The negative pricing signal we saw on the NYMEX is an indication of a financial long position that was too large to be physically accommodated. It also indicates an emergent (albeit temporary) reality that speculative long positions in crude oil futures will be punished as storage disappears. Continue Reading
The Covid-19 pandemic has disrupted the waste, plastic, and recycling industries. More recyclables are being disposed of in the traditional waste processes. This challenges the goals of sustainability while stressing the need for a systems-level approach. Continue Reading
Part of Covid-19 recovery will entail a new round of negotiations on legislation to support infrastructure improvements and expansion. Specific initiatives could play directly to wider support for the reform of the century-old policy known as Jones Act. Continue Reading
Current gloom notwithstanding, oil will likely remain the world’s most important energy resource for multiple decades. Continue Reading
The U.S. government should focus even more closely on maintaining a fair and open competition. Some companies will succeed, others will fail, but overall, investors – and the whole country – will adapt and be better off. The ability to fail is one of the secret weapons of our system. Continue Reading
In a less spectacular fashion than oil, international natural gas prices have fallen. The explanation goes far beyond low demand related to the Covid-19 pandemic or demand in general. It relies on a much larger and more complicated array of factors that include supply and demand and oil pricing. Continue Reading
From the 2016 bottom of about 8.8 MMBD through end of 2019, overall U.S. oil production increased 45% to roughly 13 MMBD. Now all eyes are on U.S. domestic producers, especially those occupying the shale patch. Here is what one needs to consider. Continue Reading