Key analysis sees Red Sea shipping diversions starting to boost oil demand

Diverting shipping away from the Red Sea and Suez Canal and around the Cape of Good Hope south of Africa is beginning to impact global demand for petroleum, and it shows in the monthly report by the International Energy Agency.

The IEA’s report for March, released Thursday, sees increased demand for bunker fuel – the fuel used to power ships – because the diversions prompted by Houthi attacks on cargo vessels are now having a measurable impact on demand.

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Biden administration boosts EV supply chain with $2B lithium loan

Lithium Americas’ plans to develop a domestic lithium supply chain took a big step forward this week by securing a $2.26 billion Department of Energy loan to build processing facilities at its upcoming project in Nevada. 

The project aims to produce 40,000 tons of battery grade lithium carbonate per year when the first phase of production begins in 2027, powering up to 800,000 electric vehicles.

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Chances of a weather-rolling La Niña this year are now above 80%

The odds of a weather-roiling La Niña in the coming months are rising, elevating the risk of an unusually active Atlantic hurricane season.

The chances of La Niña, a cooling of the equatorial Pacific, rose to 82% for August, September and October, the U.S. Climate Prediction Center said. In February, there was a 74% chance. 

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