The price of oil is retracing its 2004-05 climb rather quickly of late. While some of the rise in oil prices relates to supply concerns from Nigeria and a perceived stabilization in the economy, it is also linked to (more…)
Posts Tagged ‘recession’
Recession Demand Sends Fuel Inventories Toward Record Highs
Thursday, April 16th, 2009
This past quarter was another tough one for the US economy. Industrial production sank to a record low in March below 70% of capacity. The resulting lower demand for fuels is sending storage levels toward record highs. The EIA reported this morning that natural gas rose another (more…)
Natural Gas Recovering on Prospects of Lower Supply
Friday, March 20th, 2009
The price of natural gas increased significantly the last couple of days. And it’s not just because of a weaker dollar. The US natural gas rig count fell another 3% last week to 857, more than 46% below their September peak. It is now at a number that threatens (more…)
Economic Woes Subdue Global Oil Demand Further
Wednesday, March 11th, 2009
Global GDP forecasts for 2009 fell again this week as news of contraction emerged in recent economic powerhouses such as Australia, Brazil, and even China. And since oil demand is closely linked to economic output, the 2009 forecast is for even lower demand than the EIA projected last month. They now see global oil consumption falling (more…)
Natural Gas Storage Skyrockets, Prices to Test Recent Lows
Thursday, February 19th, 2009The weekly reports on natural gas storage came out today, and they show industrial production’s nosedive having a huge effect. Natural gas storage shot up compared to the historical average from only 1.2% above average last week to (more…)
Economic Plunge in Japan Bearish for Global Energy
Monday, February 16th, 2009
I haven’t ever seen the GDP of a major economy fall as quickly as Japan’s did in the 4th quarter of 2008. It fell at an annual rate of 12.7% October-December and shows that the fall in energy prices, especially oil, during that period made a lot of sense. The economy and corresponding energy demand is falling faster than depletion rates at most oil fields and the question is: “Will demand continue to (more…)
EIA predicts much lower carbon emissions
Tuesday, February 10th, 2009
The continued economic struggles in 2009 are hitting carbon-intensive activity especially hard. So says the US Energy Information Agency (EIA) in its updated Short Term Energy Outlook released this afternoon. Global oil demand is now expected to fall by 1.2 million barrels per day (1.4%) and global GDP is expected to grow only (more…)
Europe Solar Price Falls to Record Low, Global Prices Begin Drop
Wednesday, January 7th, 2009
Solar prices have finally begun their downward trajectory in January, as revealed by the monthly survey just released on solarbuzz.com. Solar panels have not had the volatile prices of fossil fuels over the past year. Solar prices neither rose in early 2008 while coal, oil, and natural gas skyrocketed through early July nor did solar prices fall 60+% since July like those same fossil fuels. That steady price made solar look brilliant in the summer but it backfired when (more…)
Record OPEC cut overshadowed by recession
Wednesday, December 17th, 2008
Even OPEC’s announced cut of 2.2 million barrels per day (Mbd) couldn’t send oil prices higher today. Recessionary demand continued to out-muscle supply cuts as prices remained below $45 per barrel (more than $100 below the July peak). Two new reports confirming US demand woes ruled another day of oil price determination. (more…)
2008: 9th warmest year on record
Tuesday, December 16th, 2008I’ve been startled by the number of global warming naysayers in comment threads around the internet lately who have pointed to some colder weather this year to try to poke holes in established science. Yes, there was an unusual snow in Houston and New Orleans. But for global warming, we need to look at annual and decades-long data to get a comprehensive picture. And the BBC just reported this morning that 2008 ranks as the 9th hottest year in historical record. (more…)