O
il prices have risen back to the mid-$70s on as a results of tighter U.S. crude inventories and a disaster on Libyan oil exports.
The interdependence of oil prices and Omicron news updates has subsided somewhat in the week because the overall decline in US crude stocks and therefore the Libyan supply disruption are moving prices upwards. Despite US crude supply hovering around 11.6-11.7 million b/d, robust demand triggered another week-on-week decline in inventories at a whopping 4.7 million barrels. Libya degenerating into another bout of internal strife has started out some 300,000 b/d of crude in a second, providing a welcome present for the oil bulls. As of Tuesday, Brent traded around $75.5 per barrel whilst US benchmark WTI was last seen around $73 per barrel.
European Gas Prices Drop Off Yesterday’s Peak. even as Gazprom is filling up the second line of Nord Stream 2, to be ready by year-end, day-ahead TTF futures dropped 20% day-on-day to €132 per MWh ($48 per mmBtu), potentially signaling more Russian supply coming to Europe soon.
Iran Talks Reconvene for Post-Christmas Round. The eight iteration of negotiations on Iran’s nuclear program will start 27 December in Vienna, but period of time after the previous session was curb by the Iranian delegation.
Argentina to create Vaca Muerta Gas Pipeline. Despite Argentina’s near-default state, its authorities are reportedly set to sign a decree to start out the development of a significant gas pipeline that might connect the plentiful Vaca Muerta shale play to Buenos Aires, boosting YPF (NYSE:YPF) prospects.
EU Still Probing Gazprom Actions in Europe. With European day-ahead gas prices hitting a brand new record of €182/MWh (equivalent to $63 per mmBtu) earlier on, the ecu Commission has re-energized its probe into the actions of Russian gas firm Gazprom (MCX:GAZP), despite having found no evidence of speculation earlier.
ADNOC Wants to Decarbonize Offshore boring. Emirati national company ADNOC launched a replacement $3.6 billion project to attach its offshore production operations to the primarily solar and nuclear-supplied onshore electricity grid by means of a 3.2 GW high-voltage, direct-current subsea line.
Nigeria Crude Exports Hit By Another inevitable accident. The Nigerian subsidiary of oil major Shell (NYSE:RDS) was forced to declare tragedy at the Forcados export terminal on after a malfunctioning barge continues to dam tanker access and loading operations, the second FM this year already.
ExxonMobil Resumes Cyprus Drilling. US oil major ExxonMobil (NYSE:XOM) resumed drilling in Cyprus’ offshore Block 10 following a 20-month COVID-triggered hiatus, drilling an appraisal well to the 2019 Glafcos discovery that's assumed to carry the maximum amount as 8 trillion cubic feet (225 bcm).
US SPR Inventories Drop to Lowest in 19 Years. With the US pushing through with its planned SPR releases, the entire stock of strategic crude reserves fell to 596 million barrels, the bottom it's been since November 2002.
Iran Seeks to make a $10 Billion Heavy petroleum refinery. in keeping with a draft allow the subsequent Iranian year starting in March, Teheran is looking into the development of a 300,000 b/d new refinery named after Qasem Soleimani in Bandar Abbas, to be geared towards heavy oil refining.
Mexico Claims Deer Park Refinery a Done Deal. The Mexican government stated that the bid of its national company PEMEX to shop for the 303,000 b/d Deer Park refinery from Shell (NYSE:RDS) received the approval of the US Government which the long-delayed deal would, at last, be finalized in early 2022.
German Firms Clinch Russian Ammonia Term Deals. Russian LNG major Novatek (MCX:NVTK) signed a long-term sale with Germany’s utility firm Uniper for 1.2 mtpa of ammonia, to be transformed into gaseous hydrogen once it hits German soil, the second such deal this year already.
Albemarle Shakes Off Chile Election Hit. Despite having lost 15% of its market price this month on the rear of the Chilean President-elect desperate to founded a national lithium company, lithium producer Albemarle (NYSE:ALB) said it doesn't expect its operations to be affected because of a “unique” contract structure.
Shipping Giant Maersk Doubles Down on Chinese Storage. Container shipping firm Maersk (CPH:MAERSK) agreed to shop for Hong Kong-based storage company LF Logistics that owns a network of quite 200 warehouses across Asia for $3.6 billion because it seeks to achieve an edge in Asia Pacific.
Exxon’s Baytown Refinery Suffers Major Accident. The integrated 560,000 b/d Baytown refining complex operated by ExxonMobil (NYSE:XOM) in Texas saw a serious industrial accident after a bypass line leak caused a hearth within the refinery’s desulfurization unit.
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