Daily Archives: February 17, 2009

Kate Mackenzie

First the Baltic Dry Index doubles in a fortnight, amid other signs of optimism, and now Goldman says the bottom is in sight for oil:

The faster than expected pace of OPEC cuts and continued low
temperatures are likely accelerating rebalancing in the global oil market.
As a result, the bottoming in prices and timespreads could be closer than
we originally expected. Thus, while we continue to believe that pressure
on prices will unlikely abate until the rebalancing of the crude market
translates into a tightening of global inventories, we would take further
supply cuts and prolonged low temperatures as sign of a potential
bottoming. As a consequence, though we maintain that a flattening of the
WTI forward curve will follow the current steep levels of contango, the risk
of a bearish flattening, with a steep decline of the back-end, is now more
balanced by the risk of a bullish flattening, with front-end prices rising to
the back. Read more

Kate Mackenzie

Europe’s energy in 2050: Commissioner Andris Piebalgs sees carbon-free electricity, oil-free transport, new grids and passive houses

The new black gold? Biofuel from sewage http://cleantechnica.com/2009/02/15/the-new-black-gold-biofuel-from-sewage/ Read more

James Fontanella-Khan

- Crude oil falls below $37 on slowing global demand for fuels (Bloomberg)

- Exxon complains Russia slowing down multibillion-dollar project (Moscow TimesRead more

James Fontanella-Khan

Energy news from the FT:

- Clock ticks in BP race to pick chairman
Limited talent pool available to UK plc

- Rio shareholders still question Chinalco deal
Investors ask BHP to suggest ‘alternative’ bid

- Rio Tinto on charm offensive with investors
Effort to win shareholder approval

- Interactive graphic: Rio assets up for grabs?
View where the mining group can shed its debt Read more