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

The Oil Hub That Could Counter Iran?s Strait Of Hormuz Strategy
by Simon Watkins
21 Sep 2021 at 4:00pm
In line with the UAE?s role as a principal member of the U.S.?s new Middle East strategy to counter China?s increasing influence in the region, Brooge Petroleum and Gas Investment Co., announced last week that it has begun operations at its 600,000 cubic metres (cu m) second phase storage facility at the Port of Fujairah. This will bring its total capacity to around 1 million cu m, equivalent to 6.3 million barrels of crude oil. The additional capacity is part of the UAE?s plan ? and the US?s ? for Fujairah?

OPEC+ Struggles To Lift Production As Oil Market Tightens Further
by Julianne Geiger
21 Sep 2021 at 3:30pm
The OPEC+ group lifted its production in August, but underinvestment and maintenance work has hampered the group's ability to raise production?and supply could be insufficient to meet the world's growing oil demand, Reuters suggested on Tuesday. Global oil demand has recently risen to near-record levels as global activity picks up steam despite the pandemic. In response, OPEC+ agreed to increase oil production starting in August by another 400,000 bpd each month. But not all producers have responded to the call for more barrels. Angola,?

How Will Methane Regulations Impact America?s Oil And Gas Industry?
by Tsvetana Paraskova
21 Sep 2021 at 3:00pm
The United States and the European Union are calling on the world to join a global initiative for a significant reduction in methane emissions, as major economies proceed with plans to tackle the worst effects of climate change. At a recent summit, the United States, the EU, and several other countries, including OPEC?s number two, Iraq, indicated that they would support the so-called Global Methane Pledge. The initiative, expected to be launched at the UN Climate Change Conference (COP 26) in November in Glasgow,?

Canada?s Oil Sector Asks Re-elected Liberals To Back Local Producers
by Tsvetana Paraskova
21 Sep 2021 at 2:30pm
Following the re-election of the Liberals in Canada, the oil industry has asked the federal government to support domestic oil and gas production to ensure energy to the country with lower imports of fossil fuels from countries with lower environmental standards. ?Our ask of the federal government is to support Canadian prosperity by getting behind our own country?s resources and to trust Canadians to protect the environment rather than relying on other nations to supply the world?s need for natural gas and oil,? the Canadian?

5 Energy Stocks At Biggest Risk From The Evergrande Implosion
by Alex Kimani
21 Sep 2021 at 2:00pm
Default fears have continued to stalk the China Evergrande Group (OTCPK:EGRNF) (OTCPK:EGRNY) despite efforts by its chairman to lift confidence in the embattled firm. The Evergrande Group, one of China's biggest real-estate developers, owes $305 billion to a number of lenders, with its interest liabilities rising by an average of $28 million daily. A major test for Evergrande comes this week, with the firm due to pay $83.5 million in interest to bondholders relating to its March 2022 bond on Thursday, and another $47.5 million payment due?

Oil Prices Jump As Crude, Fuel Inventories Continue To Fall
by Julianne Geiger
21 Sep 2021 at 1:39pm
The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 6.108 million barrels for the week ending September 17. It exceeded the analyst expectations who had estimated a loss of 2.400 million barrels for the week. In the previous week, the API reported a draw in oil inventories of5.437 million barrels?a larger loss than the 3.903 million barrel draw that analysts had predicted. Oil prices rose on Tuesday leading up to the data release, with U.S. crude oil inventories falling weekly, OPEC+ production?

Crude Stocks At Cushing Have Dropped By 42% So Far This Year
by Charles Kennedy
21 Sep 2021 at 1:00pm
Rising U.S. oil consumption this year has led to crude oil inventories in Cushing, Oklahoma, dropping by as much as 42 percent so far this year, the Energy Information Administration (EIA) said on Tuesday. In the week ending September 10, crude oil stocks at Cushing were at 32.9 million barrels, excluding pipeline fill and stocks in transit by water and rail. This level means that crude inventories at the hub, which is the crude oil delivery point for the WTI Crude futures contract, have declined by 42 percent since the beginning of 2021. Inventories?

Russia Expects To Boost Oil Production To Post-Soviet High In 2022
by Charles Kennedy
21 Sep 2021 at 12:30pm
Russia sees raising its oil production to an average of 11.24 million barrels per day (bpd) in 2022, which would be an 8-percent increase from 2021 as OPEC+ eases the production cuts, Bloomberg reported on Tuesday, quoting estimates from the Russian finance ministry it had seen. The forecast production figure was included in a draft budget estimating how much revenue Russia could gain from oil and gas between 2022 and 2024. The 11.24 million bpd estimate is very close to the 11.25 million bpd post-Soviet record that Russia pumped back in 2019.?

