IEA says oil supercycle unlikely but gasoline demand may have peaked

An extended surge in oil prices is unlikely as the world rebounds from the pandemic given ample supply but changes are seen in demand and gasoline may have peaked, the International Energy Agency (IEA) said on Wednesday. FILE PHOTO: Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration […]

Oil settles near $70/bbl on hopes of recovering demand

Oil settled near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year. The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Benchmark […]

IEA: uncertain future for oil markets

World oil markets have rebounded from the massive demand shock triggered by COVID-19 but still face a high degree of uncertainty that is testing the industry as never before, according to a new report from the International Energy Agency (IEA). The forecast for global oil demand has shifted lower, and demand could peak earlier than […]

Never Mind Peak Oil, Global Forecaster Calls Peak Gasoline

The International Energy Agency predicts that the global petrol craving is unlikely to return to pre-pandemic levels, calling for a peak of fuels that have powered personal transport for over a century. The Paris-based Energy Watchdog closely follows five-year forecasts, improving fuel efficiency of gasoline-powered vehicles and accelerating the global shift to electric vehicles from […]

China Splurges On Iranian Oil Despite US Sanctions

Despite the U.S. sanctions on Iranian oil exports, some Chinese refiners are buying so much Iranian crude that the ports in the Shandong province, where most independent refiners are based, are experiencing tanker traffic congestions, analysts and traders have told Bloomberg. China has never actually stopped buying crude oil from the Islamic Republic, even after the Trump […]

Oil settles near $70/bbl on hopes of recovering demand

Oil settled near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year. FILE PHOTO: Oil tankers are pictured in the waters off Tuas in Singapore July 15, 2019. REUTERS/Edgar Su Benchmark Brent settled down 41 cents, or 0.6%, […]

Asia thirst for liquefied natural gas is disrupting Europe’s market

Asia’s emergence as global natural gas trading superpower will increasingly dictate market rates in Europe for a once-localised commodity that was simply linked to the price of oil. The change was highlight­ed this winter, when freezing temperatures in the northern hemisphere meant liquefied natural gas (LNG) tankers went to Asia, the biggest consumer of the […]

The First “Global Inflationary Depression” Is Very Possible

It is possible that we might soon be witness to the first global inflationary depression. This is not a mix of words we normally see placed together. Several factors make this scenario possible. First, we seldom have depressions but instead, tend to roll through mild recessions, however, what we face may be far more severe. […]

Will we see oil at $100 a barrel again?

Brent crude has gained 23% to around $64 a barrel this year. Its gains have already surpassed the most bullish of forecasts, says Avi Salzman for Barron’s. Bank of America thinks crude will hit $100 a barrel “from time to time” over the next five years. Before 2014 crude regularly traded above $100. That era […]

Enthusiasm For Electric Vehicles Still Appears Excessive

For decades, enthusiasm for electric vehicles has failed to translate into market success. Though continued skepticism may be warranted, it’s important, naturally, to keep an open mind when considering whether this time really could be different. I’m kind of like the grumpy old man in the microwave commercial a few years back who, listening to […]

Everything Is About To Get More Expensive. This Is Good

With America already experiencing the beginnings of an inflation wave that may spiral out of control as a result of trillions in money printing the media is trying to get ahead of the story by claiming that everything becoming more expensive “is good.” It’s important not to alarm the cattle before they’re processed. pic.twitter.com/aMDUDyZj8V — […]

Why Collapse Occurs; Why It May Not Be Far Away

Collapse is a frightening subject. The question of why collapse occurs is something I have pieced together over many years of study from a number of different sources, which I will attempt to explain in this post. Collapse doesn’t happen instantaneously; it happens many years after an economy first begins outgrowing its resource base. In […]

China’s Oil Reserves Near Limit

China’s crude oil reserves have reached a level equal to 100 days of imports, Bloomberg has reported, citing unnamed sources in the know, which is near the country’s storage capacity limits. The amount includes both strategic and commercial inventories, the Bloomberg source said. Data compiled by oil data analytics company OilX (that is powered by […]

Why Our Financial System Is Unsustainable

How much energy, water and food will the “money” created out of thin air in the future buy? Finance is often cloaked in arcane terminology and math, but the one dynamic that governs the future is actually very simple. Here it is: all debt is borrowed against future supplies of affordable hydrocarbons (oil, coal and natural gas). […]

Whispers of $100 Oil Return as Crude Shakes Off Covid’s Clasp

While oil’s dizzying collapse is still fresh for many traders, rumblings are starting to emerge that by the end of next year prices could once again top $100 a barrel. Azerbaijan’s Socar Trading SA predicts global benchmark Brent could hit triple digits in the next 18 to 24 months, and Bank of America sees potential […]

What went wrong with the Texas power grid?

