With oil prices hitting 7-year highs just a month ago, world leaders including U.S. President Joe Biden are considering a strategic release of petroleum reserves as a reprieve to high prices and inflationary pressures. Does this really mean oil prices have topped?
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The world is quickly approaching an energy crisis as we move into the winter season. Power generation and home heating are expected to be areas of concern and come at a price that is far higher than consumers have seen. China has already began scheduling intentional black outs. Crude and Natural Gas should/would be the […]
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Delta is defined by Merriam-Webster as “an increment of a variable.” The Delta variant of Covid is (ironically) causing a massive number of variables through global economies. Oil prices today remain stable as Covid cases push Japan into an extended state of emergency, Asian demand remains weak, New Zealand implements a new lockdown after one […]
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Today marks the sixth day in a row that the world’s third busiest container port remains partially closed. China’s Ningbo-Zhoushan container port shut down their Meishan terminal last Wednesday after one of their employees tested positive for COVID-19. Ningbo authorities stated that the port worker was believed to be fully vaccinated but received an inactivated […]
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China’s economic outlook and the Delta variant tanker were the most recent forces that led to crudes slip to open the month of August. Brent crude at writing was lower by 2.02% at $73.89/bbl while WTI slipped 2.31% and fell to $72.24/bbl. In mid-July OPEC+ met to discuss growing demand and supply increases. After some […]
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Last Friday China’s National Petroleum Corporation made a significant discovery while drilling in the Tarim Basin located in the Fuman Oilfield area of the Xinjiang Uyger Autonomous region. In their drilling efforts, China uncovered a new 1-billion-ton oil and gas area making it the largest discovery in over 10 years. The Furman Oilfield is one […]
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Over the past year, China has ramped up its energy production and committed to becoming a net-zero emission economy by 2060. While China has led all nations with renewable energy production, at the same time has increased coal production and offset the retirements in coal capacity from the rest of the world. The increase in […]
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Last week, three ships carrying ethanol from the U.S. Gulf Coast were headed to China. Reuters confirmed, from multiple sources, that this is a sign that fuel exports were increasing from the U.S. to China. These ethanol shipments may be enough to surpass the total amount of ethanol exported from the U.S. to China in […]
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With COVID-19 still dominating the headlines, this time with vaccination news, it is easy to lose sight of other note worthy incidents that would typically make headlines surrounding the crude industry. According to the Wall Street Journal, Iranian oil tankers have been struck by the Israeli Army, which were headed towards Syria over the last […]
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As President Trump’s term comes to an end, the administration continues to tighten restrictions on Chinese companies as the U.S. Department of Commerce blacklisted CNOOC (China National Offshore Oil Corporation) on Thursday. CNOOC was blacklisted for helping China intimidate neighbors in the South China Sea which threatened U.S. national security. The Department of Commerce stated, […]
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