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Autor Tópico: Petróleo / Crude / Oil / Natural Gas - Tópico Principal  (Lida 299232 vezes)

I. I. Kaspov

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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1840 em: 2023-11-08 23:19:26 »
Grandes exportações:


«U.S. Crude Oil Exports Are Soaring To Record Highs

By Tsvetana Paraskova - Nov 08, 2023, 5:00 PM CST


    Tanker tracking data suggests that the highest number of vessels in years is headed to the U.S. to pick up crude oil cargoes.
    The large fleet of supertankers bound for the United States highlights the increasingly growing role American crude plays on the global oil market.
    WTI Midland is becoming more and more important in the Dated Brent assessment.

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VLCC

U.S. crude oil exports continue to reshape the global market as America is pumping record volumes of oil and shipping record volumes of it overseas while the OPEC+ group withholds supply to "stabilize the market."

These days, as many as 48 tankers are headed to the U.S. and expected to load crude in the next three months, the highest number of vessels in at least six years, according to tanker-tracking data compiled by Bloomberg. 

Some of those tankers are en route to the U.S. Gulf Coast even with no cargo booked yet, London-based shipbroker EA Gibson told Bloomberg. 

The large fleet of supertankers bound for the United States highlights the increasingly growing role American crude plays on the global oil market.

In less than a decade since the export ban was lifted in late 2015, U.S. oil has become so significant for the global market that WTI Midland was added in June this year to the Brent basket of crude oil grades that is used as a benchmark for pricing the world's most traded oil contract.

The reason WTI Midland is becoming more and more important in the Dated Brent assessment is, again, the volume of U.S. crude being shipped abroad, which has averaged around 4 million barrels per day (bpd) since the start of the year.

U.S. crude oil exports hit record highs in the first half of 2023, averaging 3.99 million bpd. That's up by nearly 20% compared to the first half of 2022, according to data from the Energy Information Administration.

The largest share of U.S. crude oil that is exported made its way to Europe, at 1.75 million barrels per day—mostly to the Netherlands and the United Kingdom. Asia was the second-largest destination, receiving 1.68 million bpd, with the largest portion heading to China and South Korea.
Related: Higher Oil Output Pushes Occidental Petroleum Q3 Profits Up

Despite the record exports, the United States remained a net crude oil importer in the first half of the year, according to EIA data, even with increasing domestic production, importing 8.836 million bpd in June—nearly half of which came from Canada. Refineries in the United States are geared to process heavy, sour crude oil, while most of the oil produced in the United States is light, sweet crude.

With record-high U.S. crude production, more light sweet crude makes its way overseas.

"US slate-optimization is forcing further volumes of US light sweets to the waterborne market," Richard Price, an oil markets analyst at Energy Aspects, told Bloomberg.

U.S. exports from the U.S. Gulf Coast are set to rise to 4.1 million bpd in December, 100,000 bpd higher compared to the same month last year, Price said. 

Rising U.S. production is pushing American exports to record highs at a time when Saudi Arabia, Russia, and other members of the OPEC+ pact are withholding some oil supply as they seek to rebalance the market and prop up prices.

Despite the loss of active drilling rigs, U.S. shale firms are producing more oil and have even exceeded some skeptical projections from earlier this year. U.S. exploration and production companies are drilling longer laterals and deploying rigs to the most promising areas to get more bang for their buck.

As a result of rising production and often favorable arbitrage economics, exports have grown so much that oil is on track to be the largest export item for the United States this year for the first time in history. 

In terms of both volumes and value, U.S. oil exports were the biggest export of all categories in America's trade with the world through August this year and are likely to be such for the full year 2023—for the first time ever, according to an analysis by Ken Roberts at WorldCity, a company that tracks U.S. exports based on U.S. Census Bureau data.

By Tsvetana Paraskova for Oilprice.com»


https://oilprice.com/Energy/Crude-Oil/US-Crude-Oil-Exports-Are-Soaring-To-Record-Highs.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1841 em: 2023-11-08 23:22:06 »
E problemas petrolíferos noutras paragens...


«Despite New Talks, Iraqi Kurdish Oil Not Close To Resuming Exports

By Charles Kennedy - Nov 08, 2023, 2:30 PM CST


Iraqi federal government officials have met with the Kurdistan region’s petroleum association to discuss the resumption of KRG crude flows through the Ceyhan pipeline to Turkey, which has been offline since March, removing some 400,000 bdp from the market.

According to Reuters, this is the first time Baghdad has met with representatives of the Association of the Petroleum Industry of Kurdistan (APIKUR) on the issue; however, no agreement was reached.

Technically, Kurdish oil flows to Turkey should be able to resume since Turkey reopened the pipeline earlier in October. Despite this, there has been no forward movement and the real struggle now remains between the Iraqi federal government and the Kurdistan Regional Government (KRG).

Foreign oil companies operating in the KRG are increasingly becoming caught up in the political feud between Baghdad and Erbil. Highlighting the challenges of this struggle for control of Iraqi Kurdistan’s oil, on Monday, the KRG’s Ministry of Natural Resources warned UAE-based Dana gas, which operates in Kurdistan, of making any agreements with the Iraqi federal government to transport gas without its permission. "According to the contract with Dana Gas, the company is not allowed to transport gas from Kurdistan Regional Government (KRG) fields to any other place without the approval of the Kurdistan Regional Government," the ministry said in a statement on Monday, as reported by VOA. The Ministry’s warning came a day after the Iraqi Oil Ministry announced the completion of a new gas pipeline that would run gas from the KRG’s Khor Mor field to Kirkuk, a province disputed by the KRG and Baghdad.

