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Bullish Signs Emerge In Crude Markets

Fracking

Friday February 24, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Large-scale energy storage picking up pace

(Click to enlarge)

- Battery costs have declined 40 percent since 2014 alone, and are expected to continue to get cheaper, especially with Tesla’s (NYSE: TSLA) gigafactory now online.
- Investment in new energy storage systems is expected to reach $2.5 billion this year. More investment creates a virtuous cycle: new projects come online, lenders get more comfortable, they lend and invest more money, creating more projects with longer time horizons and lower costs, including cheaper finance.
- “Having big money come in is the first step to widespread deployment,” Brad Meikle, an analyst for Craig-Hallum Capital Group LLC, told Bloomberg.
- Deployment is finally starting to accelerate. As Bloomberg notes, it took 30 years to reach 1 gigawatt of installed capacity; 2017 alone will see 1.7 GW of installed energy storage capacity. That will rise by almost 30-fold by the middle of the next decade.

2. Backwardation shows oil market tightening

(Click to enlarge)

- The oil futures market is showing signs of tightness.
- One-year Brent futures…

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