London, (Oilandgaspress) –– Oil price uncertainty continues driven by concerns over potential supply disruptions in the Middle East and a sharp rise in fuel demand due to a severe storm in the US, due to Hurricane Milton, which has struck the west coast of Florida, causing tornadoes and a threat of rising sea levels.
Vestas and Fortum announce that the companies have settled the arbitration regarding wind energy projects in Russia. The settlement entails that both companies waive past, present and future claims related to their legacy business activities in Russia. The terms of the settlement are otherwise confidential. With this settlement, Fortum and Vestas have reached a compromise that allows the companies to work together again on new energy projects as well as already operating wind parks.
Fortum President and CEO, Markus Rauramo, says: “I am pleased that we have reached an agreement that pleases both parties and which enables us to now move on and look at future prospects going forward.”
Vestas President and CEO, Henrik Andersen, says: “Vestas and Fortum’s differences have been both significant and uncharacteristically public, but over time it became clear it’s in both parties’ interest to settle the dispute. We look forward to keeping existing wind parks running and exploring new ones with Fortum for the benefit of Fortum, Vestas and Europe’s energy system.”
Fortum had initiated the arbitration in 2022 in the International Chamber of Commerce (Stockholm). Fortum’s claims against Vestas were related to contracts for Russian wind energy projects which were entered into before the Russian invasion of Ukraine Read More
The U.S. Energy Information Administration (EIA) expects most U.S. households, on average, will pay about the same to heat their homes as they did last winter. A notable exception is that EIA expects Midwestern homes heated by natural gas will pay about 11% more on average for heat than last winter.
In its 2024 Winter Fuels Outlook, EIA forecasts a colder winter, leading to more energy consumption for heat. With energy prices similar to or slightly lower than last winter, EIA expects spending for many households will be about the same as last winter.
“There’s a lot of uncertainty about the weather over an entire season—not to mention uncertainty over commodity prices,” said EIA Administrator Joe DeCarolis.
Comparing this winter’s forecast for the average U.S. household with last winter’s results, EIA expects a 1% increase in fuel bills for homes heated by natural gas, a 5% decrease for homes heated by heating oil, a 2% increase for homes heated by electricity, and a negligible change in costs for homes heated by propane. Because weather is a key source of uncertainty in the forecast, the report also includes a warmer and colder case to produce a range of possible expenditures by fuel type.
The Winter Fuels Outlook is a supplement to EIA’s October Short-Term Energy Outlook (STEO), and EIA will update it every month through February to reflect changes in commodity prices and temperatures. This year is the first year that EIA’s forecast distinguishes between primary heating fuels consumed for space heating and other end uses. Read More
Kuwait has awarded three projects for the cleaning and greening of oil polluted areas with a total value of around 147.5 million Kuwaiti dinars ($486 million), press reports said on Thursday. The state-owned Kuwait Oil Company (KOC), which manages the OPEC member’s upstream sector, awarded the contracts to three companies, Alanba newspaper said without naming those firms.
The projects are located in North and South Kuwait and include cleaning and planting millions of trees and plants in the areas affected by massive oil pollution during the 1990-1991 invasion of the Gulf state. Read More
Pursuant to Section 30 of the Danish Capital Markets Act, Vestas Wind Systems A/S hereby discloses a notification received from BlackRock, Inc., Wilmington, Denver, USA, on 7 October 2024, cf. attachment. The reason for the notification is a change to BlackRock’s group structure, resulting from the acquisition of Global Infrastructure Management, LLC. Furthermore, BlackRock, Inc. informs that it is still a major shareholder, and that in its new group structure, its holding of voting rights and share capital as per 1 October 2024 corresponded to a position of 7.59 percent (previously 5.36 percent) of the total share capital in Vestas Wind Systems A/S. Read full article
Britain could get a swathe of giant so-called “water batteries” in the coming years, under a new scheme to boost investment into clean energy storage.
Ministers have given the green light to plans which make it less risky to develop and invest in pumped storage hydropower, a way of storing energy using reservoirs. The sites work by buying electricity when it is cheap – for example, when wind turbines are spinning – to pump water uphill from a river or lake, where it is then held at the top. When electricity is more expensive or at times of higher demand, the hydropower sites release the water back downhill to generate more power for the grid. Read More
Category 5 hurricane
Based on wind speed, Milton became the strongest hurricane in the Gulf of Mexico since Hurricane Rita in 2005. Based on pressure, Milton was the fifth most intense hurricane in the Atlantic basin on record. Milton is also the second Category 5 hurricane this season. The first was Beryl in July. There have only been five other years (since 1950) in which there were more than one Category 5 hurricanes in a single season; 1961 (2), 2005 (4), 2007 (2), 2017 (2), and most recently 2019 (2). Despite fluctuations in the strength expected in the coming days before landfall, Hurricane Milton remains an extremely dangerous hurricane. Based on the latest forecast, Milton is expected to make landfall across Florida as a major hurricane later this week. The NHC is warning the residents of Florida that “Milton has the potential to be one of the most destructive hurricanes on record for west-central Florida.” And the National Weather Service in Tampa, Florida is warning “if Milton stays on its course this will be the most powerful hurricane to hit Tampa Bay in over 100 years. No one in the area has ever experienced a hurricane this strong before.” Read Press Release
Leapmotor is set to showcase its innovative and affordable electric mobility solutions at the 90th edition of the Paris Motor Show, one of the most prestigious international events in the automotive world. The Chinese brand’s participation in the event comes just a few weeks after the successful European debut of the Leapmotor International joint venture in Milan and the opening of orders for the first models made available in Europe: the T03 city car and the C10 D-SUV.
