Month: April 2020

Coronavirus has been detected on particles of air pollution by scientists investigating whether this could enable it to be carried over longer distances and increase the number of people infected. The work is preliminary and it is not yet known if the virus remains viable on pollution particles and in sufficient quantity to cause disease. The Italian scientists used standard techniques to collect outdoor air pollution samples at one urban and one industrial site in Bergamo province and identified a gene highly specific to Covid-19 in multiple samples. The detection…

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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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