By Charles Kennedy for Oilprice.com»


https://oilprice.com/Latest-Energy-News/World-News/Despite-New-Talks-Iraqi-Kurdish-Oil-Not-Close-To-Resuming-Exports.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1842 em: 2023-11-10 13:51:01 »
Um excelente texto, especialmente dedicado aos fanáticos das alterações climáticas...   :)



«Henrique Pereira dos Santos

(...)

Convidado da Oficina da Liberdade

A ilusão da catástrofe climática

Não há nenhuma necessidade de salvar o planeta, o planeta não precisa de nós para se salvar.

10 nov. 2023, 00:17
19

(...)

Advertência: este texto estava escrito e entregue antes de Terça-feira. Isto é, não são os acontecimentos de Terça-feira ligados ao lítio e hidrogénio que motivam esta crónica, bem pelo contrário, esses acontecimentos são uma coincidência que ilustra, de forma totalmente autónoma, a tese do texto.

Este título é uma auto-citação, usei a frase do título num artigo que fiz sobre o fosso que separa a Climáximo dos miolos.

É uma frase dúbia, tão dúbia que eu, que a escrevi, me vejo agora obrigado a escrever um novo artigo a dizer que não concordo com ela, ou melhor, com a interpretação mais imediata dela.

A frase parece dizer que acho a questão das alterações climáticas uma ilusão, mas o que acho uma ilusão é a ideia de que, havendo alterações climáticas, é inevitável que isso se traduza numa catástrofe planetária.

Comecemos por delimitar o problema: não há nenhuma necessidade de salvar o planeta, o planeta não precisa de nós para se salvar ou para o que quer que seja.

Usando um exemplo de Chicco Testa no Elogio della crescita felice/Contro l’integralismo ecológico, se Veneza desaparecer afundada pelo aumento do nível da superfície do mar, isso não corresponde a perda nenhuma para o planeta. Seria uma grande perda para nós, para muitas outras espécies a renaturalização da laguna seria uma bênção.

(...)

A questão das alterações climáticas é uma questão humana, demasiado humana, e diz respeito à nossa relação com um mundo de que dependemos para sobreviver e nos reproduzirmos.

Não sei o suficiente para ter opinião própria sobre o que se espera que venha a ser a evolução do clima, um assunto de enorme complexidade, portanto aceito como bom aquilo que me parece ser esmagadoramente dominante: está a haver alterações relevantes dos padrões climáticos.

Sei o suficiente para distinguir entre meteorologia e clima, portanto sei que haver um ano de seca, ou um fenómeno meteorológico extremo, não demonstra nem deixa de demonstrar o que quer que seja sobre alterações climáticas, isto é, sobre o padrão de ocorrência desses fenómenos.

Do que falo é da ilusão malthusiana de que o futuro vai ser uma projecção do presente e, se eu conseguir saber que o futuro será mais quente e seco, posso concluir que o problema dos fogos se vai agravar.

Independentemente das discussões sobre se o futuro vai ser assim ou assado, a verdade é que mesmo que saibamos exactamente como vai evoluir um determinado factor, saberemos muito pouco sobre como vão reagir as pessoas e a sociedade a essa alteração.

Se o problema dos fogos se tornar socialmente mais relevante, a sociedade adapta-se, seja gerindo melhor, seja inventando novos modelos de produção, seja alterando padrões de consumo, seja através de inovações tecnológicas, seja alterando padrões de uso do solo em que o fogo possa ser brutal, mas não afectar a vida das pessoas, por exemplo, por haver pouco contacto entre áreas de elevada densidade de combustíveis e povoamento humano que seja potencialmente afectado pelo fogo.

Haverá sempre catástrofes, como sempre houve, haverá sempre perdas, como sempre houve, a mudança provoca frequentemente disrupção, e a discussão séria não é sobre a forma de parar a mudança, mas sobre o óptimo social na adaptação a essa mudança.

Eu conheço o argumento de que quanto maior for a mudança, mais cara e difícil será a adaptação, mas é um argumento que não me parece demonstrado em lado nenhum, é um argumento lógico, não sabemos se é um argumento verdadeiro.

É um argumento suficientemente consistente para ser tido em atenção na definição de políticas, mas tê-lo em atenção significa, para cada medida que achamos adequada para lidar com o problema, que temos de avaliar custos e benefícios de uma forma global, e não isolando o meu problema dos problemas dos outros nem contabilizando apenas os custos de não adoptar a medida, sem contabilizar os custos de a adoptar, incluindo os custos de oportunidade.

Grande parte das políticas de adaptação climática necessárias são políticas razoáveis e sensatas, quer haja ou não alteração climática, porque são políticas de eficiência no uso de recursos, isto é, políticas que visam produzir mais, a partir de menos recursos.

O capitalismo (Ricardo Dias de Sousa dizia num Contracorrente que capitalismo é uma palavra inventada por Marx para designar a realidade, permitindo-lhe desenvolver a sua utopia de negação da realidade, espero não estar a trair a ideia que estou citar de memória) é o sistema mais eficiente de alocação de recursos à produção, usando o preço como mecanismo de transmissão de informação, rápido e eficaz.

A ideia de que as catástrofes ambientais, climáticas ou outras, podem ser evitados, ou pelo menos minimizadas, de forma mais eficiente, com medidas de política centralizadas e tecnicamente racionais, é a enésima declinação da ideia de que o planeamento centralizado da economia é mais eficiente que a “mão invisível” na resposta às necessidades das pessoas comuns, incluindo as necessidades decorrentes de alterações de contexto, como são as alterações climáticas.

