Day: March 3, 2024
World’s Second-Largest Lithium Producer Boosts Capacity Despite Glut
Unlike most lithium miners, the world’s second-largest producer, Chile’s Sociedad Química y Minera (SQM), is ramping up capacity expansion despite the glut in the market, which has crushed lithium prices over the past year. SQM, which reported this wee…
Qatar’s Massive “Business Case” for LNG Will Bring Energy Dominance – and Lots of Cash
The small Gulf nation plans to snag an even bigger share of the global natural gas trade, adding more than $30 billion to its annual revenue in the process. With a two-phase mega-expansion already underway and an enormous new buildout now on the horizo…
OPEC+ Members Extend Oil Output Cuts to Second Quarter
Summary OPEC+ producers to continue cuts of 2.2 million bpd Russia to deepen oil output cuts, ease export limits Oil seen opening stronger when trading resumes – PVM DUBAI, March 3 (Reuters) – OPEC+ members led by Saudi Arabia and Russia ag…
Gold and Silver Volatility at Decade Lows
Authored by Simon White, Bloomberg macro strategist, Inflation is back on the radar this week after yesterday’s release of PCE in the US. It showed a modest fall from the prior month in the headline print (but under the surface the picture was more wor…
Rising Dollar and Geopolitical Tensions Shake Markets
Via Metal Miner The start of the new year presented mixed signals for the global economy and overall financial markets. An optimistic government outlook and positive US economic data initially fueled enthusiasm and anticipation for future developments….
The Renewable Revolution’s $3 Trillion Problem
Renewable energy developments continue at break-neck speed, with $644 billion to be spent on new capacity in 2024, but outdated and inadequate power grids could prove to be a significant stumbling block to the energy transition. If the world is to limi…
OPEC+ Production Cut Extension Supports Oil Prices
OPEC+ on Sunday agreed to extend its production cuts for another quarter, but the reaction from oil markets was relatively muted as the agreement had already been priced in. Early on Monday morning, Brent crude was trading at $83.72, while West Texas I…
Energy Commissioner: EU Can’t Close Border to Solar Panel Imports
Despite the struggles of the EU solar manufacturing industry faced with cheap Chinese panels, the bloc cannot close its borders to cheap solar imports, according to European Commissioner for Energy, Kadri Simson. “There are different proposals how we…
U.S. Northeast Gasoline Reserve Could Be Sold Off
The U.S. could sell off its 1-million-barrel Northeast Gasoline Supply Reserve in the fiscal year of 2024, a funding bill up for discussion at U.S. Congress says. Under the draft text of the bill, “the Secretary of Energy shall draw down and sell one m…
Exxon Guyana Slap at Chevron Highlights Supply Security Importance
When Chevron announced it had struck a deal to acquire Hess Corp. for $53 billion last year, it was seen as yet another move by a supermajor to secure future oil supply at reasonable production cost. Just how important securing this supply is not only …