On FT Energy Source:
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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. Read more
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. Read more
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. Read more