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Showing posts from October 24, 2021

China tackles coal shortage with touch measures on speculations and hoarding

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The price of crude oil fell on Wednesday, something that certain analysts were quick to associate with the US crude oil builds during the past week, confirmed by the latest data. The API, the American Petroleum Institute, said on Tuesday that the US crude inventories rose by 2.3 million barrels for the week ending October, 22. The EIA, US Energy Information Administration, meanwhile, released its own data for the same periods that was 4.3 million barrels. Since the figures were substantial as far as the world’s largest consumer of the fossil fuels is concerned, the crude oil markets quickly reacted to the development as expected; the price of both WTI and Brent went down significantly reflecting the anxiety of the investors. As of 17:00 GMT, the price of WTI and Brent were $82.20 and $84.58 respectively. Before the price of crude oil fell on Wednesday, it had become seven-year high in the US and many developed nations; analysts feared the rise would make an unfavourable impact

Turing to coal can wipe out years of achievements on reducing carbon emissions

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    The price of crude oil continues to rise in the international markets, leaving the political leaders across the world in an anxious lurch, when manufacturing hubs have acutely start feeling the pinch due to rising energy costs. As of 2:00pm GMT, the prices of WTI and Brent were at 7-year-high, with price tags $84.96 and $86.39 respectively; the only thing that can put a damper on the prices, in the current situation, is the data of the US crude oil inventories, to be released in the next two days. The prevailing gas crunch is one of the key factors that pushes the price of oil; in some parts of the world, the energy generated by renewables went down unexpectedly during the last few months due to slow wind speed and inconsistent capture of sunlight by PV farms. With the coal industry in the doldrums, having been demonized as the chief polluter of the planet for years, the power industry lost a reliable, relatively cheap alternative; in these circumstances, relatively cleaner