Germany plans to speed up its transition to low-carbon transport, bringing forward by four years to 2026 the point when 14% of fuel used in transport must come from renewable energy sources, according to a draft law. For the first time, airlines will be obliged to obtain a proportion of their fuel from renewable sources, with 2% - around 200,000 tonnes - to be carbon-free by 2030.
Commodities trader Trafigura on Friday proposed a carbon levy of $250-$300 per tonne of carbon-dioxide equivalent on shipping fuels to make zero and low carbon fuels more economically viable and competitive. The International Maritime Organisation wants to halve the sector's greenhouse gas output by 2050 against 2008 levels.
Germany plans to oblige airlines to refuel with more environmentally-friendly sources by introducing a binding quota for at least 2% of jet fuel purchased in Germany to come from renewable energy by 2030, a draft law showed on Friday.
Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks. Brent crude futures settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate crude futures lost 6 cents to $40.25 a barrel.
Oil prices were steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, offsetting a bullish drop in U.S. crude and fuel inventories.
Fujairah Oil Industry Zone on Wednesday
published, via industry information service S&P Global Platts, the following
weekly inventory data for oil products for the week ended Sept. 21.
Oil prices edged higher on Wednesday, supported by U.S. government data that showed crude and fuel inventories dropped last week, though concerns about the ongoing coronavirus pandemic capped gains. Brent crude rose 5 cents to settle at $41.77 a barrel. U.S. crude, gasoline and distillate inventories all fell last week, Energy Information Administration data showed.
Predicting oil demand has rarely been more challenging, buffeting prices and muddying the outlook for traders, investors and energy producers. Energy analysts are mapping out the course of the coronavirus and efforts to stop the pandemic, including limits on flights, cruises and the use of public transportation. They are also grappling with the effects on fuel demand of an economic downturn, rising unemployment, and changing patterns of work, study and travel.
Oil prices settled slightly higher on Tuesday ahead of weekly U.S. inventory figures, rebounding modestly from the previous day's selloff that was driven by a surge in overseas coronavirus infections. Analysts said renewed lockdown restrictions in Europe will have only a limited impact on fuel demand, which could prevent a pronounced selloff in oil markets.
Scorpio Bulkers (SALT), a major ocean transporter for the dry commodities industry, is tapping into increasing demand for renewable energy with an investment in the logistics of offshore wind farms, the group's chief executive said.
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