LSEG X SPGCI Houston Energy Event, 9/28

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Join us for our Houston Energy Event co-organized with Refinitiv, an LSEG business. Immerse yourself in the world of Energy as we delve into natural gas capacity, global demand trends, and the economics of renewables and biodiesel markets. During our cocktail reception, engage with industry experts and network with local Houston energy colleagues. Join us in shaping the future of energy together.

Secure your place today: https://okt.to/aOqBfw

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  • Energy Transition

  • Gas & Power

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World Hydrogen North America Conference: Post-Event Report

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Geoscience insight essential to siting offshore wind projects, reducing risk

As offshore wind accelerates, geoscience is essential to siting offshore wind projects, minimizing risks and costs. According to S&P Global Commodity Insights research, the global offshore wind industry is set for significant expansion in 2024 and beyond. In the company’s 2024 Top Trends for Clean Energy Technology Report, S&P Global Commodity Insights says that more than 60 gigawatts (GW) of new capacity is set to be auctioned in at least 17 different markets in 2024— a record in offshore wind energy. Offshore wind installations require significant technical work in the early siting phases to ensure they are built in geologically stable locations to avoid shifting or sinking (and loss) of the monopile support infrastructure, but also to avoid common offshore hazards, which could include pipelines, cables, existing well infrastructure, shipwrecks, whale nesting grounds and even unexploded ordinances (still prevalent in the North Sea from World War II). “One of our customers said, ‘getting this [geotechnical] work done correctly using Kingdom saved [his company] $10 million for a single, medium-sized wind turbine project installation.’”- John Robson , Technical Sales Director , Upstream , S&P Global Commodity Insights . Download the Full Report

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INTERVIEW: Alphamar director sees 17 million mt of Brazilian corn going for ethanol

Ethanol will create new prospects for Brazilian corn in the domestic market, with corn for ethanol use rising sharply to 17 million mt in the next marketing year, Arthur Neto, partner director at Alphamar Shipping Agency, told S&P Global Commodity Insights June 12. Register Now Pointing to the impact on domestic and export markets, Neto said on the sidelines of the IGC Grains Conference in London that increased use of ethanol for corn will push prices up, incentivizing corn production in a situation where "the market is flooded by corn because you don't have much exit for it in the domestic market." "This is going to be a dynamic that's going to make the price on the domestic market go higher, which makes the producers maintain the corn inside, meaning that if you have export demand, you need to pay much more," Neto said of the expectation of 17 million mt of corn for ethanol usage in marketing year 2024-25. For 2023, the figure was 13.26 million mt. Speaking on whether Brazilian corn is trading higher than competitors' in the current season, Neto said, "you have to understand that the market is very heated internally, so it doesn't make sense for the farmer to just sell it at pennies for the international market." "I do believe that there's going to be a lot of market, but not as much as in the previous year, because the market is good for the farmer domestically, and they will hold on to the cargo in the country, even though there are many incentives to export," Neto added. 'We are here to sell' Responding to speculation around China's move to bridge the gap between its domestic supply and consumption and what it means for its biggest supplier, Brazil, Neto said carrying out that plan would take time. "China is growing, not as much as it was, but there's a lot coming out of there," Neto said. Any change in China's domestic supply and demand equation will have a major impact on the global balance sheet, considering China's position as the biggest demand center for corn. "I wish them the best of luck," Neto said. "I hope they make it and reach their goals. Meanwhile, we are here to sell." Big flooding impact on soybeans, less on rice Speaking about flooding in Rio Grande do Sul, a key agricultural province that was expected to produce 70% of the country's rice and about 15% of its soybeans in the current marketing year, Neto said the floods were less likely to have a major impact on rice, but soybean production could take a hit. "Roughly 85% of the rice was already harvested when we had the floods," Neto said. "Now we just have logistics issues. Some delays are expected, but not much." However, he said he thought the floods would leave their mark on soybean production, a big factor considering Rio Grande do Sul's strategic location closer to major ports. "Soybeans were the core produce in the region, shipped to the port close to it," Neto said. "That system itself is going to lose a lot of volume." Neto further pointed to the floods in Rio Grande do Sul causing a terminal outage, which is posing a "big risk to the entire export ecosystem." Lower water levels a concern for shipping Brazil's northern ports saw some of the lowest water levels on record last year because of a severe Amazon drought, forcing cargoes to be diverted to Santos. The Alphamar director compared challenges in the northern ports to those on the Mississippi River in the US in the previous year. "When we talk about the northern ports, we're not talking about any problems with the capability on the ports," Neto said. "The water levels are OK. The problem is the cargo being transferred." He added that at some point, the water level will be so low that convoys will have to be disassembled to pass over shallow areas. "Sometimes a trip that is to be done in two days can take around five, so of course, with the total turnaround of the barges, it's very bad," Neto said, adding that there could be two months of major shipping challenges.

Thought Leadership

MPGC 2024: Navigating Uncertainty in the Energy Market Amidst Global Shifts

The annual Middle East Petroleum and Gas Conference convened in Dubai from May 20 to May 22 at a time of heightened concern about the oil markets, the longevity of OPEC+ cuts, the future of hydrocarbons and the switch to non-fossil fuel sources by the middle of the century. The S&P Global Commodity Insights-run event focused on the outlooks for oil and gas on day one with insights from inhouse experts as well as industry leaders and external analysts. The event opened with a keynote address by Emirates National Oil Company group chief executive Saif Humaid Al Falasi, who heads a leading energy company in the UAE. On day one, Carlos Pascual, senior vice president - global energy & international affairs at S&P Global addressed the deepening polarization in the US, the ongoing China-US standoff and potential spill out, and two ongoing wars – Russia-Ukraine and Israel-Hamas – all of them risks to energy market stability. Pascual also talked about energy poverty in the developing world – where many lack access to electricity and have been left behind by the rapid pace of the energy transition. FGE chairman Fereidun Fesharaki tapped his famous crystal ball for analysis on the oil markets. He noted that with a global surplus capacity of 6 million b/d, the world is unlikely to see dramatic swings in oil prices in the event of major political conflict. The focus also turned towards liquefied natural gas, which is widely seen as a transitional fuel. The global LNG market is heating up with European LNG prices rising to a five-month high amid ongoing geopolitical risk factors and tightness in European supply, according to Commodity Insights. There will be “chaos in the markets for the next few years” as the supply of LNG is set to increase by 50% in the next two years, Fesharaki said in his crystal ball analysis. The conference's much-attended events were the ones focused on oil market vagaries with traders concerned about to navigate the sector rife with so much uncertainty. S&P’s Global's vice president and head of crude oil market and energy and mobility research, Jim Burkhard said in his presentation that the surplus in the market will last as long as the US continues pumping more oil, which could extend for a year or two. Members of OPEC+, who are due to meet virtually on June 2 have to make choices about whether to keep the current cuts in place or increase production later this year, he added. Day two of MPGC focused on several downstream tracks with in-house and external experts discussing outlooks for refineries and petrochemicals as well as plans to scale up hydrogen and strategize for a low-carbon future. MPGC attendees also benefited from a day of training courses on May 20. S&P Global experts taught carbon markets fundamentals, oil markets & commercial strategies as well as refining economics and refineries of the future to those in the energy industry.