transitions don’t pick up elsewhere. Clean energy investments have been boosted by a variety of factors in recent years, including periods of strong economic growth and volatile fossil fuel prices that raised concerns about energy security, especially following Russia’s invasion of Ukraine. Enhanced policy support through major actions like the US Inflation Reduction Act and initiatives in Europe, Japan, China and elsewhere have also played a role. Spending on upstream oil and gas is expected to rise by 7% in 2023, taking it back to 2019 levels. The few oil companies that are investing more than before the Covid-19 pandemic are mostly large national oil companies in the Middle East. Many fossil fuel producers made record profits last year because of higher fuel prices, but the majority of this cash flow has gone to dividends, share buybacks and debt repayment – rather than back into traditional supply. Nonetheless, the expected rebound in fossil fuel investment means it is set to rise in 2023 to more than double the levels needed in 2030 in the IEA’s Net Zero Emissions by 2050 Scenario. The oil and gas industry’s capital spending on low-emissions alternatives such as clean electricity, clean fuels and carbon capture technologies was less than 5% of its upstream spending in 2022. That level was little changed from last year – though the share is higher for some of the larger European companies. The biggest shortfalls in clean energy investment are in emerging and developing economies. There are some bright spots, such as dynamic investments in solar in India and in renewables in Brazil and parts of the Middle East. 1 Quote Share this post Link to post Share on other sites
Ecocharger + 1,486 DL May 26, 2023 On 5/24/2023 at 5:06 AM, NickW said: The 2nd life for EV batteries is as stationary storage (contrary to the toxic waste dump scare stories Fux News Talking Heads puts out) The roll out of EV's will also increasingly build storage capacity for intermittent renewables. EVs are a one-way street, there is essentially no secondary market for used EVs, that market is dominated by fossil fuel vehicles. Quote Share this post Link to post Share on other sites
Ecocharger + 1,486 DL May 26, 2023 (edited) 21 hours ago, notsonice said: Global clean energy investment to exceed $1.7tn in 2023 Solar financing is set to overtake the amount going into oil production for the first time, says IEA report 25 May 2023 08:18 Other News Global investment in clean energy is on course to rise to nearly $2tn in 2023, with solar set to eclipse oil production for the first time. A new report from the IEA estimates that out of $2.8tn expected to be invested globally in energy this year, more than $1.7tn is expected to go to clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps. According to the IEA’s latest World Energy Investment report, the remainder, slightly more than $1tn is going to coal, gas and oil. IEA Executive Director Fatih Birol said: “Clean energy is moving fast – faster than many people realise. “This is clear in the investment trends, where clean technologies are pulling away from fossil fuels. “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. “Five years ago, this ratio was one-to-one. “One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.” Led by solar, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation. Commenting on IEA’s report, Ember's head of data insights, Dave Jones, said: "This crowns solar as a true energy superpower. “It is emerging as the biggest tool we have for rapid decarbonisation of the entire economy, especially as solar is increasingly used to power cars in place of oil. “The irony remains that some of the sunniest places in the world have the lowest levels of solar investment, and this is a problem that needs attention." Annual clean energy investment is expected to rise by 24% between 2021 and 2023, driven by renewables and electric vehicles, compared with a 15% rise in fossil fuel investment over the same period, according to IEA’s report. But more than 90% of this increase comes from advanced economies and China, presenting a serious risk of new dividing lines in global energy if clean energy transitions don’t pick up elsewhere. Clean energy investments have been boosted by a variety of factors in recent years, including periods of strong economic growth and volatile fossil fuel prices that raised concerns about energy security, especially following Russia’s invasion of Ukraine. Enhanced policy support through major actions like the US Inflation Reduction Act and initiatives in Europe, Japan, China and elsewhere have also played a role. Spending on upstream oil and gas is expected to