O problema é que essa ideia nunca foi demonstrada em lado nenhum e sempre que foi testada resultou em desastres sociais (frequentemente ambientais também, dificilmente a tragédia do mar de Aral ocorreria num contexto em que os preços transmitissem informação a todos os interessados, de forma eficiente e rápida), desigualdade e falta de liberdade individual.

Infelizmente, apesar do histórico de desastres humanos e ambientais, essa ideia tem vindo a ser apresentada, com cada vez mais insistência, como o único caminho para evitar o desastre.

A mim parece-me que é ela mesma uma autoestrada para o desastre.»



https://observador.pt/opiniao/a-ilusao-da-catastrofe-climatica/?fbclid=IwAR2LarhpwfIxWz3Vnp6UO6x-sdVPUCFZkyEHKsnlSYn_vorKyM79EEyoXkU
« Última modificação: 2023-11-10 13:52:04 por Kaspov »
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1843 em: 2023-11-15 15:16:50 »
Problemas com o negócio dos EV's:


«Lucid Motors Reports Staggering $227,000 Loss Per Car

By ZeroHedge - Nov 15, 2023, 9:00 AM CST


    Lucid Motors reported a net loss of $630.9 million in Q3, translating to over $227,000 lost per vehicle sold, excluding overhead costs.
    Despite a peak valuation of $91 billion and selling only 125 vehicles by November 2021, Lucid's stock price has plummeted by approximately 93%.
    Other EV manufacturers like Rivian and traditional automakers like Ford are also facing significant losses in their EV divisions, indicating broader challenges in the EV market.

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Burning Cash

What do you get after a decade of negative real rates and unlimited QE as monetary policy? Losing $227,000 per vehicle as an acceptable business model for an automobile company!

At least that's the case over at Lucid, according to a new writeup from the Daily Caller.

The California-based Lucid Motors, offers four electric vehicle (EV) models priced between $74,900 and $249,000 and reported a third-quarter net loss of $630.9 million, excluding overhead costs.

This amounts to over $227,000 in losses per car sold, the report says, citing its financial statements and calculations by The Wall Street Journal.

Despite having sold only 125 vehicles by November 2021, the company's valuation peaked at $91 billion. However, its stock price has since dropped by approximately 93%.

Last week, Lucid Motors reduced its vehicle prices to boost demand, the report notes. All the while, the electric vehicle company's primary investor is the Saudi Arabian public investment fund, ironically sustained by oil revenues.

The Saudi government plans to purchase 100,000 Lucid cars over ten years, with the fund investing heavily to support the struggling company, the report added.

Lucid is not alone in its financial struggles within the EV sector. Rivian, another upscale EV maker, faced a loss of $33,000 per vehicle sold in the second quarter. Meanwhile, Ford, a traditional automaker, anticipates over $4 billion in losses from its EV division this year.

By Zerohedge.com»


https://oilprice.com/Energy/Energy-General/Lucid-Motors-Reports-Staggering-227000-Loss-Per-Car.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1844 em: 2023-11-16 02:19:33 »
«Unwarranted Demand Pessimism Could Lead To Big Oil Price Rally

By Alex Kimani - Nov 15, 2023, 7:00 PM CST

    Oil prices fell to their lowest level since July last week.
    Money-manager shorts across the four main Brent and WTI contracts rose w/w by 31.7 mb to 209.5 mb in the latest positioning data.
    Standard Chartered: the current price weakness is a significant undershoot, and oil markets may soon record a big rally comparable to the May bull run.

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Crude trading

Last week, oil prices logged a third straight weekly decline, sinking to the lowest level since mid-July as concerns about demand continue to replace the fear of production outages related to the Middle East conflict. Oil markets have been experiencing a shift in sentiment, with a significant decline in speculative buying also putting pressure on prices.

According to commodity analysts at Standard Chartered, the shorts have returned to the oil markets with a vengeance. Money-manager shorts across the four main Brent and WTI contracts rose w/w by 31.7 mb to 209.5 mb in the latest positioning data, while money-manager longs fell by 16.0 mb to 456.4 mb. In contrast, the volume of long positions in crude oil has decreased due to macroeconomic fears overshadowing traditional supply and demand factors. The long-short ratio in the Chicago Mercantile Exchange (CME) WTI contract has fallen to 2.0 in the latest data, a sharp decline from 11.4 six weeks ago.

According to StanChart, concerns about weakening demand stem from confusion about seasonality and the relationship between exports and production. The analysts note that demand for air conditioning in the Middle East is lower now since the northern hemisphere summer is over, which has freed up higher volumes for export. Traders and speculators are [incorrectly] interpreting this increase in export availability as being indicative of higher supply and a loss of producer discipline. However, the analysts say that the scale of the current speculative move in oil is not justified by fundamental data.

For one, India’s oil demand remains robust, climbing 211 kb/d in October to 5.004 million barrels per day (mb/d). Diesel demand was particularly strong, rising 9.3% y/y to 1.88 mb/d, while gasoline demand was up 4.8% y/y to 861kb/d. StanChart’s proprietary demand model shows global demand rising 2.02 mb/d y/y in October and have forecast demand growth will stay above 1.5 mb/d in November, December and January, while 2024 growth is likely to clock in at 1.5 mb/d.
Related: Saudi Aramco Starts Tight Gas Production At South Ghawar Field

Good news for the oil bulls: StanChart notes that the extreme demand pessimism in the oil market back in May proved to be unfounded, and the undershoot in prices laid the ground for a rally that extended to over USD 25/bbl. The analysts have argued that the current price weakness is also a significant undershoot, and oil markets may soon record a big rally comparable to the May bull run.

