Trying to bounce back from Covid, the world has run headlong into an energy crisis. The last spike of this magnitude popped the 2008 bubble. Crude oil is up 65% this year to $83 per barrel. Gasoline, above $3 per gallon in most of the country, is more costly than any time since 2014, with inventories at the lowest level…
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Chinese coal prices tumbled on fears of government intervention in the strained energy sector, as Beijing seeks to rein in electricity costs and stem a crisis that has hobbled the country’s economic growth. Thermal coal futures trading on the Zhengzhou Commodity Exchange, which have hit record levels in recent weeks, fell the maximum 8 per cent for a second consecutive…
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THE natural gas and energy crunch sweeping Asia and Europe has propelled spot rates for liquefied natural gas carriers above $260,000 per day on key routes as traders sought vessels to profit from cargo arbitrages worth over $100m. The Baltic Exchange currently assesses time charter equivalent rates to ship 180,000 cu m of LNG to Tokyo from Gladstone, Australia at…
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A decade of underinvestment in traditional energy supply chains has finally caught up to world economies. Surging demand, tightening inventories and soaring prices are causing energy shortages and blackouts. Coal and natural gas inventories are at dangerously low levels, diesel power generation is switching on, factories are shutting down, and blackouts are already happening in China. The situation has deteriorated…
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From ageing electric batteries to old engines to rearview mirrors, the auto industry is revving up its recycling efforts as it faces pressure to reduce its colossal carbon footprint. The world’s automakers are investing in facilities to salvage old parts but the industry is also looking to recycle the millions of electric batteries used for the cars of the future.…
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The Oil and Gas Development Company’s (OGDCL)’s production of Liquefied Petroleum Gas (LPG) witnessed a 9 per cent increase and crude oil 2 per cent during the last fiscal year. “Despite natural decline at various mature producing fields, the company’s average daily net LPG production clocked in at 803 tons portraying an increase of 9% largely due to start-up of…
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European natural gas prices jumped Monday after Russia booked little additional pipeline capacity to move more supplies to the continent next month. Gazprom PJSC booked no additional capacity for November through Ukraine during an auction Monday. The company took only about 35% of the available capacity via Belarus and Poland next month. The auction’s results came despite Russian President Vladimir Putin’s…
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If concrete were a country, it would be the third largest emitter of greenhouse gases on Earth, behind only China and the United States. According to the Global Cement and Concrete Association (GCCA), around 14 billion cubic metres of concrete are cast each year. How can this material, essential for global housing, construction and infrastructure, be made less damaging to the planet? – How bad can…
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With consumers bracing for an expected gas shortage during winter, furnace oil (FO) is poised to make a comeback for meeting the power generation needs of the country. Unlike last year, the gas crisis was likely to hit during peak winter (November and December), when the share of hydropower in the overall electricity generation mix declines considerably amid lower water…
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A coal shortage is threatening the global economic recovery. Blackouts could spread from China and India to all the emerging economies still mostly reliant on coal. As supply can’t be ramped up in the near term, the shortages could worsen as energy demand rises with winter’s arrival. That may trigger another emerging-market crisis. The coal price has more than tripled in a…
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