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An offshore oil platform is seen at sunset on February 9, 2024 near Huntington Beach, California. Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05. "Since WTI is near its 200-day average, we expect oil prices to remain close to current levels for a while," he said. U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.
Persons: WTI, Hiroyuki Kikukawa, Jennifer Granholm, Goldman Sachs, Brent Organizations: Brent, . West Texas, . Federal Reserve, NS, Nissan Securities, Strategic Petroleum Reserve, Energy, Reuters, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, U.S . Energy Information Administration, International Energy Agency Locations: Huntington Beach , California, U.S, .
When Hydropower Runs Dry
  + stars: | 2024-06-04 | by ( Manuela Andreoni | ) www.nytimes.com   time to read: +1 min
Global pollution from electricity generation was set to fall last year, thanks to the growth of renewable energy. Hydropower, the biggest source of renewable energy in the world, was crippled by lack of rain in several countries last year, driving up emissions as countries turned to fossil fuels to fill the gap. To cope with the electricity shortfall, China and India turned to coal plants, and Colombia to natural gas. In China, the worst-hit country, hydroelectricity generation saw the steepest fall in the past two decades, according to the I.E.A. This year, the dip in hydropower has continued in some countries, including Ecuador and Turkey, as temperatures continue to shatter records.
Persons: Ivan Penn Organizations: International Energy Agency Locations: China, India, Colombia, Ecuador, Turkey, Canada, United States
OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy. The influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Sunday agreed to extend their official crude output agreement into 2025. The coalition will produce a combined 39.725 million barrels per day next year, according to a table published by the OPEC Secretariat. Speaking to CNBC, analysts and OPEC+ delegates had previously signaled a high likelihood that the oil producers' alliance would extend its existing supply cuts. Until the end of June, OPEC+ producers are performing a combined 5.86 million barrels per day of supply cuts, of which 2 million barrels per day represented unanimous commitments under OPEC group policy that span this year.
Organizations: of, Petroleum, Sunday, CNBC, Institution, OPEC's, Energy Locations: Saudi Arabia, Russia, OPEC, Angola, UAE, China, Paris
OPEC+ to extend deep oil production cuts into 2025
  + stars: | 2024-06-02 | by ( Anna Cooban | ) edition.cnn.com   time to read: +2 min
CNN —The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025. The group also released its 2025 production requirements for member and nonmember countries, which were essentially the same as this year’s. Despite the OPEC+ cuts, equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 10% since hitting a five-month high in early April. The IEA expects global supply to increase by just 580,000 barrels per day this year. Sunday’s OPEC+ decision coincides with Saudi Arabia selling some more shares in its oil company Aramco.
Persons: , Russia —, Brent Organizations: CNN, of, Petroleum, United, Emirates, Brent, West Texas, International Monetary Fund, International Energy Agency, IEA, Saudi, Aramco Locations: OPEC, Saudi Arabia, Russia, United States, , Syria, China, Europe, Paris, Riyadh
Thomas Coex | Afp | Getty ImagesThe oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand. OPEC+ producers are currently implementing a combined 5.86 million barrels per day of supply cuts. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, told CNBC. "However, I think that the market right now has priced in a full extension of the voluntary cuts. A high-inflation environment and tight monetary policy in turn reined in oil demand, but central banks have signaled readiness to lower interest rates in the second half of the year.
Persons: Thomas Coex, Viktor Katona, overproducers, Jorge Leon, Yemen's, Tamas Varga Organizations: Organization of, Petroleum, Afp, Getty, CNBC, Energy, Market Research, PVM Oil Associates, United Arab Emirates Locations: OPEC, Vienna, China, Iraq, Kazakhstan, Paris, Ukraine, Gaza, Red, Saudi Arabia, Russia, Guyana, Brazil, Canada
Why there's a massive copper shortage
  + stars: | 2024-05-31 | by ( Shawn Baldwin | ) www.cnbc.com   time to read: +1 min
Demand for copper is surging. The red metal, considered a barometer for economic health, is a vital component for the construction and defense industries as well as a key component in electric cars, wind turbines and the power grid. Existing mines and projects under construction will meet only 80% of copper needs by 2030, according to the International Energy Agency. "High-grade economic copper resources are not abundant, these things aren't all over the place, you have to go find them," said Chris LaFemina, global metals and mining analyst at Jefferies. To look at the challenges facing copper producers, CNBC got a behind the scenes look at Rio Tinto's Kennecott mining operation outside of Salt Lake City.
