1. Legendary oil tycoon Pickens closing his energy hedge fund.
Texas oil tycoon T. Boone Pickens has struggled with health problems as he ages,
and is finally throwing in the towel on his energy focused hedge fund after a 22
“It’s no secret the past year has not been good to me, from a health perspective
or a financial one,” said Pickens in his recent Linkedin post. He’s suffered from
multiple strokes over the last year.
“If you are lucky enough to make it to 89 years of age like I have, those things
tend to put life in perspective,” he said. “I’ve thrived and profited on the volatility
in the energy space. But for me, personally, trading oil is not as intriguing to me as
it once was,” Pickens said.
2. Russia hints that they me be looking to exit OPEC deal.
Russia is dropping hints that they may be on their way out of the OPEC output
reduction deal, according to the country’s Energy Minister, Alexander Novak.
“We see that the market is becoming balanced. We see that the market surplus is
decreasing, but the market is not completely balanced yet and, of course, we
need to continue monitoring the situation,” Novak said. And he then went on to
say that Russian oil majors have been complaining about the deal and how it is
holding them back from expansion plans.
Reuters is reporting that Novak might discuss the country’s potential exit from the
pact in Oman next week.
3. International Renewable Energy Agency publishes report saying renewable
energy will be cheaper than fossil fuel in two years.
Renewable energy will be cheaper than fossil fuels in two years, according to a
new report published by the International Renewable Energy Agency (IREA).
In the report, they cover the fact that continuous technological improvements
have led to a rapid fall in the cost of renewable energy in recent years, meaning
some renewable energy sources can already comfortably compete with fossil
The report predicts the trend will continue, and that by 2020 “all the renewable
power generation technologies that are now in commercial use are expected to
fall within the fossil fuel-fired cost range”.
“Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one.” Says the report