Thursday, March 23, 2017

The consumption of energy in the United States has also changed since 1908

The consumption of energy in the United States has also changed significantly over the past hundred years. In 1908, the country consumed just 15 quadrillion British thermal units (Btu), of which three-quarters was coal. By the time the Cubs made their last World Series appearance, total energy consumption in the country had doubled. Coal was still the main fuel, but petroleum had also become a large source of energy consumption.

Energy Consumption in US

In comparison, the last time the Indians appeared in the World Series (1997), U.S. energy consumption had increased to totals closer to those seen today. Consumption in 1997 totaled 94 quadrillion Btu. Coal’s share had fallen to one-quarter of total consumption, and natural gas and nuclear made up a large share. Since then, the shares of natural gas and other renewables used to generate electricity have increased, resulting in a lower share of coal generation.
The share of nonhydro renewable consumption is actually lower today (10%) than it was in 1908 (15%). This is a factor of both lower energy consumption as a whole and a large amount of biomass (in this case wood) consumption 100 years ago. Today, while the nonhydro renewable share of total energy consumption is lower than in 1908, solar and wind generation continue to increase and make up a large percentage of total nonhydro renewables.
Despite the changes in fuel sources, fossil fuels have continued to make up a large percentage of U.S. energy consumption. In 1908, fossil fuels accounted for 85% of total consumption. When the Indians won the World Series in 1948, that share had increased to 91%, as petroleum and natural gas had begun to account for increasing amounts of energy consumption. Fossil fuel consumption has fallen in recent years, accounting for 81% of total consumption in 2015.

Monday, March 20, 2017

US Oil Rig Count is up 63.47% from one year ago

US Oil Rig Count is at a current level of 631.00, from last week and up from 386.00 one year ago. This is a change of 14 from last week and 63.47% from one year ago.

Wednesday, March 8, 2017

Oil fell below $ 53 with worries of "supply"

Petrol fell below $ 53 with "supply" concerns Oil prices fell below $ 53 with a rise in US private-sector stocks. Oil prices have fallen below $ 53 a barrel after showing that the private sector in the US has increased its oil inventories and that the already high levels of total inventories have risen even more.

Forward Oil contracts grew 0.7 percent in New York, after dropping 0.1 percent on Tuesday. Oil inventories increased by 11.6 million barrels last week, according to the private sector funded American Petroleum Institute. It is expected that official Petroleum stock data to be announced on Wednesday will show that the increase is moving in the ninth week. Saudi Arabia's energy minister said that inventories are expected to slow down considerably and that the decision on the prolongation of OPEC's contract of production quota will be taken when the ministers meet in May.

Oil prices have surpassed more than $ 50 per barrel as the Petroleum Exporting Countries (OPEC) and other producer countries began reducing output from 1 Jct to offset the global supply surplus. Saudi Arabia and Russia, the architects of the agreement on supply, sought a united front on Tuesday to reconcile a conference in Houston with Iraqi and Mexican officials continuing their insistent stance that restrictions are underway.

Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney, said: "Oil is stuck in a comfortable band between $ 50 and $ 55," he said, adding that OPEC would probably not extend the duration of production shortages if prices do not fall below $ 50.

The April-term West Texas Oil (WTI) price dropped 52 cents to 52.80 dollars at 10:48 pm with Hong Kong time, down 39 cents from the Nymex to 52.75 dollars per barrel. Total transaction volume was 58 percent below the 100 day average. The contract fell by 6 cents on Tuesday and closed at 53.14.

May-term Brent Oil plunged 35 cents, or 0.6 per cent, in London-based ICE Futures Europe to 55.57 dollars per barrel. The prices fell by 9 cents on Tuesday to close at 55.92. The global benchmark Brent Oil was trading at a premium of $ 2.30 in relation to the May term WTI.

Tuesday, March 7, 2017

Opec will raise output capacity by 1.95 million barrels a day from 2016 to 2022

OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency said.

The Organization of Petroleum Exporting Countries will raise output capacity by 1.95 million barrels a day from 2016 to 2022, with a third of the gains concentrated in Iraq, the IEA said. Last year the Paris-based agency predicted growth of 800,000 barrels a day from 2015 to 2021.

While OPEC is leading an effort by global producers to clear a glut this year by reducing output, the organization is getting ready to meet rising demand in coming years. Iraq is rehabilitating its oil industry after years of conflict, while neighboring Iran is seeking foreign investors after the lifting of nuclear-related sanctions.

Opec Output capacity in 2022

“The group is building capacity even as it reduces in 2017, in anticipation of higher demand,” said the IEA, which advises most of the world’s biggest economies on energy policy. “Capacity growth is concentrated in the low-cost Middle East, with Iraq leading the gains.”

Iraq will retain its position as OPEC’s second-biggest producer, adding 700,000 barrels a day to reach 5.4 million a day in 2022, according to the IEA, which last year saw the nation hitting 4.6 million by 2021. Most of the increase will come from oil fields in the south of the country, such as the Majnoon project operated by Royal Dutch Shell Plc.

Iran will expand capacity by 400,000 barrels a day to reach 4.15 million in 2022, according to the agency, which said the forecast hinges on whether the accord to lift international sanctions remains in place. Having been released last year from trade restrictions, the country has introduced a new contract model to attract foreign investors.

See also: Iran’s key to growth will be attracting investment to energy industry

With supplies from outside OPEC also projected to rebound sharply next year, it’s unclear whether there’ll be enough demand to immediately absorb extra crude from OPEC.

Demand for the group’s output will be at 33 million barrels a day in 2018, roughly in line with the amount it pumped before cutting production. Even if Saudi Arabia, OPEC’s biggest member, continues its policy of holding back some output for emergency use, the IEA’s data point to considerable excess capacity next year.

Whether or not the group chooses to prolong the current agreement on output limits, “it is difficult to imagine a return to the unbridled production that sent prices crashing to their lowest in more than a decade,” the agency said.