Energy / Automotive News Roundup; November 06, 2024 Latest
London, (Oilandgaspress) –-Commodities from oil and gas to metals and grains dropped on Wednesday as the dollar rallied and victory for Republican Donald Trump in the U.S. presidential election stoked concerns about tariffs and economic growth.Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency – (Reuters) Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $69.94 | Down |
| Crude Oil (Brent) | USD/bbl | $73.55 | Down |
| Bonny Light 05/11/24 , CBN | USD/bbl | $76.15 | — |
| Dubai | USD/bbl | $74.94 | — |
| Natural Gas | USD/MMBtu | $2.70 | Down |
| Murban Crude | USD/bbl | $72.87 | Down |
| OPEC basket 05/11/24 | USD/bbl | $74.77 | Up |
Iran’s currency fell on Wednesday to an all-time low as Donald Trump clinched the U.S. presidency again, signaling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.
The rial traded at 703,000 rials to the dollar, traders in Tehran said, breaking through the record before recovering slightly later in the day to 696,150 to $1. Read More
Trump’s victory effect has spilt over to currencies all over the world as well. The dollar index has strengthened, pressuring countries around the globe. The dollar index rose more than 1%, leading to softness in gold prices. The rally in the dollar index has led to the rupee slipping to an all-time low of 84.25 against the dollar. Natural gas and oil markets are experiencing downward pressure as escalating geopolitical tensions and a strengthening U.S. dollar weigh on demand. Donald Trump in his victory speech said, “…leave the oil to me.” The US has more liquid gold, oil and gas, than any country in the world.
The US has more liquid gold than any country in the world, said Trump. More than Saudi Arabia, and Russia. “Bobby (Robert F. Kennedy Jr.), stay away from the liquid gold. Other than that, go have a good time, Bobby,” said Trump. “We’re going to be paying down debt. We’re going to be reducing taxes. We have, we can do things that nobody else can do. China doesn’t have what we have.” Read More financialexpress
Odfjell SE 3Q24
Odfjell SE today reported its results for the third quarter of 2024.
Highlights:
• Odfjell’s strong performance on safety continues with high operational efficiency and no significant incidents during the quarter.
• Odfjell delivered another solid financial result in 3Q24, somewhat below record levels from previous quarter.
• Freight rates remain healthy despite spot rates coming down during the quarter. Our volumes remain stable.
• The time charter earnings in Odfjell Tankers ended at USD 202 million, compared to a record USD 215 million in 2Q24.
• EBIT of USD 91 million compared to USD 107 million in 2Q24.
• Strong quarterly net result of USD 71 million. Net result adjusted for one-off items remained at USD 71 million compared to USD 88 million in 2Q24.
• A limited number of contracts were renewed during the quarter, with rates up 7% on average.
• Net result contribution from Odfjell Terminals was USD 2.9 mill, in line with 2Q24.
• The carbon intensity (AER) for 3Q24 came in at 7.2, marginally up from 2Q24 due to seasonal effects.
• During the quarter, Odfjell took delivery of one newbuilding on long-term time charter. After quarter end, Odfjell declared a purchase option for one 41,000 dwt stainless steel vessel currently on bareboat, to be delivered early 2026.
“Odfjell continues to perform well, with another solid result in 3Q24. Although the spot market has softened since the record levels seen last quarter, it remains at healthy levels. We expect another strong quarter in 4Q24, but below 3Q24 due to weaker spot markets,” said CEO Harald Fotland. Read More
During the period from 28 October to 1 November 2024, Eni acquired on the Euronext Milan no. 4,437,300 shares (equal to 0.14% of the share capital), at a weighted average price per share equal to 14.0844 euro, for a total consideration of 62,496,922.86 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends. Read More
Toyota has just released its first half financial results. Toyota Times is first to break down the figures and key points. Toyota’s H1 Financial Results–Reinforcing Earnings Structure by Strengthening Foundations Operating income 2,464.2 billion yen (-95 billion yen YoY)
-Strengthened our foundations and improved our business base through the participation of all employees.
-Managed to achieve operating income nearly on par with the same period last year,
despite a decrease in production/sales volume and one-off expenses.
-Thanks to all our stakeholders, including suppliers and dealers, for their support.
Operating income 4,300 billion yen (unchanged from the previous forecast)
To strengthen the foundations of car manufacturing, we will increase investment in human resources and growth areas to 830 billion yen for the full year.
Aim to maintain and expand earning power through measures such as restoring production to normal, controlling incentives, and increasing value chain earnings.
To reward our long-term shareholders, we increase dividends stably and continuously.
-Interim dividend: 40 yen per share (+10 yen YoY)
-Full-year dividend (forecast) : 90 yen per share (+15 yen YoY) Read More
One Millionth Opel “Made in Eisenach” is Produced
Eisenach and automotive production belong together, and Opel and Eisenach have enjoyed close ties for over three decades. The brand with the Blitz was one of the first companies to become involved in the new federal states in 1990, the year of German reunification, laying the foundations for a success story that continues to this day – with cars ‘made in Eisenach’. The one millionth Opel rolled off the production line at the Thuringian plant on November 10, 1999: a black Corsa B in the ‘Edition 100’ trim level.
