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Mexico Goes Full Steam Ahead With $8 Billion Oil Refinery Against Advice
by Julianne Geiger
19 Jul 2019 at 1:00am
Mexico?s controversial Dos Bocas oil refinery project will indeed be built despite investor criticism, Mexican Energy Minister Rocio Nahle said during a radio broadcast on Thursday, reported by Reuters. Mexico?s refinery plan has drawn criticism from investor and ratings agencies who estimated that the true cost of the refinery is likely between $10 billion and $12 billion?billions more than the $8 billion that Mexico is prepared to allocate for the refinery that Mexico hopes will bring it closer to energy independence by lessening?

China To Add More Coal Power In 2019 And 2020 To Meet Energy Demand
by Charles Kennedy
18 Jul 2019 at 8:00pm
In order to meet the growing demand for electricity, China's biggest power generator, China Energy Group is planning to build 11 gigawatts (GW) of new coal power during this and next year, according to senior official with the firm on Thursday. More than 6 GW of new ultra-low emission coal-fired capacity will be added this year while another 5 GW is planned for 2020, Xiao Jianying, the head of the state-run firm?s coal-fired power department, told Reuters. ?China still has quite a big demand for electricity. The government now supports?

Trump Administration Announces Huge Gulf of Mexico Oil & Gas Lease Sale
by Charles Kennedy
18 Jul 2019 at 4:00pm
The U.S. Secretary of the Interior David Bernhardt and Bureau of Ocean Energy Management (BOEM) announced Thursday that BOEM proposes to offer 77.8 million acres for a region-wide lease sale. The sale is scheduled for August 21, 2019, and would include all available unleased areas in federal waters of the Gulf of Mexico. ?The Trump administration is laser focused on developing our domestic offshore oil and gas resources in an environmentally conscious manner, and the Gulf of Mexico is front and center for that development,? said Secretary?

Oil Will Go ??Bust?? If Recession Hits
by Nick Cunningham
18 Jul 2019 at 4:00pm
Oil prices plunged again on Thursday, dragged down by fears of slowing demand. An unexpected increase in inventories underscored the downside risk to oil prices. The EIA reported a drawdown in crude stocks, but a huge 9.25 million barrel combined increase in gasoline and diesel inventories, which surprised traders. Also, gasoline demand plunged by 0.5 mb/d in the week ending on July 12, although week-to-week changes are typical and make the data a bit noisy. Crude prices sold off on the news, falling by nearly 3 percent on Thursday. The data release?

It?s Time For A Fire Sale In U.S. Shale
by Tsvetana Paraskova
18 Jul 2019 at 4:00pm
An all-stock acquisition in the Permian basin this week has made headlines for the two companies involved?Callon Petroleum and Carrizo Oil & Gas?but the implied value of the deal is multiple times lower than it would have been five years ago during the first wave of the U.S. shale boom. Pressured by meager returns, if at all, and lower?if any?returns to shareholders, smaller U.S. shale players are looking for economies of scale and acreage positions close to their current ?sweet-spot? operations. Yet,?

US Navy Shoots Down Iranian Drone In Show Of Force Over Strait Of Hormuz
by Julianne Geiger
18 Jul 2019 at 3:00pm
President Donald Trump has said on Thursday that the United States Navy has shot down an Iranian drone in the Strait of Hormuz in the latest show of force between Iran and the United States, according to CNBC. Oil prices were initially down on the day shortly following the announcement, with Brent crude trading down 1.93% at $62.43, and WTI trading down 1.97% at $55.66 on the day, despite the increased tensions. Earlier in the day, new developments in the missing tanker in the area brought to light, according to Iran, that it had seized a small?

Oil Tumbles After Iran Offers New Nuclear Deal If U.S. Drops Sanctions
18 Jul 2019 at 2:00pm
Who knew Rand Paul could be such an effective negotiator. One day after the Republican senator and son of Ron Paul was reported to be Trump's liaison to negotiate with Iran in hopes of easing tensions, sending the price of oil tumbling, the Guardian report thatIranhas offered a deal with the US in which it would "formally and permanently" accept enhanced inspections of its nuclear program,in return for the permanent lifting of US sanctions. The offer was made by Iran's foreign minister, Mohammad Javad Zarif, on a visit to New?

