William Lacey

Former sell side analyst and partner of FirstEnergy Capital. Senate “ t-shirt guy”. A fan of all things energy, a believer that more of all is required.

[William Lacey @WilliamLaceyYYC]

Another year, another fantastic update by the @EnergyInstitute in terms of what our world looks like from the perspective of energy consumption and a number of other things. I have included my summary of energy, below, and direct you to the more fulsome review should you be interested, here: https://t.co/AHXy4k9HLJ

Total Energy Consumption

I will cut to the chase. Overall energy consumption continues to grow on a year over year basis, and this past year saw energy consumption grow by 1.4% or 8.1 EJ. The largest contributor to that growth in consumption came from the Asia Pacific region (+3.2 EJ), while the lowest growth came from the CIS (+0.2 EJ). Perhaps just as interesting is the mix of that energy consumption, and this is something that I have been discussing for some time now. As mentioned previously, overall energy consumption grew by 1.4% or 8.1 EJ. The largest contributor to that growth came from renewables, which saw overall consumption grow by 3.2 EJ or 9.9%. However just as interesting was that ALL forms of energy consumption grew in 2025, and when you group all 3 hydrocarbon sources together (oil + natural gas + coal), they grew by 4.6 EJ and accounted for 56% of total growth.

Total CO2 Emissions

The other focal point is CO2 emissions. In 2025, we saw emissions continuing to grow, increasing by almost 331 million tonnes. All regions saw emissions increase. The notable increase in emissions came from the United States (+147 million tonnes, far outweighing any other country) with the largest decrease coming from Japan (-25 million tonnes).

Population

The last part of the discussion, for me, comes down to population. In 2025 we saw the globe continue to grow, increasing by almost 70 million people. The largest growth in population came from India (+14.0 million) while China saw a decrease in its population (-3.2 million) When you look at population growth and energy consumption, the trend is undeniable. Similarly, when you look at overall emissions, the correlation with population is clear.

In short, the energy question is a complicated one. For now, the one thing is clear. The world is seeking more of all sources of energy.

[William Lacey @WilliamIaceyYYC]

Updated charts reflecting the latest @EIAgov update on US crude oil and refined product inventory levels. A surprise build in oil inventories this week, although the SPR saw yet another small draw.

[William Lacey @WilliamIaceyYYC]

Note that anyone who follows me there is someone impersonating me - @WilliamIaceyYYC please report (I have).

[William Lacey @WilliamIaceyYYC]

Good life advice from one of my kids

“Dad, it’s all sh#ts and giggles until someone giggles and sh#ts!”

Truer words have not been spoken 😂

[William Lacey @WilliamIaceyYYC]

Good

https://t.co/Mbswj8sytM

[William Lacey @WilliamIaceyYYC]

Half way through H1 financial reporting Canadian oil and gas producers and data shown that @cenovus and @ImperialOil have paid 100% in terms of royalties and taxes than same six month period in 2025. @suncor report on August 4 and @CanadianNatural to report August 6th. #winning

[William Lacey @WilliamIaceyYYC]

Updated US natural gas storage charts for the last week, where injections were 28 bcf, behind consensus at 35 bcf and the 5-year average of 26 bcf.

[William Lacey @WilliamIaceyYYC]

Updated US crude oil and refined product inventory charts outlining the latest weekly data (big surprise crude oil draw).

[William Lacey @WilliamIaceyYYC]

When you realize that ~2/3 of Canadians pay on average ~$1,035 per person, yet receive benefits materially above that (health care, social services etc.), you understand why many want the "free" stuff and are unwilling to accept change. At some point the system breaks.

[William Lacey @WilliamIaceyYYC]

A quick update on what precipitation looks like across the province of Alberta. As you could likely guess, its wet up north...

[William Lacey @WilliamIaceyYYC]

The suggestion of Canada cutting off energy supplies to the United States is so stupid on so many levels I don’t know where to even start. Beside becoming fodder for the Alberta separatists, you will permanently damage any hope of having normalized relations with the United State

[William Lacey @WilliamIaceyYYC]

Another week tracking close to the 5 year average, with a net build in US natural gas storage of 32 bcf (consensus 34 bcf, 5 year average 30 bcf). If that trend continues, the 5 year average for next week is a build of 26 bcf.

[William Lacey @WilliamIaceyYYC]

Updated charts on US crude oil and refined product inventory levels along with the SPR level.

[William Lacey @WilliamIaceyYYC]

Apparently Canada is just a land full of Hosers as the only thing we seem to be able to focus on with this whole tariff war with the US is alcohol, and our belief that we think this actually matters in the grand scheme of things. Frankly, I need a drink

[William Lacey @WilliamIaceyYYC]

Yeah, I’m petty. I just have a really hard time saying “forget the past, and forget the participants, there is a new leader in town.” There was no remorse, no humility, just a “we are about the future” vibe. We will live with this damage for generations, yet nobody seems to care.

[William Lacey @WilliamIaceyYYC]

Messi when realizing 0 shots on goal won’t win you a World Cup.

[William Lacey @WilliamIaceyYYC]

This is truly a remarkable accomplishment. For the metric folks, this is a 2:19/km pace. I would need to fall out a plane to hit that speed 😂

[Interesting things @awkwardgoogle]

Scottish athlete Josh Kerr breaks the 1-mile world record with a time of 3:42.66, the previous world record having stood for 27 years.

[William Lacey @WilliamIaceyYYC]

I am sending this request to the Major Projects Office for Canada to fight back against the threatened tariffs from the US from forest fires in Canada. We will install industrial scale Pollenex Super Power Pure Air 99 filters.

https://t.co/rGBr8OE1gc

[William Lacey @WilliamIaceyYYC]

The latest US natural gas storage charts which showed a build of 41 bcf as compared to consensus of 43 bcf and the 5-year average of 45 bcf.

[William Lacey @WilliamIaceyYYC]

Updated charts for US crude oil and refined product storage levels. Overall results seemed to be mildly bearish when compared to consensus and I suspect the biggest surprise (outside of the big build in distillates) was that the SPR was down only .