Persons: Chris LaFemina Organizations: International Energy Agency, Jefferies, CNBC Locations: Rio, Salt Lake City
The Right Kind of Tipping Point
  + stars: | 2024-05-30 | by ( David Gelles | ) www.nytimes.com   time to read: +1 min
It’s worth dwelling on the significance of what could be a remarkable inflection point. For centuries, the burning of coal, oil and gas has produced huge volumes of planet-warming gasses. This projection is in roughly in line with other estimates, including a recent report from Climate Analytics. Thanks to the rapid build-out of wind and solar power plants, particularly in China, global emissions from the power sector are set to decline this year. Last year, the amount of renewable energy capacity added globally jumped by almost 50 percent, according to the International Energy Agency.
Organizations: Climate Analytics, International Energy Agency Locations: China
Oil prices little changed as markets look to OPEC+ meeting
  + stars: | 2024-05-27 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. Combined with another 3.66 million bpd of production cuts valid through the end of the year, the output cuts are equivalent to nearly 6% of global oil demand. Markets will also be watching the U.S. personal consumption expenditures index this week for more signals about interest rate policy. The prospect of higher-for-longer interest rates has strengthened the U.S. dollar, making oil more expensive for holders of other currencies.
Persons: Brent, U.S . Federal Reserve's, WTI Organizations: . West Texas, Organization of, Petroleum, OPEC, International Energy Agency, ANZ, Northern, U.S, U.S . Federal, Federal Reserve, U.S . Locations: OPEC, U.S, U.S .
For more than half a century, concerns about oil shortages or a damaged climate have spurred governments to invest in alternative energy sources. In the 1970s, President Jimmy Carter placed solar panels on the roof of the White House as a symbol of his commitment to developing energy from the sun. And in the 2000s, Germany developed an innovative program that guaranteed consumers who adopted a solar energy system that they would sell their electricity at a profit. Hoping to correct past missteps on industrial policy and learn from China’s successes, they are spending huge amounts on subsidizing homegrown companies while also seeking to block competing Chinese products. They have made modest inroads: Last year, the energy agency said, China’s share of new clean-energy factory investment fell to 75 percent.
Persons: Jimmy Carter Organizations: International Energy Agency Locations: Japan, Germany, Beijing, United States, Europe
This old technology getting some fresh attention is a trend investors may not want to miss: Heat pumps. Heat pumps provide both air conditioning and heat — all in one device. Heat pumps could play a viable role in this regard," Muhedini said in a research note last week. The DOE also runs a Residential Cold Climate Heat Pump Technology Challenge , which is partnered with Trane, Carrier, and Johnson Controls, among other leading heat pump makers. In the chemicals sector, companies that produce more eco-friendly refrigerants for heat pumps could one day reap the benefits of recent legislation in the U.S. that will ban next year the production of heat pumps that use refrigerants with high levels of global warming potential.
Persons: hasn't, They're, William Thompson, Amantia, Muhedini, Thompson, Johnson, Jefferies, Stephen Volkmann, Trane, Andrew Kaplowitz, Deane Dray, Dray, Lennox, Owens, It's, they've, Nestle Organizations: UBS, McKinsey, Barclays, United Nations, UN, International Energy Agency, Johnson Controls, Carrier, Solutions, Citi, Wednesday, U.S . Department, DOE, Trane, RBC Capital, Johnson, Companies, Rockwell Automation, Honeywell International, Arkema, Unilever Locations: industrials, U.S, Paris, Trane, Monday's, Spain, Switzerland
London CNN —The world is facing a shortage of the minerals needed to make the electric vehicles, wind turbines, solar panels, and other clean energy technologies essential to ending its reliance on fossil fuels. The world is on track meet only 70% of global copper demand and 50% of lithium demand by 2035, the agency added. Prices for some critical minerals have returned to their lower pre-pandemic levels, the IEA noted, with those needed to make batteries falling particularly sharply. However, “today’s well-supplied market may not be a good guide for the future, as demand for critical minerals continues to rise,” it added. Concentration risksConcentration of critical minerals production in a small number of countries increases the risk of shortages, the agency warned.
