On Energy Source:
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The IEA is unlikely to to revise its demand forecast downwards again when it publishes its monthly oil market report tomorrow. This is after nine months of consecutive downgrades. As Nauman Barakat at Macquarie Futures points out, the next step may be an increased demand:
“Leaving demand unchanged is supportive enough because it would tell us that the haemorrhaging has finally stopped but if the agency were to actually revise demand up, it will set this market on fire.”
However demand forecasts remain fairly dismal. On top of that, storage is at a 19-year high – not counting all those tankers. Even The Oil Drum is pointing out there’s a lot of oil around right now. So why is the price rising? Read more
Last month Jon Wellinghoff, chair of the US Federal Energy Regulatory Commission, caused a stir by saying the country may have already built its last coal and nuclear plants, because renewable sources such as wind, solar and biomass would provide enough energy to meet future demand. He also said concerns about ‘baseload’ power supply – a concern with solar and wind as they do not yield consistent levels of power around the clock – would become an anachronism. Distributed power generation would be possible, and in many even better than fossil fuel or nuclear supplies because they could be more easily ‘ramped up or down’. Read more
Monday’s deal for EDF to sell a 20 per cent stake in British Energy, the nuclear generator, to Centrica, which is Britain’s biggest domestic energy supplier, marked an important step forward in the revival of nuclear power in Europe.
While the US debates the controversial plan for a nuclear waste repositary at Yucca Mountain in Nevada, European countries including the UK, Italy and France are pressing ahead with plans for new plants, even though they often don’t know what they are going to do with their waste.
This progress in Europe has been welcomed by supporters of nuclear power as evidence that nuclear power is an investment opportunity that interests many profit-driven businesses, and that the commercial partnerships that the nuclear industry needs are coming together.
However, there is still a missing piece of the jigsaw. Read more