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All the latest in Oil, Gas, Commodity news and analysis

Biden Desperately Needs To Bring Oil Prices Down
by Simon Watkins
24 Jan 2022 at 5:00pm
U.S. presidents have long been made by their advisers to understand the dangers of benchmark oil prices staying above the US$75-80 per barrel (pb) level for extended periods of time. As the Brent and West Texas Intermediate (WTI) benchmarks continue to spike back above that level ? and threaten a sustained move even above US$90 pb ? there will be renewed pressure on President Joe Biden to act to bring oil prices down to below the ?danger? levels. The danger for a U.S. president in oil prices being above these levels for?

Declining U.S. Petroleum Inventories Push Oil Prices Higher
by Tsvetana Paraskova
24 Jan 2022 at 4:00pm
Despite a crude oil inventory build in the latest EIA report, U.S. commercial petroleum stocks have declined in most of the weeks in the past year and a half, falling below seasonal averages for the past five years and even below the five-year average before the pandemic.   The continuously declining U.S. petroleum stocks over the past year suggest that supply has not caught up with rebounding demand as U.S. exploration and production companies have not responded with a spike in new drilling activity to the rising crude oil prices.  ?

ConocoPhillips CEO Sees More Oil Industry Consolidation
by Julianne Geiger
24 Jan 2022 at 3:56pm
ConocoPhillips' CEO Ryan Lance is bullish on the price of oil, the executive said on Monday at the Argus Americas Crude Summit in Houston. Lance further expressed his view that the U.S. oil industry is poised for even more consolidation in an effort to bring down costs?costs which the majority of U.S. oil and gas companies see as rising as much as 10%, according to the latest Dallas Fed Survey conducted in December. Lance said that the consolidation drive, however, doesn't mean that small independents are going to disappear. For the United?

Inflation Could Push Oil Supply Into The Danger Zone
by Irina Slav
24 Jan 2022 at 3:00pm
Concern about crude oil supply began to show around the time some central bank policy observers started warning against taking inflation trends lightly, as something transitory. Since then, both the oil supply situation and the inflation situation have deteriorated fast. Forecasts that Brent crude will reach and top $100 this year now sound a lot more plausible than they did in November. The supply issue is in the focus of attention as most OPEC+ members appear to be struggling to reach their assigned production quotas. Yet geopolitical tensions?

Wall Street?s Favorite Oil Stocks For 2022
by Alex Kimani
24 Jan 2022 at 2:00pm
After souring on the sector for years, Wall Street is increasingly turning positive on energy with a growing number of analysts expressing optimism that the worst could be in the rearview mirror. Evercore ISI's Stephen Richardson is the latest Wall Street analyst to join the bull camp. Richardson says the oil rally is supported by a smorgasbord of catalysts, including a waning omicron wave; political unrest in Libya, protests in Kazakhstan, sabotage in Nigeria as well as the threat of war between Russia, a major energy producer, and Ukraine, a?

The U.S. Is Preparing European Gas Markets For A Russian Invasion
by Tsvetana Paraskova
24 Jan 2022 at 1:00pm
The U.S. Administration is in talks with energy companies and major gas-producing countries globally about the potential for a large supply of natural gas to Europe in case Russian deliveries are interrupted if Russia invades Ukraine, U.S. officials with knowledge of the talks told CNN. Russia, which supplies over one-third of the natural gas that Europe consumes, could weaponize gas deliveries if the West imposes sanctions on Moscow over a possible invasion of Ukraine, European allies of the United States fear. In addition, in the event of military?

Mexico?s Huge Oil Hedge Was Unaffected By Its Export Ban Plans
by Julianne Geiger
24 Jan 2022 at 12:50pm
Mexico?s well-known oil hedge is showing no signs of diminishing, even in the wake of Mexico?s ambitious plans to curb oil exports. Mexico?s hedge for 2022 crude oil production, in fact, was similar in size as it has been in previous years, Bloomberg reported. This, even as Mexico?s President Andres Manuel Lopez Obrador plans to halt all crude oil exports as it looks to improve its self-sufficiency by making more crude oil available for its own needs. According to an anonymous Bloomberg source, Mexico?s oil hedge for?

