Daily Archives: June 10, 2009

Kate Mackenzie

BP’s new statistical review highlights that coal was the fastest-growing energy source for the sixth year in a row; racing up from 2405m tonnes of oil equivalent in 2002 to 3305m last year.

A WSJ story on Monday looked at ‘peak coal’ in the US, and suggests the ‘Saudi Arabia of coal’ may have been a mite over-confident. It also noted the US is rather dependent on coal. It is not alone in this; Japan, South Korea, Australia and South Africa use quite a bit, compared to natural gas, nuclear and hydroelectric – and that’s just among the wealthier countries.  Read more

By Neil Hume

Here’s another example of false news shock – the tendency of erroneous news to move markets even though it has proved to be wrong. It concerns an exploration company called Heritage Oil, which has found a serious amount of oil in Kurdistan. Read more

Kate Mackenzie

Jatropha, a biofuel crop favoured for its ability to grow in areas not suitable for food, may be about to become less popular.

A new Dutch study shows it uses 20,000 litres of water to produces one litre of jatropha biodiesel – more than the other crops used for biodiesel, rapeseed and soybean; and a lot more than ethanol crops such as maize (corn). Read more

Kate Mackenzie

On Energy Source:

Climate change: A glimmer of hope in US-China talks?

Oil: Crude over $71, or 20 Big Macs

Oil: World oil reserves fall, just a little, in 2008

Markets: Oil breaks through $70

Oil: EIA demand forecast raised by 5,000 bpd

Geopolitics: Turkey’s Nabucco stance: Satisfying energy needs, or ambition?

Renewables: Clean energy patent number dip in Q1

Elsewhere:

Coal: what happens if it isn’t cheap and plentiful? And who would benefit from peak coal (SeekingAlpha)

Better solar PV on the way Multiple, mini inverters can make photovoltaic cheaper and less vulnerable (New Energy and Fuel)

The Tata Nano and Jevons Paradox Ramped up production numbers bear out the theory that efficiency measures can increase demand (Bit Tooth Energy)

Cisco, Silver Springs Networks land smart-grid deals Competition heats up (CNet)

Opec and the consumer: BFF? The $70 – $80 sweet spot for oil (Scarce whales)

Saudis turn on Khurais taps Field can supply 1.5 per cent of global oil (UpstreamOnline) Read more

Kate Mackenzie

As the visit to China by US climate change envoy Todd Stern, White House science advisor John Holdren and other energy officials, end, there is little news of substantial progress in the talks.

A source ‘familiar with both negotiating teams’ told the China Daily: “As far as I know, the two sides showed intent to start a partnership on climate change cooperation at an early stage but, so far, they have achieved only limited progress and it is mainly shown in scientific cooperation.” They stressed this did not mean the talks were a failure; merely that more talks needed to be had in the lead-up to Copenhagen in December.

Even reports of the tone are somewhat ambivalent: a US source told AFP that while China was ‘making strides’ in clean energy, “it will need to commit to more robust and quantifiable actions to put the world on a pathway to a clean-energy, low-carbon future.”

Scientific cooperation, while a long way from agreement on emissions levels, is nothing to be sniffed at. Read more

By Izabella Kaminska

Crude futures are racing higher on Wednesday. The  ascent has much to do with a continuing slide in the dollar, unexpectedly large crude draws in the last week according to figures from the American Petroleum Institute on Tuesday night, and numerous reports of consumer ‘panic’ buying, chiefly among big hedgers like airlines. Read more

Kate Mackenzie

BP’s statistical review for 2008 is out today, and it shows proven oil reserves fell slightly last year, from 1,261bn barrels to 1,258bn barrels.

The only other Two other decreases appear in BP’s data since 1980. The first is in 1990, when reserves fell to 1,003.2bn from 1,005.8bn, largely due to falls in proven reserves in Angola, Qatar and Egypt, and smaller falls in Brunei, Tunisia, Malaysia. Read more

Commodities prices on Wednesday extended their rally, with crude oil trading above $71.5 a barrel at a fresh seven month high, spurred by signs that the global economy may have bottomed, a drop in US oil stocks and US dollar weakness.

Nymex July West Texas Intermediate, the US benchmark, rose $1.49 to $71.50 a barrel, its highest since early November. Earlier, it hit an intraday high of $71.60 a barrel. Meanwhile, ICE July Brent rose $1.24 to $70.86 a barrel.

The surge came after the American Petroleum Institute, the industry body, reported a larger-than-expected drop in US oil inventories of almost 6m barrels, against Wall Street’s forecast of 400,000 barrels. Although API statistics are less important than the official US Department of Energy figures, to be released later on Wednesday, the market still takes them as a sign of the direction of the official numbers. Read more

James Fontanella-Khan

- Index lets investors tap Glencore’s views
The index will track about 20 raw materials (FT)

- BHP and Rio limber up to clear the final hurdles
News of joint venture overshadowed by Rio’s failed Chinalco deal (FT) Read more