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All the latest in Oil, Gas, Commodity news and analysis

Biden: Gasoline Prices Won't Go Down Until 2022
by Irina Slav
22 Oct 2021 at 8:00am
High fuel prices at the pump would likely extend into next year, President Joe Biden has warned, blaming the price rise on OPEC policies. ?My guess is you?ll start to see gas prices come down as we get by and going into the winter -- excuse me, into next year, in 2022,? the president at a public event in response to a question on inflation, as quoted by Bloomberg. ?I don?t see anything that?s going to happen in the meantime that?s going to significantly reduce gas prices.? ?Gas prices relate?

Turkey?s Fuel Stations Have to Update Pumps To Double-Digit Gas Price
by Charles Kennedy
22 Oct 2021 at 7:30am
Soaring energy prices in resource-poor Turkey and a record dip of the local currency are forcing fuel distributors to consider how to update pumps to quote double-digit gasoline and diesel prices, Bloomberg reports. Turkey relies on imports for much of its energy demand. The recent price rallies of energy commodities have sent fuel prices higher and nearing double digits. A slump in the local currency, the Turkish lira, against the U.S. dollar will further raise the prices at the pump, and gas stations need to figure out now how to display double-digit?

Putin: Not All OPEC+ Producers Can Ramp Up Output Quickly
by Tsvetana Paraskova
22 Oct 2021 at 7:00am
Although the OPEC+ alliance is currently ramping up its collective crude oil production slightly above what they had agreed on, not all members of the group can quickly raise their output, Russian President Vladimir Putin said at an event on Thursday. ?Currently, the OPEC+ countries are increasing production volumes, even slightly more than they agreed to do, but not everyone can do it,? Putin said at an economic discussion on Thursday, as carried by Russian news agency TASS. ?Not all oil-producing countries are able to quickly?

Oil And Gas Stocks Are Popular Once Again
by Irina Slav
21 Oct 2021 at 5:00pm
Funds that have spent years reducing their exposure to oil and gas stocks because of the ESG trend are now scrambling to get back in on the fossil fuel game. Reuters' David Randall wrote this week that allocations to energy stocks from fund managers gained 23 percentage points over the last month as energy stocks strongly outperformed the S&P 500, enjoying a 53.8-percent rise compared with 20.2 percent for the broader index. According to Randall, the energy stock rally caught fund managers by surprise. This implies that many had believed that?

This Isn?t Sci-Fi: How AI Is About To Disrupt This $11 Trillion Industry
by Charles Kennedy
21 Oct 2021 at 4:30pm
TikTok?s nearly 700 million users seek medical advice from random individuals and charlatans, since anyone can claim to be a medical expert on this raging social media machine. Dr. Google is also working overtime, receiving more than one billion healthcare questions every day. Web MD is recording over one billion searches a year, too. When you combine this voracious hunger for digital diagnosis, symptom checkers and immediate medical assistance, with a global mobile app market whose revenues had already hit $365 billion in 2018, and are now?

Canada?s Oil Industry Is Facing Resistance On All Fronts
by Felicity Bradstock
21 Oct 2021 at 3:00pm
According to the International Energy Agency (IEA), Canadian oil is set to decline within the next decade. That has not stopped funding from flooring into new projects however as producers aim to milk the country?s oil reserves for all they?re worth before that. The IEA foresaw this, predicting that Canada could be producing an additional 700,000 bpd of oil equivalent by 2030, before the eventual decline in demand and output. The decline of Canadian oil should not come as a surprise for a country whose leader announced a net-zero?

Soaring Energy Prices Are Bad News For Biden?s Ambitious Climate Plan
by Tsvetana Paraskova
21 Oct 2021 at 2:00pm
President Joe Biden?s climate plan has become increasingly difficult to sell to a divided Congress amid a global energy crunch that has sent oil, natural gas, and coal prices rallying and gasoline prices in America jumping to the highest level in seven years. The Biden Administration wants to shift America?s power generation to 100-percent carbon pollution-free sources by 2035 and make the United States a net-zero emissions economy by 2050 with climate packages aimed at incentivizing renewable energy sources and transport?

