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What’s Keeping Oil From Rallying To $75?

What’s Keeping Oil From Rallying To $75?

Supply fundamentals in crude oil…

Germany’s Oil And Gas Use Rises In 2017

Germany

Thanks to robust economic growth, Germany’s total primary energy consumption is expected to have increased by 0.8 percent this year, with oil and natural gas share rising and nuclear and coal share dropping off, according to German research group AG Energiebilanzen (AGEB).

Oil and natural gas will have boosted their combined share to 58.3 percent of the energy mix of Europe’s biggest economy in 2017, AGEB’s preliminary data showed on Thursday.

Mineral oil maintains its top position as the single largest primary energy source in Germany, with a share of 34.6 percent, up from 33.9 percent last year. In petroleum use, consumption of gasoline and diesel increased by 2 percent compared to 2016, kerosene use rose by 0.7 percent, light heating oil use went up 2 percent, and naphtha consumption in the chemical industry increased 7 percent, according to AGEB.

Natural gas consumption increased by 5.2 percent, and natural gas share in the energy mix is 23.7 percent this year, up from 22.7 percent last year.  

On the other hand, Germany’s use of hard coal dropped 10.4 percent, and nuclear power consumption is down 10.3 percent this year. In the primary energy mix, now hard coal accounts for 11 percent and nuclear represents 6.1 percent.

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Germany ordered the immediate shutdown of eight of its 17 reactors in the wake of the Fukushima disaster in Japan, and plans to completely phase out nuclear power plants by 2022.

The use of renewable energy has increased the most in percentage terms this year, by 6.1 percent, according to AGEB. Renewables now account for 13.1 percent of the German energy mix, up from 12.5 percent share for 2016. The highest increase among renewable energy was registered by wind power, whose consumption jumped by 34 percent.

Energy-related carbon dioxide emissions are expected to be flat this year compared to 2016, the German research group said.

By Tsvetana Paraskova for Oilprice.com

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