India Takes Over From China

The strong demand growth being recorded in India might not be a fluke. Several analysts have predicted that India will replace China as the main driver of global oil demand growth in the near future. A rapidly growing population, which has likely surpassed China’s, is expected to be the main driver of consumption trends in India. Meanwhile, the country’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, in sharp contrast to China’s skyrocketing adoption of electric vehicles and clean energy in general.

“India was always going to exceed China in a matter of time in terms of being the global demand growth driver, mainly due to demographic factors like population growth,” Parsley Ong, the head of Asia energy and chemicals research at JPMorgan Chase & Co. in Hong Kong, has told Bloomberg.

China’s adoption of electric vehicles has been lightning fast, a trend that does not bode well for gasoline demand in the world’s biggest car market. EV sales in China nearly doubled to 6.1 million units in 2022, compared with just 48,000 units sold in  India, according to BloombergNEF. BNEF has revealed that EVs are already displacing over 1.4 million barrels a day of oil use globally.

On its part, India is in no hurry to ditch traditional fossil fuels. Earlier in the year, India’s coal minister Pralhad Joshi announced that coal will continue to play an important role in the country’s energy sector until at least 2040, referring to the fuel as an affordable source of energy for which demand has yet to peak in India.

"Thus, no transition away from coal is happening in the foreseeable future in India," Joshi said, adding the fuel will continue to play a big role until 2040 and beyond.

However, India is unlikely to replicate the mammoth scale of China’s expansive oil network any time soon, with the latter currently consuming three times as much oil. India’s oil consumption grew by ~255,000 barrels per day (bpd) during the first seven months of the current year, helping to grow total consumption to 135 million metric tons in the first seven months of 2023 compared to 128 million metric tons for last year’s corresponding period. However, that growth clip was considerably slower than 415,000 bpd posted in 2021/22 as economies rebounded from the coronavirus pandemic and lockdowns. 

By Alex Kimani for Oilprice.com»


https://oilprice.com/Energy/Heating-Oil/Unwarranted-Demand-Pessimism-Could-Lead-To-Big-Oil-Price-Rally.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1845 em: 2023-11-16 02:22:33 »
E tb problemas na Nova Inglaterra...


«New Englanders Are Fed Up With High Energy Prices

By Irina Slav - Nov 18, 2022, 8:00 AM CST


    New Englanders are fed up with high energy prices.
    Record U.S. gas exports to Europe have created a domestic shortage.
    Aggravating the energy security problem for New Englanders is the fact that a lot of them use heating oil to heat their homes during winter.

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New England

Energy consumers and utilities in New England are growing annoyed with high energy prices and the prospect of a shortage this winter because of record U.S. gas exports to Europe.

The Financial Times reports that executives from local utilities have been calling for government assistance to prevent the squeeze, and have slammed the Jones Act for preventing more gas from reaching the Northeast coast.

The Jones Act, a wartime legislation from a century ago, prohibits non-U.S.-flagged vessels from delivering goods between U.S. ports. This means that no LNG tanker can move gas from the Gulf Coast to New England because there are no U.S.-flagged LNG tankers in the world

“You would think that charity would begin at home . . . that American fuel would go to American ports,” Joe Nolan, chief executive of Eversource Energy, told the FT in an interview. “We’re going to have to compete just like everybody else — in the global market.”

Aggravating the energy security problem for New Englanders is the fact that a lot of them use heating oil to heat their homes during winter. Heating oil, like other middle distillates, is in short supply right now. This has driven bills higher, in some cases much higher, the WSJ reported earlier this week.

Even blackouts are not out of the question for the region, the WSJ said in an earlier report from October, citing the grid operator of New England, ISO New England Inc. According to the company, if the winter happens to be colder than usual, the scarcity of gas supply could strain the grid and potentially necessitate blackouts.

“The most challenging aspect of this winter is what’s happening around the world and the extreme volatility in the markets,” Vamsi Chadalavada, ISO New England’s chief operating officer, told the WSJ. “If you are in the commercial sector, at what point do you buy fuel?”

By Irina Slav for Oilprice.com»


https://oilprice.com/Energy/Heating-Oil/New-Englanders-Are-Fed-Up-With-High-Energy-Prices.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1846 em: 2023-11-16 02:26:24 »
Esperemos q o Inverno não seja mto frio...


«Average Heating Bills In The U.S. Set To Soar To $746 Per Household

By Robert Rapier - Nov 02, 2021, 2:00 PM CDT

    The global energy crisis has sent oil and gas prices into the stratosphere, and consumers are paying the price.

    The EIA is projecting that this winter, U.S. natural gas will be at the highest average price since the 2005–06 winter average.

    Natural gas prices in Europe have skyrocketed to five times normal, which forced some factories to curtail production.


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Heating Bills

In a recent article, I highlighted the record drop in oil production last summer. Demand has bounced back, but oil supplies are still about a million barrels per day lower than they were prior to the Covid-19 pandemic. The missing million barrels is the single largest variable that has driven up oil prices.

However, there is a secondary impact from this loss of oil production.

U.S. natural gas production primarily comes from two places. One is from wells that are drilled specifically to produce natural gas. That accounts for more than 60% of U.S. natural gas production.

But most of the rest comes from natural gas produced from oil wells. This associated gas is natural gas that dissolved in the crude oil under the pressure of a rock formation. When the oil is produced, the pressure is released and the natural gas comes out of the oil. Usually, this natural gas is captured and sold (although sometimes it is flared).

