Showing posts from September 11, 2022

Fall in oil prices for three weeks: is the 'nuclear option' of the US behind it?

  US Strategic Petroleum Reserves - 2022 The prices of crude oil seem to have found their respective new equilibrium during the past few weeks, having fluctuated wildly at the early stages of the recent price 'crash'. The prices of WTI and Brent have settled slightly above $80 and $90 respectively. As of 08:30 GMT on Friday, the prices of WTI, Brent and LNG, liquified natural gas, stood at $85.64, $91.52 and $8.23 respectively. The price of natural gas, meanwhile, oscillated chaotically on Thursday between $8 and $9, before settling at, just above $8.00. In recent weeks, the price of natural gas has been a key factor that determined the price of crude oil, as industrialists started switching to the latter when the former goes through the roof; its influence appears to have eclipsed that of the US crude inventories in recent months. The substantial US crude build, reported by the API, American Petroleum Institute, followed by a moderate build reported by the EIA, US Energ

Energy crisis: a coal crunch is going to be the latest blow

  The European energy crisis that shows no sign of easing at present,  now faces yet another challenge due to the shortages of a fossil fuels, usually dubbed as the dirtiest of all - coal. Analysts are already warning over what they call, a coal crunch. The EU has already been scrambling to meet the 80% of target set by the block on the natural gas reserves for the member nations for the upcoming winter; since the power companies know that even if they reach the full capacity of gas, it may not be enough to go through the unpredictable winter, they have turned to restarting generators powered by coal, despite the vehement disapproval by a plethora of climate lobbies across the continent.   Since the members of the EU are not the only countries that want to stockpile coal, the price of the commodity, understandably, is on the rise; India and China are planning to import great amounts of coal in the coming months that may result in a steep hike in price of coal. Analysts are particularly

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