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🇺🇸🛢️US oil and petroleum product inventories just hit a 22 year low.
The last time stockpiles were this low, the iPhone didn't exist....
48 hours ago, ExxonMobil's SVP Neil Chapman told CNBC inventories were heading to "really, really low levels" and physical Brent would move to $150–160 in 2 to 3 weeks.
This chart is what Chapman was looking at when he said it.
Here's the question every trader should be asking: if combined crude and product inventories are at a 22-year low, why is Brent still trading at $96?
The answer is in my latest article, link in the below comments
Australia is replacing coal and gas power with solar and wind—
At the turn of the millennium, Australia got more than 80% of its electricity from coal. This has dropped to less than 45%.
The chart shows how the country’s electricity mix has changed in recent decades.
In the 2000s and early 2010s, coal was initially replaced by gas, with only moderate growth in solar and wind. But in the last five years, solar and wind have been deployed much more quickly.
Gas is now on the decline, too. In 2023, solar overtook gas to become Australia’s second-largest electricity source.
While coal is declining, it still supplies much more of Australia’s power than most high-income countries.
(This Data Insight was written by @_HannahRitchie and @parriagadap.)
Wildfires are creating unhealthy air far from active flames.
According to a new NASA study, wildfires have worsened ground-level ozone pollution across much of the U.S. since 2015. NASA’s satellite data and models help track air quality patterns across states and fire seasons.
“You’d think if any ecosystem could hide from the effects of warming and big human footprints, it’d be this one. But it’s not so.” https://t.co/GguNkdC1oA
The ocean especially the phytoplankton biomass is one of the lungs of the Earth that allows us to exist
The other is the world forests like the Amazon and Congo Basin
We are killing both these lungs and both lungs are dying
They call this progress growth and development
Higher oil and gas prices coming soon, industry and analysts warn
Summer travel could get a lot more expensive as Strait of Hormuz remains closed and oil reserves dwindle
https://t.co/GhJlTuIg0J
Scott Pelley issues new statement after being fired by CBS for opposing their pro-MAGA bias:
“New management has instructed me to inject falsehoods and bias into a politically sensitive story. I’ve been told to include assertions that are unverified. To date, in every case, I have managed to ignore these instructions or refuse them.
Recently, politicians have been invited to choose correspondents for interviews on the broadcast. Giving politicians control over 60 Minutes interviews is not how this is done.
Finally, incompetence and unprofessionalism in the new management have wreaked havoc. In a case involving one of my stories, the entire program came within 19 minutes of not getting on the air at all.”
California is testing solar panels over canals — and the idea is surprisingly simple.
The panels generate clean power without taking up new land, while the shade helps slow evaporation from the water below.
UC Merced researchers estimate that covering California’s 4,000-mile / 6,437-km canal network could save up to 63 billion gallons / 238 billion liters of water a year — enough for the residential needs of more than 2 million people.
Early results from Project Nexus are already showing major reductions in evaporation and aquatic weed growth.
A solar farm that also saves water — built over infrastructure that already exists.
The Arctic is warming at a rate up to four times faster than the planet as a whole and has lost a third of its sea ice volume in just two decades: https://t.co/I7YnTcqbvX
There is a no time to wait. #ActOnClimate#climate#energy#renewables#GreenNewDeal