Persons: Fatih Birol, Organizations: London CNN, International Energy Agency, Investment, IEA, Locations: Paris, China
Forget the Magnificent Seven. These AI plays are red hot
  + stars: | 2024-05-16 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
The S&P 500’s utility sector has gained 14% this year, making it the third-best-performing category behind information technology and communication services. Utility stocks tumbled more than 10% in 2023, underperforming the S&P 500’s 24% gain, as investors betting on the artificial intelligence boom crowded into the Magnificent Seven big tech stocks. To be sure, not everyone is jumping into utility stocks. Rising gasoline and shelter costs accounted for more than 70% of the monthly increase in overall inflation, according to the report. Including the ticket price, UK concertgoers will spend, on average, £848 ($1,068) each, which is more than 12 times the average cost of a night out in the UK, according to Barclays’ research.
Persons: , Adam Turnquist, Alicia Wallace, Wednesday’s, Read, Taylor Swift’s, Anna Cooban, Swift Organizations: CNN Business, Bell, New York CNN, Constellation Energy, NRG Energy, International Energy Agency, Federal Reserve, LPL, Nvidia, Micro, Bureau of Labor Statistics, CPI, Barclays, Barclays ’ Locations: New York, United Kingdom, United States, England, Wales, Scotland
Crude oil futures edged lower Wednesday as the International Energy sees global demand growing less than originally forecast this year. World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection as demand in developed economies softened in the first quarter, according to an IEA report. Here are today's energy prices:Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA. Oil deliveries have been rerouted this year due to attacks by Yemen-based Houthi militants on shipping through the Red Sea. Inventories continued to build in April as oil on water was discharged to land, leading to an increase in onshore stockpiles, according to the IEA.
Persons: Brent Organizations: International Energy, IEA Locations: Yemen
Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.
Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany
The proposal covers a range of issues, including minimum technical standards and ecological guidelines for battery production. AdvertisementChina's battery production in 2023 alone was already big enough to fill global demand, according to an analysis from BloombergNEF. China's global share of battery manufacturing capacity is expected to fallDespite the West's consternation, there is an upside for the bloc. China's global share of battery manufacturing is expected to decline in the years ahead, according to a report from the International Energy Agency, or IEA, published on Monday. AdvertisementChina now accounts for more than 80% of battery manufacturing capacity, followed by the US and the EU with around 5% each, per the IEA.
Persons: China's, , Xi Jinping's, Louise Loo, Loo, Chim Lee, Lee Organizations: Service, China's Ministry of Industry, Information Technology, European Union, Oxford Economics, Economist Intelligence, International Energy Agency, US, EU Locations: China, Beijing, Canada, Europe, India
Direct air capture, or DAC, is a technology designed to suck in air and strip out the carbon using chemicals. Climeworks plans to transport the carbon underground where it will be naturally transformed into stone, locking up the carbon permanently. ClimeworksClimeworks' Mammoth plant will eventually be able to capture 36,000 tons of carbon from the air. It will increase the size of equipment to capture carbon pollution. It’s this kind of process that makes some critics concerned carbon removal technologies could be used to prolong production of fossil fuels.
Persons: , Lili Fuhr, Haukur, Climeworks Climeworks, Stuart Haszeldine, it’s, Jan Wurzbacher Organizations: CNN, Climeworks, Center for International Environmental Law, Mammoth, University of Edinburgh, International Energy Agency, Stratos, Occidental Locations: Iceland, Swiss, Texas, Occidental, Kenya, United States
Despite lower price tags, Chinese EVs often have more powerful batteries and more advanced technology. The competition among hundreds of Chinese EV makers has spurred rapid innovation. Even Tesla CEO Elon Musk, who made a surprise visit to Beijing last week, has said that without trade barriers Chinese EV makers would "demolish" their competitors. Chinese EVs tend to be smaller, cheaper and more accessible to the masses — BYD's Seagull, a small all-electric hatchback, starts at less than $10,000. It would take time to set up a sales and distribution network, Fields said, and Chinese EV makers could face a perception issue among American consumers.
