Major Petroleum Corridor At Risk Of Closure Due To Low Water Levels

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Oil Prices Autumn As Demand Concerns Persist

Rough prices fell on Friday morn, erasing some gains as traders remain cautious to go long on crude once again.

Baronial 12th,

This week has been quite tumultuous in the oil markets, starting off with a pervasive feeling of demand gloom all the same recording a weekly gain in the end, profoundly aided by flat U.s.a. inflation data and pipeline supply disruptions in Europe. I of the nigh interesting developments has been the increasingly diverging worldview of OPEC and the IEA. OPEC has been lowering its demand forecasts for 2022, this week by another 260,000 b/d on the back of recessionary pressures, whilst the International Energy Bureau has increased its outlook, effectively arguing that elevated gas prices volition exist incentivizing higher crude utilization.

IEA Raises Oil Demand on Gas Switching. In stark contrast to OPEC, the International Free energy Agency raised its outlook for 2022 crude demand by 380,000 b/d to ii.i million b/d, arguing gas-to-oil switching volition provide a boost to the recession-wary oil markets.

Leak Forces Shutdown of 7 USGC Platforms. An onshore pipeline leak, causing two barrels of oil to spill onto the basis, has forced Us Gulf producers Beat out (LON:SHEL), Chevron (NYSE:CVX) and Equinor (NYSE:EQNR) to shut some 600,000 b/d of output on Thursday until repairs are concluded on Friday.

Germany Rejects Nord Stream two Revival. The German authorities rejected the idea of commissioning the 55 bcm per year capacity Nord Stream two pipeline to ramp upwards gas flows, despite regulators warning of a 20% consumption cut over the winter months, with Berlin reiterating its backing of sanctions.

Chinese Majors Kickoff Delisting from NYSE. Five Chinese land-owned companies including oil majors Sinopec (SHA:600028) and PetroChina (SHA:601857) said they would delist from the New York Stock Exchange as the US-Communist china diplomatic spat keeps rippling through business interests.

Europe'due south Inland Navigation Grinds to a Halt. Shipping operations along the River Rhine are set to be halted completely this weekend as a sustained period of dry weather brought water levels at the key measuring bespeak of Kalb to 47cm, within touching distance of the not-navigable threshold of 40cm.

Arab republic of egypt Wants to Ration Electricity to Boost LNG Exports. The Egyptian authorities has approved a plan to ration electricity by fifteen% beyond the country – with shops limiting their use of strong lights and air conditioning being kept at no cooler than 25° C – to maximize LNG exports.

China Hails Another Supergiant Discovery. Cathay's state-controlled oil company Sinopec (SHA:600028) has discovered a supergiant oil field in the Tarim Basin, reportedly containing 1.7 billion barrels of oil, however due to it being tight and ultra-deep recovery will be significantly hindered.

United states of america Refiners Continue to Take SPR Volumes. A total of ix companies will buy 20 meg barrels of US SPR rough released in the latest sale that saw September-October deliveries allocated more often than not to Gulf-focused refiners, such as Chevron (NYSE:CVX), Marathon (NYSE:MRO) and Shell (LON:SHEL).

Related: Major Petroleum Corridor At Risk Of Closure Due To Depression Water Levels

Nigeria'south Spare Capacity Sees Major Cutting. The International Energy Agency has cutting Nigeria's sustainable oil production levels by some 200,000 b/d to one.3 million b/d, a reflection of the African land's gradually failing production rates and lack of progress on demolition and oil theft.

Mexico Sees Fine Line Between Prosecution and Cooperation. Just a year afterwards Mexico bankrupt all ties with global energy trader Vitol amid an ongoing investigation into widespread bribery, the land's oil company PEMEX admitted that is seeking to resume doing business organisation with the visitor on products deliveries.

Slower Renewable Coil-Out Keeps Coal Plants Live. Delays in wind power supply bondage and soaring import tariffs on solar panels have led to many coal-powered plants in Milwaukee, Indiana, Wisconsin and New Mexico seeing their closure deadline extended into 2025-2026 recently.

Freeport LNG Retracts Force Majeure. The largest exporter of Us liquefied gas, Freeport LNG, has retracted the force majeure it declared after an explosion in June, arguing that the blast was a result of human error, a development that could cost its term buyers billions of dollars as they can no longer get out their ain agreements to deliver the gas to end users.

Argentina Wants to Sweeten Terms for Upstream Investors. Argentina's economy government minister Sergio Massa said the land is planning to provide upstream investors tax and customs benefits, nearly notably allowing them to access strange currency if they increase production.

EU Ban on Russian Coal Kicks Off. This Wed marked the commencement of the Eu'due south sanctions on Russian coal post-obit a four-month wind-down period and unsurprisingly API2 front end-month futures gained about $50/mt on the calendar week, currently trading around $340/mt.

By Tom Kool for Oilprice.com

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Source: https://finance.yahoo.com/news/oil-prices-fall-demand-concerns-190000433.html

Posted by: bourgeoisfortall.blogspot.com

Major Petroleum Corridor At Risk Of Closure Due To Low Water Levels

S&P 500

Dow 30

Nasdaq

Russell 2000

Crude Oil

Gilt

Silver

EUR/USD

ten-Twelvemonth Bond

GBP/USD

USD/JPY

BTC-USD

CMC Crypto 200

FTSE 100

Nikkei 225

Oil Prices Autumn As Demand Concerns Persist

Aureate prices sweep to quaternary week of gains Fri, the longest streak since December

AdvertizingHandsome Men are Waiting

United mexican states Plans to Become an Export Hub With US-Drilled Natural Gas

Pakistan revokes allow for Television set over alleged anti-army remark

Ukraine resumes Russian oil flows to Hungary, Slovakia equally bills settle

AdConsign Stone Crushers to Indonesia

Trevor Bauer's accuser files countersuit to defamation claim

Adthirty+ Pics Showing The True Calibration Of The World

Squad Putin Airs Insane Offer to 'Aid' America and 'Save' Trump

AdWhy You lot Should Always Put Plastic Bottle on Tires

IEA Raises Oil Demand Estimate for 2022; Here Are 2 Energy Stocks That Stand to Benefit

Here are some stock moves to consider at present that inflation has eased up, says Jefferies

Ad15 Vehicles That Can Run Forever

11 All-time Falling Stocks To Buy Now

AdAlways Keep A Bread Clip With You When Traveling

Five Chinese Companies Say They Plan to Delist From the New York Stock Substitution

Tesla Readies a three-for-one Stock Split for Aug. 24

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