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

3 Ways To Play The Next Commodity Supercycle
by Alex Kimani
1 Mar 2021 at 5:00pm
After a lackluster decade for commodities, a cross-section of Wall Street luminaries from Pimco to Point 72 is now predicting a broad commodity rally thanks to the so-called reflation trade. Indeed, Wall Street is predicting a new commodity bull market that will rival the oil price spikes of the 1970s or the China-driven boom of the 2000s. Market experts, including Goldman Sachs, believe the commodity boom could rival the last "supercycle" in the early 2000s that powered emerging BRIC economies (Brazil, Russia, India and China). The price movement?

The Real Reason Why Iraq Paused Its Major Oil Deal With China
by Simon Watkins
1 Mar 2021 at 4:00pm
With a new man in the White House, Iraq?s Prime Minister, Mustafa al-Kadhimi, appears to believe that Iraq can begin a completely new cycle of playing off the U.S. against China and Russia, as it has been doing since the first U.S. invasion of Iraq in 2003. The game is very simple but nonetheless very effective: Baghdad sends a signal that it may move even closer to Iran or to Russia and China through various oil field awards or other contracts and the U.S. feels compelled to counter with the offer of more funding directly or indirectly through?

Deep Oil Cuts Put Africa At Serious Risk
by Alex Kimani
1 Mar 2021 at 3:00pm
About two decades ago, The Economist [infamously] dubbed Africa as the ?Hopeless Continent?, claiming that the new millennium had brought more disaster than hope to Africa with threats of famine in Ethiopia (again); floods in Mozambique; mass murder in Uganda and the implosion of Sierra Leone. A decade later, the magazine did a 180-degree and changed its tune to ?Africa Rising? thanks to major improvements in labor productivity; dropping inflation and booming economies. But alas, the upbeat narrative was not?

Baker Hughes: Long-awaited Energy Market Recovery Has Begun
by Julianne Geiger
1 Mar 2021 at 2:30pm
The long-awaited, much-anticipated energy market recovery has begun, Baker Hughes CEO Lorenzo Simonelli said on Monday during CERAWeek, according to Reuters. The oil and gas industry suffered last year as the coronavirus pandemic knocked out demand as people hunkered down and stayed home, stifling travel. Since March 2020, the industry has been keeping a close eye on oil demand and oil inventories?metrics used to gauge the overall supply and demand balance. During this time, willful participants like OPEC+ have engaged in aggressive oil production?

Can Abandoned Oil Wells Be Used To Generate Geothermal Power?
by Irina Slav
1 Mar 2021 at 2:00pm
?The decade of geothermal? is a phrase that is becoming increasingly common in media and energy industry gatherings as the international zero-emission push comes to include one of the most fascinating?and clean?ways of extracting energy from the earth: geothermal power. To reach the heat that the mantle of the Earth radiates into the core, geothermal companies need to drill?and they need to drill deep. In fact, one of the biggest challenges for this emerging industry is drilling deep enough to get to the really high?

Oil Workers Move To Renewable Jobs, But The Pay Is Lower
by Tsvetana Paraskova
1 Mar 2021 at 1:00pm
As thousands of oil and gas jobs disappeared during the oil price and demand crash last year, more and more former oil workers moved to jobs in the clean energy business, but they have also taken a pay cut moving to renewables as the industry still pays lower than oil and gas. During the worst of the 2020 crisis, more than 100,000 jobs were lost in the oil, gas, and chemicals industries in the United States alone. Some of those jobs may never return, Deloitte said in a report in October last year. On the other hand, there is a growing demand for?

OPEC+ Decision To Raise Output Could Keep U.S. Gasoline Under $3
by Tsvetana Paraskova
1 Mar 2021 at 12:00pm
Rallying oil prices in recent weeks have intensified speculation that this week the OPEC+ group will decide to put more oil on the market as of April to prevent an over-tightening of the market and preserve market share. As tempting as high oil prices could be from a budget perspective for the biggest oil-exporting nations in the Middle East and Russia, oil at $70?as many banks now believe prices would reach as early as next quarter?would be a drag on the tentative demand recovery, with large importers such as India signaling they are?

Abu Dhabi Formalizes Crown Prince?s Grip Over Oil Firm ADNOC
by Charles Kennedy
1 Mar 2021 at 11:30am
The de facto ruler of Abu Dhabi, the richest oil emirate in the United Arab Emirates (UAE), became the chairman of the newly-formed board of directors at state oil firm Abu Dhabi National Oil Company (ADNOC), formalizing a role that analysts say he has been exerting in recent years. Crown Prince Mohammed Bin Zayed, who is the de facto ruler of Abu Dhabi since the emir of Abu Dhabi, Khalifa bin Zayed, suffered a stroke in 2014, will chair the newly-formed board of directors of ADNOC, the Abu Dhabi media office said on Twitter on Sunday. ?Khalifa?