When oil production dropped last summer, so did associated natural gas production. According to the Energy Information Administration (EIA):

“In 2020, annual production of associated-dissolved natural gas (or associated gas)—which is natural gas produced from oil wells—declined in the combined five major U.S. onshore crude oil-producing regions for the first time since 2016. The share of associated gas produced in these five regions (Permian, Bakken, Eagle Ford, Niobrara, and Anadarko) declined by 1.5% year over year and averaged 37.7% of natural gas production in the regions. Associated gas production averaged 14.2 billion cubic feet per day (Bcf/d) in 2020 (a 4.1% decline from 2019) amid a 9.2% drop in oil production in these regions.”

Related: Europe’s Gas Prices Soar Again On Lower Russian Supply

The number of rigs dedicated to drilling for natural gas also declined by about 45% between January and July 2020. The net result — as with crude oil — was a decline in natural gas production that has yet to recover. Meanwhile, natural gas demand has recovered to pre-Covid levels.

There are two important outcomes from this supply/demand imbalance. One is a surge in natural gas prices. Right now, natural gas prices are nearly 80% higher than they were a year ago. That’s also partially a result of the second outcome — lower natural gas inventories headed into winter.

The most recent Natural Gas Storage Report showed that natural gas inventories are about 10% lower than a year ago. That, in combination with lower production, has resulted in skyrocketing natural gas prices.

Of course, this isn’t just a U.S. phenomenon. Natural gas prices in Europe have skyrocketed to five times normal, which forced some factories to curtail production. This strengthens Russia’s hand, as it is capable of supplying Europe with additional gas. China has also experienced price surges, which have resulted in power outages in some towns.

The EIA is projecting that this winter, U.S. natural gas will be at the highest average price since the 2005–06 winter average. For the 48% of U.S. homes that are heated with natural gas, the latest Winter Fuels Outlook forecasts that these households “will spend an average of $746 on heating this winter (October–March), which is $172, or 30%, more than last year.”

Of course, if this winter turns out to be especially cold, all bets are off.

By Robert Rapier»


https://oilprice.com/Energy/Heating-Oil/Average-Heating-Bills-In-The-US-Set-To-Soar-To-746-Per-Household.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1847 em: 2023-11-17 04:01:16 »
Acerca da "Transição Energética":


«Has the Energy Transition Hit a Wall?

By Irina Slav - Nov 16, 2023, 7:00 PM CST


    Wind and solar stocks are declining due to higher costs of raw materials and slow supply response.
    EV chargers and copper mining, critical for the energy transition, face demand uncertainties and reluctance in investment.
    Despite government subsidies, renewable energy sectors struggle with high costs and interest rates, indicating a slower and more expensive transition than anticipated.

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Energy Transition

Wind power stocks are tanking. So are solar power stocks. Germany’s government just agreed to underwrite a 15-billion-euro bailout for Siemens Energy after its wind power subsidiary booked massive losses.

The list could continue. The movers and shakers in the energy space are finding it increasingly hard to move and shake. It was easy to anticipate this development, yet, many choose to ignore the signs, and now the sector may suffer more before the growing pains ease.

One common theme in the wind, solar, and EV space is the theme of rising costs. This was perhaps the easiest development to anticipate in the progress of the energy transition. After all, everyone was forecasting a massive surge in the demand for various raw materials and technology to enable that transition.

There is one guaranteed thing that happens when demand for something rises: prices also rise before the supply response kicks in. This is a universal truth for all industries and there was no reason to expect that the transition industry would be an exception.

Indeed, demand for raw materials necessary for solar panels, wind turbines, and EV batteries rose, but supply was slow to catch up, which led to higher prices. For a while, many pretended this was not the case, possibly hoping the cost inflation would blow over before investors noticed it.

Denmark’s Orsted, which suffered some of the worst market cap losses in the transition space, just this June published an upbeat outlook for the year and the medium term, expecting strong capacity additions growth and a return on capital employed rate of an average 14% for the period 2023 to 2030.

The same month the head of the company complained loudly about the rising costs of building offshore wind in Britain and asked for more subsidies. Five months later, Orsted had booked $4 billion in impairment charges from its U.S. business and had canceled two offshore projects there. CEO Mads Nipper called the situation in wind power “a perfect storm”.

Many have blamed the higher costs on the legacy of the pandemic lockdowns—broken supply chains, delays, and other obstacles to the smooth movement of goods and materials. Yet when it comes to the transition, the current state of affairs is more likely part of the same vicious circle that is holding back the EV revolution that fans of Tesla keep predicting.

This circle is best illustrated in the case of EV chargers. Since range anxiety is one of the biggest concerns of prospective buyers, there must be enough chargers for this anxiety to subside. But charger companies wouldn’t build chargers unless they are certain there will be enough EVs on the roads to make these chargers profitable.

The situation is similar in copper mining—perhaps the most fundamental industry for the energy transition. After all, the transition is conceived of as a shift to almost full electrification and you cannot have electrification without a lot of copper. Instead, copper miners are reluctant to splurge on new exploration. Miners don’t have enough certainty about future demand, despite all the upbeat forecasts. Whatever market prices show, if the transition gains momentum as planned, the copper shortage will only be a matter of time.

Another obstacle is demand. There seemed to be an assumption among transition planners that demand would be given; but it hasn’t been.

EV makers now find themselves revising their plans as demand falls short of targets. In June, forecasts for Germany were that demand for solar installations would surge by double digits in 2023. Two months later, an inverter maker warned that demand had actually dropped in the third quarter, and the outlook for Q4 was not particularly encouraging. In wind, projects are being canceled because project leaders are asking for much higher prices than previously agreed with funding governments.

