The coronavirus is set to alter global natural gas markets that are already in the midst of transformation, per a new Center for Strategic and International Studies analysis.
What's next: Via CSIS's Nikos Tsafos, one of the trends to watch is demand. It'll be affected, but the extent depends on "how much is activity falling due to GDP, how much is gas privileged or disadvantaged relative to other fuels, and how will people adapt their behavior to protect their health."
Analysts and oil industry officials are racing to keep up with how much oil consumption is falling as more countries and regions impose restrictions.
What's new: This morning Russell Hardy, CEO of oil trading giant Vitol, said he sees demand loss peaking at 15 million–20 million barrels day over the next few weeks. That's in the context of a roughly 100 million barrel per day market.
A new analysis from the data science company Descartes Labs helps provide a window onto how the global coronavirus pandemic is forcing dramatic changes to daily life and energy use.
Why it matters: From an oil standpoint, the huge cutbacks in travel and economic activity have caused global oil demand to crater by millions of barrels per day.
Equinor is the latest oil-and-gas giant to announce it will cut spending in response to coronavirus and the steep decline in oil prices.
Driving the news: The Norway-based multinational said Wednesday morning that its planned 2020 capital spending will now be around $8.5 billion this year, down from $10 billion to $11 billion.
Bill Gates said in a "TED Connects" interview Tuesday the coronaviruswill "delay the urgent innovation agenda that exists over in climate,” but not irrevocably.
Driving the news: "I have freed up a lot of time to work on climate," the billionaire philanthropist said. "I have to say for the last few months that’s now shifted and until we get out of this crisis, COVID-19 will dominate and some of the climate stuff, although it will still go on, it won’t get that same focus.”
The White House and Senate struck a deal on a roughly $2 trillion economic rescue package early Wednesday that lacks separate energy provisions sought by Republicans and Capitol Hill Democrats.
Driving the news: It omits $3 billion to buy roughly 77 million barrels of oil for the nation's Strategic Petroleum Reserve, a plan Democrats called a "bailout" for the oil industry, per Senate Democratic leader Chuck Schumer.
