Oil continued to rally this week, and despite fears of a slowdown in economic growth, the reopening of China’s economy has created tailwinds for oil.
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Friday, January 27, 2023
Bracing against inflation, interest rate hikes and other shocks, stronger-than-expected U.S. gross domestic product data raised hopes among market bulls that fears of a longer-term economic slowdown may be overblown. Oil markets are still largely reflective of macroeconomic events – the fact that US refining is still below 15 million bpd and heading for a massive round of maintenance goes almost unnoticed.
EU tips on product price ceiling levels. European Union officials have announced that they are looking to cap the price of high-value Russian products at $100 per barrel and low-value products at $45 per barrel, and the ball is now in the hands of EU governments to negotiate the deal. come to an agreement Measure before February 5th. RELATED: Clean Energy Investment to Reach $1.1 Trillion in 2022
Freeport’s LNG restart lowers NatGas prices. The Federal Energy Regulatory Commission has allowed Freeport LNG to resume some operations, with a small flow of natural gas currently flowing to the facility, however, concerns remain that it will not return to full capacity until March. has it.
Shell is exiting European retail. Citing “difficult market conditions,” British Energy Inc Shell (LON:SHEL) Just a few years after entering the sector and attracting more than 1.5 million customers, it plans to exit its home energy retail business in the UK, Germany and the Netherlands.
Qatar wants its share in Iraq’s big project. The Qatari oil company, Qatar Energy, is negotiating with a large French company TotalEnergies (NYSE:TTE) to buy Iraq’s $27 billion in commitments in Iraq, which includes solar, gas and water projects, and is reportedly looking to buy a 30 percent stake.
Italy doubles Libyan gas Italy’s largest oil and gas company ENI (BIT:ENI) It is set to sign a series of contracts with the Libyan National Oil Company to develop two offshore gas fields in the Mediterranean at an estimated cost of $8 billion, and seek additional sources of supply to cancel purchases of Russian gas.
Exxon calls for an end to routine flaring. American oil major ExxonMobil (NYSE:XOM) It announced it had stopped routine flaring of natural gas from its operations in the Permian Basin, and called for stricter rules to find and fix gas leaks, as the United States still has 300 billion cubic feet of natural gas.
Mexican Refinery Collection for Summer Launch. Mexico’s under-construction Olmeca refinery, with a capacity of 320,000 barrels per day and the ability to refine heavier barrels, is scheduled to begin processing crude oil in July 2023, paving the way for the country to become self-sufficient in gasoline and diesel.
Matador kicks off the 2023 M&A season. American shale producer Matador Resources (NYSE:MTDR) Agreed to buy Advance Energy Partners Holdings for $1.6 billion in cash, the largest deal in the company’s history, adding about 25,000 barrels of oil production to its portfolio.
Equinor joins Majors Nigeria retreat. According to media reports, the Norwegian oil giant Equinor (NYSE:EQNR) It has launched the sale of its Nigerian onshore assets and hired Standard Chartered to run the sale process as it seeks to raise $1 billion from the deal.
Too many designs with the same North Sea. UK Oil Company BP (NYSE:BP) and the Danish wind producer Orsted (CPH:ORSTED) They are developing two projects – a pioneering carbon sequestration site and an offshore wind farm respectively – in an overlapping area of 110 square kilometres, where both sides expect the other to cede territory.
Europe may run out of hydrogen According to a new study, importing green hydrogen into the European Union may be more cost-effective than producing it domestically, with Germany’s production costing €4-5 per kilogram, while Morocco and Spain are able to produce clean hydrogen for less. 3.1-3.2 euros / kg.
The US LNG contract with Poland was terminated. US Energy Infrastructure Corporation Sempra Energy (NYSE:SRE) signed a 20-year contract with the Polish Oil Company PKN Orlen (WSE:PKN) to supply 1 million tons of LNG per annum from its Phase 1 Port Arthur LNG project, fully committing its entire 10.5 million tons of capacity in the pass.
Adani with short seller report. Indian Energy Conglomerate Adani Group (NSE: ADANIENT) Adani’s shares soared 20 percent this week after US-based Hindenburg Research published a report detailing widespread tax evasion and unreported debt levels, with Adani considering legal action against the latter.
Minnesota ban hits US copper growth. The U.S. Department of the Interior has banned mining in northeastern Minnesota for 20 years due to concerns about contamination of waterways, preventing development. Antofagasta (LON:ANTO) Twin Metals underground mine, which is going to become the biggest copper mine in the country.
By Tom Cole for Oilprice.com
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