Commodity trading has always been very light during the holiday week between Christmas and New Year, but whether for oil markets or for metals in general, China continues to set the tone for general sentiment. The increase in coronavirus cases (presumed but not reported) as well as the slow recovery of the United States from last week’s polar freeze have weighed heavily on prices, and WTI is again bringing $80 per barrel.
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Thursday, December 29, 2022
US Gas Production Takes Time to Recover. Because gas producing reservoirs have reduced production by as much as 30% during the severe cold, chief among them the Appalachian Basin, it seems likely that a return to pre-freeze levels will take weeks, if not months, because that seasonal US production declines. new year.
Russia banned the export of oil to the Price Coalition. Russian President Vladimir Putin signed a decree this week banning the export of oil and products to countries that act on the price of oil, with the measure being applied to all stages of supply to the final buyer and starting on February 1, 2023. implementation
US Restarts Swift Eye Refinery. U.S. Gulf Coast refiners are looking to restart operations at ten facilities shut down by the recent freeze, totaling 3.6 million barrels/d in operating capacity, with Port Arthur and Deer Park at least a week or two before now. a full refund.
ExxonMobil filed a lawsuit in the European Union. The oil giant of the United States ExxonMobil (NYSE:XOM) is suing the European Union as it challenges the bloc’s tariffs on oil companies, arguing that Brussels is overstepping its legal authority to do so and arguing that the tax would encourage more investment.
Finland Gets Its First FLNG Terminal. American LNG company EXcelerate Energy (NYSE:EE) Finland’s first storage and retrieval unit, the 5 bcm-per-year capacity Exemplar, has been delivered to the port of Inkoo, one of 19 new FSRU projects to be commissioned in Europe in the coming years.
Trinidad & Tobago Licensing Available. After Trinidad and Tobago’s deepwater licensing round that took place this year, only four bids (out of 17 available blocks) were received by a consortium. BP (NYSE: BP) and Shell (LON:SHEL)the islands’ government is preparing to reject them because they failed to meet the minimum requirements. Related: Oil falls on EIA inventory numbers
White House Launches EV Truck Loans. Under President Biden’s IRA proposal, the U.S. government will introduce tax credits for delivery firms and other companies to switch to electric trucks starting January 1, with the number of tax credits ranging from 7,500 and set at $40,000.
First Venezuela-US Cargo Now Loading. Chevron’s ( NYSE:CVX ) upgraded Venezuelan crude will be shipped to a U.S. refinery for the first time this weekend after the White House’s recent cancellation of a tanker loaded with Asphalt Boscan crude, according to media reports. is
Quantitative Tightening Delays Wind Projects. Consortium of Shell (LON:SHEL)EDP Renewables and Engie have urged US regulators to delay plans for the 804 MW Mayflower wind farm south of Martha’s Vineyard, saying rising interest rates pose significant challenges to power purchase agreements.
Somalia is fighting for its justice. Somalia has denied the “illegal claim” on its part General Energy (LON:GENL) of oil exploration rights in the breakaway region of Somaliland after the UK-based oil firm announced it had completed its geotechnical investigation for its licensed fields, fueling a frenzy for East African explorers.
China Will Receive More US LNG. US LNG developer Next Decade (NASDAQ:NEXT) said it will increase the volume of liquefied natural gas supplied under the term contract with China’s ENN Natural Gas (SHA:600803) from 0.5 mtpa to 2 mtpa, to be sourced from the upcoming RGLNG project.
Argentina Needs Pipelines for Shale Development. Despite the construction of a new gas pipeline expected to be operational by mid-2023, the rapid production growth seen in Argentina’s Vaca Muerta shale play has seen gas output cap at 2 Bcf per day, requiring highlighting new pipeline capacity.
Chile avoids strike of lithium workers. of Chile SQM (NYSE: SQM)The world’s second-largest lithium producer has averted a strike at various production units after two months of tough negotiations, while its stock is holding steady after falling 11% in the past five trading sessions.
India’s coal demand highest in 10 years. Considering that coal consumption has increased by 10% year-on-year to almost 1.2 billion tonnes, India’s demand for the fossil fuel is expected to increase over the next decade to reach between 2030-2035. peak, according to the Ministry. of coal and mines.
By Tom Kool for Oilprice.com
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