The plant has continuously developed over the decades and had reason to celebrate again recently. In April, the all-new Opel Grandland celebrated its world premiere in Eisenach. The new electrified top SUV has recently been produced in the Wartburg town, making it a true ‘Eisenacher’. With the new Opel Grandland, the plant is well-positioned for the future.
Eisenach plant: First Opel vehicles produced in 1990
After the fall of the Berlin Wall, those responsible at Opel at the time quickly recognised the potential offered by the traditional automotive location of Eisenach. As early as March 1990, Opel founded Opel-AWE-Planungs-GmbH together with Automobilwerk Eisenach (AWE), thereby promoting economic development in Thuringia. Just two days after official reunification, on October 5, 1990, the first Opel Vectra rolled off the production line in an AWE plant. In February 1991, the foundation stone is laid for the new factory in the Eisenach. After a construction period of just 19 months and a total investment of around one billion German marks, the new Eisenach plant starts production of the Opel Astra in September 1992. And on 3 June 1993, the first Opel Corsa ‘made in Germany’ drives off the production line.
From then on, Opel production in Eisenach boomed. Due to the high demand, production in the first half of the 1990s is at times focussed exclusively on the best-selling small car. The Corsa is so popular with customers that just nine years after the start of car production at the site and only six years after the first Corsa from Eisenach, the one millionth Opel produced here rolls off the production line. On November 10, 1999, exactly 10 years to the day after the fall of the Berlin Wall, a 48 kW (65 hp) black Corsa ‘Edition’ made its way from final assembly in Thuringia to its buyer in Regensburg, Bavaria. Read More
Just Stop Oil supporters have painted the US embassy in response to the election result this morning. Just Stop Oil is demanding governments work together to end the extraction and burning of oil, gas and coal by 2030.
At 9:20 am this morning, two Just Stop Oil supporters painted the US Embassy building in London. This comes as Donald Trump announced victory and looks set to become the 47th president of the United States.. Read More
Subsea7 today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by ScottishPower Renewables for the transport and installation of the inter-array cables of the East Anglia TWO offshore wind project.
ScottishPower Renewables £4 billion East Anglia TWO offshore windfarm will be located around 33 kilometres from the east coast of England in the Southern North Sea. Successful in the UK Government’s Contracts for Difference (CfD) Allocation Round in September 2024, it will contribute up to 960 MW of clean, green energy – enough to power the equivalent of almost one million homes.
It is one of three consented offshore wind farm developments that, together with the operational East Anglia ONE, will form the East Anglia Hub, which will ultimately deliver 4,000 MW of renewable energy generation capacity. Seaway7’s scope of work for East Anglia TWO includes the engineering, supply and installation of the 64 inter-array cables. Execution of the scope will be led from Seaway7’s Aberdeen office in the UK, with offshore activities scheduled to commence in 2027. Read More
Global financial markets have reacted, in some cases aggressively, as the US election results increasingly indicate a strong victory for Trump and the Republican Party. This outcome is close to forming a “Trump 2.0” or a “Red Sweep,” where the Republicans could control both the White House and Congress, giving them substantial leverage in upcoming high-stakes tax and spending negotiations. So far, the results have driven the USD to a one-year high, with the currencies suffering the biggest setbacks being the Mexican peso, the Japanese yen, and the euro, the two former affected by the potential divergence between the rate path of the FOMC and other major central banks.
The US yield curve has bear-steepened, with long-term yields rising more quickly than short-term yields, as concerns grow that Trump’s unfunded tax cuts and tariffs on imports might reignite inflation fears, potentially slowing the pace and depth of future US rate cuts.Overnight trading saw widespread losses across the commodities sector, with the Bloomberg Commodity Index losing close to one percent as traders began pricing in the likelihood of the mentioned “Trump 2.0” scenario. This scenario is expected to bring about the promised tariffs on imported goods, particularly targeting China, potentially triggering a new wave of trade tensions and economic disruptions. Read More
Plenitude has announced the start of operation of a new photovoltaic plant with an installed capacity of 5 MW in the municipality of Bouillac, Dordogne, in France.
It is estimated that the plant will produce 6,700 MWh of electricity per year, equivalent to the energy needs of more than 2,500 people*, being connected to the local distribution network via a 1.7 km underground medium voltage line. The electricity generated will be marketed by Plenitude in line with its integrated business model.
The project involves the rehabilitation of a former clay extraction quarry currently in disuse, in line with the government’s guidelines for promoting photovoltaic parks on this type of land. In addition, the design of the plant and its lay-out has been carried out in compliance with the objective of not having a visual impact on populated places. This has been achieved thanks to the fact that the location of the photovoltaic plant is surrounded by trees that prevent visual impact, integrating it into the terrain. With this new photovoltaic park, Plenitude advances in its plans to boost its presence in France and takes another step forward in its strategy to approach its global objectives of having 8 GW of installed capacity by 2027. Plenitude already has 120 MW in operation in France and a portfolio of projects under development of more than 700 MW. Read More
Subsea 7 S.A. announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by ScottishPower Renewables for the transport and installation of the inter-array cables of the East Anglia TWO offshore wind project.
