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How Many Barrels of Oil Do AI Data Centers Consume on a Daily Basis?
Back in 2017, we did the math to figure out how much oil it takes to mine a single Bitcoin. The answer then was about 20 barrels of oil equivalent per coin. Today it's closer to 500. The Bitcoin network now draws somewhere between 138 and 175 terawatt-hours a year, depending on whose model you trust… Split across the roughly 164,000 coins minted annually since the last halving, that lands at around 500 barrels of oil equivalent at today’s prices per Bitcoin, and past 600 on the higher...
Half-Open, Half-Closed Strait of Hormuz Baffles Oil Markets
Oil prices have continued to whipsaw since the U.S. and Iran announced last week signed a deal to make a deal as traffic through the Strait of Hormuz is anything but straight and not expected to normalize within days. Contradictory messaging from Iran and the United States on the navigability of the chokepoint have intensified during the weekend amid a difficult start to the (delayed) talks in Switzerland. Shippers and insurers, who were already very cautious about returning to the Persian Gulf...
Global EV Industry Faces Outsized Risk From Cobalt Supply Disruptions
Back in 2020, the electric vehicle sector witnessed a major evolutionary change after leading EV makers started using cobalt-free batteries at scale. Back then, Tesla Inc. (NASDAQ:TSLA) officially shifted to Lithium Iron Phosphate (LFP) for its standard-range vehicles while its leading Chinese rival, BYD Company (OTCPK:BYDDF), introduced its famous "Blade" batteries, triggering mass adoption of LFP batteries for electric vehicles by other automakers. LFP batteries have helped EV manufacturers...
The Hormuz Threat Oil Markets Are Ignoring
Threats from President Trump to bomb Iran again and Iranian negotiators leaving the talks in Switzerland once again clouded the outlook for one of the world’s busiest oil chokepoints. Talks are progressing, but the degree of uncertainty about global oil supply security remains high-because of the risk environment in the strait, of which most appear to be oblivious. Social media users have started calling Hormuz the Strait of Schrodinger, and with good reason. It is not only about whether the...
Denmark and Germany Launch Europe’s First Hydrogen Superhighway
For the past few years, hydrogen has suffered from a credibility problem. Not because the technology itself stopped making sense, but because expectations ran too far ahead of reality. Governments announced hydrogen strategies worth hundreds of billions of euros. Companies unveiled ambitious projects stretching from Portugal to Poland. Analysts forecast a future hydrogen economy that would decarbonize everything from steel and chemicals to shipping and aviation. Then came the inevitable...
The Oil Crisis Is Far From Over
The outline of conditions and topics for a negotiated settlement of the U.S.-Iran conflict, called a Memorandum of Understanding (MOU) and signed by both sides last week, in all probability won't prevent the approaching energy cliff. That cliff will be the result of fast-depleting commercial and strategic inventories of oil and oil products around the world that have acted as buffers in the wake of the suspension of almost all tanker traffic through the Strait of Hormuz during the conflict -...
Saudis Turn to Russian Fuel Oil as Iran War Saps Fossil Power Supplies
Saudi Arabia continues to snap up high volumes of Russia’s fuel oil as the Hormuz crisis has forced shut oil and gas wells and reduced domestic supply for power generation amid rising temperatures. Russia’s vessel shipments of fuel oil and vacuum gasoil (VGO) slumped in May by some 6% from April, due to the continued Ukrainian strikes on Russian energy infrastructure, Reuters reported on Monday, quoting shipment data on LSEG and traders. Despite the overall decline in Russian fuel oil exports,...
Analyst Favorites: Wheaton Precious Metals Ranks As a Top Metals Pick
A study of analyst recommendations at the major brokerages shows that Wheaton Precious Metals Corp (Symbol: WPM) is the #7 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index. The Metals Chan
The Race to Revive Venezuela’s Vast Oil Wealth Is Underway
After Washington snatched Venezuela’s authoritarian president, Nicolas Maduro, in a daring January 2026 night raid, the country’s long road to recovery began. Under the leadership of Maduro’s former vice-president, Delcy Rodriguez, economically crucial oil production and exports are rising. President Trump is pressing Caracas to raise output, all while the U.S. president urges big oil to invest in the near-failed state. While doubts linger over whether production can return to historic highs,...
U.S. Airlines Set To Pocket $40 Billion As Jet Fuel Prices Crash
U.S. airlines stand to save billions in dollars on jet fuel costs after the US-Iran peace deal sent oil prices sharply lower. Brent crude was trading at $79.22 per barrel at 6.05 am ET on Monday, nearly $20/bbl lower after Washington and Tehran agreed to a ceasefire and committed to 60 days of negotiations, while jet fuel spot prices fell to $2.85 a gallon, down sharply from $4.88. The dip in fuel costs could slash the U.S. airline industry’s annual fuel bill by more than $40 billion, easing...
Heatwave, Hormuz Threats and Qatar Blast Push European Gas Prices Higher
Europe’s benchmark natural gas prices rose by nearly 2% on Monday morning in Amsterdam as a heatwave in Europe is raising short-term power demand and the U.S.-Iran talks continue amid conflicting messages about the negotiations and renewed threats from U.S. President Donald Trump. The front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were up by 1.75% at $49.04 (42.83 euros) per megawatt-hour (MWh) early on Monday in Amsterdam trade, reversing some of the...
When Will Gasoline Prices Return to Pre-War Levels?
Gasoline prices have started to fall, and that is welcome news for drivers. After months of pain at the pump following the war with Iran and the disruption of traffic through the Strait of Hormuz, even modest relief is noticeable. But falling from crisis levels is not the same thing as returning to normal. That distinction may define the next several months in the oil market. The developing U.S.-Iran agreement has given traders a reason to mark down crude prices. Markets are forward-looking,...