According to Kim Mackrael of The Wall Street Journal, tight trade links make it unlikely that tariffs will change business behavior in metal-intensive industries. She writes: Lakeshore, ONTARIO—Across the border from the U.S. auto capital of Detroit, a Canadian company here buys aluminum made at smelters in Quebec using bauxite from Africa or Brazil that Ford Motor Co. puts in America’s best-selling pickup, the F-150. The tightly woven production chain illustrates the U.S. dependence on aluminum from Canada that many say is unlikely to change despite recent metals tariffs the Trump … [Read more...]
Exxon’s “Fairy Tale” Multi-Billion Barrel Oil Find in Guyana
Off the coast of Guyana, Exxon Mobil Corp. has found what appears to be a multi-billion barrel oil patch. The find could be a just what Exxon needs, and could put Guyana among the major oil producing countries in the world by generating even more production than OPEC members Equatorial Guinea and Gabon. Bloomberg's Kevin Crowley reports: Exxon Mobil Corp. increased its estimate for a giant offshore oil discovery in Guyana by 25 percent yesterday, but it may just be the beginning. Some 8 of 10 exploration wells have struck oil since 2015 and Exxon has identified a further 19 targets to … [Read more...]
Is China About to Tank the Market for Metals?
There is a growing body of evidence to support the theory that China's economy is slowing down. One of the clearest signs is the recent drop in metals prices. If the Chinese economy spirals down, it could tank the market for metals and other commodities along with it. Neil Hume reports for the FT: Mining stocks were under pressure on Thursday as selling of industrial metals intensified on concerns about demand from China, the world’s biggest consumer of raw materials. Copper fell 2.5 per cent and slipped below $6,000 a tonne for the first time in a year, while zinc was off 3.9 per cent at … [Read more...]
Is There Enough Spare Oil Capacity?
According to the International Energy Agency, spare oil production capacity will be stretched to the limit as a result of sanctions on Iran and other supply disruptions in places like Venezuela and Libya. David Sheppard reports at the FT: The Paris-based agency said that while there were signs stronger oil prices may start to weigh on demand growth, for the moment the key risk was supply capacity, with moves by producers to raise output cutting into the thin buffer of reserve production. “Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the … [Read more...]
Coming Iran Sanctions Already Biting Shipping
Costas Paris and Joanne Chiu report in The Wall Street Journal that coming sanctions on Iran are already having an effect on how shipping companies are approaching the oil exporting country. They write: It will be months before new U.S. sanctions against Iran take hold, but global shipping operators are already pulling back from the big oil-exporting nation. The world’s two biggest shipping lines, Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co., said they were winding down general cargo shipments, while tanker owners said they plan to move their vessels to other … [Read more...]
How Will OPEC Respond to Iran Sanctions?
With the U.S. renewing sanctions on Iran, OPEC's oil production curtailment program is being questioned. The sanctions are pushing oil prices higher, so OPEC must decide if it will produce more oil during the unexpected windfall, or if it will keep production stable and push prices higher for greater profits. At Reuters, Alex Lawler and Rania El Gamal report: The Organization of the Petroleum Exporting Countries has a deal with Russia and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014. Officials are considering … [Read more...]
Is Commercial Coal-to-Hydrogen Imminent?
Scientists working for Kawasaki Heavy Industries and the government of Australia are working together to test ways to turn coal into liquid hydrogen. The group is putting over $380 million (US) into the plan. FT reports: The pilot project aims to generate “green energy” for use in cars, electricity generation and industry in Japan from one of the dirtiest fuels, brown coal. It involves converting coal to hydrogen at a power plant in the Latrobe Valley — a region in Australia with some of the world’s most abundant supplies of the fossil fuel, which is also called lignite. “The global … [Read more...]
East Coast LNG Sets Sail
The first cargo of LNG from the East Coast departed Cove Point terminal on Monday. The terminal makes Dominion Energy the second American company to export LNG, after Cheniere Energy's Sabine Pass terminal on the Gulf of Mexico became the first operation to export gas back in 2016. Bloomberg reports: Cove Point’s startup is accelerating America’s emergence as an LNG powerhouse that’s expected to challenge Australia and Qatar for worldwide dominance in the next five years. Three more export terminals may open on the Gulf Coast by 2019. While Cove Point’s East Coast location could give it … [Read more...]
War Tensions Driving up LNG Prices
Among the major players in the conflict in Syria are all of the world's top three natural gas producers. The United States, Russia and Iran. Qatar, the world's fourth largest producer, and Saudi Arabia, the world's ninth largest producer have also been linked to rebel groups in the country. Oilprice.com reports that in reaction to heightened tensions and missile strikes in Syria, LNG prices have been soaring. Tim Daiss writes: Also, on Wednesday, Saudi Arabia faced what the Associated Press (AP) called a flurry of attempted attacks by Yemeni rebels. Saudi Arabia’s defense forces said … [Read more...]
Can OPEC Get it Right on Oil Production?
OPEC is targeting $80/barrel for oil, but will it be able to get there if it's not estimating the proper amount of non-cartel production? In The Wall Street Journal, Sarah McFarlane and Stephanie Yang report: While cuts from the Organization of the Petroleum Exporting Countries have helped eliminate oversupply of crude oil, the cartel said in its monthly market report that non-OPEC producers such as the U.S. are contributing to rising global supply. ”We still think that the cartel is underestimating non-OPEC supply growth,” said Capital Economics analysts, noting that higher prices will … [Read more...]
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