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Is The Sun Setting On The Solar Boom?

September 14, 2017 Nick Cunningham 0

The U.S. solar industry is expected to see its expansion significantly curtailed this year after installing record capacity in 2016, marking the first annual decline in installations for the industry. A new report from GTM Research and the Solar Energy Industries Association (SEIA) raises some question marks for the trajectory of the solar industry. In the second quarter, the U.S. installed 2.38 gigawatts of new solar PV. A decent performance, but with two quarters in the books, the industry is only on track to install 12.4 GW of new capacity in…

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The Most Bullish Oil Report This Year

September 13, 2017 Nick Cunningham 0

Despite the huge uncertainties related to the two massive hurricanes that hit the U.S., the global oil market looks tighter than it has in a long time, according to a new report from the International Energy Agency. Global oil supply fell in August for the first time in four months, the IEA said, a result of a dip in OPEC’s oil production, combined with refinery maintenance and sizable outages from Hurricane Harvey. World oil supply fell by 720,000 barrels per day (bpd) in August compared to July, a significant decline that will aid in the…

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Schlumberger’s Gamble Could Change Oilfield Services Forever

September 13, 2017 Nick Cunningham 0

The world’s largest oilfield services firm has decided that it should take an ownership stake in upstream oil and gas production, rather than simply provide the services for doing so. The new strategy is being closely watched as a potential model for the major oilfield services companies that have drilling prowess but struggle with lackluster activity in a world of $50 oil. Schlumberger has decided to put billions of dollars on the line to become an oil producer, not just a drilling servicer. Typically, Schlumberger and its peers provide…

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Hurricane Irma’s Wrath Weighs On Natural Gas

September 12, 2017 Nick Cunningham 0

Hurricane Irma has left millions of people without power in Florida, a critical situation that could take a painfully long period of time to sort out. Estimates vary, but some 9 million people lost power during Hurricane Irma, according to the CEO of Florida Power & Light, the state’s largest utility. As of Monday, an additional 1 million people lost power in Georgia and South Carolina as the remains of Irma moved north. Florida Power & Light has already begun restoring power, but as of Monday, there were more than 3.6 million customers…

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How OPEC Was Hurt By The Hurricanes

September 11, 2017 Nick Cunningham 0

Hurricane Irma was downgraded to a tropical storm early Monday, although it is still bringing floods and damage to much of Florida as it makes its way north, leaving millions without power. As for the oil market, the impact of the storm will be felt almost exclusively on demand, with little to no effect on crude oil production or refining. Goldman Sachs estimates that Hurricanes Harvey and Irma will leave a huge dent in oil demand, an effect that will be felt across the world. The two storms will lead to a reduction in global oil consumption by…

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The North Sea Oil Recovery Is Dead In The Water

September 7, 2017 Nick Cunningham 0

The oil majors issued a vote of confidence for the North Sea in recent days, citing precipitous declines in the cost of production, which they say will revive the region’s oil and gas production. At an oil industry conference in the North Sea’s oil capital, Aberdeen, the chief executives of BP and Royal Dutch Shell both offered bullish assessments for the turnaround underway off the coast of Scotland. BP’s Bob Dudley said the North Sea is “back to growth,” according to the FT. The North Sea has long been a costly place…

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What Happens If The OPEC Deal Expires?

September 6, 2017 Nick Cunningham 0

OPEC appears to be nervous that its production cut deal will once again fall short, and the group is already discussing the possibility of yet another extension. While the aftermath of Hurricane Harvey continues to drive headlines in the energy sector, the attention will once again shift back to OPEC as the year wears on and we head into 2018. OPEC had hoped that a nine-month extension of its original six-month production cut deal – 1.2 million barrels per day from OPEC, plus reductions of nearly 0.6 mb/d from non-OPEC countries – would…

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Oil Markets Need To Plan For EV Dominance

September 6, 2017 Nick Cunningham 0

There will be more than a billion electric vehicles on the road by 2050, according to Morgan Stanley, adding one more voice to notion that the EV revolution is coming. The investment bank says that despite hiccups for many EV models to date, Tesla’s success thus far “shows that the consumer preference for internal combustion engines can be swayed.” Morgan Stanley analysts go on to add: “technology and usability are improving, and charging times are falling. There will come an inflection point where range and usability combine…

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Hurricane Irma Could Destroy Oil Demand

September 5, 2017 Nick Cunningham 0

About half of the shuttered refining capacity along the Gulf Coast could be back up and running by Thursday, assuaging concerns about the possibility of acute gasoline shortages in much of the U.S. The disruptions of more than 4 million barrels per day of refining capacity have been cut in half, with major refineries restarting operations in Corpus Christi and Houston. ExxonMobil is ramping up operations at its Baytown facility, the second largest in the country. Valero Energy brought two refineries in Corpus Christi and Texas City back online,…

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U.S. Oil Inventories Set To Spike After Hurricane Harvey

September 4, 2017 Nick Cunningham 0

The people along the coast of Texas are trying to assess the implications of the toxic stew that Hurricane Harvey unleashed, with exploding chemical plants and flooded superfund sites threatening long-term environmental damage to the region. The extraordinary concentration of oil and gas facilities along the coast of Texas has long been trumpeted as an economic and energy security advantage, but in many ways, it exposes the region’s – and the country’s – dependence on fossil fuels as well as its very real vulnerability to…

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