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Tuesday, 28 June 2016
Bank financing of fossil fuel and mining projects is “undermining” the recently signed Paris climate accord. This is according to “$horting the Climate: Fossil Fuel Finance Report 2016” issued by a quartet of environmental groups: Rainforest Action Network, Sierra Club, Banktrack and Oilchange International. Well, so what else is new? Somebody has to finance those big projects. Who else but financial institutions? Do we want to sound like Captain Renault in “Casablanca” shocked at gambling in Rick’s establishment? Now for the reaction. Those environmental groups have issued this report annually fingering banks that financed fossil fuel projects. As far as we can tell, the banks ignored these reports in the past. They certainly didn’t react that way this time. Several pledged to phase out loans to coal mining in general and to projects that removed mountain tops. One bank said it would no longer lend to new coal mining […]
Nigeria Seeks $40-$50 Billion in Oil Investment as Output Rises Country’s crude production as high as 1.9m b/d two days ago Output should rise to 2.2m b/d in July if pipe repairs finish Nigeria is seeking $40 billion to $50 billion in investment in oil projects as the OPEC producer said it raised crude output to as much as 1.9 million barrels a day as of two days ago. The African producer signed a potential deal for $8.5 billion of investment with China North Industries Group Corp., Nigerian State Minister for Petroleum Resources Emmanuel Ibe Kachikwu said in a Bloomberg television interview in Beijing on Monday. The country’s crude output should rise to 2.2 million barrels a day next month if repairs to a pipeline are completed, he said. “We’re looking to raise about $40 to $50 billion,” Kachikwu said in the Bloomberg interview . “Going to places like […]
A cargo ship is pictured crossing through the Miraflores locks, a day before the inauguration of the Panama Canal Expansion project, in Panama City, Panama June 25, 2016. Panama opened the long-delayed expansion of its shipping canal on Sunday with just a dozen of the 70 heads of state invited to see the debut of the third set of locks attending the ceremony. Analysts said the rank of those leading the delegations was affected by the Panama Papers scandal, in which millions of documents were leaked from law firm Mossack Fonseca, revealing how some of the world’s richest people use offshore companies to avoid tax and launder money. Panama’s foreign ministry said the event was a diplomatic success, with representatives from nearly all the invited countries in attendance, including from China, Japan, Peru, South Korea, Colombia and Mexico, as well as executives from top shipping firms and thousands of […]
A labourer marks steel bars at a steel and iron factory in Huai’an, Jiangsu province, February 18, 2008. China plans to cut its steel production capacity this year by 45 million tonnes and lower coal output capacity by 280 million tonnes, the head of the country’s top economic planner said on Sunday. The capacity cuts will involve relocating 700,000 workers in the coal sector, and 180,000 workers in the steel industry, Xu Shaoshi, chairman of the National Development and Reform Commission, said at the World Economic Forum in the northern city of Tianjin. Xu said he was very confident that China will achieve the 2016 targets. “The most urgent task is reducing excess capacity,” Xu said. “I’m very confident that we can achieve the targets.” China has vowed to tackle price-sapping supply gluts in major industrial sectors, and said in February that it would close 100 million-150 million tonnes […]
As Federal Reserve officials anxiously scan the aftershocks of the Brexit vote in the coming days, the reaction of the US dollar in currency markets will be front and centre of their attention. The dollar rose sharply on Friday in response to the UK’s vote to leave the EU, as money flowed into perceived havens. But a further surge would inject a destabilising element into already unsettled markets and add pressure on the Fed to delay any future rate rises. Lewis Alexander, US economist at Nomura, said the dollar would be “the first order of business” for the central bank as it examines the markets, followed by gyrations in credit and equities.
The dollar has been a main driver of Fed policy for the past two years because of the drag that a strong currency has imposed on US exports, inflation and corporate earnings. Nearly half of sales by S&P 500 companies in 2014 were generated overseas, according to UniCredit research. The strong dollar has also injected financial volatility into emerging markets — as seen in January and February this year. It could pose a particular threat to China by rekindling worries about capital outflows and currency devaluation. It is also a potential menace to other emerging markets because of their large stocks of dollar-denominated debts.
