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energy transition

Energy Transition Leaders, Oil and Gas Giants, Hit Back at Climate Critics

The CEOs of some of the world’s leading energy companies have defended their position. This is about the energy transition mix after the COP26 climate summit focused attention on the future of the industry.

Energy industry leaders and insiders were plentiful at COP26. In Glasgow as government officials, corporates and activists clashed over emission-reduction targets, pledges. They deal to keep the global temperature rising to a minimum at the COP26 climate summit.

The CEOs of BP, Lukoil, Occidental, and Eni insisted they were diversifying their energy. They are offering and reducing carbon emissions while also maintaining supplies of hydrocarbons that are still heavily relied upon. This happened when they were speaking on a panel at the ADIPEC energy forum in Abu Dhabi hosted by CNBC’s Hadley Gamble,

“We just have to get the opportunity to explain what we’re doing and to make the case that it’s not about fossil fuels. It’s about the emissions,” Vicki Hollub, president and chief executive of U.S. energy company Occidental, said on Monday.

“And as long as we can to deal with the emissions and help others that use the products deal with the emissions too, then we have the right to be here. We have the right to provide the quality of life that oil and gas have provided … for the currently rich countries, and we need to allow the developing countries the same right to become wealthier through the development of their natural resources,” she added.

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Source: CNBC

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global energy system

Global Energy System Considers Oil and Gas to Stay ‘for decades,’ BP Chief Says

Oil giant BP is committed to tackling climate change. This is what the company’s CEO said. He insisted that hydrocarbons such as oil and gas will have an ongoing role to play. They specifically said in the global energy system mix for years.

“It may not be popular to say that oil and gas is going to be in the energy system for decades to come but that is the reality,” BP’s Chief Executive Bernard Looney told CNBC on Monday.

“What I want us to do is to focus on the objective — and I wish we had less ideological positions and more focus on the objective — which in this case is to drive emissions down.”

He said that replacing coal with natural gas, thereby reducing carbon emissions, “has to be a good thing.”

“And then over time we will decarbonize that natural gas,” he said. Speaking to CNBC’s Hadley Gamble at the ADIPEC energy industry forum in Abu Dhabi.

BP’s Looney highlighted that the International Energy Agency’s “Net Zero” report in May noted that, in 2050, global oil supply “in the net-zero pathway” would still amount to around 20 million barrels per day,

“So any objective person … is going to say that hydrocarbons have a role to play, the question then becomes: what do you do about that? And you try to produce those hydrocarbons in the best way possible,” Looney added.

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Source: CNBC

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financing oil and gas

Financing Oil and Gas Industry by Major U.S. Banks Continues – Study Says

JPMorgan Chase JPM, 0.48% Citigroup C, 1.06% and Bank of America BAC, 0.94% collected the most fees from the oil, gas, and coal sectors in the past six years, according to a Bloomberg study released Monday. Basically, financing the oil and gas industry by Major U.S. Banks is still a top priority of banks.

The news service said these and other major banks have drawn in at least $17 billion in fees and floated about $4 trillion in loans for fossil fuels since the Paris Agreement on climate was reached in 2015. So far in 2021, major banks helped generate $459 billion in bonds and loans for the oil, gas and coal businesses, according to Bloomberg data. The banks at the time led $463 billion worth of green bonds and loans. The study comes ahead of the UN Climate Summit starting Oct. 31 in Glasgow.

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Source: MarketWatch

A Little Trivia…

American oil history begins in a woodland valley along a creek in remote northwestern Pennsylvania. Today’s U.S. petroleum exploration and production industry is born on August 27, 1859, near Titusville when a well specifically drilled for oil found it.
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Oil Prices Are Rising

Rise in Oil Price Resulting to Higher Demand Forecasts | Tight supplies

A rise in oil price with a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.

Prices rallied after the projection of U.S. Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday. They projected retail gasoline prices would decline over the next several months.

U.S. President Joe Biden’s administration said it would use price forecasts in the STEO report to determine whether to release oil from the nation’s Strategic Petroleum Reserve (SPR).

Analysts said if the STEO had shown a huge rise in projected gasoline prices, the Biden administration was likely to release lots of oil from the SPR quickly, which would have depressed prices.

Brent futures rose $1.35, or 1.6%, to settle at $84.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.22, or 2.7%, to settle at $84.15.

They were the highest closes for both benchmarks since Oct. 26. The rise in oil price is inevitable in the coming weeks and months.

The price of Brent has gained over 60% this year and hit a three-year high of $86.70 on Oct. 25, supported by recovering demand and supply restraint by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.

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Source: Reuters

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why are gas prices high

Gas Prices are Sky High and Bank of America Warns $120-a-barrel Oil is On the Way

Are you wondering why are gas prices high? Every day Americans are getting hammered by high prices at the pump, and Bank of America thinks the pain may just be getting started.

Gas prices have surged to a seven-year high of $3.40 a gallon nationally and are flirting with $4 in Nevada, Washington State, and Oregon.

Bank of America is now predicting that Brent crude oil, which drives gas prices, will zoom to $120 a barrel by June 2022. That’s 45% higher than current levels.

Oil prices backed off from recent highs on Wednesday. US crude tumbled 3% to around $81 a barrel and Brent lost 2% to $83 amid jitters ahead of Thursday’s OPEC meeting.

A further oil spike would raise the already-elevated cost of living for Americans. And it would squeeze businesses grappling with sticker shock, shortages and supply chain disasters.

Americans pay very close attention to prices at the pump and concerns about inflation have helped sour their views on the overall economy.

