Sunday, February 16, 2020

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Coronavirus Leaves China-bound Tankers Stranded

© Riekelt / Adobe Stock

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Coronavirus Leaves China-bound Tankers Stranded

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Coronavirus Leaves China-bound Tankers Stranded

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Coronavirus Leaves China-bound Tankers Stranded

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Coronavirus Leaves China-bound Tankers Stranded

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Coronavirus Leaves China-bound Tankers Stranded

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Coronavirus Leaves China-bound Tankers Stranded

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

Siemens Hands Over BorWin3 to TenneT

Image: Siemens

The BorWin3 offshore wind grid connection project in the German North Sea has been handed over to the German/Dutch transmission grid operator TenneT, by contractors Siemens and Petrofac.The 900 MW project will convert three-phase electric power generated by the Hohe See and Albatros offshore wind farms into direct current and transmit it 160km back to shore to the German national grid.Siemens was responsible for the grid connection system including an onshore converter station.The grid connections HelWin1 and HelWin2, BorWin2…

Siemens Hands Over BorWin3 to TenneT

The BorWin3 offshore wind grid connection project in the German North Sea has been handed over to the German/Dutch transmission grid operator TenneT, by contractors Siemens and Petrofac.The 900 MW project will convert three-phase electric power generated by the Hohe See and Albatros offshore wind farms into direct current and transmit it 160km back to shore to the German national grid.Siemens was responsible for the grid connection system including an onshore converter station.The grid connections HelWin1 and HelWin2, BorWin2…

TenneT Intros 2GW Offshore Grid Plans

Image: TenneT

European transmission system operator TenneT has announced plans to build two 2 GW offshore grid connections in the IJmuiden Ver wind energy area, having entered into a so-called 'innovation partnership' with its suppliers.Given the combination of the large distance to the coast and the size of the IJmuiden Ver wind energy area, a 2 GW direct current (HVDC) solution, based on 525 kilovolts, appears to offer most economical  advantages. It requires only one cable system per 2 GW, limiting the impact on the environment and the surroundings.To realise such an innovative direct current system…

TenneT Intros 2GW Offshore Grid Plans

European transmission system operator TenneT has announced plans to build two 2 GW offshore grid connections in the IJmuiden Ver wind energy area, having entered into a so-called 'innovation partnership' with its suppliers.Given the combination of the large distance to the coast and the size of the IJmuiden Ver wind energy area, a 2 GW direct current (HVDC) solution, based on 525 kilovolts, appears to offer most economical  advantages. It requires only one cable system per 2 GW, limiting the impact on the environment and the surroundings.To realise such an innovative direct current system…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

AdobeStock_45230 / Adobe Stock

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…

U.S. Crude Stocks Jump More Than Anticipated -EIA

© gerasimov174 / Adobe Stock

U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 442.5 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels in the last week, EIA said.Refinery crude runs rose by 48,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.6 percentage points.Oil prices pared gains after the release, with U.S.

U.S. Crude Stocks Jump More Than Anticipated -EIA

U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 442.5 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels in the last week, EIA said.Refinery crude runs rose by 48,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.6 percentage points.Oil prices pared gains after the release, with U.S.

U.S. Crude Stocks Jump More Than Anticipated -EIA

U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 442.5 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels in the last week, EIA said.Refinery crude runs rose by 48,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.6 percentage points.Oil prices pared gains after the release, with U.S.