Month: December 2020

Chevron CEO says company is embracing, investing in a lower carbon energy system

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Chevron has taken steps to lessen the oil and gas giant’s dependence on fossil fuels, laying a path to an energy system with a reduced carbon footprint, CEO Mike Wirth told CNBC’s Jim Cramer Wednesday. “We embrace a lower carbon future. We expect a lower carbon energy system,” Wirth said in a “Mad Money” interview. “The energy system’s always been moving towards lower carbon.” The comments came in response to a question about money managers who value environmental, social and corporate governance, or ESG, investing. ESG investors look to invest…

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UN report: ‘Woefully inadequate’ climate pledges spell 3.2C temperature rise

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World leaders could use the coronavirus pandemic to shave 25% off their greenhouse gas emissions with green recovery packages, according to a report released today by the UN Environment Program (UNEP).  But they have so far continued to make choices that push them further away from targets they agreed upon five years ago to protect the climate and their citizens. By burning fossil fuels and chopping down rainforests, countries are on track to heat the world by 3.2 degrees Celsius this century, despite committing to keep it well under 2C.  The annual emissions…

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Oil Wells On Fire After Attack On Iraqi Oilfield

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A terrorist attack set ablaze two oil wells at a small oilfield in northern Iraq on Wednesday, but total production at the 25,000-bpd field has not been affected, the oil ministry of OPEC’s second-largest producer said. According to the Iraqi oil ministry, quoted by Reuters, explosive devices were set off at two wells at the Khabbaz oilfield, which is located 20 kilometers, or 12 miles, southwest of the large northern Iraqi city of Kirkuk. Oil production from the two wells doesn’t exceed 2,000 bpd, the ministry said. Sources from Iraq’s…

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Widowmaker” Natural Gas Trade Collapses On Mild Winter Forecast

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The spread between March and April natural gas futures collapsed to zero on Tuesday. The spread is critical in gauging how tight supplies will be for the North American winter. In one of the earliest collapses to less than zero, for the first time since 2015, this suggests traders are forecasting a mild winter that will dent energy demand.  Bloomberg calls the collapse in the spread the “widowmaker.” It’s a signal that traders are giving up on hopes of a frigid U.S. winter. “It’s a significant event,” said Gary Cunningham, a…

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Egypt Buys Huge Oil Contracts To Hedge Against Rising Prices

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While oil-producing nations are scrambling to plug budget shortfalls after the price crash, oil importers are benefiting from the low oil prices, and some of them are hedging against higher prices. Egypt, for example—a net oil importer—has nearly doubled its oil hedges to protect itself against higher oil import costs, Egyptian Finance Minister Mohamed Maait told Bloomberg in an interview published on Wednesday. “We did a huge number of hedging contracts,” Maait said about the program for the fiscal 2020-2021 ending in June 2021, without giving details about how much…

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