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Wind power industry in moment of reckoning as stocks fall and earnings crumble
Renewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. With the world trying to transition at pace toward cleaner energy, equipment manufacturers are struggling to keep up with soaring global demand, leading to rising production costs and questions over the economic sustainability of large-scale projects from the industry’s major players. Manufacturing faults, most notably at Siemens Energy ’s wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and ... (full story)
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- Nov 13, 2023 8:54am Nov 13, 2023 8:54am
- BDC999
- | Joined Aug 2022 | Status: Member | 71 Comments
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Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's ...
In October, the OPEC Reference Basket (ORB) fell by $2.82, or 3.0%, m-o-m, to an average of $91.78/b. The ICE Brent front-month contract fell by $3.89, or 4.2%, m-o-m, to $88.70/b, and the NYMEX WTI front-month contract fell by $3.96, or 4.4%, m-o-m, to average $85.47/b. The DME Oman front-month contract fell by $4.06, or 4.3%, m-o-m, to settle at $89.31/b. The front-month ICE Brent/NYMEX WTI spread widened in October by 7¢ to average $3.23/b. The market structure strengthened further as the front end of futures forward curves for ICE Brent, NYMEX WTI and DME Oman steepened on concerns over geopolitical tensions in the Middle East. Hedge funds and other money managers heavily cut bullish positions, fuelling price volatility and contributing to the drop in futures prices. World Economy The forecast for world economic growth remains unchanged at 2.8% for 2023 and 2.6% for 2024. US economic growth is revised up to 2.3% for 2023 and 0.9% for 2024. Eurozone economic growth is revised down for both 2023 and 2024 to stand at 0.2% and 0.5%, respectively. Japan’s economic growth forecast for 2023 is revised up to 1.9%, while growth in 2024 remains at 1.0%. The forecast for China remains unchanged at 5.2% for 2023 and 4.8% for 2024. India’s growth forecast remains unchanged at 6.2% for 2023 and 5.9% for 2024. Brazil’s forecast also remains unchanged at 2.5% in 2023 and 1.2% in 2024. Russia’s economic growth forecast is revised up to 1.9% for 2023 and 1.2% for 2024. World Oil Demand The world oil demand growth forecast for 2023 is revised up marginally from the previous month’s assessment to 2.5 mb/d. Revisions to data for the OECD countries throughout the first three quarters largely offset each other. In the non-OECD, the upward revisions to China’s oil demand in both 3Q23 and 4Q23 outpaced the downward revisions in the non-OECD region in 3Q23. In 2023, OECD oil demand is expected to rise by around 0.1 mb/d, while non-OECD oil demand is expected to increase by 2.4 mb/d. For 2024, world oil demand is expected to grow by a healthy 2.2 mb/d, unchanged from the previous month’s assessment. The OECD is expected to expand by about 0.3 mb/d in 2024, with OECD Americas contributing the largest increase. The non-OECD is set to drive next year’s growth, increasing by about 2.0 mb/d, with China, the Middle East, Other Asia and India contributing the most. World Oil Supply Non-OPEC liquids supply growth forec post: OPEC RAISES 2023 NON-OPEC SUPPLY-GROWTH FORECAST BY 100,000 BPD TO 1.8 MLN BPD. post: OPEC: OPEC CRUDE OIL OUTPUT ROSE BY 80,000 BPD TO 27.90 MILLION BPD IN OCTOBER LED BY IRAN, ANGOLA AND NIGERIA. post: OPEC: DESPITE OVERBLOWN NEGATIVE SENTIMENT REGARDING CHINA’S OIL DEMAND PERFORMANCE, CHINESE CRUDE IMPORTS REMAIN VERY HEALTHY. post: OPEC: GLOBAL OIL MARKET FUNDAMENTALS REMAIN STRONG DESPITE EXAGGERATED NEGATIVE SENTIMENTS.
Crude oil markets once again witnessed a resurgence in activity during Friday's trading session, characterized by the persistent presence of turbulent price fluctuations. The WTI ...
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The volume of liquefied natural gas (LNG) handled by Japanese companies fell 7% year-on-year to 102.12 million metric tons in the fiscal 2022/23 year as local demand sagged, the ...
We expect North America’s liquefied natural gas (LNG) export capacity to expand to 24.3 billion cubic feet per day (Bcf/d) from 11.4 Bcf/d today as Mexico and Canada place their ...
The effects of climate change and climate mitigation policies have become an actively debated topic in macroeconomic and central bank circles over the last few years. Some central banks now have references to supporting government climate change policies within the secondary objectives of their remits, including the Bank of England. Not everyone agrees on what role central banks should play in achieving climate change objectives. To me, one thing is clear: When climate change has macroeconomic effects – whether physical impacts from extreme weather events and higher average temperatures or transition effects associated with transforming to a net zero economy, including explicit implications for inflation – it becomes a concern for monetary policymakers, directly within a price stability mandate. That applies whether the monetary policymaker’s remit includes a reference to climate change or not. The Bank of England has been a leader on raising awareness of the risks that climate change presents for economies, beginning with former Governor Mark Carney’s 2015 speech “Breaking the Tragedy of the Horizon”. Since then, much work has focused on the impact on financial stability, financial sector risks, and financial policy from climate change. Today I want to focus on a topic that has received less attention: The consequences for monetary policy of the pathway to net zero. There are two dimensions: First, the implications for monetary policy of the macroeconomic effects of climate change itself. Second, more nuanced but perhaps more novel, the monetary policy implications of climate mitigation policies. Despite net zero being a long-term target, both of these are also relevant over my monetary policy horizon. Is the climate change-monetary policy nexus something new facing central bankers? One could argue that macroeconomic changes from sho post: *BOE'S MANN: CLIMATE SHOCKS POINT TO MORE INFLATION PERSISTENCE
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- Posted: Nov 13, 2023 8:42am
- Submitted by:Category: Fundamental AnalysisComments: 1 / Views: 248