South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan

South Korea’s No. 2 steelmaker Hyundai Steel Co. in it’s carbon reduction plan is replacing its fleet of raw material carriers with eco-friendly ships. On Wednesday its first liquefied natural gas (LNG) powered ship, “HL Oceanic,” made its maiden voyage. HL Oceanic was built by Hyundai Samho Heavy Industries in Mokpo, South Jeolla Province. The LNG-powered ship is based exclusively on domestic technology, from ship design to construction, the localization level up to 97 percent of the ship price. The … Continue reading “South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan”

Oil Futures Collapse Over 10% on South African Variant Risk Asset Selling

Stock markets and commodities markets sold off hard on Friday due to a new coronavirus variant identified in South Africa. The selling intensified with some countries including the UK, Singapore and Israel curbing travel from South Africa and other neighboring countries. We had seen a dead cat bounce in WTI and Brent after the SPR coordinated release plans. The new COVID-19 variant contains significantly more mutations than others raised concerns of further lockdowns and travel restrictions that could weigh heavily … Continue reading “Oil Futures Collapse Over 10% on South African Variant Risk Asset Selling”

OPEC Says US Led Planned Oil Reserves Release Will Bloat Crude Surplus

OPEC warned of oil gluts in response to the U.S. announcing it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. OPEC’s advisory body ahead of a meeting with OPEC+ next week predicted that the excess in markets would expand by 1.1 million barrels a day in January. The advisory board also saw February … Continue reading “OPEC Says US Led Planned Oil Reserves Release Will Bloat Crude Surplus”

Into The Vortex – EIA Reports First Withdrawal of Season in Natural Gas Storage

Natural gas storage had it’s first withdrawal of the season. Last week EIA reported a draw of -21Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/10/2021 Via TradersCommunity.com Release Time: Thursday 11/18/2021 10:30 a.m. ET Market Expectations Actual  -21 Bcf Prior +26 Bcf Consensus Forecast -21  Bcf Cons. Range: -31 to -12 Bcf Last Year: -11 Bcf 5 Year Average: -44 Bcf  … Continue reading “Into The Vortex – EIA Reports First Withdrawal of Season in Natural Gas Storage”

Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher

WTI Oil futures bounced following the US Released SPR ahead of EIA reporting a crude build +1017Kbbl (incl +787kbbl build at Cushing). Crude storage near lows seen in 2018. Gasoline stocks drew -603kbbl,  Utilization rose +0.7% to 88.4%. Production fell to +100k to 11,500 kbpd. DOE Weekly Petroleum Status Report via TradersCommunity.com Report Date 11/17/21 Release Time: Wednesday, November 24, 2021 at 10:30 A.M. (ET) Note in bbls *exp = Reuters poll est  adjusted for API shift, except Cushing   EIA … Continue reading “Around The Barrel – Crude Oil Builds With Exports Down & Imports Higher”

Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices

The U.S. Department of Energy announced it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices. This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. This has been well telegraphed with oil down roughly 10% from recent highs. The move is seen by many as the epitome of ignorance of energy markets and the self serving nature of … Continue reading “Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices”

US Energy Producers Facing $5 to 10 Billion in Hedging Losses Due To Soaring Natural Gas Prices

The soaring natural gas prices have led to massive hedging losses a report by consultancy Rystad Energy shows at current prices of Henry Hub. The significant rise in hedged volume since the second quarter of 2021 was primarily driven by operators including Southwestern $SWN, Chesapeake $CHK, Range Resources $RRC and Comstock Resources $CRK. The Rystad analysis focus is on a peer group of shale-gas-focused producers that accounts for 35% of unconventional gas production and about 53% of shale gas production … Continue reading “US Energy Producers Facing $5 to 10 Billion in Hedging Losses Due To Soaring Natural Gas Prices”

Solar Generation To Rise To 20% From 3% of U.S. electricity By 2050 EIA Forecasts

The EIA nade a series of forecasts for the likely share of solar power for US electricity over the next thirty years. In 2020 solar power accounted for 3% of U.S. electricity generation from all sources. The agency forecasts that solar will account for 20% of U.S. electricity generation in 2050. EIA US Solar Power Projections Solar power accounted for 3% Solar will account for 4% in 2021 5% in 2022. 14% in 2035 20% in 2050 via EIA Electric Power … Continue reading “Solar Generation To Rise To 20% From 3% of U.S. electricity By 2050 EIA Forecasts”

Into The Vortex – EIA Reports Build of 83 Bcf in Natural Gas Storage

Natural gas futures has fallen sharply since retesting $5.80 to $4.80 ahead of  EIA reporting a build of +26Bcf of working gas in storage. U.S. LNG exports of LNG continue to grow with weather pressures continuing globally EIA’s Weekly Gas Storage Report. Report Date: 11/10/2021 Via TradersCommunity.com Release Time: Thursday 11/18/2021 10:30 a.m. ET Market Expectations Actual  +26  Bcf Prior +7 Bcf Consensus Forecast +22 Bcf Cons. Range: +07 to +15 Bcf Last Year: +36 Bcf 5 Year Average: +53 Bcf  … Continue reading “Into The Vortex – EIA Reports Build of 83 Bcf in Natural Gas Storage”

German Solar Electric Vehicle Disruptor Sono Group IPO Debut

Germany-based Sono Group NV $SEV raised $150 million at a $1.1 billion market cap. The company is developing what it believes is disruptive solar technology, as well as a solar and battery powered vehicle. Sono Motors is developing the solar electric vehicle (SEV) for the masses, the Sion. It has reached more than 16,000 reservations with advance payments for the Sion, the solar electric vehicle (SEV) for the masses, German disruptive solar technology company Sono Group (SEV) Sono Group N.V. (parent company to … Continue reading “German Solar Electric Vehicle Disruptor Sono Group IPO Debut”