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The war in Iran is sending shockwaves through global energy markets that will be felt for years to come. The conflict is causing the single biggest oil supply disruption in history, as the closure of the Strait of Hormuz has caused a nine-day disruption of 20 percent of the world’s oil transports, more-than doubling the previous record set during the Suez crisis of 1956. But the war and its energy market impacts represent much more than just economic chaos – they are also the harbingers of serious and lasting human and environmental…
In China’s new five-year plan, released Thursday, the world’s second-largest economy declared its aim to “lead global climate governance.” However, the targets laid out in the nation’s 15th five-year plan mark a cautious turn in China’s approach to energy strategy, reflecting the global cool-off on climate-related policy and a general sense of unease in energy markets. China is set to continue full-speed ahead in its renewable energy additions, but is fundamentally changing the way that it tracks progress on…
Brent crude and WTI are once again above $100 and likely to stay there longer than those involved in the planning of the latest war in the Middle East may have expected. With that, energy-thirsty economies are beginning to feel the pinch, and not everyone is optimistic that it will be a short pinch. Brent crude, the global benchmark, surged past $116 per barrel earlier today, with West Texas Intermediate also reaching that level in a rare parity between the two. Murban crude, meanwhile, has hit $120 and sped past it, reflecting the continued freeze…
The European Union’s gas in storage levels are below 30%, benchmark gas prices are the highest in over a year, and QatarEnergy just shut down the world’s single biggest LNG production facility. The situation looks like a recipe for disaster, and the chances of a painless solution are slim. EU’s benchmark natural gas price has gained as much as 60% since the United States and Israel started bombing Iran on Saturday, and while some of these gains were erased this week, significant upside potential remains. Not only has QatarEnergy…
