The European gas crisis exacerbated by Russia's invasion of Ukraine will push global demand for liquefied...
The European gas crisis exacerbated by Russia's invasion of Ukraine will push global demand for liquefied natural gas to 480.6 million short tons by the end of the year, exceeding available supply by 28.6 million short tons, Rystad Energy predicted. "By shunning Russian gas, Europe has destabilized the entire global LNG market that began the year with a precarious balance after a tumultuous 2021," said Rystad analyst Kaushal Ramesh, adding, "For producers, it suggests the next LNG boom is here, but it will arrive too late to meet the sharp spike in demand."
Back in Mid-March, the Energy Information Administration (EIA) ...
Back in Mid-March, the Energy Information Administration (EIA) reported weekly retail average gasoline prices across all grades of $4.41 a gallon. That was the highest weekly average ever reported by the EIA (but it isn’t adjusted for inflation). Previously the highest weekly average reported took place in July 2008, when crude oil prices reached nearly $150 a barrel.
However, since reaching $4.41/gal, the national average dropped to about $4.20/gal as oil prices pulled back to ~$100/bbl. Barring a new geopolitical event that impacts the oil markets, it seems likely that the price of gasoline will remain below that March peak for now.
OPEC Kingpins Sound Alarm Over World’s Dwindling Energy Capacity
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing...
The oil ministers of Saudi Arabia and the United Arab Emirates warned that spare capacity is decreasing in all energy sectors, as products from crude to diesel and natural gas trade near record highs in the wake of Russia’s invasion of Ukraine.
“I am a dinosaur, but I have never seen these things,” Saudi minister Prince Abdulaziz bin Salman, who’s been attending OPEC meetings since the 1980s, said Tuesday at a conference in Abu Dhabi, referring to the recent surge in prices for refined products. “The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels.”
Third Point’s Daniel Loeb Sticks by Calls for Shell Breakup
Activist investor Daniel Loeb, who wants Shell Plc to break apart, applauded the energy...
Activist investor Daniel Loeb, who wants Shell Plc to break apart, applauded the energy giant’s decision to move its headquarters even as he sticks to views that a different corporate structure would make it more successful.
Loeb, who said in October that his hedge fund Third Point LLC had taken a $750 million stake in the company, told his own investors on May 6 that he has added to his Shell stake and has held discussions with management, board members and other shareholders.
The letter, which was seen by Reuters on May 7, called the discussions “constructive” and said that the company’s stock price is currently cheap but sees gains ahead with “proper management.”