Building The World?s Largest Wind Turbine
by Felicity Bradstock
21 Oct 2021 at 1:00pm
Wind energy is going from strength to strength as onshore and offshore innovations are becoming more commonplace with Europe and other major world powers betting big on the future of renewables. Danish wind turbine company Vestas is planning to revolutionize the face of Denmark?s wind production through its new 15-megawatt offshore wind turbine measuring 280 meters tall, with its blades spanning an astounding 115.5 meters. Vestas is planning for a prototype of the new turbine to be situated onshore, to ensure it can be easily accessed?

Oil Prices Could Explode As U.S.' Largest Storage Hub Nears Empty
by OilPrice.com
21 Oct 2021 at 12:30pm
Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory - a stunning turn of events that cost traders massive losses - when the spot oil market found itself with an unprecedented glut as there was literally too much oil to be stored, and as such those traders who were assigned delivery wouldpay othersjust to take the physical oil off their hands. Well, in just a few weeks we may see the opposite scenario:no physical oil at all in the largest US commercial storage facility,?

Venezuela?s Crumbling Oil Industry Is An Environmental Time Bomb
by Matthew Smith
21 Oct 2021 at 12:00pm
Venezuela?s profound economic and humanitarian crisis fails to attract the headlines it once did, particularly after the U.S. recognized interim president Juan Gauido?s May 2019 uprising failed. While the autocratic Maduro regime?s actions continue to gain some media attention, it appears that the world?s worst modern economic collapse outside of war is no longer the breaking news it once was. This is despite the humanitarian crisis deepening to the point where nearly all Venezuelans live in poverty and the growing regional?

The Commercial Case For Green Hydrogen
by Haley Zaremba
21 Oct 2021 at 11:00am
As the world has grown to recognize the seriousness of climate change and the ever-intensifying need to develop new forms of green, clean, energy production, there have been a number of new technologies that have been hyped up in the headlines as the energy of the future, but which never quite got out of the R&D stages. Think algal biofuel, which was all over the news for years, touted as a sort of green-energy silver bullet but which has never been able to reach anything close to commercial viability. Nuclear fusion, too, continues to be the?

India Looks To Create Strategic Coal And Gas Reserves
by Tsvetana Paraskova
21 Oct 2021 at 10:30am
One of the world?s largest energy consumers and importers, India, is weighing the possibility of keeping strategic reserves of imported coal and natural gas in order to fend off future supply and price shocks, according to a senior government official. Although it is a major coal producer, India is currently grappling with a coal shortage and surging import prices of both coal and liquefied natural gas (LNG) amid a global energy crunch from Europe to Asia. ?So let us start thinking and discussing about keeping a strategic reserve?

Middle East Oil Exporters To See Fast Economic Growth In 2022
by Tsvetana Paraskova
21 Oct 2021 at 10:00am
The six major Middle Eastern oil and gas producers part of the Gulf Cooperation Council (GCC) are set to book faster economic growth in 2022 than previously expected, if oil prices don?t pull back significantly next year, a Reuters poll of 21 economists showed on Thursday. The six countries in the Gulf Cooperation Council (GCC)?Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)?are major producers of oil and gas, and their economies, oil revenues, and current account balances suffered last year from?

LNG Tanker Rates Surge As Global Natural Gas Prices Soar
by Charles Kennedy
21 Oct 2021 at 9:30am
Soaring prices and demand for liquefied natural gas (LNG) in Asia have pushed spot LNG freight rates to over $200,000 per day as traders scramble to book vessels to ship the fuel to energy-starved markets in Asia. A vessel to carry LNG from Gladstone, Australia, to Tokyo is now assessed at a time charter rate of $262,215 per day by the Baltic Exchange, Lloyd?s List?s Michelle Wiese Bockmann writes in an analysis. The Pacific spot LNG freight rates have jumped this week to the highest premium on record over Atlantic rates, driven by?

The Days Of Cheap Solar Are Fading Fast
by OilPrice.com
21 Oct 2021 at 9:00am
The cost of going green is about to become more expensive as polysilicon prices are erupting and will likely remain elevated due tofactory shutdowns in China. Polysilicon is a superrefined form of silicon used in solar panels for its semiconductor-like material properties. Spot prices for polysilicon bottomed at $6.30/kg in mid-2020 and have jumped 600% to $36.09/kg as of last week, according to BloombergNEF.China is a top producer of polysilicon. The latest factory shutdowns of energy-intensive factories, such as ones that refine?

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