Mid-Week Review – March 3, 2021

Energy leaders grapple with climate targets at virtual CERAWeek

Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world’s largest energy conference on Monday. Numerous speakers at CERAWeek were prepared to talk about the energy transition and the need for future investment in renewables. But many oil and gas executives were vocal about the need for more fossil-fuel investment in coming years, even as a way of leading the world to a lower-carbon future. Click Here to read more from Reuters.

 

Louisiana’s LOOP Exports Zero Oil in February

Crude exports from Louisiana’s offshore supertanker port tumbled to zero as Asian buyers limited purchases to manage high inventories that threaten to overwhelm storage facilities. The lack of shipments in February from the Louisiana Offshore Oil Port — for the first time in nearly two years — is a stark contrast from January when the facility sent out a record of nearly 15 million barrels of domestic crude to buyers in China, South Korea and India, data compiled by Bloomberg show. Click Here to read more from Yahoo Finance.

 

New U.S. sanctions on traders choke Venezuela’s oil exports

Venezuela oil exports dropped in February after the U.S. sanctioned key trading houses and individuals that had been propping up exports of the commodity that bankrolls President Nicolas Maduro’s regime. Crude shipments fell 13% from January, according to shipping reports and ship-tracking data compiled by Bloomberg. Click Here to read more from World Oil.

 

Biden signs order aimed at improving semiconductor, EV battery supply chains

US President Joe Biden signed an executive order Feb. 24 aimed at addressing vulnerabilities in the US supply chain for essential goods, including semiconductors and large capacity batteries for electric vehicles. The order directs an immediate 100-day review across federal agencies to address vulnerabilities in the supply chains of four key products: critical minerals, semiconductors, large capacity batteries – such as those used in electric vehicles – and APIs (the parts of pharmaceutical products that contain the active drug). Click Here to read more from S&P Global Platts

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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