Many are blaming higher interest rates for the cost inflation that sank their shares. But interest rates are something that all industries have to deal with, and those other industries don’t have the privilege of counting on generous government subsidies. Yet wind, solar, and EVs can’t take off even with those subsidies.

This puts the future of the transition in a new perspective: something that many observers foresaw but were dismissed as climate deniers. The transition will be neither as fast nor as smooth—or as cheap—as initially expected. It will take a long time; it will be uneven, and it will be expensive.

“There’s this notion that it is going to be a linear energy transition,” Daniel Yergin, S&P Global vice chairman and a veteran energy chronicler, told the Wall Street Journal. “It’s going to unfold in different ways in different parts of the world.”

By Irina Slav for Oilprice.com»


https://oilprice.com/Energy/Energy-General/Has-the-Energy-Transition-Hit-a-Wall.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1848 em: 2023-11-17 04:05:54 »
Impressionante...


«The U.S. Just Recorded Its Highest Oil Production Month In History

By Robert Rapier - Nov 14, 2023, 11:00 AM CST


    The United States is on track to set a new annual oil production record in 2023.

    October was the highest oil production month in U.S. history.

    Oil production has been steadily rising since the Covid-19 crash, despite the Biden Administration’s green energy push.


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The U.S. Just Recorded Its Highest Oil Production Month In History

Recently a friend sent me a YouTube video from the Climate Town channel called Who Actually Controls Gas Prices? I must say that the guy in the video is accurate on most of the issues. He assigns cause and effect where it belongs.

However, near the end of the video, he complained that after the Covid-19 pandemic and subsequent stay-at-home orders crashed oil prices, oil companies stopped drilling. He said that they would rather withhold production to make more money.

Outside of the irony of a climate change activist complaining that not enough oil is being produced to keep prices low, he got this part mostly wrong. Although the charge has often been leveled at oil companies over the past couple of years, after the Covid-19 crash the number of rigs drilling for oil steadily increased.

A year after the crash, the rig count had risen by over 50%. Two years later, it had doubled. And after two and a half years, the rig count had more than tripled from the levels of the crash.

So, contrary to the claims, oil companies were definitely drilling. But the nugget of truth is that they weren’t ramping up drilling as fast as they had in the past. They didn’t get back to pre-Covid levels, for a very simple reason. They had been burned multiple times over the past decade by over-drilling and causing prices to crash.

But it turns out that maybe the experts in the oil industry knew what they were doing, and the non-experts offering commentary on what they should be doing were way off base.

The fact is that oil production has been steadily rising since the Covid-19 crash. In each of President Biden’s first two years in office, production grew during the year. It will do so again this year.

By the beginning of 2023, it looked like the U.S. could set a new annual production record during the year. In fact, I made that one of my 2023 energy predictions in January.

I was less sure that the previous monthly production record — 13.0 million barrels per day (bpd) set in November 2019 — would be broken. We started 2023 at 12.6 million bpd, and by May that was only up to 12.7 million bpd. But high oil prices during the summer resulted in a production surge, and with the recent official release of the August monthly numbers, a new record was set at 13.05 million bpd.

You can find oil production numbers at the Energy Information Administration (EIA) in multiple places. The U.S. Field Production of Crude Oil shows monthly averages, but they are always a couple of months behind. For example, as I write this on 11/8/23, August is the most recent month that is posted.

But you can find weekly production numbers in the EIA’s Petroleum Status Report that is published every Wednesday. There is a table from that report called U.S. Petroleum Balance Sheet, and it shows the status of U.S. oil production, inventories, imports, etc. for the previous week. Here is an excerpt from the latest release of that report, covering statistics through 10/27/23:

Petroleum Status Report 11 8 23

Petroleum Status Report for October 2023.ENERGY INFORMATION ADMINISTRATION

Note that each of the two most recent weeks, as well as the average for the past four weeks — covering nearly the whole of October — was 13.2 million bpd. That is well above the recently set monthly record from August 2023, as well as the previous record of 13.0 million bpd from November 2019.

Further, the previous annual record, set in 2019, was 12.3 million bpd. Every monthly production average this year has been above that level. With weekly production currently running at 13.2 million bpd, at this point, it’s almost a foregone conclusion that 2023 will set a new annual oil production record. The previous monthly record has fallen, and (as I predicted in January) the annual record will fall as well.

None of this should take away from the fact that the Biden Administration has made many decisions that were opposed by the oil industry. But I have always maintained that a president’s impact on oil production (and gasoline prices) is greatly overrated. Yes, they can have an impact, but it’s almost always long-term. The decisions President Biden is making now can impact oil production, but not for several years.

But ultimately, the biggest factor impacting oil production is the price of oil. Nevertheless, headed into an election year it’s going to be more challenging to run against Biden’s energy policies, when he can point to all-time high oil production and say “I must be doing something right.”

By Robert Rapier»


https://oilprice.com/Energy/Crude-Oil/The-US-Just-Recorded-Its-Highest-Oil-Production-Month-In-History.html
« Última modificação: 2023-11-17 04:06:58 por Kaspov »
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1849 em: 2023-11-17 04:25:46 »
About EROI:


«Energy Return on Investment (EROI): Overview, Calculations

By Adam Hayes

Updated June 06, 2022

Reviewed by JeFreda R. Brown

What Is Energy Return on Investment (EROI)?


Energy Return on Investment (EROI) is a ratio for describing a measure of energy produced in relation to the energy used to create it. For instance the ratio would illustrate how much energy is used to locate, extract, deliver, and refine crude oil relative to how much useable energy is created.