Oil Prices Under Pressure From China's Evergrande Crisis
by Josh Owens
21 Sep 2021 at 12:00pm
The potential implosion of China's property market and broader economy sent oil prices tumbling at the start of the week. Energy Market Chart of the Week According to Rystad Energy, this year will see the highest-ever number of geothermal wells drilled as the geothermal sector sees waves of renewed interest. Rystad sees the global well capital expenditure on geothermal exceeding $1 billion this year, with the overall number of geothermal wells drilled surpassing 200 in 2021. The pace of geothermal drilling is poised to speed up in the upcoming?

The Afghanistan Debacle Was A Major Wake Up Call For NATO
by OilPrice.com
21 Sep 2021 at 11:00am
Overview of Prior EU Bureaucratic Actions The vestiges of the Trump administration?s ?America first? foreign policy have forced Europe to consider more autonomous defense initiatives. The EU lacks the military capabilities required to confront mounting geo-strategic concerns. Limited defense budgets increase Europe?s reliance on US expenditures, and uneven national allocations to NATO threaten the political viability of the alliance. To rectify strategic shortcomings, the EU introduced the European Defense Fund (EDF).?

Global Copper Output On The Rise As Prices Soar
by Ag Metal Miner
21 Sep 2021 at 10:30am
Global copper mine production picked up by 4.9% during the first half of the year, the International Copper Study Group said this week. Copper production gains Broken down further, concentrate production rose by 6.4% during the six-month period. Meanwhile, solvent extraction-electrowinning fell by 1.5%. Chile, the world?s top copper producer, saw its copper production fall 1.2% during the first half of the year. Meanwhile, Peru, the second-biggest copper producer, saw its output bounce back by 14% year over year. However, its half-year output?

Record Copper Prices Are Threatening The Global Energy Transition
by Robert Rapier
21 Sep 2021 at 10:00am
The supply chain disruptions which marked the early months of the coronavirus pandemic have cast a long shadow. Once economies around the globe began to reopen in the second half of 2020, numerous shortages cropped up across a variety of industries. Commodity prices skyrocketed. Crude oil, lumber, and important metals like copper and aluminum all saw prices surge to multi-year highs, sending negative effects rippling across the wide range of sectors that depend on these commodities. Copper Price Surge Eroding Renewable Margins The clean energy?

India?s Oil Imports Jump To Four-Month High In August
by Tsvetana Paraskova
21 Sep 2021 at 9:30am
India?s oil imports surged by 23 percent month-on-month to reach a four-month high of 4.2 million barrels per day (bpd) in August, amid refiners preparing to ramp up crude throughputs for the festival season that starts next month, Reuters reported on Tuesday, citing tanker data from trade sources. India?s oil imports also rose by 6.2 percent in August 2021 compared to the same month of 2020. Last month?s oil imports in India reached a four-month high after several months of lower shipments due to the resurgence of COVID cases?

Chinese Utility Companies Face Bankruptcy As Coal Prices Skyrocket
by Haley Zaremba
21 Sep 2021 at 9:00am
China?s energy industry is caught between a rock and a hard place. As the world?s second-largest economy has surged back to life in the wake of the novel coronavirus pandemic, energy demand has skyrocketed, leading to soaring fuel prices and unprecedented decisions out of Beijing to compromise some of the country?s energy security in the interest of keeping the lights on in the immediate term. What?s more, all of this is taking place as the Chinese economy enters a slowdown and inflation rates are on the rise. ?Inflation?

OPEC+ Boosts Compliance With Oil Production Cuts To 116%
by Tsvetana Paraskova
21 Sep 2021 at 8:30am
The OPEC+ group of producers raised their compliance with the ongoing collective production cuts to 116 percent in August, up from 109 percent compliance in July, sources from the alliance told Reuters on Tuesday. The OPEC cartel saw its crude oil production rise by 150,000 barrels per day (bpd) in August, data from secondary sources in the monthly report showed. Even at higher quotas, the 10 OPEC members part of the OPEC+ pact pumped less than estimated by tanker tracking surveys and less than the OPEC overall quota in the agreement. Total?

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