A Koch Industries subsidiary said it’s opened a new fuel export route from Corpus Christi to Mexico without involving Mexico’s national oil company.
Koch Supply & Trading, which is part of the Koch brothers private business empire, calls it the first waterborne delivery of motor vehicle fuel into Mexico by private parties since the Mexican petroleum industry was nationalized nearly 80 years ago.
The route goes from Koch’s Flint Hills Resources refining system in Corpus Christi through the Port of Veracruz to a newly revamped terminal owned and operated by Dutch-based Royal Vopak, which obtained the first regulatory approval for an independent party to store and handle petroleum liquids in Mexico.
The first cargo was for ultra-low sulfur diesel fuel.
Koch said it can deliver to Mexico much earlier through the Vopak deal than by going through the extended process of permitting and building its own terminal.
The world is leaning less on its biggest economy to sustain the global recovery, according to the International Monetary Fund.The fund left its forecast for global growth unchanged in the latest quarterly update to its World Economic Outlook, released Monday in Kuala Lumpur. The world economy will expand 3.5 percent this year, up from 3.2 percent in 2016, and by 3.6 percent next year, the IMF said. The forecasts for this year and next are unchanged from the fund’s projections in April.Beneath the headline figures, though, the drivers of the recovery are shifting, with the world relying less than expected on the U.S. and U.K. and more on China, Japan, the euro zone and Canada, according to the Washington-based IMF.The dollar fell to its lowest in 14 months last week as investors discounted the ability of President Donald Trump’s administration to deliver on its economic agenda after efforts by the Republican Senate to overhaul health care collapsed.The IMF estimated U.S. growth at 2.1 percent this year and again in 2018, consistent with what the fund said June 27 in its annual assessment of the U.S. economy. In the April world economic outlook, it had forecast U.S. growth of 2.3 percent and 2.5 percent, respectively, in 2017 and 2018. The economy expanded by 1.6 percent in 2016.
Source: America First No More as IMF Sees U.S. Fading as Growth Engine
July 21, 2017
The Houston-The Woodlands-Sugar Land metro area created 10,700 jobs in June and 56,100 over the previous 12 months, according to data released today by the Texas Workforce Commission. The monthly job gain was on par with the region’s 20-year average of 11,000 jobs added for a June. The 12-month job growth was well above the 20-year average of 48,300 jobs. Houston’s total nonfarm payroll employment now stands at 3,058,900, a new high for the metro.
Storage makes renewable energy available when it’s needed the most. Peak electricity usage happens in the early morning and evening, whereas peak production of solar energy is midday and at night for wind. Given the U.S. electric grid’s lack of storage capacity, conventional power plants, including gas-fired ones, are utilities’ most reliable source of electricity.That could be about to change. In a new collaborative report, “An Underappreciated Disruptor,” Morgan Stanley’s Utility and Clean Tech analyst, Stephen Byrd and Shared Mobility & Auto analyst, Adam Jonas, argue that the price of both solar and wind energy, as well as new storage units, have reached a point where renewable energy can finally become a dependable rather than an unpredictable source of energy. “Demand for energy storage from the utility sector will grow more than the market anticipates by 2019-20,” the report posits. The demand for storage is expected to grow from a less than $300 million a year market to as much as $4 billion in the next two to three years, says the Morgan Stanley report. Ultimately there’s about a $30 billion market for storage units, with capacity for around 85 gigawatt-hours of power storage. That’s enough electricity to light up most of the New York City metro area for a year.
Source: Renewable Energy Storage: The Next Big Power Play | Morgan Stanley
IHS CERAWeek is an annual energy industry conference in Houston that tends to draw huge crowds from all over the world — this year’s conference is expected to pull nearly 3,000 attendees from more than 60 countries. Denver-based IHS Inc. (NYSE: IHS) will host the 36th anniversary of CERAWeek March 6-10 at the Hilton Americas Hotel downtown.
Source: IHS CERAWeek to be held March 6-10 in downtown Houston, speakers include Exxon’s new CEO Darren Woods – Houston Business Journal
The Columbia Energy Journalism Initiative is a program at the Center on Global Energy Policy within Columbia University’s School of International and Public Affairs. The Initiative will educate journalists about the various disciplines associated with the energy sector, including policy, markets, finance, climate change, technology and geopolitics. Moreover, it will introduce participants to a variety of leading sources who can help inform their reporting on this vital topic. The Initiative will hold its first program in summer 2017, and will grow and evolve in subsequent years with additional support to offer more resources, programs and technology tools that meet the changing needs of energy journalism. The program’s initial phase is supported with generous support from the Alfred P. Sloan Foundation and CGEP Advisory Board Member Reid Hoffman.
Source: Columbia | SIPA Center on Global Energy Policy | Energy Journalism Initiative
The Lochridge Energy Onshore Fund ranked #6 for both performance and Sharpe Ratio for 2016 in BarclayHedge’s Discretionary Traders Managing more than$10 million category.
The Trump administration on Friday issued new sanctions against Iranian entities and individuals connected to the country’s ballistic missile program.The sanctions, against 25 individuals and companies, add to a lengthy list of sanctions the US already has in place against Iran and follow a statement Wednesday by Michael Flynn, President Donald Trump’s national security adviser, that Iran was “on notice” after it conducted a ballistic missile test.During his election campaign, President Trump criticized the nuclear deal the Obama administration brokered with Iran and said he would negotiate a “better” deal, without offering specifics.The deal, formally known as the Joint Comprehensive Plan of Action, resulted in the lifting of Western sanctions on Iranian oil exports a year ago.Iran has ramped up its oil production by about 1 million b/d since the sanctions were lifted.In a background briefing Friday, a senior Trump administration official said the new sanctions were made “outside” the JCPOA and do not impact the deal.The official said no individual or entity which had sanctions dropped under the JCPOA was impacted by Friday’s sanctions.
Source: Trump administration issues new Iran sanctions – Oil | Platts News Article & Story