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Oil costs held steady on Friday morning as fears of an economic slowdown were offset by a drop in OPEC production and news that China might ease its Covid restrictions.
Oil Value Alert: If you think inflation fears will overwhelm basic sources and cause the value of oil to drop from here, then you’ll want to read last week’s global power alert. In fact, it’s not too late to check it out.
October 21, 2022
While President Biden’s announcement of an SPR exit of 15 million barrels (the remaining volume of the 180 million barrels suggested in the first place) failed to shake up the market, costs moved sideways in the last trading sessions, with ICE Brent shooting around $92 consistent with barrel mark. The increasingly bearish outlook for the US, with the Federal Reserve confirming that it would continue to raise its short-term target to combat inflation, was offset by the announcement of an easing of Chinese COVID restrictions and OPEC crude flows that had already registered a month. -Month-on-month decrease from October.
The oil industry wants an investment of 12 billion dollars. OPEC Secretary-General Haitham al-Ghais said the oil industry will want a total investment of $12. 1 trillion to meet a 23 percent increase in global energy demand through 2045, with the peak of upcoming buildups coming from fuel use in Asia and Africa.
The White House sets limits on the collection of SPR. Biden’s management issued a fact sheet indicating he would begin filling the U. S. Strategic Petroleum Reserve. Oil costs range from $67 to $72 consistent with a barrel, with the SPR proceeding to decrease and total 405 million barrels. in the week leading up to October 14.
Uniper Bailout continues to grow. What began as an $8 billion nationalization of embattled fuel importer Uniper (ETR: UN01) is gradually turning into a nightmare for the German government, as existing estimates of the money needed to keep the company afloat already amount to $40 billion.
The United States is softening its anti-OPEC tone. Taking a conciliatory tone with OPEC after last week’s heated negotiation, the U. S. Treasury is in the U. S. Treasury. The U. S. government said the cap on the value of Russian oil would be replicated against OPEC producers, and that the move would not mean the start of a buyers’ cartel.
ADNOC is contemplating another IPO. ADNOC, the UAE’s national oil company, invited banks to participate in the upcoming IPO of its maritime and logistics unit, scheduled for 2023, in some other case of non-essential divestments that may generate at least $1 billion.
U. S. oil major ExxonMobil (NYSE:XOM) has agreed to sell its 63,000 b/d refinery in Billings, Montana, along with similar pipelines to Par Pacific Holdings (NYSE:PARR) for $310 million, concentrating on assets on the U. S. Gulf Coast. The U. S. and Midwest.
The EU needs several fuel value caps. As EU leaders meet to align with the bloc’s latest proposals to cut energy prices, Brussels could opt for another fuel price cap bureaucracy, such as a dynamic pricing room on FTT spot quotes, as well as capping the price of fuel in electric power. generation.
The White House budgets for the production of metals for batteries. Biden’s management will provide $2. 8 billion in subsidies to boost U. S. production of minerals for batteries and batteries for electric vehicles. Albemarle Inc (NYSE:ALB) as one of the selected corporations as lithium, graphite and nickel mining progresses.
PEMEX Hedges 2023 Published at $68. 70/bbl. Mexico’s National Petroleum Corporation will introduce its annual policy program for 2023, and next year’s insurance will take effect if oil costs fall below $68. 70 per barrel and the group policy will cover about 250 million barrels.
Germany is asking Europe to drill. The German has called on all members of the European Union to push for the progression of new fuel fields, angering climate activists who say Europe’s long-term dependence on fossil fuels violates its Paris climate commitments.
Tesla achieves record production figures. Electric vehicle maker Tesla (NASDAQ:TSLA) delivered an all-time high of 343,830 cars in the third quarter of 2022, up 43% year-over-year and 35% quarter-on-quarter at all of its major production sites (Shanghai, Berlin, Fremont) saw production soar, but the company has yet to meet its earnings expectations.
The green goodness for fracking in the UK is being questioned. Following the abdication of British Prime Minister Liz Truss, the House of Commons launched an inquiry into the recent vote that overturned the government’s moratorium on fracking, as reports of intimidation and abuse by senior Conservatives began to emerge party whips.
Refining of Venezuela interrupted by blackout. Venezuela’s 955,000 bpd refining complex in Paraguaná halted all operations after a fire and the upcoming blackout at the site, with the national state oil company still struggling to repair the refinery’s strength.
By Michael Kern for Oilprice. com
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