Brand New Material Could Lead To Cheaper Solar Cells
by Tsvetana Paraskova
18 Jul 2019 at 1:00pm
Scientists may have found a pathway to designing interfaces of hybrid materials that are capable of turning light into electrical currents with high efficiency?a breakthrough that could potentially boost the performance of solar cells and slash their manufacturing costs. In one of the latest scientific research into novel materials and technologies to boost solar cell performance, scientists at the University of Kansas said this week that a breakthrough material combining organic semiconductors with a recently discovered two-dimensional (2D)?

Russia?s Oil Output Rebounds From Three-Year-Low
by Tsvetana Paraskova
18 Jul 2019 at 12:00pm
Russia?s oil production in the past few days has recovered to the ceiling that Moscow has pledged in the OPEC+ deal, Russian Energy Minister Alexander Novak said on Thursday, after output had dropped to nearly three-year lows in the first days of July. Lower output from Russia?s largest oil producer Rosneft resulted in total Russian production falling to a near three-year low in early July, Reutersreportedlast week, citing industry sources. Russia?s oil production in the first days of July averaged 10.79 million bpd,?

Opposition: Venezuela?s Debt To Russia, China To Be Renegotiated Via Paris Club
by Tsvetana Paraskova
18 Jul 2019 at 12:00pm
If Venezuela?s Nicolas Maduro is ousted, loans from his allies Russia and China would be renegotiated via the creditor group Paris Club, as is customary for bilateral debt negotiations, Ricardo Hausmann, a Harvard economics professor and an advisor to Venezuela?s opposition, told Reuters. ?It is not as if the chapter on bilateral debt says we are going to treat it differently. It is treated differently in international practice through the Paris Club,? Hausmann told Reuters in response to creditors? concern that debts?

The Biggest Challenges Facing America?s Nuclear Sector
by Haley Zaremba
18 Jul 2019 at 10:00am
In the United States, the common sentiment about the nuclear industry is that it is doomed. As cheap natural gas prices out nuclear, more and more plants are going offline, and many of those that are hanging on are doing so in large part thanks to sizeable government subsidies. And then there is the crushing cost of nuclear waste management that is already weighing on taxpayers and will only get worse. But this is not the whole story. While nuclear is in decline in the United States, it is still going strong worldwide, with countries like China?

Eni?s Oil Tanker Fiasco
by Tsvetana Paraskova
18 Jul 2019 at 10:00am
After refusing last month to take an oil cargo over suspicions that its origin could have been at least partially Iranian, Italy?s oil major Eni has now filed a fraud complaint against its ex head of oil trading for having misled all parties in the spot cargo deal. Eni fired the head of oil trading Alessandro Des Dorides at the end of May over a different, unrelated deal with small Italian oil trading company, Napag, in 2018, the Italian major said, as carried by Reuters. In the fraud complaint filed with the prosecutor?s office in?

China Data Breakdown: Oil Consumption Rises 5.8% In H1 2019
18 Jul 2019 at 9:00am
China?s crude throughputtotaled around 316.97 million mt in the first half of 2019, up by 5.8% year on year, data from the National Bureau of Statistics showed. In June alone, China processed about 53.70 million mt of crude, up by 7.7% year on year, and the growth rate climbed by 4.9 percentage points from the previous month. The daily processing volume amounted to 1.79 million mt in June, an increase of 116,000 mt from May. Domesticcrude production totaled around 16.10 million mt in June, up by 1.0% year on year, with a daily?

A New Gasoline Glut Is In The Making
by Nick Cunningham
18 Jul 2019 at 9:00am
The downstream refining sector has rebounded a bit, shrugging off the glut of gasoline seen earlier this year. But another product surplus could be looming in the second half of 2019 and into 2020. Refiners worked at elevated levels last year, helping to produce a global gasoline surplus that ran into the early part of this year. However, refiners undertook extensive maintenance in the first few months of 2019, and the volume of refining capacity that has been offline recently has been higher than normal. According to Bank of America Merrill Lynch,?

Iran Claims It Seized Foreign Oil Tanker Smuggling Fuel In Gulf
by Tsvetana Paraskova
18 Jul 2019 at 7:30am
Iran said on Thursday that its Islamic Revolution Guards Corps (IRGC) Navy had seized on Sunday a foreign oil tanker at Lark Island in the Strait of Hormuz, claiming that the vessel was loaded with 1 million liters of smuggled fuel from Iran. According to a statement from IRGC Navy?s carried by Iranian Fars news agency, ?the ship was seized in a surprise action last Sunday during control operations and monitoring the vessels crossing the Persian Gulf with judiciary coordination and decree South of Lark Island after the IRGC was assured?

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