The energy return on investment (EROI) is a key determinant of the price of energy because sources of energy that can be tapped relatively cheaply will allow the price to remain low.
Key Takeaways

    Energy Return on Investment (EROI) is the amount of energy expended to produce a certain amount of net energy.
    EROI is an important determinant in energy commodity and electricity pricing.
    EROI decreases when energy becomes scarcer and more difficult to extract or produce.

Understanding Energy Return on Investment

EROI is important because if the cost of an energy plant is more than the revenues gained from selling electricity, that plant is not economically viable. EROI can also help organizations and governments compare different energy sources for profitability, such as nuclear vs. solar power.

When the EROI is large, that means that producing energy from that source is relatively easy and cost-effective. However, when the number is small, obtaining energy from that source is difficult and expensive. For example, when the ratio is 1, there is no return on energy invested. According to the World Nuclear Association, the break-even number is 7.

In its simplest form, EROI is calculated as:

    EROI = Energy Output / Energy Input 

However, there are dramatic differences in how certain steps of the input process are measured. This measurement is complex because the inputs are diverse and there is uncertainty as to how far back they should be taken in the analysis. In addition to energy costs, there are other external costs that need to be considered with respect to energy production such as those associated with the environment and people's health.

Generally, we can expect that the highest available EROI energy sources will be used first because these offer the most energy for the least effort. A net energy gain is achieved by expending less energy when attempting to acquire and use a source of energy. EROI analysis is considered part of a life-cycle analysis.
Types of Energy Sources Where EROI Is Measured

There are a number of consumable energy sources where EROI is determined for efficiency and cost analysis. These energy sources include oil, biofuels, geothermal energy, nuclear fuels, coal, solar, wind, and hydroelectric.

The average EROI across all generating technologies is about 40 for the United States, according to the World Nuclear Association pages cited above. The Association cites a study by Weissback et al. (2013), which states that “The results show that nuclear, hydro, coal, and natural gas power systems (in this order) are one order of magnitude more effective than photovoltaics and wind power."

According to the U.S. Energy Information Administration, fossil fuels such as coal, petroleum, and natural gas, have been the major sources of energy since the late 1800s. Until the 1990s, hydropower and solid biomass were the most used renewable energy resources. Since then, the amount of energy coming from biofuels, solar, and wind energy has increased.

The EROI for oil has decreased dramatically over the past hundred years. The amount of energy required to produce one barrel of oil has decreased as more efficient methods, such as fracking, have been introduced.»


https://www.investopedia.com/terms/e/energy-return-on-investment.asp
« Última modificação: 2023-11-17 04:26:15 por Kaspov »
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1850 em: 2023-11-17 08:01:18 »
Pela lei da termodinâmica,
a EROI é sempre < 1
.
Cada passo neguentrópico
requer mais consumo
de energia.

A entropia é sempre crescente!

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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1851 em: 2023-11-17 19:25:17 »
Acerca da estabilidade dos preços:


«Goldman Sachs Sees OPEC Keeping Oil In $80-$100 Price Range

By Charles Kennedy - Nov 17, 2023, 11:30 AM CST

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26.

Oil prices dived this week to their lowest level since July as market participants focused on concerns about the world’s two biggest economies—the United States and China. The U.S. benchmark WTI Crude slumped below $75 a barrel, and Brent Crude prices slipped below the key threshold of $80 per barrel. On Thursday alone, oil plunged by 5% and was on track early on Friday to post a fourth consecutive week of weekly losses.

Oil prices fell into a bear market this week, after falling by more than 20% from a recent high in September.

“Crude oil prices collapsed on Thursday, falling close to 5% with Brent dipping below $77 and while rising US inventories and demand worries were the triggers, technical selling was the driver,” Saxo Bank’s strategy team said in a Friday note.

“The $75 oil has previously sparked a response from OPEC, and the cartel meets on November 26, when they will consider how to respond to weakening oil prices and concerns that a potential stumble in global growth could hold back demand. For now, the bears are in the driving seat once again.”

However, Goldman Sachs believes that OPEC will use its production policy to keep prices in the $80-$100 range.

“We believe that OPEC [Organization of the Petroleum Exporting Countries] will ensure Brent in a $80-$100 range by leveraging its pricing power, with a $80 floor from the OPEC put, and a $100 ceiling from spare capacity,” Goldman Sachs’ commodities analysts led by Daan Struyven wrote in a note to clients, as carried by MarketWatch.

By Charles Kennedy for Oilprice.com»


https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Sees-OPEC-Keeping-Oil-In-80-100-Price-Range.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1852 em: 2023-11-17 19:27:15 »
Pela lei da termodinâmica,
a EROI é sempre < 1
.
Cada passo neguentrópico
requer mais consumo
de energia.

A entropia é sempre crescente!



Por ex. para o petróleo:

«Conventional oil

Conventional sources of oil have a rather large variation depending on various geologic factors. The EROI for refined fuel from conventional oil sources varies from around 18 to 43.»

https://en.wikipedia.org/wiki/Energy_return_on_investment
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1853 em: 2023-11-17 19:31:00 »
Problemas políticos...


«Libya Turns Away Oil Tanker in Protest of Israeli Aggression in Gaza

By Editorial Dept - Nov 17, 2023, 7:00 AM CST

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oil tanker

Politics, Geopolitics & Conflict

An oil tanker set to load crude from a Libyan port was turned away this week because it had made a run to Israel prior to attempting to load in Libya. Libya’s eastern government (the rival to the Tripoli-based GNA) had previously called for an oil embargo on Israel. Head of the GNA and interim president Dbeibah is under immense pressure right now to make a show of protesting Israel’s aggression in Gaza after secret meetings he orchestrated towards normalization with Israel just prior to the Gaza conflict were exposed.