Monday, 27 June 2016
CO2’s Vertigo-Inducing Rate of Rise — In First 5 Months of 2016 Hothouse Gas Concentration Rocketed 3.7 Parts Per Million Above 2015
Deadly, record-breaking heat and wildfires sweeping across US are a clear sign of manmade climate change
The high temperatures have hampered firefighters' efforts to put out blazes that started before the heat set in. In New Mexico, the North Fire has grown to cover over 36,000 acres,
au/entry/southwest-heatwave- climate-change_us_ 57681abce4b0853f8bf18b5b
It Felt Like 71 C in India on June 13th
Some of the highest hea values ever recorded on earth. The delay of India’s monsoon is a pretty big deal. It reduce the amount of moisture necessary for the provision of life-giving crops for this country of 1.2 billion, and it increases life threatening heatwaves.
Greenland Hits Record 75°F, Sets Melt Record
Climate Emergency Declaration
Australian Parliament must declare a climate emergency. the alarming spike in global temperatures as in the bleaching of the Reef. Insist our leaders stop playing political games and stand together to draw a line in the sand.
Click here to
Lebanon Gets Seismic As Israel Prepares To Develop Massive Gas Field
Seismic surveys now show that Lebanon’s portion of the prolific Levant Basin is showing promising oil and gas reserves, as the country lags far behind Israel in tapping into this Mediterranean hydrocarbon wealth. After years of delay, Lebanon’s petroleum authority has finally obtained seismic surveys—tasked as far back as 2002—showing that oil reservoirs in the southern region, particularly in Blocks 8 and 9, could have significant potential. Surveys obtained by the petroleum authority have now been submitted to Lebanon’s Speaker, Nabih Berri, Prime Minister Tammam Salam and Energy Minister Arthur Nazarian, according to Lebanese media reports . The reports claim to reveal new information proving the presence of oil, most prominently in Block 8. While Lebanon has delayed key legislation that would allow exploration of the Levant Basin to move forward—due largely to a failure to reach a political quorum—Israel’s recent move to authorize the development of […]
Hedge funds added to bullish oil bets just before plunge on Brexit
Hedge funds betting on summer gasoline demand raised their bullish bets on U.S. crude futures this week, just before the market’s crash on Friday on Britain’s shock decision to leave the European Union, trade data showed. Money managers, including hedge funds and other big speculators, boosted their combined net longs in U.S. crude futures and options in both New York and London by 18,000 contracts to 216,003 contracts in the week to June 21, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. It was the first rise in three weeks in net longs held by the group as U.S. crude’s benchmark West Texas Intermediate (WTI) futures began to rise toward the psychological $50 a barrel mark after choppy trades the previous fortnight. But the higher price wagers appeared ill-timed given WTI’s 5 percent plunge on Friday to settle at $47.64 after the unexpected British exit, or Brexit, […]
Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia
Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end. Despite near record production, the kingdom’s oil inventories have declined for six consecutive months, the longest stretch since the Joint Organisations Data Initiative started tracking Saudi supply levels nearly 15 years ago. “The drop in Saudi crude stocks signals the rebalancing has started,” said Amrita Sen, chief oil analyst at consulting firm Energy Aspects Ltd. in London. “Crude stocks are coming off in places where either the data is opaque or the market isn’t paying as much attention.” With oiltraders focusing on supply changes in the U.S. and to a lesser extent in Europe and Japan, the drop in Saudi inventories has gone largely unnoticed. Since October, when Saudi supplies reached a record high, […]
Southern California Time Bomb: The Ground Surrounding The San Andreas Fault Is ‘Rising And Sinking’
