Lithium supplies are stretched, and customers are feeling the pressure. Andy Home reports in Reuters: The world has been running short of lithium this year, a surge of new supply failing to catch up with a still faster demand wave as the electric vehicle (EV) revolution accelerates. Lithium's price narrative is fiercely contested territory, but the clearest signal of market shortfall is price. From spodumene ore through lithium carbonate to lithium hydroxide, prices have more than doubled again this year after an explosive rally in 2021. Last month's average spot Asian price for … [Read more...]
Turkey Reopens Straits to Oil Shipments
After sanctions on Russian oil created confusion in the insurance markets for oil shipping, Turkey closed its shipping straits leading to and from the Black Sea, the Dardanelles, and the Bosphorus. Now, it has once again reopened those straits to oil shipping after sorting out the insurance issues. Alex Longley and Julian Lee report for Bloomberg: A backlog of tankers waiting to haul oil through Turkey’s vital shipping straits is clearing, offering evidence that authorities in Ankara have resolved a spat with the insurance industry that arose following sanctions on Russia. Tankers able to … [Read more...]
Despite Biden’s Desire to “End Fossil Fuel,” His Admin Demands more Drilling
Investors work on expectations. If you expect an industry to be increasingly hemmed in and regulated by the government, why would you invest in growth? No. You'd suck as much value out of that industry as possible to deploy in places you expect growth to be greater. That's why the Biden administration's blame of the oil industry for lack of investment is so bewildering. The Biden administration's hostility to fossil fuels is long and verifiable. In September of 2019, Biden told an audience he'd "end fossil fuel." What incentive do investors have in an industry the ruling administration … [Read more...]
Is LNG the New Strategic Asset?
The war in Ukraine has given rise to massive new demand for LNG by European countries seeking to replace Russian imports of natural gas. The world has been witness to LNG becoming what appears to be a new strategic asset. Japan, a country that relies heavily on LNG, is considering building its own LNG strategic reserve. Bloomberg's Shoko Oda and Tsuyoshi Inajima report: Japan is considering setting up a strategic reserve of liquefied natural gas, as the imports-dependent nation ramps up efforts to make sure it has enough of the fuel amid intensifying competition. The government will … [Read more...]
PETROSTATE: U.S. Exporting Record Amounts of Oil
As Joe Biden unloads the strategic petroleum reserve and oil producers sell to Europe and Asia, the United States is exporting the most oil ever. Myles McCormick and James Politi report for the Financial Times: The US is exporting record volumes of oil and taking on a bigger role as a fuel supplier in response to the global energy crunch caused by Russia’s war in Ukraine, even as tensions flare over petrol prices at home. Combined US exports of crude oil and refined petroleum products surged to 11.4mn barrels a day last week, according to data released on Wednesday by the Energy … [Read more...]
INSULT TO INJURY: Saudis Promise Asia No Cuts in Oil
After announcing an OPEC+ cut to oil production of 2 million barrels a day, Saudi Arabia has promised that Asia will receive its full contracted volumes of oil. The announcement adds insult to injury for Joe Biden, who asked the Saudis to pump more oil, not less. Reuters reports: Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Monday. The producer is keeping supplies to Asia steady despite likely production cuts by tapping on … [Read more...]
Biden Panics After Saudis Ignore Him to Work with the Russians
Throughout his career, Joe Biden has billed himself as a "foreign policy expert." That expertise doesn't appear effective at the moment. When the American people need relief on energy prices (mostly because of Biden's anti-energy policies), the Saudi Arabian government is working with Russia to raise oil prices. The Daily Mail reports on the snub: American drivers could face another increase in gas prices as the OPEC+ alliance announced it is cutting oil production by up to two million barrels a day in what could end up being a massive setback for the Biden administration. Energy ministers … [Read more...]
How Will Europe Adapt to the Loss of Russian Gas Supplies?
Can Europeans simply conserve their way to energy independence from Russian supplies? Pierre Andurand suggests that is the case, writing for the Financial Times: Russia has historically supplied about 30 per cent of the EU and UK’s gas consumption by pipeline. Those exports have already been cut by 75 per cent. If Moscow stops them entirely, will Europeans freeze to death in the winter, as Russian propagandists have been warning? Almost certainly not. In fact, it looks as though Europeans have a great deal more capacity in managing the situation than the fearmongers thought. Much of … [Read more...]
American Shale Can’t Save Europe from Winter
European gas customers are facing a winter of uncertainty with the war between Ukraine and Russia putting supplies of natural gas in doubt. Joe Biden has promised America will help supply Europe with gas, but American shale drillers are signaling that they can't ramp up production in time to have a meaningful effect on the gas market. Justin Jacobs, Derek Brower, and Myles McCormick report for the Financial Times, writing: The US shale industry has warned it cannot rescue Europe with increased oil and gas supplies this winter amid fears that a plunge in Russian exports will send crude prices … [Read more...]
The World Doesn’t Have Enough LNG Export Capacity to Keep Europe Warm
Europe may be freezing in winters until 2027 according to the head of Citigroup commodities research, Ed Morse, in an interview with Bloomberg TV. The problem facing Europe is that there isn't enough LNG export capacity to keep the continent supplied. Bloomberg reports: While European politicians are focusing on the region’s survival this winter, next year could be worse. The loss of Russian natural-gas supplies will cause reserves to be depleted faster when temperatures drop in the coming months and make the process of preparing for following heating seasons even more difficult. With no … [Read more...]
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