Nearly two-thirds of Americans described the economy as poor in a poll released this week. In Virginia, where Republicans won a key prize in the state’s governor’s mansion, the economy ranked in exit polls as the most important issue, surpassing education, taxes, and Covid.

Source: CNN
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oil prices increased

Rising Oil Prices are Fuelling Expected Inflation: Kemp

As oil prices increased, it is closely associated with U.S. consumers’ and investors’ expectations. Mainly, the expectations are because of inflation in the future. Like what experts say, this helps explain why they are sensitive for central banks and other policymakers. Because of that, further studies were made.

The rise and fall in oil prices have correlated with expectations about future inflation. Research by the University of Michigan’s monthly consumer survey and breakeven rates proves this. This was derivable from U.S. Treasury Inflation-Protected Securities (TIPS). Cyclical changes in Brent prices over the previous 12 months have a pronounced association with changes. These are changes in the rate expectation of all-items inflation. Coverage is over the next 12 months in the University of Michigan survey.

Cyclical changes in Brent prices over the previous 12 months have a pronounced association. So there will be changes in the expected rate of all-items inflation over the next 12 months in the University of Michigan survey.

Changes in prices also have an association with changes in the expected rate of all-items inflation. Therefore, over the next five and ten years, this will be more evident in U.S. Treasury breakeven rates.

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Source: Reuters

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oil prices futures

Wall Street Hails a New Era of Oil Prices: Higher for Longer

Could the era of cheap oil supply be gone for good? Oil prices futures are now being seen!

That’s the conclusion of some of the biggest commodities desks on Wall Street. Banks have been lifting their long-term price forecasts, often by $10 or more.

The U.S. shale boom brought about a “lower-for-longer” mantra. Now, the market is now fixated on climate change and the dwindling appetite to invest in fossil fuels. Instead of growing supply, companies are under pressure to limit their spending. This is causing structural underinvestment in a new production that — the argument goes — will keep oil prices higher for longer.

The notion of a supply gap is nothing new. Since prices crashed in 2014, analysts have talked up the potential for demand to outstrip production as a result of underinvestment. But the rout in energy prices from Covid-19, combined with pressing environmental concerns, offer reason to think this time is different.

The number of oil and gas drilling rigs globally may have recovered from the lows of when oil prices turned negative last year, but they are still down more than 30% on the start of 2020. Current figures are about as low as they were in 2016, according to Baker Hughes Co., despite headline crude prices being near a seven-year high.

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Source: Bloomberg

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Oil Prices up to date

Oil Prices on the March Again in Tight Market; U.S. Crude at 7-yr high

Oil prices up to date rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps.

Brent crude futures settled 0.54% higher at $85.99 per barrel, following on from last Friday’s 1.1% gain. The contract was near a three-year high of $86.10, hit last Thursday.

U.S. West Texas Intermediate (WTI) crude futures settled flat at $83.76 per barrel, after climbing 1.5% on Friday. It touched its highest since October 2014 — $84.28 — earlier in the session.

“Bullish sentiment continues to support oil prices as global supply remains tight at a time when demand is recovering from the pandemic,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.

“But immediate gains for the WTI’s nearest-term contract may be limited given steepening backwardation,” Tazawa said.

WTI futures contracts are currently in steep backwardation, meaning later-dated contracts trade are at a lower price than the current contract. Normally later months trade at a higher price, reflecting the costs of storing oil.

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Source: CNBC

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Oil and Gas West Virginia

New report highlights importance of oil and gas to West Virginia economy

West Virginia increased natural gas and oil production 14% and 10%, respectively. This is from 2019-2020, according to a new report from The Gas and Oil Association of West Virginia.

Producers operating in the state have contributed $3 billion in state severance and property tax revenue. This is from a 2008 report.

“The natural gas and oil industry continues to be an economic cornerstone in West Virginia. The potential for further growth is enormous,” said Charlie Burd, GO-WV executive director. “Natural gas is the state’s top-paying sector, supporting more than 82,000 jobs. Contributing roughly $5.2 billion in wages each year. Clean, abundant natural gas will continue to drive economic growth. Opportunities for generations of West Virginians.”

Additionally, the report notes natural gas users have saved $1.1 trillion since 2008. Users include families, small businesses, and manufacturers. This is due to shale production increases in the Appalachian Basin. It helped to lower costs across the board.

The report emphasizes the fact that the industry must continue to leverage the state’s abundance of natural resources. This is for long-term growth and encourages its use locally to invest and create additional good-paying jobs.

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Source: WVNews

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crude oil us price

Crude Oil Price Remain High as Gas Prices Continue To Increase

The average cost of a gallon of gas continues to increase as crude oil US price remain high.

Triple-A Reports that the statewide average cost of a gallon of gas went up eight cents over the last seven days to $3.52 a gallon.  That is also a 19 cent increase from last month at this time.  The national average went up five cents to $3.32 a gallon.  The main reason for the surge in prices is due to the price of crude oil, which has consistently stayed at over $80 a barrel.  By comparison, the cost for crude oil in August was $60 a barrel.  Comparing prices to last year, it’s costing consumers roughly $17 extra dollars to fill up your tank.

Indiana County’s average is $3.47 a gallon, and much like last week, it is the second-lowest average in the region.  Westmoreland County’s average of $3.45 a gallon is the lowest, followed by Indiana, then Armstrong at $3.48 a gallon.  Cambria county’s average follows at $3.50 a gallon, then Clearfield at $3.53 a gallon, then Jefferson at $3.55 a gallon.

Westmoreland County also has the lowest average in the state right now.  The highest average is in Warren at $3.65 a gallon.

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Source: WCCS

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