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3 Dec 2023
COP28: Countries Agree to Triple Global Renewable Energy Capacity by 2030
DUBAI - Nearly 120 countries have agreed to triple global renewable energy capacity to 11,000 gigawatts by 2030, meeting one of the key goals of the COP28 climate summit. The Global Renewables and Energy Efficiency Pledge was part of the…
3 Dec 2023
COP28: IOSCO Report Outlines Good Practices to Boost Carbon Market Integrity
DUBAI - The International Organization of Securities Commissions published a consultation report on Sunday outlining a set of good practices to promote the integrity and orderly functioning of the voluntary carbon market. At the COP28 climate summit in Dubai, the…
2 Dec 2023
COP28: US Joins Alliance to Phase Out Coal-Fired Electricity
DUBAI - The United States and seven other countries announced Saturday that they will join the Powering Past Coal Alliance (PPCA) and not develop new unabated coal-fired power plants while phasing out existing plants. Coal is the most carbon-intensive fossil…
2 Dec 2023
COP28: US Toughens Rules to Cut Oil and Natural Gas Sector Methane Emissions
DUBAI - The US Environmental Protection Agency issued a final rule on Saturday aimed at sharply reducing methane emissions from the oil and natural gas industry. EPA administrator Michael S. Regan and US president Joe Biden's national climate adviser Ali…
2 Dec 2023
COP28: Free Corporate Climate Data Platform Unveiled at Dubai Summit
DUBAI - A pilot of the world's first centralized and free repository of corporate climate data critical for the net zero transition was unveiled Saturday at the COP28 climate summit. The proof of concept for the Net-Zero Data Public Utility…
2 Dec 2023
COP28: Climate Club Launched to Accelerate Decarbonization of Industry
DUBAI - The Climate Club, a high-ambition forum to turbocharge the decarbonization of key economic sectors, was formally launched Friday by German chancellor Olaf Scholz. Scholz inaugurated the 36-member club at the COP28 climate summit in Dubai, a year after…
1 Dec 2023
Monthly Data Review Shows EIA's Weekly Reports Undercounted Product Demand
The Energy Information Administration has consistently underestimated U.S. gasoline and distillate demand in its weekly supply and demand reports for much of 2023, based on an OPIS review of nine months of monthly data from the agency. A look at…
1 Dec 2023
Cepsa, C2X to Invest $1 Billion in Spanish 300 kt/year Green Methanol Plant
Spanish energy company Cepsa and green methanol arm of Danish shipping company A.P. Moller Maersk C2X intend to invest up to $1.08 billion (€1 billion) to build a 300,000 metric ton/year green methanol plant in Spain for the shipping and…
1 Dec 2023
COP28: More Domestic Carbon Markets, Common Standard for Credits Necessary
DUBAI - Compliance carbon markets are one of the most trusted and tested tools in the effort to reduce emissions and more countries should implement their own, European Commission President Ursula von der Leyen told delegates at COP28 Friday. Von…
1 Dec 2023
UPDATE: COP28: UAE Sets Up $30 Billion Fund to Bridge Global Climate Financing Gap
(Adds comments from former Bank of Canada and Bank of England governor Mark Carney in paragraphs 5-7) DUBAI - A day after securing a landmark agreement to operationalize the Loss and Damage Fund, COP28 host United Arab Emirates on Friday…
1 Dec 2023
Spain's Road Diesel Demand Returned to Growth in October
Spanish demand for road diesel returned to year-on-year growth in October, in line with a broader recovery across Europe, while gasoline consumption continued strong. Spain's oil-and-gas agency Cores reported Friday that road diesel demand in the country rose 0.7% in…
1 Dec 2023
Australia Needs Reforms, Renewables To Hit 2030 Emission Target: Ministry
Australia would not be able to achieve its target of a 40% reduction in emissions from 2005 levels by 2030 without reforms to its emissions control system and a sharp increase in renewable electricity usage, according to the country's first…
1 Dec 2023
COP28: UAE Sets Up $30 Billion Fund to Bridge Global Climate Financing Gap
DUBAI - A day after securing a landmark agreement to operationalize the Loss and Damage Fund, COP28 host United Arab Emirates on Friday unveiled a $30 billion fund designed to bridge the global climate financing gap. President Sheikh Mohamed bin…
30 Nov 2023
Unleaded Aviation Fuel Could be Offered in US Market as Early as 2025
Collaboration between U.S. fuel marketer VP Racing and LyondellBasell may result in the delivery of an aviation fuel blend as early as 2025 that could end decades during which leaded fuel was the only option for general aircraft. EPA last…
30 Nov 2023
October New Home Sales Drop by 5.6% from September's Level
Sales of new single-family houses in October 2023 were at a seasonally adjusted annual rate of 679,000 according to estimates released jointly on Monday by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.6%…
30 Nov 2023
COP28: Al Jaber Promises Ambitious Agenda to Meet Global Climate Goals
