Energy Newstrack to 11/03/2021

The U.S. Energy Information Administration raised 2021 forecasts for U.S. and global benchmark oil prices in a monthly report Tuesday, It boosted its 2021 West Texas Intermediate crude price forecast to $57.24 a barrel, up 14% from the January forecast. It expects 2022 prices to average $54.75, up 6.2% from the previous forecast. For Brent crude, it also lifted this year’s forecast by 14% to $60.67 and next year’s by 6% to $58.51.

S&P Global reported that global EV sales expanded 43% in 2020 to reach 3.24 million units for the first time and their global market share increased from 2.5% in 2019 to 4.2% in 2020, EV-volumes said.

Commodity Prices At press timeUnitsPrice $Change
Crude Oil (WTI)USD/bbl65.80Up
Crude Oil (Brent)USD/bbl69.46Up
Bonny LightUSD/bbl66.03Down
Natural GasUSD/MMBtu2.66Up
OPEC basket 10/03/21USD/bbl65.60Down
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Tesla Inc.’s (NASDAQ:TSLA) share of the U.S. EV market slipped to 69% in February from 81% a year ago. Tesla is starting to lose market share among US buyers of electric vehicles, and Ford’s Mustang Mach-E appears to be the beneficiary.

Analysis by Morgan Stanley shows that Tesla’s share of the US EV market fell to 69% in February, down from 81% a year ago.

Tesla shares fall again as electric car stock sheds a third of its value Tesla is now trading at $563.09 per share, down from $883.09 per share in January. As a result of the plunge, the California-based firm has seen its market capitalisation fall $300bn to $550bn.

Oil discovery near the Johan Castberg field in the Barents Sea Equinor and partners Vår Energi and Petoro have struck oil in exploration well 7220/7-4 in production licence 532 in the Barents Sea.

holdings of BlackRock in Neste Corporation exceeded 5% Neste Corporation has today received a notification under Chapter 9, Section 10 of the Finnish Securities Market Act (FSMA). According to the notification by BlackRock, Inc., the aggregate holdings of the entities referred to therein in Neste Corporation have on 8 March 2021 exceeded 5% of the total number of shares and voting rights of Neste Corporation.

Chevrolet Menlo Electric Vehicle Launched in China The Chevrolet Menlo sporty-looking sedan, the brand’s first fully electric vehicle in China, was launched today. Initially being offered in Beijing, the Chevrolet Menlo is available in four variants priced from RMB 159,900 to RMB 179,900 after national subsidies for new energy vehicles.

GE Announces Detailed 2021 Outlook GE shared the following total company outlook for full-year 2021:

• GE Industrial revenues* to grow organically in the low-single-digit range.

Schlumberger New Energy, Chevron, and Microsoft Collaborate on Carbon Negative Bioenergy The BECCS plant will convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity.

Total and Microsoft partner to drive digital innovation and Net Zero goals The dynamic development of Microsoft and Total in their respective areas of expertise and their rich histories of innovation brings many concrete opportunities for collaboration over a multi-year timeframe

Baker Hughes Rig Count to 11th March 2021

RegionPeriodNo. of RigsChange
U.S.A5th Mar. 2021403+1
Canada5th Mar. 2021141-22
Baker Hughes Rig Count Overview & Summary Count

Two Major Institutions Team Up To Boost Renewables In Latin America IRENA and the development bank will support each other’s energy investment in Latin America as part of their initiative to achieve the goals of the Paris Agreement, the agency said in a statement.

Newstrack compiled by Oil and Gas Press / Segun Cole , Please email us your industry related news for publication

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