06/11  Closing Prices / revised 06/12/2024 07:53 GMT 06/11 OPEC Basket  $82.36   +$1.43 cents 06/11 Mexico Basket (MME) $72.63  +$0.43  cents  | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 06/11 NYMEX WTI Texas Intermediate July CLN24 $77.90  +$0.16 cents  | 06/11 ICE Brent August  BRNQ24    $81.92  +$0.29 cents  | 06/11 NYMEX Gasoline June RBN24  $2.40  +0.1%  |  06/11 NYMEX  Heating Oil July  RBN 24    $2.42  +0.3% | 06/11 Natural Gas July NGN24  $3.12   +7.7%  | 06/07 Active U.S. Rig Count (Oil & Gas)   594  -6  | 06/12 USD/MXN Mexican Peso   18.6503  (data live)  | 06/12 EUR/USD     1.0745 (data live)  | 06/12 US/Bs. (Bolivar)   $36.43850000 ( data BCV)

EnergiesNet on CERAWeek, Day 1

CERAWeek by S&P Global 2024

By Todd Petersen, Special to EnergiesNet

EnergiesNet.com 03 19 2024

Energy executives, government officials and other dignitaries are gathered in Houston for CERAWeek. This year the theme is “Multidimensional Energy Transition: Markets, climate, technology and geopolitics.”  It is a who’s who of professionals. The turnout is larger than in the last several years which were affected by COVID. There are people from 80 different countries.

 CERAWeek has been divided in two for several years, CERA and innovation agora. Both are focused on energy, but agora leans more towards new fuels, technology, the cloud and AI. An example is AWS (Amazon Web Services) which has presentations about advancements in satellites, generative AI, edge computing, decarbonization to name a few different subjects.

In a session today we heard from the Hon. Jennifer M. Granholm, ex-Governor of Michigan and current Secretary of Energy, United States Department of Energy under the Biden Administration. She spoke on several subjects but focused on the IRA (Inflation Reduction Act). The main goal of the IRA is to clean up the environment. This can be accomplished by reducing carbon/methane emissions. The best way to do this is by eliminating fuels like coal, oil and natural gas. Gasoline burning cars are large contributors to climate change and should be replaced by EV’s (electric vehicles).  The Secretary mentioned the 17 National Lab’s that are under the DOE and their contribution to reducing climate warming. She also mentioned the National Labs are the largest employer of PHD’s.

The Secretary admitted that permitting is a challenge for new projects, but the Department has hired 800 project managers to speed up the approval process. AI should also help the process. She added that funding for AI and more government employees is being deployed as fast as possible. By cleaning up the environment the government is convinced that more jobs and manufacturing will be brought back to the USA and prices and inflation will come down.

When asked about energy security the Secretary mentioned recent international events which have brought our allies together and will lead to energy security.

There were several sessions focused on natural gas and LNG. In one, there were representatives from Sempra, Chevron and Trafigura.  An infrastructure company, a major oil company, and a worldwide trading company. They covered gas molecules from start to finish. The general feeling was that natural gas was clean burning and a transition fuel to the future. The demand for energy will continue to increase, especially in developing countries. Long term growth will be in the Far East but midterm in Europe. Trafigura pointed out that the USA will also continue to grow given the price differentials. Today the price of natural gas is $1.70/MMBtu in the US and $9.00/MMBtu in Europe. This difference should make companies want to relocate and increase local demand.

When asked about the Biden Administration pause on approving LNG export projects, they all felt that it would only be temporary.

EnergiesNet.com 03 19 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top