ENERGY

Oil prices declined for the third straight day as general risk-off sentiment combined with traders anxiety over Chinese demand to pull WTI down near two-month lows.

Meanwhile, U.S. summer travel demands remain a "bright spot, but are not enough to support the entire market as political risks due to escalating tensions in the Mideast are also easing," said Cunningham.

API

• Crude -4.495mm (-3.9mm exp)

• Cushing -929k

• Gasoline -1.917mm (-1.6mm (more…)

In the evolving global energy landscape, renewable sources are becoming increasingly cost effective. Even without subsidies, renewables are often the cheapest option available.

This chart, created by Visual Capitalist's Selin Oguz and Ryan Bellafontaine, in partnership with the National Public Utilities Council, shows which electricity sources are the most and least expensive in 2024, using data by Lazard.

Onshore Wind and Solar: A Bargain with Subsidies

Onshore wind power effectively costs $0 per megawatt-hour (MWh) when subsidies included in the Inflation Reduction Act, such as the Investment Tax Credit, Production Tax Credit, and Energy Community Adder, are applied.

Demand for storage solutions is rising quickly. If storage is included, the minimum cost for onshore wind increases to $8 per MWh. Offshore wind, while more expensive, still presents a competitive option at a minimum of $71 per MWh with subsidies.

*2020 LCOE adjusted for inflation

Solar photovoltaics (PV) have (more…)

Authored by Julianne Geiger via OilPrice.com,

• Natural gas power generation hit a record high in the US on July 9th due to extreme heat.

• Despite record demand, natural gas prices remain relatively low due to high storage levels.

• The surge in gas demand highlights the fuel's critical role in meeting peak electricity needs.

On July 9, 2024, U.S. power plant operators in the Lower 48 states generated 6.9 million MWh of electricity from natural gas, marking a record (more…)