ScottishPower Renewables’ £4 billion East Anglia TWO offshore windfarm will be located around 33 kilometres from the east coast of England in the Southern North Sea. Successful in the UK Government’s contracts for difference (CfD) allocation round in September 2024, it will contribute up to 960 MW of clean, green energy – enough to power the equivalent of almost one million homes. It is one of three consented offshore wind farm developments that, together with the operational East Anglia ONE, will form the East Anglia Hub, which will ultimately deliver 4,000 MW of renewable energy generation capacity.
Seaway7’s scope of work for East Anglia TWO includes the engineering, supply and installation of the 64 inter-array cables. Execution of the scope will be led from Seaway7’s Aberdeen office in the UK, with offshore activities scheduled to commence in 2027.
Stuart Fitzgerald, CEO Seaway7, said: “This award builds upon our leading position in the UK and represents a significant contribution to the UK’s renewable target. With this project we also look forward to continuing our relationship with ScottishPower Renewables on our second East Anglia Hub project together, with East Anglia THREE currently in execution.” Charlie Jordan, ScottishPower Renewables’ CEO said: “It’s great to confirm so much of our supply chain for East Anglia TWO on the back of achieving our CfD and we look forward to building on the positive working relationship we already have with Seaway7 on East Anglia THREE. Getting our EA TWO supply chain in place through confirmed contracts like this means we’re ready to hit the ground – and water! – running and bring another gigawatt of clean, green energy to life, making a real difference for people, places and planet for decades to come.” Read full article
Orrön Energy Report for the nine months ended 30 September 2024 Highlights
• Added 33 GWh of annual proportionate power generation in the SE3 and SE4 price areas through acquisitions and increased ownership in existing windfarms.
• Power generation amounted to 620 GWh for the reporting period, which was approximately ten percent below expectations, due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices.
• Continued progress on the Company’s greenfield projects, with additional land secured and the first projects in the UK and Germany approaching the ready-to-permit stage.
Consolidated financials – 9 months
• Cash flows from investing activities amounted to MEUR 39.5 and was positively impacted by the sale of the Leikanger hydropower plant in the second quarter.
• Cash flows from operating activities amounted to MEUR -3.6.
Proportionate financials – 9 months
• Achieved electricity price amounted to EUR 35 per MWh, which resulted in a proportionate EBITDA of MEUR 6.9.
• Proportionate net debt of MEUR 55.9, with significant liquidity headroom available through the MEUR 170 revolving credit facility.
Financial Summary
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results. Read More
The groundbreaking Rimac Nevera R – the latest evolution in the Nevera family – is embarking on a European roadshow following its world debut in the USA and the events from West to East Coast.
The European roadshow of the 2107hp hypercar began with a private customer event at Rimac Zurich, operated by Schmohl. This event gave a select group of enthusiasts and clients a unique first opportunity to experience the Nevera R up close in an intimate setting. It will allow attendees to appreciate the bold design up close and understand how more extreme aero enhancements instill the Nevera R with an entirely different visual personality. The Rimac Nevera is also showcased at the Auto Zurich show 7-10 November, introducing the Nevera R to potential customers and thousands of Swiss automotive enthusiasts.
The Nevera R takes the engineering excellence of the Nevera to new heights. With a refined game-changing powertrain, the Nevera R achieves an impressive increase in peak power, delivering 2107hp, compared with the Nevera’s 1914 horsepower. Rimac’s engineers have fine-tuned the car’s quad-motor setup and advanced all-wheel torque-vectoring system, creating even sharper handling and improved cornering agility for the ultimate high-performance driving experience. Additionally, the Nevera R’s performance-oriented 108kWh battery enables it to sustain peak performance for longer, ensuring an exhilarating driving experience that goes beyond the standard Nevera’s already remarkable capabilities.
Following Zurich, the Nevera R’s roadshow will continue this year to premier locations across Europe, with private, invitation-only events scheduled at Rimac Munich in partnership with SEMCO Motors, Rimac Katowice in Poland, Rimac London with H.R. Owen and finally Rimac Düsseldorf, operated by Gottfried Scholz Premium. Each event is designed to provide a tailored experience which offers clients a closer look at the unique technology that set the Nevera R apart. Read More
Baker Hughes Rig Count: U.S. unchanged at 585 Canada -3 to 213
U.S. Rig Count is unchanged from last week at 585 with oil rigs down 1 to 479, gas rigs up 1 to 102 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 3 from last week to 213, with oil rigs down 4 to 146, gas rigs up 1 to 67 and miscellaneous rigs unchanged at 0.
International Rig Count is up 3 rigs from last month to 950 with land rigs down 9 to 726, offshore rigs up 12 to 224.
The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 01 November 2024 | 585 | — |
| Canada | 01 November 2024 | 213 | -3 |
| International | October 2024 | 950 | +3 |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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