If you reside on the west coast, you are living on borrowed time. As you will see below, stress has been building up along the San Andreas fault for more than a century, and scientists tell us that southern California is way overdue for a major earthquake. When that stress is finally released, the U.S. Geological Survey says that we could be looking at hundreds of billions of dollars in damage. If you follow my work regularly, then you already know that there has been unusual shaking all along the “Ring of Fire” so far in 2016. But thankfully the west coast of the United States has been spared from a major disaster up to this point. Unfortunately, scientists assure us that it is only a matter of time before one strikes, and that is why it is so alarming that the ground surrounding the San Andreas fault has […]
Oil Markets Caught By Surprise
Oil Rig And as the world comes to terms with the news that the U.K. has voted to leave the E.U., the oil market is getting a wop bop a loo bop a lop bam walloped. Hark, here are five more energy-specific things to consider today: 1) Energy commodities are getting crushed as a result of the Brexit vote…although one is doing well: U.K. natural gas (aka NBP). Given it is denominated in pounds, and that the pound has been clobbered to its lowest level since 1985 (think: The Goonies, The Breakfast Club, Wham! with ‘careless whisper’ and ‘wake me up before you go-go’), it has suddenly become much cheaper in foreign currency terms. Given the U.K. is connected to the continent by a reversible pipeline, the incentive to suck suddenly-cheaper gas from the U.K. has blown open the arbitrage between the two European entities. Combine this with news […]
Sunday, 26 June 2016
"Stories Going Beyond The Mainstream"
Turn, Turn, Turns... Upside Down
Carbon Emissions Highest In 66 Million Years
Carbon emission release rate ‘unprecedented’ in past 66m years
Researchers calculate that humans are pumping out carbon 10 times faster than at any point since the extinction of the dinosaurs
Humanity is pumping climate-warming carbon dioxide into the atmosphere 10 times faster than at any point in the past 66m years, according to new research.
The revelation shows the world has entered “uncharted territory” and that the consequences for life on land and in the oceans may be more severe than at any time since the extinction of the dinosaurs.
Heat Records Soar For 13th Straight Month
The hottest May in modern history: Earth breaks heat record for 13th month in a row
- Record May heat put global average at 60.17 degrees Fahrenheit
- 1.57 degrees above the 20th-century average says NOAA
- If you live in Arizona, California or Nevada, watch out for temperatures as high as 120 degrees in the next few days.
- That is not a typo
- Read More
Brexit "HUGE VICTORY" For UK Democracy, Liberty and Sovereignty
- Today's ENERGY News - 28 June 2016
- Hot Houses Gas Rockets Over 2015
- Today's ENERGY News - 27 June 2016
- EYE on the World - Turning Upside Down
- Today's ENERGY News - 24 June 2016
- Beautiful #Orcas Starving
- Today's ENERGY News - 23 June 2016
- Looking To Past For Climate Event Future
- Today's ENERGY News - 22 June 2016
- 66 Million Years Record Set For Carbon Emissions
- Today's ENERGY News - 21 June 2016
- Extreme Heat Sets New Records
- Signs of "The New Cold War"
- Today's ENERGY News - 20 June 2016
- Today's ENERGY News - 17 June 2016
- One Last Hope In Canadian Forests
- Today's ENERGY News - 16 June 2016
- Record Temperatures Hit Tropical Siberian Paradise...
- Today's ENERGY News - 15 June 2016
- Look Out - Here Comes Summer
- Today's ENERGY News - 14 June 2016
- Who Cares About #Flint M.I.???
- Sea Ice #Decline Accelerating Rapidly
- Today's ENERGY News - 13 June 2016
- EYE on the World - Concerns and Risks Rise
- Southern Europe Faces #Zika Risk In Summer
- Today's ENERGY News - 10 June 2016
- Today's ENERGY News - 9 June 2016
- US Health Care Huge Source Of Greenhouse Gases
- Days Of "Normal Weather" Are Numbered
- Today's ENERGY News - 8 June 2016
- Today's ENERGY News - 7 June 2016
- More Dangerous Storms And High Seas Coming
- Today's ENERGY News - 6 June 2016
- Coral Reefs On Life Support
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