Oil costs appear to wait for the presidential election before taking primary action, with costs falling due to oil production from the top of Lithroughan before rising on positive news from China: oil production disruptions are have accumulated in 2020, trimming the global source. – In 2020, oil shocks averaged 4. 6 mb / d, reaching 5. 2 mb / d at its innermost point in June. Disruptions averaged 3. 1 mb / d in 2019 – much of the outage backlog comes from Lithrougha, Venezuela, and Iran. Supply “interruptions” do not come with the prevention of production for economic reasons. Market Drivers: ExxonMobil (NYSE: XOM) was outperformed by Goldman Sachs with an unbiased score after stocks in the oil primaries fell so significantly. The company’s headwinds are now taken into account, Goldman says – BP (NYSE: BP) has started production from a giant Omani fuel field. – Hi-Crush (OTCMKTS: HCRSQ), a leading provider of fracturing sand, emerged from Chapter 11 bankruptcy on Tuesday, October 13, 2020 with gains last week. At the start of trading on Tuesday, costs rose again on positive news from China’s oil imports. Oil rises due to Chinese imports. The knowledge of Chinese customs shows per month crude oil imports increased 2. 1% in September, a figure higher than expected. But the knowledge may be less positive than at first glance, as the construction can be attributed to removing a bottleneck in transportation. Looking ahead, analysts see a drop in imports. “We see that China’s record expansion in crude is about to end as indefinite refineries have almost completely exhausted their state-issued import quotas and corporations are grappling with incredibly heavy crude inventories. high, ”Rystad Energy said in a statement. Oil returned to less than $ 43 until the election. The international benchmark Brent Brent index will likely sit in the $ 40- $ 43 per barrel range until after the November 3 US election, according to OCBC Bank. Morgan Stanley stepped up at EQT (NYSE: EQT), the largest herbal fuel manufacturer in the United States, noting that the coming winter may create the tightest source image in a decade. The bank raised the EQT to an obesity score and OPEC is cutting the call for 2021. OPEC has cut its call for the forecast for next year by 80,000 bpd, signaling an increase in coronavirus cases. The IEA has published its annual World Energy Outlook, which provides research on long-term energy situations. One of the main problems is that oil demand is suffering from the long-term pandemic. The firm sees the call to return to pre-pandemic grades until 2023 or 2025 in a more delayed situation, but in any case, the call is reaching an earlier high and will decrease in degrees than previously thought. ask for clarification until 2030. “The era of global demand for oil for expansion will end within the next decade,” said IEA Executive Director Fatih Birol.
Related: Goldman Sachs: Biden Win is bullish for OilIEA: Solar is ‘king’. The firm also said that solar power is now less expensive than coal and herbal fuel in most of the world. By 2030, renewable energies will capture 80% of the new generation of electrical energy. “I see the power of the sun fitting into the new king of the world’s electric power markets,” said Fatih Birol. China bans imports of Australian coal. Beijing has been suspicious of coal imports from Australia due to deteriorating political relations. Credit redeterminations fall between 10 and 20%. A new survey through Haynes and Boone finds that shale executives expect their credit lines to be reduced by 10 to 20 percent, a slight improvement over the spring investigation. 17 corporations filed for bankruptcy in the third quarter. Liviaa is putting oil back on the market, but the threats persist. According to various oil analysts, Liviaa’s oil production could rise to at least 500,000 b / d by the end of this year and even more than 1 million b / d soon after. However, the geopolitical threat has not abated, and open-air forces may derail the fragile deal. Goldman: Biden is positive on oil. The traditional wisdom is that a Biden run is bad for the oil industry because of the promises of a blank tech finish and more regulation. But Goldman Sachs says a Biden win is optimistic for costs due to high shale sourcing costs, adding blocking drilling on federal land. Any effect on the source would increase costs and corporations would seek to repair production in the Gulf. After Hurricane Delta swept through the Gulf of Mexico and made landfall in Louisiana, the force corporations are now in the process of resuming operations. JBC Energy: Production cuts may persist. Refining operations declined in Europe, helping margins rebound to more exciting levels. However, the increase in coronavirus cases in Europe has weakened demand, so refining procedures may remain moderate, according to JBC Energy.
Related: Oil prices fall as Gulf of Mexico operators rush to restart production Some long-distance pipelines, including the Baku-Tbilisi-Ceyhan pipeline, could be threatened by the Azerbaijani-Azerbaijani conflict. “The pipes are placed two meters underground, so there is coverage that opposes the damage of the curtains. However, while it is still too early to expect imaginable production disruptions in the ACG and Shah Deniz offshore fields, any situation in which Armenian forces succeed in capturing cross territory via pipelines. the export represents a prospective risk for oil and fuel exports in the region ”. explains Swapnil Babele, upstream analyst at Rystad Energy, and Equinor criticizes its own US strategy. Equinor (NYSE: EQNR) says its US onshore strategy over the past decade of competitive expansion has been at the expense of “value creation. ” Between 2007 and 2019, the Norwegian oil company lost $ 21. 5 billion during its crusade in the United States. According to Wil VanLoh, managing director of Quantum Energy Partners, a personal equity corporation that, through its holdings, is the largest American driller after ExxonMobil, the hydraulic fracturing frenzy has had a lasting effect on America’s oil reserves. and fuel. Fracking has “sterilized much of the deposit” in North America, he said, according to the FT. “It’s the dirty secret of the shale. “
By Josh Owens for Oilprice. com
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