rise by 7% in 2023, taking it back to 2019 levels. The few oil companies that are investing more than before the Covid-19 pandemic are mostly large national oil companies in the Middle East. Many fossil fuel producers made record profits last year because of higher fuel prices, but the majority of this cash flow has gone to dividends, share buybacks and debt repayment – rather than back into traditional supply. Nonetheless, the expected rebound in fossil fuel investment means it is set to rise in 2023 to more than double the levels needed in 2030 in the IEA’s Net Zero Emissions by 2050 Scenario. The oil and gas industry’s capital spending on low-emissions alternatives such as clean electricity, clean fuels and carbon capture technologies was less than 5% of its upstream spending in 2022. That level was little changed from last year – though the share is higher for some of the larger European companies. The biggest shortfalls in clean energy investment are in emerging and developing economies. There are some bright spots, such as dynamic investments in solar in India and in renewables in Brazil and parts of the Middle East. And more than 99% of the transportation sector remains fossil fuel while coal is booming to all-time high levels, oil is soaring past high production levels. Edited May 26, 2023 by Ecocharger Quote Share this post Link to post Share on other sites
Ecocharger + 1,486 DL May 26, 2023 On 5/24/2023 at 5:47 AM, notsonice said: on a roll????? reduction of supply is the only game oil has now....... Brent Crude over $80 in 2023??? just a fading pipedream by the losers such as Goldman Sachs and their dimwitted supporters Remember the GS call in July of 2022 for $130 Brent to start the year??? oh my , the long awaited jump in Oil demand out of China is your only hope??? Recession in China will last for 2 years.....recession in China real estate sector is not going to fix itself overnight. long term price is down from today.........you can thank weak demand for the fall Reality.....Enjoy the read MAY 22, 2023 EIA expects lower crude oil prices for the second half of 2023 and for 2024 Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, May 2023 We lowered our crude oil price forecast for the rest of 2023 and for 2024 in our May Short-Term Energy Outlook (STEO) because of relatively rapid declines in the crude oil price since April. Between April 12, 2023, and May 4, 2023, the Brent crude oil price fell $16 per barrel (b) to $73/b; the West Texas Intermediate crude oil price fell $15/b to $69/b. We expect that a drop in OPEC production and increases in demand will lead to relatively moderate price increases over the next few months. The recent price declines are caused by a combination of supply and demand market factors. On the demand side, news of a decrease in China’s manufacturing Purchasing Managers’ Index, an indicator of economic conditions, added to market concerns about China’s economic growth and a possible U.S. recession. Concerns about the banking sector after First Republic Bank was closed and subsequently sold also added to concerns about global economic growth and oil demand. On the supply side, oil flows from Russia have remained higher than expected, increasing global oil supply and putting downward pressure on crude oil prices. However, in April 2023, OPEC+ members agreed to cut oil production through 2023. In our May STEO, we forecast that OPEC total production of liquid fuels will decline from 34.0 million barrels per day (b/d) in April to average 33.7 million b/d for the rest of 2023. In addition to our expectation that OPEC+ countries will adhere to voluntary production cuts, recent disruptions to crude oil exports from Iraq and a force majeure limiting crude oil exports from Nigeria have also reduced our near-term OPEC liquid fuels production forecast. We expect that these supply constraints will put upward pressure on crude oil prices. In 2024, we expect OPEC liquid fuels production will increase by 0.7 million b/d to 34.4 million b/d, driven by an end of the currently agreed upon OPEC+ production cuts in 2023. We expect the Brent crude oil price will increase from $74/b in May 2023 to $79/b in September before declining slightly to average $78/b in the last three months of 2023. We expect the West Texas Intermediate price will follow a similar path. Principal contributor: Matthew French Tags: prices, forecasts/projections, STEO (Short-Term Energy Outlook), liquid fuels, crude oil, oil/petroleum Oil inventories are shrinking due to higher demand. 1 Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 26, 2023 1 hour ago, Ecocharger said: EVs are a one-way street, there is essentially no secondary market for used EVs, that market is dominated by fossil fuel vehicles. They seem to sell well in Europe. As for batteries I said second life for EV batteries as stationary storage. Used Nissan EV Batteries Now Provide Grid Scale Storage |Vehicle to Grid UK (v2g.co.uk) Relectrify - repurposed EV batteries to reduce tech costs | energy.gov.au EV sales globally this year will be around 13 million. At some point thats a lot of still functional batteries being available for storage projects at anywhere from single battery domestic level to utility level facilities for frequency response and once enough available peaking services. 1 Quote Share this post Link to post Share on other sites