The new B10, a C-SUV destined to compete on the global market, is set to make its world debut on the stand in Paris alongside the C16, which is making its first appearance at a European event. The Leapmotor stand will also include the C10, a fully loaded D-segment electric SUV designed for families, and the T03, a compact and spacious A-segment electric vehicle which is perfect for city driving.
All the Leapmotor vehicles on display offer state-of-the-art and high levels of performance, efficiency, safety and range at affordable prices, enabled by the Chinese automaker’s high degree of in-house engineering capability and vertical integration. Read More
US Department of Commerce and NOAA announced an award of more than $3.3 million in funding to support the NOAA Marine Debris Monitoring and Assessment Project Nationwide Survey. This funding will support a one-year, standalone, nationwide marine debris assessment, done in partnership with 1stMission LLC, that aims to broaden the understanding of marine debris, including the types and amounts of debris found on U.S. shorelines. These funds are provided by NOAA’s Climate-Ready Coasts initiative through the Biden-Harris Administration’s Bipartisan Infrastructure Law. The nationwide initiative builds on more than a decade of collaborative monitoring efforts with partner agencies, community groups and participants through the Marine Debris Monitoring and Assessment Project, as well as an earlier federal initiative known as the National Marine Debris Monitoring Program. The data collected through this comprehensive monitoring effort will be made freely available to the public. Read more at
The US Department of Commerce and NOAA announced $15.3 million in funding for NOAA and external collaborators to provide transparent climate projection products and equitable services for the public. This work will address increased demand by public and private sectors for reliable, long-term extreme weather climate information. “This investment, made possible thanks to President Biden’s historic Inflation Reduction Act, will develop new information services to help communities better prepare for the impacts of extreme weather and climate disasters brought on by climate change — ensuring that families and communities across the country stay safe as we continue to mitigate the rising challenges from the climate crisis,” said U.S Secretary of Commerce Gina Raimondo. Many people depend on reliable information from NOAA to support decisions around infrastructure development, energy systems deployment and financial investments and decisions that may have consequences 30–50 years into the future. Despite the availability of numerous sources of relevant information, there can be uncertainty about what is the most appropriate information. NOAA, with its diverse scientific expertise and long-standing leadership in product and service delivery, is well-equipped to support these information needs and help build the nation’s climate resilience. Read More
On Thursday, October 17, NOAA’s Climate Prediction Center, a division of the National Weather Service, will announce the U.S. Winter Outlook — December 2024 through February 2025 — during a webinar for credentialed members of the media. NOAA experts will announce the temperature and precipitation trends for the upcoming winter, as well as the expected change in drought conditions across the country and any contributing climate factors for the season ahead.
NOAA produces seasonal outlooks to help the nation prepare for the weather and climate conditions that are likely in the seasons ahead to minimize negative impacts on lives and livelihoods. Empowering people with the information they need to take action to protect themselves is key to NOAA’s effort to build a Weather and Climate Ready Nation. Read Press Release
Forecasters with the U.S. National Oceanic and Atmospheric Administration (NOAA)’s Space Weather Prediction Center (SWPC) are highlighting the potential for a severe geomagnetic storm on Thursday (Oct. 10) and Friday (Oct. 11). That storm is likely to be in the G4 class — the second-highest level on the SWPC’s geomagnetic storm scale, which takes into account both severity and potential impacts. . Read More
The humanitarian disaster in the Middle East will also hit Australian motorists at the bowser, with oil prices spiking 7% in the last week, Jim Chalmers has said.
On Thursday the federal treasurer said that, at US$77 a barrel, oil prices are 11% lower than they were a year ago but motorists were likely pay more due to the “escalation of conflict” in the Middle East. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $74.93 | Up |
| Crude Oil (Brent) | USD/bbl | $78.40 | Up |
| Bonny Light 09/10/24 , CBN | USD/bbl | $78.40 | — |
| Dubai | USD/bbl | $76.09 | Down |
| Natural Gas | USD/MMBtu | $2.63 | Down |
| Murban Crude | USD/bbl | $78.01 | Up |
| OPEC basket 09/10/24 | USD/bbl | $77.04 | Down |
Saab North America, Inc., a U.S. subsidiary of Saab, has received a subpoena from the U.S. Department of Justice (DoJ). The DoJ has requested information about the Brazilian Government’s acquisition of 36 Gripen E/F fighter aircraft for its air force. The contract was signed in 2014.
Brazil’s fighter procurement (the FX-2 programme) took place between 2008 and 2014 and Saab was awarded the contract. Saab intends to comply with the request to supply information and to cooperate with the DoJ in this matter.
Both Brazilian and Swedish authorities have previously investigated parts of the Brazilian fighter procurement process. These investigations were closed without indicating any wrongdoings by Saab. Due to secrecy obligations, Saab is not able to communicate further regarding this. Read full article
Baker Hughes Rig Count: U.S. -2 to 585 Canada +5 to 223
U.S. Rig Count is down 2 from last week to 585 with oil rigs down 5 to 479, gas rigs up 3 to 102 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 5 from last week to 223, with oil rigs up 5 to 157, gas rigs down 2 to 63 and miscellaneous rigs up 2 to 3.
International Rig Count is up 16 rigs from last month to 947 with land rigs up 15 to 735, offshore rigs up 1 to 212.
The Worldwide Rig Count for September was 1,751, up 15 from the 1,735 counted in August 2024, and down 8, from the 1,759 counted in September 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 04 October 2024 | 585 | -2 |
| Canada | 04 October 2024 | 223 | +5 |
| International | September 2024 | 947. | +16 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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