Daily Archives: November 4, 2009

Kate Mackenzie

On FT Energy Source:

Peak demand: Going big?

Shale gas row gets nasty

Markets: Crude makes modest gains

Buffett’s big coal bet

Chinese oil stocks data are going, going, gone…

Copenhagen updates and US climate bill shenanigans in Spot news
Further reading:

Can renewables replace fossil fuels? (GetRealList)

ARPA-E projects. Crazy or revolutionary? (Christian Science Monitor)

Brazil argues against US cane ethanol tarrifs (LA Times)

Reducing emissions in emerging economies could be cheap (NY Times)

Chevron tests what could be landmark new oil recovery technology (The National)

African representatives return to Copenhagen talks in Barcelona after walk-out (Cop15)

Why did China drop its local requirements for wind turbines? (CleanTechnica)

Shell taking advantage of Nigerian peace to up output (Bloomberg)

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Crude oil prices made modest gains ahead of the latest US inventories data with Nymex December West Texas Intermediate up 54 cents to $80.14 a barrel while Brent crude added 35 cents at $78.46 a barrel.

US crude stocks were forecast to have risen 1.4m barrels last week, according to a poll of analysts by Reuters, while petrol inventories were seen up 300,000 barrels and distillate inventories (including heating oil) were predicted to have fallen 1m barrels.

Nymex December RBOB unleaded gasoline traded just over a cent, or 0.6 per cent, higher at $2.0788 a gallon while Nymex December heating oil added about ½ cent, or 0.3 per cent, at $1.0788 a gallon.

Read the full commodities report

Kate Mackenzie

Is peak demand concept going mainstream?

The IEA is set to revise its long-term oil demand forecasts – for 2030 – downwards again this year, according to the Wall Street Journal. Citing a person ‘familiar’ with the forecast, the WSJ story doesn’t give an number, but hints at two reasons: first quoting the source as referring to “demand-management policies” having a bigger than expected effect, and the drop in industrial production is apparently also a “big factor”.

The idea that oil demand might peak in the foreseeable future has been gaining ground this year — and not just because the recession is making it a dud year for oil demand growth. 

Kate Mackenzie

Reuters columnist John Kemp argues that Warren Buffett’s big bet on Burlington is a gamble on the future of coal – and, by definition, of carbon capture and storage. He writes:

Coal is the most important item moved on BNSF’s railroads. It accounted for almost half the tonnage moved by BNSF in the first nine months of the 2009 (214 billion revenue ton miles out of a total of 444 billion) and a quarter of the company’s revenues ($2.7 billion out of a total of $10.4 billion).

Coal might be dirty, but it’s also abundant and cheap in the US. The question is whether those emissions can be successfully tackled by carbon capture and storage.

UN chief damps climate treaty hopes
New deal unlikely before next year (FT)

US Republican boycott delays climate bill
Nixes hopes Congress can pass bill before Copenhagen (FT)

US rightwing activists curb efforts to cut carbon emissions
Americans for Prosperity becoming formidable political force (FT)

Global Insight: Beijing has played climate cards beautifully
Beijing happy that India has struck belligerent tone (FT)

Analysis: Burning ambition
Beijing takes on west in 21st century race for resources (FT)

Tories’ plan on low-carbon electricity
Shadow energy secretary backs strengthening incentives (FT)

Russia’s Lukoil may start trading naphtha in Asia, CEO says
Chief also sees opportunities in trading LPG (Bloomberg)

Endesa unveils 55% drop in nine-month net profits
Spanish company affected by lower gains from asset sales (FT)

Enel refinances €10bn in debt
Italian electricity utility turns to private investors (FT)

Insight: WTI is losing its glitter

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