NickW + 2,714 NW May 26, 2023 1 hour ago, Ecocharger said: And more than 99% of the transportation sector remains fossil fuel while coal is booming to all-time high levels, oil is soaring past high production levels. In 1900 you'd have been in the Get a horse brigade, this automobile fad will never last Go back 20 years and rinse and repeat with kerosene lighting and electric light bulbs. Quote Share this post Link to post Share on other sites
Eyes Wide Open + 3,555 May 26, 2023 (edited) On 5/25/2023 at 1:10 AM, Rob Plant said: Energy price cap falls significantly as Ofgem reveals new level for average bills https://news.sky.com/story/energy-price-cap-falls-significantly-as-ofgem-reveals-new-level-for-average-bills-12888237 For those on here who were incorrectly claiming Europe's exorbitant energy bills were down to renewables, please have a read of this that explains it was all to do with NG prices and the Ukraine war. Europe now has a NG surplus in storage and as we know the price of NG has fallen through the floor, surprise surprise energy bills are dramatically falling as a consequence! Glencore Shareholders Get Mad After Getting Paid A third of Glencore's shareholders failed to accept the company's climate progress report at today's meeting, demanding additional information. This, after Glencore announced in February a massive $7 billion in dividends, largely on the back of its thermal coal success https://oilprice.com/Latest-Energy-News/World-News/Glencore-Shareholders-Get-Mad-After-Getting-Paid.html Edited May 26, 2023 by Eyes Wide Open 1 Quote Share this post Link to post Share on other sites
TailingsPond + 1,013 GE May 26, 2023 (edited) 27 minutes ago, Eyes Wide Open said: A third of Glencore's shareholders failed to accept the company's climate progress report at today's meeting, demanding additional information. That means two thirds accepted. The remainder just wanted more information on the progress of the coal phaseout. "The shareholders are looking for additional clarification on how Glencore will reach its emissions goals, and have backed a resolution that would have the company disclose more on how it's coming with cutting back on its thermal coal production." They want to get off coal, not complaining for more coal. "Glencore mines battery metals copper, nickel, and cobalt – key minerals for the future green transition and ramp up of electric cars." "Glencore has plans to close all its thermal coal mines by 2040, with 12 due to close by 2035, but shareholders could be looking for mid-point targets." You guys never read the articles do you? This one yet again says they are transitioning to green and you try to use it as pro-fossil fuel news when it's not. Edited May 26, 2023 by TailingsPond 1 Quote Share this post Link to post Share on other sites
notsonice + 1,266 DM May 26, 2023 27 minutes ago, TailingsPond said: That means two thirds accepted. The remainder just wanted more information on the progress of the coal phaseout. "The shareholders are looking for additional clarification on how Glencore will reach its emissions goals, and have backed a resolution that would have the company disclose more on how it's coming with cutting back on its thermal coal production." They want to get off coal, not complaining for more coal. "Glencore mines battery metals copper, nickel, and cobalt – key minerals for the future green transition and ramp up of electric cars." "Glencore has plans to close all its thermal coal mines by 2040, with 12 due to close by 2035, but shareholders could be looking for mid-point targets." You guys never read the articles do you? This one yet again says they are transitioning to green and you try to use it as pro-fossil fuel news when it's not. Mr Magoos' eyes may be wide open, however he is still blind as a bat and is unable to read anything except massively oversized headlines 1 Quote Share this post Link to post Share on other sites
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