Last updateMon, 20 May 2019 7pm


Renewable Capacity Growth Worldwide Stalled in 2018

After nearly two decades of strong annual growth, renewables around the world added as much net capacity in 2018 as they did in 2017, an unexpected flattening of growth trends, according to the International Energy Agency.

Last year was the first time since 2001 that growth in renewable power capacity failed to increase year on year. New net capacity from solar PV, wind, hydro, bioenergy, and other renewable power sources increased by about 180 Gigawatts (GW) in 2018, the same as the previous year.

Work Set to Begin on $1B Water Pipeline

“An infusion of $30 million will enable construction to begin next spring on a $1 billion pipeline that will deliver Missouri River water to the Red River Valley during periods of prolonged drought,” the West Fargo Pioneer reports.

The 165-mile Red River Valley Water Supply Project in North Dakota “is meant to carry water from the Missouri near Washburn, north of Bismarck, and empty into the Sheyenne River above Baldhill Dam, a reservoir north of Valley City.”

New Permian Basin Oil Feeding Global Markets

“Exports of the Permian basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners,” Bloomberg reports.

“Sales of the new grade, known as West Texas Light, began in September, as explorers sought to separate out increasingly lighter and less sulfurous crude bubbling up from wells in West Texas and New Mexico, so it wouldn’t lessen the quality of U.S. benchmark West Texas Intermediate. WTL supply has grown to over 500,000 bpd, a nearly four-fold rise from last year.”

U.S. Oil Producers Had Best Year Since 2013

Net income for 43 U.S. oil producers totaled $28 billion in 2018, a five-year high. Based on net income, 2018 was the most profitable year for these U.S. oil producers since 2013, despite crude oil prices that were lower in 2018 than in 2013 on an annual average basis.

Lower production costs per barrel of oil equivalent (BOE) and increased production levels contributed to a higher return on equity for these companies for the fourth quarter of 2018 than in any quarter from 2013 through 2018.

Most of these companies operate in Lower 48 U.S. onshore basins, with some in the Federal Offshore Gulf of Mexico and Alaska, and some in several other regions across the globe.

Global Chemicals Output Remains Slow

Data from the American Chemistry Council (ACC) show that global chemicals production in the first quarter of 2019 continues at a slow pace, rising 0.1% in March. This follows a 0.2% gain in February and a 0.1% gain in January. With softness earlier last year, the Global CPRI was up 2.3% year-over-year (Y/Y) on a seasonally adjusted, three-month moving average (3MMA) basis and stood at 116.8% of its average 2012 levels.

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