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

China?s Crude Oil Imports Are Slowing Down
by Charles Kennedy
18 Sep 2020 at 3:00pm
China?s imports of crude oil have been trending much lower in September than in the past four months, while the rest of Asia is also significantly slowing imports this month with demand still under pressure, IHS Markit said on Friday. Crude oil discharged at Chinese ports in the last two weeks were below 8 million barrels per day (bpd), at levels similar to what China imported in March and April, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade, at IHS Markit, said in an analysis. So far in the third quarter, China?s?

UK Energy Firms Could Switch Off EV Chargers As Demand Peaks
by Charles Kennedy
18 Sep 2020 at 12:30pm
New rules proposed in the UK could see electricity distributors switching off electric vehicle (EV) chargers at home connected to the smart meter system to prevent grid overloads in case of ?emergency? peak electricity demand. Under the proposed plan, ?the technical solution proposed to allow Distributors control of consumer devices (such as Electric Vehicles) connected to Smart Meter infrastructure will only be used as a last resort measure in the event that market mechanisms fail or do not deliver to the extent anticipated.??

Oil Bulls Return As OPEC+ Reassures Markets
by Tom Kool
18 Sep 2020 at 12:00pm
It's been a busy month for oil markets, with a build-up of bearish news sending oil prices crashing at the start of the month, only for prices to rally again this week. A combination of outages from Hurricane Sally, a drawdown in oil storage, and high compliance from OPEC is responsible for the rebound.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you?

Active Oil Rigs Fall Again As WTI Finishes Strong
by Julianne Geiger
18 Sep 2020 at 10:20am
Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 179. The total number of active oil and gas rigs increased for the week by 1, with oil rigs falling by 1 and gas rigs increasing by 2. Total oil and gas rigs in the United States are now down by 613 compared to this time last year. The EIA?s estimate for oil production in the United States rose for the week ending September 11?the last week for which there is data, to 10.9 million barrels of oil per day, up from 10.0 million bpd in the week?

Has Oil Demand Peaked?
by Editorial Dept
18 Sep 2020 at 10:00am
1. BP sees oil demand already at a peak- BP (NYSE: BP) made major headlines this week when it released its latest energy outlook, which laid out three scenarios, all of which show oil demand either already having peaked, or peaking in the next few years in the most optimistic scenario. - In BP?s middle-of-the-road scenario (?Rapid), oil demand falls by half by 2050 to under 55 mb/d, while a more ambitious climate-focused ?Net Zero? scenario leads to an 80 percent decline in demand. ?Demand for oil falls over the next?

Oil Rallies Despite Bearish Demand Forecasts
by Editorial Dept
18 Sep 2020 at 10:00am
COVID Market Update Oil prices perked up this week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP?s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. This is startling given BP?s 2019 outlook that suggested oil demand would continue to rise for more than a decade. Undeterred by the news--or perhaps not persuaded by BP?s assessment--oil prices reclaimed lost ground, with WTI topping more than $41 per barrel. Citigroup?s forecast sees oil prices reaching?

Should You Buy Into This Oil Rally?
by Editorial Dept
18 Sep 2020 at 10:00am
I don?t want to sound like I?m whining here, but my job is pretty difficult right now. I get paid to watch markets and give my opinion on them, something that a lot of people do for fun, but even though I know that makes me incredibly lucky, it isn?t always easy. Sometimes, and this has been the case recently, I struggle to understand what is going on and have no clear sense of the direction of the next move. When that is true, it is important that you aren?t afraid to admit it to yourself, and in my case to all of you too.?

A Major Power Play In Libya
by Editorial Dept
18 Sep 2020 at 10:00am
Libya: A New Twist to Haftar?s Power Play Turkey would like the world to think that the resignation of the eastern government this week signifies the weakening of General Haftar. The opposite is true. This clears the way for Haftar and weakens Turkey?s power in the country. Protests that are engulfing Tobruk in eastern Libya?Haftar?s stronghold?may not be what they seem. This week has seen the resignation of the eastern interim government of Abdullah al-Thani. That resignation will make it impossible for?