Energy Transition Could Cut Oil Prices By $10 Per Barrel
by OilPrice.com
1 Mar 2021 at 11:00am
The back-to-back downturns that exploration and production companies (E&Ps) have faced during the past decade have accelerated the energy transition, adding to growing social and regulatory demands for greener energy solutions. This is putting the resilience of global upstream portfolios under pressure. Energy transition experts on Rystad Energy?s upstream team have now quantified the long-term risk of this change to oil prices and to the net present value (NPV) of global oil and gas portfolios. In an analysis marathon that has generated?

New Battery Tech Could Make Solar Energy Storage Even Cheaper
by OilPrice.com
1 Mar 2021 at 10:00am
US-based engineers have joined forces to develop high-voltage reference batteries for behind-the-meter energy storage applications, based on a bipolar technology that uses silicon wafers in traditional lead batteries. The wafers are similar to those in photovoltaic cells and the idea is that the development becomes a ?plug and play? solar-powered energy storage system. The bipolar technology is known as Silicon Joule and has been developed by Gridtential Energy with the goal of reducing lead batteries? weight and achieving?

Aramco Seeking To Extend Loan $10 Billion Loan
by Irina Slav
1 Mar 2021 at 9:30am
Saudi Aramco is reportedly seeking to extend a $10-billion loan, according to Reuters, which cited unnamed sources familiar with the matter, who confirmed an initial report by a Reuters-related news outlet. Aramco took the loan from a group of banks last year in May to finance its acquisition of Sabic, the Saudi petrochemicals major, which cost the energy company some $69 billion and wrapped up in June 2020. The loan was supposed to be repaid from the proceeds of a bond that Aramco issued later last year. However, the company did not repay the?

OPEC Oil Production Plunges In February Thanks To Saudi Cut
by Tsvetana Paraskova
1 Mar 2021 at 9:00am
Saudi Arabia?s unilateral additional cut in oil production sent the total OPEC output down by 870,000 barrels per day (bpd) in February, the first monthly drop in the cartel?s production since June last year, the monthly Reuters poll showed on Monday. The total crude oil production from all 13 OPEC members stood at 24.89 million bpd last month, with Saudi Arabia achieving around 850,000 bpd of its pledged 1-million-bpd cut beyond its OPEC+ quota, according to the Reuters survey of OPEC sources, sources at oil firms, and tanker-tracking?

Tesla No Longer Absolute Leader In EV Markets
by Charles Kennedy
1 Mar 2021 at 8:30am
Tesla is still the reigning monarch on the electric vehicle market, but its power is no longer absolute. Many would consider buying another EV brand as long as it beats Tesla on performance, new research from J.D. Power has suggested. In its first-ever U.S. Electric Vehicle Consideration Study, the company found that over a quarter, or 27 percent, of people considering a purchase of an EV would pick a Tesla. However, their choice was not unconditional, the study showed. If there was another brand that offered better performance, EV shoppers would?

Oil Prices Rally As U.S. House Passes Stimulus Package
by Tsvetana Paraskova
1 Mar 2021 at 8:00am
Oil prices rose early on Monday after the U.S. House passed the stimulus package, and another COVID-19 vaccine was approved for use in the United States. As of 10:23 a.m. ET, WTI Crude prices were up 0.59 percent at $61.88 and Brent Crude was up 0.78 at $64.94. Following a slump on Friday, oil prices recovered on Monday, after the U.S. House of Representatives passed on Saturday President Joe Biden?s proposed $1.9-trillion COVID relief package, which now needs Senate approval. The progress in the stimulus package approval ? after weeks?

Texas Power Cooperative Files For Bankruptcy
by Charles Kennedy
1 Mar 2021 at 7:30am
Brazos Electric Power Cooperative Inc., a power supplier in Texas, has filed for bankruptcy protection in the wake of the energy crisis brought on the state by an Arctic weather spell last month. Reuters reports that the power cooperative was forced to file for Chapter 11 protection because of a $1.8 billion bill that the state?s grid operator presented it. The inflated invoice amount was due to Brazos? failure to supply contracted volumes of electricity. The Texas grid operator, ERCOT, said electricity providers had amassed a total?

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