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China Oil Reserves Close to Capacity

by Bloomberg |Friday, February 26, 2021 China s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies. (Bloomberg) China’s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said. The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed due to the coronavirus pandemic. The figure represents government and commercial inventories, said the people who asked not to be identified because the information isn’t public. The reserves fluctuate but have consistently been at or above 100 days worth of imports and rose as high as 120 days recently, one of the people said.

ERCOT Directors Resign

Four unaffiliated directors from the Electric Reliability Council of Texas (ERCOT) board have resigned, according to a filing seen by Rigzone on the Public Utility Commission of Texas website. Four unaffiliated directors from the Electric Reliability Council of Texas (ERCOT) board have resigned, according to a filing seen by Rigzone on the Public Utility Commission of Texas website. Board Chairman Sally Talberg, Vice Chairman Peter Cramton, Finance and Audit Committee Chairman Terry Bulger, and Human Resources and Governance Committee Chairman Raymond Hepper all resigned, effective upon the adjournment of a February 24 ERCOT meeting, the filing outlined. In addition, the filing highlighted the withdrawal of one unaffiliated director candidate, Craig S. Ivey, from consideration for approval by the Public Utility Commission of Texas to fill the prior sole unaffiliated director vacancy on the board.

International Oil Cos Primed for V-Shape Recovery

Light Crude Clears $63

DOE Awarding up to $46MM for Geothermal Projects

Rice University / Houston, TX Fervo Energy / Houston, TX Integrated laboratory and modeling studies of the interactions among THMC processes Pennsylvania State University / State College, PA Lawrence Livermore National Laboratory / Livermore, CA U.S. Geological Survey / Denver, CO The University of Oklahoma / Norman, OK Purdue University / West Lafayette, IN “There is enormous untapped potential for enhanced geothermal systems (EGS) to provide clean and reliable electricity to power tens of millions of homes across the country,” Kathleen Hogan, the acting under secretary for Science and Energy, said in a DOE statement. “These investments in EGS research support President Biden’s mission to take on the climate crisis by pushing the frontiers of science and engineering and creating jobs in cutting-edge clean energy fields,” Hogan added.

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