OIL
Oil edges toward $50 a barrel on vaccine optimism
William Watts, Market Watch, December 10, 2020
Oil futures pushed higher Thursday, shaking off the previous day’s sharp rise in U.S. crude inventories, as investors remain focused on progress toward a COVID-19 vaccine which may enable a return to economic normality next year.
West Texas Intermediate crude for January delivery CL CLF21 rose 61 cents, or 1.3%, to $46.13 a barrel on the New York Mercantile Exchange. The global benchmark, February Brent crude BRN00 BRNG21, rose 73 cents, or 1.5%, to $49.50 a barrel on ICE Futures Europe.
Oil posted a mixed finish Wednesday, largely shaking off losses that followed data that showed an unexpected 15.2-million-barrel rise in U.S. crude inventories last week. Analysts had expected a modest draw.
Oilfield services sector lost 91,680 jobs due to coronavirus
Reuters Staff, December 9, 2020
The U.S. oilfield services sector lost 91,680 jobs due to pandemic-related oil demand destruction, according to a monthly a report compiled and published by trade group Petroleum Equipment & Services Association (PESA) on Tuesday.
Demand for drilling services sank after oil prices collapsed earlier this year, pushing several oilfield services firms to file for bankruptcy, incur heavy losses and cut jobs. Easing of virus-related restrictions, however, has led to a rebound in demand for fuel and related products.
GAS
Over three quarters of new LNG supply could be impacted in 2-degree world
Wood Mackenzie, December 9, 2020
Wood Mackenzie’s latest report shows that over three quarters or 77% of new LNG supply are at risk under a 2-degree scenario.
Under the scenario, gas demand comes under pressure from increased investments in renewables and energy storage in the power sector, as well as efficiency improvements and adoption of new technologies in non-power sectors.
In a 2-degree world, green hydrogen becomes a game changer in the long-term emerging as a key competitor to gas consumption towards the end of 2040 and achieving a 10% share in the total primary energy demand by 2050.
Wood Mackenzie principal analyst Kateryna Filippenko said: “With weaker global gas demand, the space for new developments will be limited. This is a significant challenge for companies considering FID on new projects.
“In a 2-degree world, only about 145 billion cubic metres per annum (bcma) of additional LNG supply is needed in 2040 compared to 450 bcma in our base case outlook. And if we consider imminent FID for Qatar North Field East expansion, the space for new projects shrinks to 104 bcma, down 77% from our base case.”
MINING
Copper Armor paint to slow COVID spread
Shane Lasley, Metal Tech News, December 8, 2020
A fresh coat of Copper Armor, an antimicrobial paint developed by Corning Inc. and PPG, could transform surfaces at high-risk for the spread of COVID-19 into self-sanitizing areas that are deadly to bacteria and viruses.
Leveraging the glass and ceramic expertise that makes its kitchenware a staple in homes around the globe, Corning has developed a copper infused glass matrix that is a highly effective and continuous killer of germs, including the virus that causes COVID-19.
Known as Corning Guardiant, this antimicrobial glass was invented with the idea that it could be mixed in with paints and coatings that transform surfaces at high risk for the transmission of disease into constant and long-term kill zones for bacteria and viruses.
“We strive to create innovations that make the world a better place,” said Corning Chairman and CEO Wendell Weeks. “Our scientists have developed this unique paint additive using our highly engineered glass-ceramic technology. We are excited about the new lab results and look forward to working with our valued partner PPG.”
POLITICS
Anchorage state Rep. Lance Pruitt challenges 11-vote election loss in court
James Brooks, Anchorage Daily News, December 9, 2020
Anchorage Republican Rep. Lance Pruitt has filed a lawsuit seeking to overturn his 11-vote loss to Democratic challenger Liz Snyder.
In a complaint filed Wednesday, attorney Stacey Stone claims the state failed to properly provide notice when the Alaska Division of Elections moved a polling location from Muldoon Town Center to Begich Middle School. The suit also claims the Division of Elections failed to provide adequate election security after the Alaska Supreme Court temporarily invalidated the state law requiring absentee ballots to be co-signed by a witness.
“Election integrity matters,” Pruitt said Wednesday night.
Snyder did not immediately respond to a phone call and a text message Wednesday night.
The lawsuit asks that the results be recounted after particular ballots are thrown out. If the court isn’t willing to do that, the suit asks for a new election.
CLIMATE CHANGE CONVERSATIONS
Survey Says: Norwegians want more oil – Norway Wind Farm Backlash Spans Political Spectrum
Lars Erik Taraldsen, Lars Paulsson & Jesper Star, Rigzone, December 9, 2020
After being harassed on social media and told repeatedly that she’s a traitor who should be in jail, Norway’s 34-year-old energy minister is bracing for a controversial election campaign.
In the country that has amassed a trillion-dollar fortune built on the revenue from oil and natural gas exports, it’s the green energy revolution that is stoking one of the loudest debates. Wind power could be a vital part of Norway’s plan to slash pollution, but many voters have had enough of the machines that stand as tall as skyscrapers. Tina Bru is getting abuse both online and when out on foot. “I’m not afraid of the angry messages, but I can be worried about the general political debate, how hard it can be in some cases, such as with wind power,” Bru said in an interview. “I’m not exclusively positive nor negative, but we know we need more renewable energy in this country.”
The protests stem from last decade’s installation boom. Wind output has risen almost six-fold and now feeds about 4% of Norway’s total electricity, with hydro-electric plants supplying most of the rest. By the mid-2020s, a vast amount of Norway’s substantial oil industry will be powered by renewables, according to the energy regulators. The grid company Statnett SF expects a 30% jump in demand by 2040 with the urge to electrify both industry and transport.
While the cost of wind power is falling, a growing number of voters want to see less of it. They’d rather see alternatives like more hydro or even fossil fuels — which would clash with the government’s environmental goals. A survey in November showed that only 36% were favorable about onshore wind as an energy source, down from as much as 84% in 2011. Oil’s popularity has increased to 29% from just 16% five years ago, according to Kantar’s Climate Barometer, which polled 2,085 people.