Persons: They're, Stella Li, America's Tesla, Tesla, BYD, Mark Fields, Elon Musk, Musk, Fields, they've, Li, Biden, Musk's, That's Organizations: Alliance for American Manufacturing, U.S, BYD, NBC News, Western, Communist Party, Ford, International Energy Agency, Western automakers, United States, Lawmakers, World Trade Organization, European, Rhodium Group, EV, China Association of Automobile Manufacturers Locations: China, EVs, U.S, BYD Americas, BYD, Shenzhen, United States, Beijing, Europe, United, Union, Chinese, Mexico, South Korea, Japan
The deal illustrates data centers' new-found interest in nuclear power. Joe Dominguez, the CEO of Constellation, the nation's largest operator of nuclear plants, said in a March earnings call that powering data centers with nuclear energy was "kind of a perfect marriage." AdvertisementVistra, another nuclear owner, also indicated it was arranging data center deals for a nuclear plant it owns in Ohio and one in Texas. Greg Poulos, the executive director of a PJM watchdog group, said that "one of my highest priority, highest radar items" is how data centers could push costs onto consumers and also whether nuclear data centers deals could reduce grid reliability. Beyond the nuclear optionNot all data centers, of course, are seeking out nuclear power to seize their energy independence.
Persons: , Wes Swenson, Swenson, Joe Dominguez, Jim Burke, Ralph La Rossa, La Rossa, Steve Helber, Burke, Dominguez, PJM, Michael Jacobs, Brian Janous, Greg Poulos, Poulos, Biden Organizations: Service, Susquehanna, Amazon, Business, US Energy Information Administration, Nuclear, Constellation, Public Service Enterprise Group, Microsoft, International Energy Agency, Dominion Energy, Talen Energy, Energy, Union of Concerned Locations: Pennsylvania, Salt Lake City, Ohio, Texas, New Jersey, Our, Jersey, Virginia, Chester , Va, Susquehanna, Chicago, New York City
Russian energy giant Gazprom posted its first annual loss since 1999. AdvertisementRussian energy producer Gazprom Group reported its first annual loss in 24 years, with restricted energy flows to Europe a leading factor in dragging down earnings. International Energy Agency data indicates that gas flows to Europe hit their lowest levels since the early 1970s. Meanwhile, Gazprom has outlined investments totaling 2.57 trillion rubles for this year, indicating a reduction of nearly 16% compared to its projections for 2023. Russia has managed to reroute much of its energy flows to other countries such as China and India.
Persons: Organizations: Gazprom, Service, Gazprom Group, Bloomberg, Ukraine, International Energy Agency, Reuters Locations: Europe, Russian, Ukraine, Russia, China, India
The second is the rate of EV sales growth is slowing, at least temporarily. The EV market is not collapsing, experts say, it’s just entering a new phase. Teslas still make up slightly more than half of all the electric vehicles sold in America, according to a report from Cox Automotive. But, just one year ago, Tesla produced more than 60% of all the EVs sold America. After having trouble cranking up production of its new generation of electric vehicles, GM seems to be accelerating.
Persons: it’s, , Coco Zhang, , Teslas, Tesla, Cox, Ford, China’s Geely, Michael Lenox, Corey Cantor, Cantor, ” Cantor Organizations: New, New York CNN, International Energy Agency, ING, CNN, Cox Automotive, Ford, General Motors, Blazer, European Federation for Transport, Volvo, EV, China Passenger Car Association, University of Virginia, Bloomberg New Energy Finance, Vehicles, Chevrolet Bolt, Dodge Locations: New York, That’s, EVs, America, China, Europe, United States,
There are several reasons to consider leasing an EV over buying. To be sure, the vast majority of EV owners don't have to worry about the maker of their vehicles imminently going out of business. AdvertisementUsed EV prices are a huge question markThere's limited data on EV resale prices. Pre-owned EV prices have fallen in line with new EV prices. EV leasing is growing in popularityLeasing an EV is no longer a niche concept.