Millions of Texans were without heat and electricity Monday as snow, ice and frigid temperatures caused a catastrophic failure of the state’s power grid. The Texas power grid, powered largely by wind and natural gas, is relatively well equipped to handle the state’s hot and humid summers when demand for power soars. But unlike blistering […]

U.S. Energy Crisis Leaves Millions Without Power in Big Freeze

The energy crisis crippling power grids across the U.S. showed no sign of abating on Tuesday morning as blackouts left almost 5 million customers without electricity during unprecedented cold weather. © Photographer: KENA BETANCUR/AFP People cross the street as snow falls in North Bergen, New Jersey on February 7, 2021. To prevent the collapse of […]

China is approaching its own peak oil

Country’s energy companies are starting to look ahead to demand topping out around mid-decade Big Oil has become used to a ravenous China. But Chinese energy companies are starting to look ahead to an overall peak in oil demand around mid-decade. Sinopec, China’s largest refiner, estimated in December that the nation’s demand for oil products […]

Does a Correction Loom for the Oil Market?

Is crude oil due for a correction, or do demand fundamentals support continued upward momentum in prices? This question has been posed recently by various oil market observers. In this week’s installment of what to watch in the oil and gas markets, two of Rigzone’s regular market commentators offer rationales behind both price scenarios. Meanwhile, […]

China Is Approaching Its Own Peak Oil

Big Oil has become used to a ravenous China. But Chinese energy companies are starting to look ahead to an overall peak in oil demand around mid-decade. Sinopec, SHI 0.21% China’s largest refiner, estimated in December that the nation’s demand for oil products will peak in 2025. While that might yet prove ambitious, a confluence […]

Is China Headed To Peak Oil Demand?

The world’s top oil importer, China, could be just years away from its own peak in domestic demand for oil products, Chinese refiners have started to warn, but consumer preferences and government policies about transport electrification and support for EVs are likely to determine whether Chinese domestic oil consumption will peak around 2025. China’s largest […]

One more dance for oil, before EVs boom

Oil demand could grow at its fastest rate since the 1970s for the next three years, BofA Global Research has said in a note. The commodity’s future is limited, though, the analysts said, expecting global oil demand to peak around 2030. The rise of electric vehicles (EVs) drives this change. Oil demand fell by 8.7 […]

Oil Prices Surge As Inventories Decline

Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force. Global benchmark Brent futures on Friday surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in […]

How Much Higher Can Oil Prices Go?

Oil prices have rallied back to the point they are almost ready to match pre-Covid levels. There are two key drivers for this miracle, which no one predicted early on as being possible in this period of time. The first is the production curbs by U.S. producers and of course, the millions of barrels of […]

How the Fossil Fuel Industry Convinced Americans to Love Gas Stoves

In early 2020, Wilson Truong posted on the NextDoor social media platform—where users can send messages to a group in their neighborhood—in a Culver City, California, community. Writing as if he were a resident of the Fox Hills neighborhood, Truong warned the group members that their city leaders were considering stronger building codes that would […]

Oil’s peak seen nowhere near in India despite energy transition

India’s peak oil demand will come much later than what the rest of the world might anticipate, creating enough room to pursue refinery expansions and secure crude supplies through diversification drives, speakers at the S&P Global Platts South Asia Commodities Virtual Forum said Feb. 4-5. To meet incremental demand and prepare for smoother business operations, […]

How High Will Oil Prices Go This Year?

This week we hit some milestones in the year-long recovery from the oil demand crash of 2020. West Texas Intermediate, (WTI) hit and moved past the $55.00 level, and Brent moved closer to $60. These are some important psychological barriers for the market, and if sustained, as we expect they will be, will push prices […]

When Automobiles Ruled the Earth

Read Part One U.S. oil major Chevron Corp. on Jan. 29 swung to an $11 million fourth-quarter loss and missed Wall Street expectations as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results… It reported a full-year loss of $5.54 billion compared with earnings of $2.92 billion in 2019… — […]

Oil jumps 2%, hits highest in a year as producers limit supply

Oil prices rose 2% on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments. The global and U.S. crude benchmarks rallied as optimism about more U.S. economic stimulus added to bullishness from OPEC production levels, which rose less than expected in January. Brent […]

Elon Musk Plans to Use Texas Natural Gas for His Starships

Elon Musk became the richest man in the world thanks to enthusiasm for Tesla Inc.’s sleek electric cars — and the company’s stratospheric stock price. But while Musk is perhaps the most well known clean energy CEO, SpaceX, his other company, is likely to rely on drilling for natural gas to power Starship, the new […]

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