Day: April 24, 2020

Short sellers targeting the Oil & Gas Storage & Transportation sector have made $6.58 billion in mark-to-market profits this year, said S3 Partners in a note published Tuesday. Investors betting against the sector hit “oil, black gold, Texas tea” in every stock except 6.5% that generated a relatively small loss of $2.07 million. The most profitable shorts were Energy Transfer LP, Enbridge, Oneok, Enterprise Products and Pembina Pipeline. Short interest in the sector has averaged $13.76 billion in 2020. Prior to last week, short sellers were actively covering their positions…

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Global lockdowns have resulted in a drastic reduction in oil demand. A long and painful deliberative process to cut the global supply of oil by OPEC+ group of major oil exporting countries, each vying for greater oil revenues and lesser proportion of cutting down supplies, could only manage to reach consensus on cutting around 9.7 million barrels a day of oil supplies. By the last week of March, however, the consumption of crude had dropped by between 15 million and 20 million barrels a day from the normal level of…

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The Abu Dhabi Department of Energy, DoE, has launched a new campaign titled “Our Commitment – Our Nation’s Power” to highlight the critical role the energy sector plays in supporting communities and in the continuity of key sectors and maintaining social and economic stability in Abu Dhabi and the UAE. The campaign underlines the importance of the electricity and water sector in Abu Dhabi and of the security of supply to ensure stability for the emirate’s vital industries, in collaboration with the DoE’s strategic partners. Awaidha Murshed Al Marar, Chairman…

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Global demand for liquefied natural gas (LNG) increased by 12.5% to 359-million tonnes last year, which is a significant increase that bolsters LNG’s growing role in the transition to a lower carbon energy system. The report mentions that this increase in LNG saw a number of key developments undertaken which are assisting in building and reshaping the industry. An industry record of 40-million tonnes of additional supply became available and was consumed by the market. The year also saw the belief in long-term demand growth triggering record investment decisions in…

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The Independent Power Producers’ (IPPs) role is to be finally capped below 10 percent of the power mix and they have to compete for tariffs with the public sector, a model already being used in the developed world. Also, privatization of utilities should be strictly forbidden and let the National Transmission & Despatch Company (NTDC) be returned to Water & Power Development Authority (WAPDA) while the distribution companies (DISCOs) should be given under the provincial control in line with the constitutional requirements. The GENCOs, responsible for WAPDAs thermal generation and…

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