With Russian presidential elections looming in March 2024, Putin is pulling out all the stops. This week Moscow jailed three lawyers representing incarcerated opposition leader Alexei Navalny, labeling them as “extremists” and “terrorists”. Putin is fully committed to winning the elections, much more than he is actually committed to the war in Ukraine, which is trudging along. Instead, Putin is saber-rattling for Western eyes, this week loading an Avangard nuclear-capable glide vehicle on an intercontinental ballistic missile into a launch silo. The move was said to be capable of penetrating a new generation of U.S. missile defense.

Chevron has restarted the Israeli Tamar gas field after it was ordered shut for security reasons (...)»


https://oilprice.com/Energy/Energy-General/Libya-Turns-Away-Oil-Tanker-in-Protest-of-Israeli-Aggression-in-Gaza.html
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1854 em: 2023-11-17 20:25:33 »
Pela lei da termodinâmica,
a EROI é sempre < 1
.
Cada passo neguentrópico
requer mais consumo
de energia.

A entropia é sempre crescente!



E, "To be considered viable as a prominent fuel or energy source a fuel or energy must have an EROI ratio of at least 3:1."

(https://en.wikipedia.org/wiki/Energy_return_on_investment)


Há outros factores a considerar, contudo:

"Although many qualities of an energy source matter (for example oil is energy-dense and transportable, while wind is variable)"

(https://en.wikipedia.org/wiki/Energy_return_on_investment)
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1855 em: 2023-11-17 21:22:36 »
EROI = Energy Output / Energy Input > 1,
não percebo como se faz ou consegue.

No caso do Sol, o desperdício de energia
é imenso; por esse facto, é possível
dispor e armazenar parcelas
desse calor solar.

Obter do que se
subtrai mais
do que se retirou,
não vejo como consegui-lo
sem adicionais dispêndios
de energia!

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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1856 em: 2023-11-17 21:44:03 »
EROI = Energy Output / Energy Input > 1,
não percebo como se faz ou consegue.


Se não se conseguisse, a vida não seria possível... por ex. quando comemos, obtemos + energia q a q gastamos a obter a comida e a digeri-la - só assim podemos ficar com energia para todas as outras actividades!  Procriação por ex. (não no meu caso, contudo...)   :))

Na Idade Média, o EROI não era grande coisa... mas Energy Output / Energy Input > 1, naturalmente - basta pensar q os nossos avós guerreavam e procriavam mto e ainda nos deixaram belíssimos castelos e catedrais!!   :)
« Última modificação: 2023-11-17 21:52:31 por Kaspov »
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« Responder #1857 em: 2023-11-17 21:49:47 »
O famoso "The Haber process,[1] also called the Haber–Bosch process, is the main industrial procedure for the production of ammonia.[2][3] The German chemists Fritz Haber and Carl Bosch developed it in the first decade of the 20th century. The process converts atmospheric nitrogen (N2) to ammonia (NH3) by a reaction with hydrogen (H2) using an iron metal catalyst under high temperatures and pressures. This reaction is slightly exothermic (i.e. it releases energy), meaning that the reaction is favoured at lower temperatures[4] and higher pressures.[5] It decreases entropy, complicating the process. Hydrogen is produced via steam reforming, followed by an iterative closed cycle to react hydrogen with nitrogen to produce ammonia.

The primary reaction is:

    N 2 + 3 H 2 ⟶ 2 NH 3 Δ H ∘ = − 91.8   kJ/mol {\displaystyle {\ce {N2 + 3 H2 -> 2 NH3}}\quad \Delta H^{\circ }=-91.8~{\text{kJ/mol}}}

Before the development of the Haber process, it had been difficult to produce ammonia on an industrial scale,[6][7][8] because earlier methods, such as the Birkeland–Eyde process and the Frank–Caro process, were too inefficient."

(https://en.wikipedia.org/wiki/Haber_process)

permitiu q a agricultura se tornasse mto + eficiente, assim se obtendo mto + energia para todas as actividades humanas, incluindo as prodigiosas "explosões", demográficas, científicas, artísticas, etc.!!   :)

Naturalmente, devemos agradecer a Deus a espantosa dádiva dos combustíveis fósseis, de elevadíssimo EROI, q nos permitiu alcançar os níveis inéditos de civilização, conforto e progresso de q beneficiamos hoje!!   :D
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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1858 em: 2023-11-18 08:06:21 »
EROI = Energy Output / Energy Input > 1,
não percebo como se faz ou consegue.


Se não se conseguisse, a vida não seria possível... por ex. quando comemos, obtemos + energia q a q gastamos a obter a comida e a digeri-la - só assim podemos ficar com energia para todas as outras actividades!  Procriação por ex. (não no meu caso, contudo...)   :))

Na Idade Média, o EROI não era grande coisa... mas Energy Output / Energy Input > 1, naturalmente - basta pensar q os nossos avós guerreavam e procriavam mto e ainda nos deixaram belíssimos castelos e catedrais!!   :)


Ah! Bom. Já percebi.
Isso está bem.
São os fenómenos neguentrópicos
que incrementam a ordem e a organização.
Alimentam-se dos grandes desperdícios de energia
e crescem em complexidade e superior desempenho.
Mas, eles próprios aceleram o maior dispêndio de energia
e acabam por intensificar a entropia global rumo à indistinção terminal.

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Re: Petróleo / Crude / Oil / Natural Gas - Tópico Principal
« Responder #1859 em: 2023-11-18 08:13:36 »
Esse Fritz Haber era o amigo de Einstein
que gazeou toda tropa durante
a Grande Guerra matando
milhões de soldados.
Acelerou a entropia!