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Javier Blas
Chief Energy Correspondent at Bloomberg News. I write about oil, gas, mining, agriculture and commodities. Any views expressed are my own. jblas3@bloomberg.net
The tools in the Saudi toolkit are going to be different to the ones in others toolkits, but Prince Abdulaziz said the Saudi tools are as good as the others, as they target the same: emission reduction.
“The risks are clearly now to longer and more persistent bottlenecks, and thus to higher inflation,” Federal Reserve Chair Jerome Powell said | #TransitoryNoMore
Riyadh is trying to charge completely the narrative: by committing to a 2060 net-zero target, they can claim they are part of the solution (far more than, say, India or Australia). So they can diplomatically push two objectives: carbon sequestration, and energy security | #COP26
Very interesting comments from Saudi Energy Minister Prince Abdulaziz bin Salman, highlighting that Riyadh is now part of the solution; so its solutions should count equally (in equal footing with, say, European or American solutions) to climate change.
OIL MARKET: Wall Street embraces “higher for longer” oil prices | #OOTT via @alexlongley1
For the first time in a long time, all US state have an average retail gasoline price above $3 per gallon (even Oklahoma and Mississippi which traditionally enjoy the lowest average prices). California’s average is now above $4.5 per gallon (according to @AAAnews data) #OOTT
VIDEO: “Crude oil imports would not help it. What it would help it is making gasoline more available or, as a technician, and I don’t know how valid it is, limiting exports of gasoline” #OOTT
(Re-posted the video with the full answer as some bits were missing in the previous clip)
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‘Yes Minister’ has a perfect summary of most Western countries response to the coronavirus outbreak ?
FULL STATEMENT: The White House urges OPEC+ to pump more oil (above and beyond the current 400,000 b/d monthly hikes the cartel is already implementing) | #OOTT
If I was the British government, I would be rather worried about this chart; very, very worried. UK natural gas has now breached the equivalent to $40 per million Btu barrier (~300 pence per therm). In oil terms, it's now trading above $230 per barrel of oil equivalent.
COLD WEATHER: Siberia? Nope, just central Madrid after the biggest snow fall in perhaps 40 or 50 years | #OOTT #LNG
?BREAKING ?Saudi Arabia is launching the oil market equivalent of a declaration of war: plan for a big production hike, and offering huge discount for its crude | #OOTT #OPEC #SaudiArabia with @A_DiPaola17
I have never seen a large economy like Europe (UK+EU) sleep walking into an energy crunch (maybe let's call it a crisis since major industrial companies are having to shut down) and no a single politician appears to give a damn about it. Incredible.
ENERGY TRANSITION: The dirty secret of the solar PV industry is that it relies a lot on Chinese coal. When Beijing shuts down industries because a coal shortage, silicon metal prices go through the roof (>150% this month), which in turn will hit polysilicon, and then solar panels
🚨🚨BREAKING 🚨🚨The Bloomberg Commodity Spot Index, a basket of 23 energy, metals and agricultural raw materials contracts, jumped to an all-time high on Monday, surpassing its 2008 and 2011 peaks set during the commodity super-cycle | #OOTT #OATT #METL More on @TheTerminal
⚡⚡BREAKING: This is simply incredible. ⚡⚡ UK day-ahead baseload electricity prices jump to a fresh all-time high of £354 per MWh on N2EX. Intraday prices for peak demand are much, much higher. To put into perspective, that's 700% higher than the ~£45 average 2010-2020 price
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