In response to reduced supplies of natural gas in Germany, chemical manufacturer BASF is reducing its production of ammonia, a fertilizer feedstock produced from natural gas. Reuters's Ludwig Burger reports: Germany's BASF (BASFn.DE), the world's largest chemical company, is cutting ammonia production further due to soaring natural gas prices, it said on Wednesday, with potential ramifications from farming to fizzy drinks. Germany's biggest ammonia maker SKW Piesteritz and number four Ineos also said they could not rule out production cuts as the country grapples with disruption to Russian … [Read more...]
America Is Now the World’s LNG Superpower
In the first half of 2022, driven by increased exports to European nations, the United States became the world's largest exporter of liquified natural gas (LNG). The EIA reports: The United States became the world’s largest liquefied natural gas (LNG) exporter during the first half of 2022, according to data from CEDIGAZ. Compared with the second half of 2021, U.S. LNG exports increased by 12% in the first half of 2022, averaging 11.2 billion cubic feet per day (Bcf/d). U.S. LNG exports continued to grow for three reasons—increased LNG export capacity, increased international natural gas and … [Read more...]
China Mining MORE Coal While the West Crusades for Climate Change
While America and other western powers continue to restrict the production and use of fossil fuels, China's National Energy Group increased its coal production by 58 million tons in the first half of the year. According to a translated version of the story from Xinhua News (Chinese state-owned media): The National Energy Group is currently the world's largest coal production company, thermal power generation company, wind power generation company and coal-to-oil coal chemical company. In April 2022, the executive meeting of the State Council deployed that it will add 300 million tons of coal … [Read more...]
Much of Europe Still Heavily Dependent on Russian Gas
Despite efforts in recent years to transition away from Russian gas, many of Europe's economies are still heavily dependent on it. The IMF has released a report indicating that the loss of Russian gas supplies could cause economic contractions of up to 6 percent in some nations, including Czechia and the Slovak Republic. The IMF reports: Dependence on Russia for gas, and other energy sources, varies widely by country. How could a Russian natural gas cutoff weigh on Europe’s economies? #IMFBlog rounds up three new staff research papers examining this question: https://t.co/aZBFX6dWnj … [Read more...]
Oil Demand Feeling Pressure from High Prices
Oil demand in developed countries is under pressure from high prices, reports the IEA. David Sheppard reports for the Financial Times that IEA analysts believe that “Soaring fuel costs and a deteriorating economic environment are slowly starting to moderate oil demand growth in the OECD.” He writes: Record fuel prices are hitting oil demand in developed countries harder than anticipated, the International Energy Agency warned on Wednesday, in the latest sign of inflationary pressures forcing consumers to cut back. Paris-based IEA, which is primarily funded by OECD members, said that growth … [Read more...]
Is There Enough Copper to Even Have a Green Revolution?
Supplies of minerals like lithium and cobalt are already stretched thin as battery power becomes more prevalent in devices like phones and cars. Now, there are worries copper mines may no be able to keep up with heavy demand from the world's efforts to "go green," and get off fossil fuels. Daniel Yergin reports for the Financial Times: It is also nicknamed “Dr Copper”. Owing to its widespread use and its sensitivity to business cycles, its price has an uncanny ability to provide early warning of what’s ahead for the economy. The current fall in the price of copper is seen as a portent of … [Read more...]
Regulators’ Bungled Attempts to Cut Emissions Drove Oil Prices Higher
It wasn't Vladimir Putin. Instead, the bungled rollout of emissions standards and other energy regulations led to the high prices people are paying today, and until investment catches back up in the industry, prices are likely to remain high. That's the message being sent by ExxonMobil's CEO, Darren Woods, in an interview with the Financial Times. FT reporters Tom Wilson and Justin Jacobs report: ExxonMobil’s chief executive predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on pressure to move to cleaner energy at a time of relentless … [Read more...]
Will ESG Do to Steel Prices What It Did to Gas Prices?
Are efforts to meet seemingly arbitrary "green" goals going to cripple the world's steel industry in the face of growing demand? The industry has worked hard to expand, but faces its assets being regulated out of operation to achieve green goals. Sylvia Pfeifer reports in the Financial Times: The global steel industry may have to write down as much as $518bn in assets over the coming years because it is still building traditional blast furnaces despite countries seeking to reduce their carbon emissions, according to a report. Countries have continued to announce new coal-based plants while … [Read more...]
Grid Operators Reconsider Retirements of Fossil Fuel Power Plants
The addition of new renewable energy supplies is not keeping up with the retirements of fossil fuel power generation plants. In Missouri, grid operators have resolved to keep the Rush Island coal-fired power plant operational, despite a previous plan to retire the plant. But the problem is creeping up all over America. The Wall Street Journal's Katherine Blunt reports: Grid operators across the U.S. are leaning more heavily on old coal- and gas-fired power plants as electricity demand threatens to exceed supply during periods of extreme heat and other severe weather, events exacerbated by … [Read more...]
COMMODITY CRUNCH: Will Tesla Buy a Cobalt Mine?
The world's cobalt supplies are stretched thin as demand from electric vehicle automakers has surpassed that of smartphone producers for the first time. When asked about the crunch in cobalt supply, Elon Musk responded that Tesla may have to purchase a cobalt mine to secure its own supplies. The Financial Times' Neil Hume reports: Electric vehicles overtook smartphones and personal computers for the first time last year as the main source of demand for cobalt, a rare metal used in lithium-ion batteries. The automotive industry consumed 59,000 tonnes of cobalt in 2021, or 34 per cent of … [Read more...]
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