DUBAI - Sultan Al Jaber kicked off his presidency of the COP28 climate summit Thursday, vowing to pursue an ambitious agenda "free of the obstacles and the detours of the past" to meet global climate goals. He was speaking moments…
30 Nov 2023
COP28: UN Report Confirms 2023 Is Set to be the Warmest Year on Record
DUBAI - A report released on the opening day of the COP28 climate summit in Dubai by the United Nations' weather agency has confirmed that 2023 is set to be the warmest year on record. The World Meteorological Organization's provisional…
29 Nov 2023
COP28: UN Climate Chief Urges World Leaders to Agree on Bolder Action
DUBAI - The United Nations' climate chief, Simon Stiell, on Wednesday said government leaders gathering here for the COP28 conference must agree on what bolder actions need to be taken to fight climate change and how to deliver them. In…
29 Nov 2023
Exxon Begins Work on $1 Billion Diesel Unit at 260kb/d Fawley Refinery in UK
U.S. oil major ExxonMobil has started the construction of a new diesel production unit at its 260,000 b/d Fawley refinery in the U.K. The group said that the project represents an investment of more than £800 million ($1.01 billion) and…
29 Nov 2023
Borealis Buys Bulgarian Plastics Recycler
Borealis said Wednesday it has agreed to acquire a 100% stake in Integra Plastics AD, an advanced mechanical recycling company based in Bulgaria. Borealis will add more than 20,000 metric tons of plastics recycling capacity with this acquisition. It did…
29 Nov 2023
Seven EU Countries Ask to Delay Including Shipping in EU ETS: FT
Ministers from seven European countries have written to the European Commission to request postponing the inclusion of shipping in the European Union emission trading scheme (ETS), which is scheduled to start in January 2024, according to a letter cited by…
29 Nov 2023
Activist Fund Takes $1 Billion Stake in Phillips 66 and Calls for Changes
Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is seeking to name two directors to the oil company's board, it said on Wednesday. In addition, the investment fund is aiming to inspire Phillips 66 to…
29 Nov 2023
TotalEnergies Buys Stake in Renewable Energy Company Xlinks for $25 Million
France's TotalEnergies has acquired a minority stake in British company Xlinks for £20 million ($25.37 million), the French energy major announced in a news release Wednesday. The release did not disclose what percentage of the British renewable power provider the…
29 Nov 2023
German Diesel Demand Slowdown Eased in September
Demand for road diesel in Germany was broadly flat in September compared with the same period of 2022, suggesting that the slowdown in fuel consumption is easing. The German government reported September road diesel demand at 2.75 million metric tons,…
28 Nov 2023
2023 Atlantic Hurricane Season Fourth-Most Active Since 1950: NOAA
The 2023 Atlantic hurricane season, which officially ends on Thursday, was the fourth-most active since 1950, with 20 named storms, the National Oceanic and Atmospheric Administration said on Tuesday. Seven of the named storms were hurricanes, three of which reached…
28 Nov 2023
Chevron Says California Refinery Back Online after Overnight Power Outage
Chevron Corp.'s Richmond, Calif., refinery in the San Francisco Bay Area was back online Tuesday after an overnight power outage led to unplanned flaring, according to a company filing with the Governor's Office of Emergency Services. In an update filing…
28 Nov 2023
Analysis: Streak of Falling US Retail Gasoline Prices Could End This Week
U.S. retail gasoline prices on Tuesday fell for a 61st consecutive day and are down by about 59cts over the two-month period. But price declines have been slowing of late and the downward trend may well end this week as…
28 Nov 2023
Flaring Expected Amid Restart at BP Gelsenkirchen Refinery in Germany
Flaring and noise is expected at BP's Gelsenkirchen refinery and petrochemical complex in Germany over the next few days, as a unit resumes operation on Tuesday following maintenance work at the Scholven site, BP said in a post to social…
28 Nov 2023
EU Carbon Price Hits New One-Year Low as December Options Expiry Nears
The European Union Emissions Trading System (EU ETS) experienced the largest daily percentage loss since June 21 on Monday and set a one-year low when the December 2023 benchmark closed at €72.96 ($80.18)/metric ton, according to data from the Intercontinental…
28 Nov 2023
Avance Gas Expects Vessel Inefficiencies to Offset Large Number on Order
The orderbook for very large gas carriers (VLGCs) for 2024 is significant, albeit lower than in 2023, but Oslo-listed shipowner Avance Gas expects stronger liquefied petroleum gas (LPG) trade and growing vessel inefficiencies to offset the risk on freight rates…
 

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Forward Ethylene Markets: A Price-Protection Primer and Focus on a High-Exposure Market

A comprehensive guide for anyone looking to understand the intricacies of the ethylene and PVC markets, offering both historical context and actionable insights for risk management.

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