WTI Rallies 10% In Bullish Week For Oil
by Editorial Dept
18 Sep 2020 at 10:00am
In spectacular fashion, crude oil traders went from discussing bearish factors such as storage containment issues to celebrating forecasts calling for supply shortages, in less than a week. U.S. West Texas Intermediate moved higher for a fourth session on Friday, putting it on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit. WTI crude oil is set for its strongest weekly performance since early June after Hurricane Sally cut U.S. production?

String Of Bullish News Sends Oil Rallying Above $40
by Tsvetana Paraskova
18 Sep 2020 at 9:00am
Oil prices were set for a weekly gain early on Friday, capping a week of several days of gains that saw both benchmarks rebound to above $40 a barrel. As of 10:11 a.m. EDT on Friday, WTI Crude was up 0.63 percent at $41.19 and Brent Crude was up 0.05 percent at $43.28. This week?s sentiment on the market has been more bullish than the previous week, when fears of waning demand recovery had overtaken the news cycle and a sell-off sent oil prices to below $40 a barrel. This week started with OPEC and the International Energy?

Pompeo Promotes U.S. Companies To New Oil Nations Guyana, Suriname
by Charles Kennedy
18 Sep 2020 at 8:30am
U.S. Secretary of State Mike Pompeo carried out a promotional campaign for U.S. private companies in Suriname and Guyana, two small but newly famous for their oil wealth South American countries, warning their leaders to beware of doing business with Chinese state companies. "No state-owned operation can beat the quality of the products and services of American private companies," Pompeo said during a joint news conference with newly elected Suriname president Chan Santokhi, as quoted by AFP. "We've watched the Chinese Communist Party invest in?

Bullish Goldman Sachs Expects Brent To Hit $49 By Year-End
by Tsvetana Paraskova
18 Sep 2020 at 8:00am
Goldman Sachs is bullish on oil, expecting the market to be in a deficit of around 3 million barrels per day (bpd) by the fourth quarter and Brent Crude prices to recover to $49 a barrel by the end of this year, from $43 early on Friday. According to a new report from Goldman analysts, carried by Reuters, the recent floating storage of oil is more "transient inventory allocation dynamics" instead of a signal of a new glut. "We estimate that the oil market remains in deficit with speculative positioning now at too low levels," Goldman Sachs?

Libya To Lift Force Majeure On Exports Only If Military Exits Oil Facilities
by Tsvetana Paraskova
18 Sep 2020 at 7:30am
Libya?s National Oil Corporation (NOC) is conditioning lifting the force majeure on the country?s oil exports on the demilitarization of all oil facilities and export terminals, NOC?s chairman Mustafa Sanalla said on Friday, while eastern Libyan strongman General Khalifa Haftar announced the lifting of the blockade. Libya?s oil export terminals have been closed since January after paramilitary formations affiliated with Haftar?s Libyan National Army (LNA) occupiedthe oil export terminals and oilfields of the?

Russian Oil Minister: Global Oil Inventories Are In Decline
by Irina Slav
18 Sep 2020 at 7:00am
Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia?s Energy Minister Alexander Novak said in a TV interview. "Reserves accumulated in the second quarter are gradually shrinking, and we see that July and August were the first two months when stocks declined gradually. The reduction roughly amounted to 45 mln barrels in August and 34 [mln barrels] in July,"Novak told Rossiya-24. In more good news, Novak said that he expected oil demand to recover fully from the?

Oversupply Adds To Grim Oil Demand Outlook
by Irina Slav
17 Sep 2020 at 5:00pm
OPEC and the International Energy Agency delivered bad news for the oil market this week. Both authorities revised their oil demand forecasts for this year, and both revised them downwards. But it is not just demand that will continue to weigh on oil prices. Supply is excessive and likely to remain so until the end of next year. On Monday, OPEC said in its Monthly Oil Market Report that it expected oil demand this year to shrink by 9.5 million bpd. That?s an upward revision of 400,000 bpd, from an expected contraction of 9.1 million bpd in?

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