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Charted: Energy inflation’s big chill

U.S. consumers got a break last month and the decline in gasoline prices is among the big factors behind the inflation news, Ben writes.

Driving the news: The overall Consumer Price Index fell for the first time since last summer. Over the past 12 months ending in December, the index is up 6.5%, falling from 7.1% through November.

Zoom in: The index for gasoline was by far the largest contributor to the monthly all items decrease, more than offsetting increases in shelter indexes,” the Labor Department reported.

The drop in pump prices also pushed the catch-all energy index — which includes power and natural gas — downward too. Go deeper

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By TheBestSolarReviews|2023-02-13T14:28:36+00:00January 22, 2023|Solar Articles|0 Comments

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Dimon: Permitting changes “desperately needed”

Dimon: Permitting changes “desperately needed”

Dimon: Permitting changes “desperately needed”

Share prices of oil producers bounced as crude prices rose, following the surprise OPEC+ decision to cut output this year, Ben writes. Driving the news: Companies seeing gains Monday included huge independents like Marathon Oil (roughly 10%) and ConocoPhillips (9%), and majors Chevron (4%) and Exxon (6%), to name a few. What they’re saying: Multiple analysts raised their 2023 price forecasts and see OPEC+ looking to keep Brent crude above $80 per barrel. Threat level: The International Energy Agency said oil markets were already slated to tighten this year. The new cuts “risk exacerbating those strains and pushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers.” How it works: One thing that may have swayed OPEC: confidence that they won’t prompt a U.S. supply surge that blunts the price increases. “The U.S. shale industry … seems stuck on a lower growth trajectory, and the limited threat of a shale supply response may have emboldened OPEC+,” writes Ben Cahill of the Center for Strategic and International Studies. The intrigue: The White House response was mild compared with anger over OPEC+ cuts announced last October ahead of the midterm elections and amid higher energy prices. The National Security Council’s John Kirby told reporters the new cuts are not “advisable” given “market uncertainty.” But he noted the U.S. “strategic partnership” with Saudi Arabia despite disagreement with specific decisions.

Share prices of oil producers bounced as crude prices rose, following the surprise OPEC+ decision to cut output this year, Ben writes. Driving the news: Companies seeing gains Monday included huge independents like Marathon Oil (roughly 10%) and ConocoPhillips (9%), and majors Chevron (4%) and Exxon (6%), to name a few. What they’re saying: Multiple analysts raised their 2023 price forecasts and see OPEC+ looking to keep Brent crude above $80 per barrel. Threat level: The International Energy Agency said oil markets were already slated to tighten this year. The new cuts “risk exacerbating those strains and pushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers.” How it works: One thing that may have swayed OPEC: confidence that they won’t prompt a U.S. supply surge that blunts the price increases. “The U.S. shale industry … seems stuck on a lower growth trajectory, and the limited threat of a shale supply response may have emboldened OPEC+,” writes Ben Cahill of the Center for Strategic and International Studies. The intrigue: The White House response was mild compared with anger over OPEC+ cuts announced last October ahead of the midterm elections and amid higher energy prices. The National Security Council’s John Kirby told reporters the new cuts are not “advisable” given “market uncertainty.” But he noted the U.S. “strategic partnership” with Saudi Arabia despite disagreement with specific decisions.

Share prices of oil producers bounced as crude prices rose, following the surprise OPEC+ decision to cut output this year, Ben writes. Driving the news: Companies seeing gains Monday included huge independents like Marathon Oil (roughly 10%) and ConocoPhillips (9%), and majors Chevron (4%) and Exxon (6%), to name a few. What they’re saying: Multiple analysts raised their 2023 price forecasts and see OPEC+ looking to keep Brent crude above $80 per barrel. Threat level: The International Energy Agency said oil markets were already slated to tighten this year. The new cuts “risk exacerbating those strains and pushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers.” How it works: One thing that may have swayed OPEC: confidence that they won’t prompt a U.S. supply surge that blunts the price increases. “The U.S. shale industry … seems stuck on a lower growth trajectory, and the limited threat of a shale supply response may have emboldened OPEC+,” writes Ben Cahill of the Center for Strategic and International Studies. The intrigue: The White House response was mild compared with anger over OPEC+ cuts announced last October ahead of the midterm elections and amid higher energy prices. The National Security Council’s John Kirby told reporters the new cuts are not “advisable” given “market uncertainty.” But he noted the U.S. “strategic partnership” with Saudi Arabia despite disagreement with specific decisions.

The ripple effects of OPEC’s surprise

The ripple effects of OPEC’s surprise

The ripple effects of OPEC’s surprise

California snowpack sets milestone, brings risks

California snowpack sets milestone, brings risks

California snowpack sets milestone, brings risks

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