What?s In The 20-Year Draft Agreement Between Iran And Russia?
by Simon Watkins
24 Jan 2022 at 12:00pm
The new 20-year co-operation deal between Iran and Russia was not finalized at last week?s visit to Moscow of Iranian President, Ebrahim Raisi, and his Russian counterpart, Vladimir Putin. Instead, according to a senior source close to Iran?s Petroleum Ministry spoken to exclusively by OilPrice.com, the first visit of an Iranian president to Russia in almost five years discussed in-depth key points that are contained in Tehran?s final draft proposal for the agreement. This draft covers a wide range of issues relating to the general?

An Expert?s Take On Energy Markets In 2022
by Robert Rapier
24 Jan 2022 at 11:00am
This was supposed to be a follow-up to my previous article on the lithium market. However, I got a tremendous amount of feedback and numerous inquiries following that article. I am going to speak with a few more people in the industry this week before I finish that article. But I also like to get in my energy predictions in early January, and we have just slipped into the second half of January. So that seems to be an appropriate alternative. Whenever I get most of my energy sector predictions right ? as I did in 2021 ? I often question?

Europe?s Top Copper Producer Wants Nuclear Energy Labeled As Green
by Charles Kennedy
24 Jan 2022 at 10:30am
European industries could grow using clean energy only if the European Union (EU) decides to classify some nuclear power plant investments as sustainable, the head of Europe?s top copper producer, told Bloomberg in an interview. ?There?s no other logical way for the European industries to grow, based on clean energy, than through nuclear power,? Marcin Chludzinski, chief executive of Polish copper producer KGHM Polska Miedz, told Bloomberg. ?Even if we maintain profitable production despite rising gas and electricity?

Permian Super-Emitters Could Save $26 Million Per Year By Fixing Methane Leaks
by Tsvetana Paraskova
24 Jan 2022 at 10:00am
Over the past three years, 30 oil and gas infrastructure facilities in the Permian have been large methane emitters, data collected from airborne surveys by Carbon Mapper and the Environmental Defense Fund showed. The data collected from surveys conducted between 2019 and 2021 showed that 30 so-called ?super-emitters? produce the same near-term climate pollution as around half a million passenger vehicles, the Environmental Defense Fund said.  Those ?super-emitters? account for less than .001% of the region?s?

Mexico's Energy Minister Hits Back At Refinery Criticism
by Irina Slav
24 Jan 2022 at 9:30am
The new Dos Bocas refinery that Mexico?s government is building to reduce the country?s dependence on fuel imports is ?being built in record time. Opinions around the world are very positive,? according to energy minister Rocio Nahle. Bloomberg reports that the energy minister was responding to media reports that the Dos Bocas project was plagued by cost overruns and delays. According to the reports, the refinery is running $3.6 billion over budget, and delays could mean that the flagship project of Mexican President Andrés?

The Nickel Supply Squeeze Could Send Prices Even Higher
by Ag Metal Miner
24 Jan 2022 at 9:00am
Or so asks an interesting post in Reuters last week regarding the nickel market. Back in 2007, nickel stocks had plummeted while prices rocketed.  Today, we also have plummeting stocks and a rocketing price. Inventory does not appear as low today as in 2007, yet, nor has the price exceeded $24,000 per metric ton. In 2007, prices peaked at nearly $50,000/mt in the spring of 2007 before crashing equally precipitously over the ensuing 18 months. Source: MetalMiner (SM) Insights Back then the market saw a shortage of refined nickel from suppliers?

Soaring Gas Prices Will Boost Profits For India?s Biggest Company
by Tsvetana Paraskova
24 Jan 2022 at 8:30am
Reliance Industries expects the global natural gas crunch and the gas price rally to continue benefiting India?s oil-to-telecoms conglomerate with more earnings in the coming months after higher oil and gas production and price realizations helped it deliver record quarterly earnings. Reliance Industries, the biggest company in India led by Asia?s richest person Mukesh Ambani, expects India to raise the cap on the offshore gas sales by 60 percent in April, to $10 per million British thermal units (MMBtu), the group?s senior vice?

Turkey Hit By Unprecedented Power Outages As Iran Halts Gas Flows
by Tsvetana Paraskova
24 Jan 2022 at 8:00am
Turkey is undergoing massive power cuts to industrial customers this week at an unprecedented level never seen before after the country?s natural gas supplies dipped following a disruption of imports from Iran. Major industrial zones and clusters and major production sites, including those of foreign car manufacturers, are being hit by power outages after Iran said at the end of last week it would halt natural gas exports to Turkey for ten days, due to technical issues. On Friday, Iran announced that gas flows were restored, but Turkey said?

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