Keeping an eye on bunkers. Your weekly bunker update powered by InterContinental Bunkering.
Brent crude futures were up 107 cents, or 2.43% to $44.67 a barrel at 0738 GMT, while U.S. West Texas Intermediate (WTI) crude futures also rose 48 cents, or 1.2%, to $41.84 a barrel at 0455GMT. Both benchmarks gained nearly 3% on Tuesday.
BP and Orsted have collaborated on a joint project to look at producing clean hydrogen at Orsted’s 82,000 bpd refinery in Northwest Germany, involving renewable power from the North Sea wind farm to power a 50MW electrolyser at the refinery. (Argus Media)
ICE have signed a memorandum of understanding with Chevron, Trafigura and Occidental to explore using the upcoming Murban futures contract in order to Price US oil heading to Asia. Ice plan to launch the contract on March 29th in Abu Dhabi, after the Pandemic brought an abrupt halt to the proceedings.
“As one of the largest exporters of US crude to Asia, we are pleased to explore opportunities to utilize the new price benchmark for light sweet crude oil that Murban Futures will provide” Fred Forthuber, president of Oxy Energy Services, said in an ICE statement. (S&P Global Platts)
Record levels of renewable energy forms are set to come online through the end of the year and into next as the shift from traditional forms of energy advances, accelerated by the pandemic report the IEA. Renewables are set to account for 90% of the increase in total power capacity worldwide this year. In 2025, Renewables are set to become the largest source of electricity generation worldwide. (Reuters)
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