Persons: , Fisker, Cox, Polestar, Paul Jacobson Organizations: Service, EV, Leasing, International Energy Agency, American, Tesla, Cox Automotive, Electrek, Lease
CNN —On delivery day at the Manganese Metal Company’s industrial complex in Mbombela, South Africa, truckloads of manganese ore from the Kalahari Basin in the Northern Cape are ushered inside for processing. South Africa has the world’s largest manganese reserves; however, the International Manganese Institute estimates only 2% of the manganese ore produced within the country is locally processed. The Manganese Metal Company says it receives 80,000 tons of ore every year, with plans to build a $25 million commercial processing plant by the end of 2026. With an abundance of manganese reserves, South Africa has potential to become a leader in high purity manganese sulfate production, but d’Harambure says “issues with the electricity sector in South Africa” and “an increase in electricity prices” have made it difficult to produce manganese chemicals and alloys there. Green potentialThese obstacles are not stopping the Manganese Metal Company from trying to capitalize on the EV boom and expand its processing facilities.
Persons: Louis Nel, ” Nel, Aloys d’Harambure, Nel, ” d’Harambure, , d’Harambure, D’Harambure, It’s Organizations: CNN, International Manganese Institute, Metal, International Energy Agency, Metal Company, Employees, Manganese Locations: Mbombela, South Africa, Northern, EVs, China, Mexico, Australia, Europe, Africa
"It was meant for all global EV manufacturers and domestic manufacturers." While much of the "buzz has been around Tesla," Singh underscored the initiatives will also attract other foreign automakers, highlighting that Vietnam's leading EV maker "VinFast has already announced its intent." In February, VinFast broke ground on its integrated EV manufacturing facility in India's southern state of Tamil Nadu. As competition in India's EV sector remains limited, the entry of major players like Tesla, will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba told CNBC. Robust trajectoryAccording to Counterpoint Research, India's EV sales nearly doubled in 2023, driven by rising consumer interest and government initiatives, among other factors.
Persons: Rajesh Kumar Singh, CNBC's, Singh, VinFast, Elon Musk, Narendra Modi, Tesla, Rajeev Chaba, EVs, Modi, Ola, Bain Organizations: Department, Promotion, Industry, Internal, EV, CNBC's Sri, Motor, CNBC, Counterpoint Research, International Energy Agency, TVS Motor, Bajaj, Ampere, Bain & Company Locations: India, Tamil Nadu, China
Using scientific models, the team was unable to determine precisely how much more likely climate change had made the floods. Changing circulation patterns driven by global warming are also increasing rainfall intensity, the analysis noted. Global warming was the only remaining reason they could identify to explain the heavier downpour. However, the focus must be on slowing climate change, she added. “While we can’t stop El Niño, we can stop climate change,” Otto said.
Persons: Amr Alfiky, , Sonia Seneviratne, Mansour Almazroui, King Abdulaziz University’s, Friederike Otto, Niño, Otto said, El, ” Otto, Francois Nel, Sultan Al, Jaber, CNN’s Abbas Al Lawati Organizations: CNN, United Arab, United Arab Emirates, Global, Reuters “, Institute for Atmospheric, Science, King Abdulaziz University’s Center, Excellence, Change, Grantham Institute, International Energy Agency Locations: United Arab Emirates, Oman, El, Dubai, UAE, Dubai’s, Zurich, Jeddah, Saudi Arabia, London, Paris, deadlier
World leaders are gathering in Ottawa, Ontario, this week to hash out a global treaty to end plastic pollution. This story is available exclusively to Business Insider subscribers. AdvertisementHundreds of businesses and countries support cutting plastic production. Lin represents the Business Coalition for a Global Plastics Treaty, which includes more than 200 companies. Cutting plastic production would also hit the bottom line of oil majors such as Exxon.
Persons: Carroll Muffett, Jose Fernandez, Biden, Allison Lin, Lin, Stewart Harris, Harris, Neil Nathan, Nathan, He's Organizations: Service, Business, Center for International Environmental Law, Organization for Economic Co, Lawrence Berkeley National Laboratory, State Department, Mars Inc, Business Coalition, Global Plastics, Walmart, PepsiCo, International Council of Chemical Association, Oxford Economics, Exxon, The International Energy Agency, UC Santa Barbara, US Locations: Ottawa , Ontario, Russia, Iran, Saudi Arabia, Washington, DC, Paris, Ottawa, Belgium
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