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OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis

Is Shale Gas A Gamechanger For Saudi Arabia?
by Simon Watkins
7 Dec 2021 at 1:00pm
The first major contracts for Saudi Arabia?s Jafurah field ? supposedly, the biggest shale gas field outside the U.S. ? were awarded last week, as the Kingdom aims to become the third largest natural gas producer in the world by 2030, to the point where it could even become a net exporter of gas. This, in turn - if true - would allow Saudi to achieve its supposed aim of producing half of its electricity from gas and half from renewable energy sources in pursuit of its 2060 net-zero greenhouse gas emissions target. However, as?

Houthis Claim Drone Attacks On Saudi Oil Facilities
by Charles Kennedy
7 Dec 2021 at 12:30pm
The Iran-aligned Houthi movement in Yemen targeted on Tuesday oil infrastructure and military compounds in Saudi Arabia with drones and ballistic missiles, the movement said today on its broadcast channel Al Masirah. Saudi Aramco?s oil facilities in Jeddah were targeted in the attack, said the movement, which has been fighting a Saudi-led coalition in Yemen for over six years now. ?In response to the crimes of the US-Saudi aggression against our people and the continuation of the siege, the Armed Forces carried out the 7th of December?

Oil Prices Bounce Back As Omicron Fears Fade
by Tom Kool
7 Dec 2021 at 12:00pm
A flood of bullish factors have sent oil prices higher at the start of the week, with fears about Omicron fading on the back of some promising reports. Chart of the Week- The purported aim of the US government?s decision to release 50 million barrels of crude in January-April 2022 ? to bring gasoline prices ? seems to be slowly materializing.- The OPEC+ decision to maintain their agreed-upon 400,000 b/d production additions helped more in outright terms, dragging WTI prices down to $70 per barrel, as crude prices heavily influence?

U.S. Coal Stockpiles In September Lowest Since At Least 2001
by Tsvetana Paraskova
7 Dec 2021 at 11:30am
U.S. coal stockpiles fell in September 2021 to the lowest level of total monthly coal stocks at the electric power sector since at least 2001, the Energy Information Administration (EIA) said in an Electricity Monthly Update of its November report this week. High natural gas prices have been driving increased use of coal for power generation at utilities in recent months, while the supply response has been muted due to closures of coal mines in recent years. So in September, total U.S. coal stockpiles saw a month-over-month decrease?

Saudi Aramco Signs $15.5-Billion Gas Pipeline Deal With BlackRock
by Tsvetana Paraskova
7 Dec 2021 at 11:00am
Saudi Aramco is selling 49 percent of its gas pipeline network to a consortium led by BlackRock, for which it will receive $15.5 billion?another step of the Saudi oil giant?s push to monetize oil and gas infrastructure assets in deals with foreign investors. Aramco has signed the $15.5-billion lease and leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and Hassana Investment Company, the investment management arm of the General Organization for Social Insurance (GOSI) in Saudi Arabia, the world?s?

Russia Considers Allowing Rosneft To Export Gas To Europe
by Tsvetana Paraskova
7 Dec 2021 at 10:30am
The Russian government is considering the possibility to allow Russia?s largest oil producer, Rosneft, to export natural gas to Europe via pipeline, the Kremlin said on Tuesday?a move that could ease the gas crunch in Europe, if approved. Currently, only Gazprom has the right to export Russia?s natural gas via pipelines. ?Indeed, the issue is under consideration at the government,? Kremlin spokesman Dmitry Peskov said on Tuesday, as quoted by TASS, referring to the possibility that Rosneft could be allowed to also?

European Gas Futures Soar As U.S. Weighs Sanctions Against Russia
by OilPrice.com
7 Dec 2021 at 10:00am
On Tuesday, European natural gas futures jumped after U.S. and European allies weighed new sanctions against Russia if it should invade Ukraine.Cold weather is not the only driver of natgas prices but alsogeopolitical instability in the region has helped push prices near 100 euros permegawatt-hour. According toBloomberg, citing people familiar with the matter, the U.S. and European allies could hit Moscow with sanctions that would paralyze its ability toconvert rubles for dollars and other foreign currencies?

The Best Energy Transition Strategy For Oil Majors Remains A Mystery
by Haley Zaremba
7 Dec 2021 at 9:00am
Is the era of Big Oil coming to an end? Worldwide, industry and policy leaders are finally making earnest pledges to decarbonize. The United States has passed a $1 Trillion Infrastructure Bill that includes heavy investment and incentives for the increased development and adoption of renewable energies. At last month?s COP26 climate summit, a Beyond Oil and Gas Alliance (BOGA) was formed by a group (Costa Rica, Denmark, France, Greenland, Ireland, Quebec, Sweden and Wales) that committed to phasing out oil and gas entirely, and 25 countries?

SPR Tender Attracts Two Foreign Bidders
by Irina Slav
7 Dec 2021 at 8:30am
The tender of crude oil from the strategic petroleum reserve of the United States has attracted at least two foreign refiners as bidders, Bloomberg has reported, citing unnamed sources with knowledge on the matter. The White House announced plans to release up to 50 million barrels of crude from the SPR in mid-November in its latest attempt to lower gasoline prices that were running at uncomfortably high levels. Although it initially prompted a price rally in oil, the announcement, which coincided with the news of the new coronavirus strain, did?

Oil Prices Rise As Fears Of Omicron Lockdowns Subside
by Tsvetana Paraskova
7 Dec 2021 at 7:30am
Oil prices rose early on Tuesday for the second day in a row, as traders are cautiously optimistic that the new Omicron COVID variant would not lead to massive lockdowns around the world to the point of severely reducing global oil demand. As of 10:00 a.m. EST on Tuesday, WTI Crude was up 2.85% at $71.55 and Brent Crude had gained 2.30% to $74.86. Oil prices had started to rebound on Monday after Saudi Arabia signaled optimism about demand by hiking its official January crude oil selling prices for Asia and the United States?its biggest?

Iraq Oil Minister Called Oil At $75
by Charles Kennedy
7 Dec 2021 at 7:30am
Iraq's oil minister Ihsan Abdul-Jabbar expects crude oil to recover to $75 per barrel, Reuters has reported, citing an interview of Abdul-Jabbar for Iraqi state TV. Shortly after the comment, oil prices rose, and are trading at $75 for Brent and over $71 for West Texas Intermediate. This, after both benchmarks slumped by over $10 in one day following the news of a new coronavirus variant last week. OPEC is trying to "control the energy market, in a positive way,"the top Baghdad official said, adding that the current price level of oil was?

Aramco CEO: Rushed Energy Transition Could Spark Social Unrest
by Irina Slav
7 Dec 2021 at 7:00am
A rushed transition into renewable energy would cause spiraling inflation and social unrest, the chief executive of Aramco warned at the World Petroleum Congress in Texas this week, noting that investments in oil and gas needed to continue in order to avoid such a scenario. ?I understand that publicly admitting that oil and gas will play an essential and significant role during the transition and beyond will be hard for some,?Amin Nasser said as quoted by the Financial Times. ?But admitting this reality will be far easier?

Why Helium Could Be The Hottest Commodity Play Of 2022
by Tom Kool
6 Dec 2021 at 5:00pm
Helium is already 100x more expensive than natural gas?even with skyrocketing oil and gas prices. And the helium land rush is on in full force. It?s made easier by the fact that the bulk of helium comes from natural gas fields, and what investors should be paying attention to now is the largest conventional gas field in the United States. This is where we could find the biggest potential beneficiary of a helium shortage that will dictate the future of everything from supercomputing and space travel to MRIs and medical research across?

China Could Cause The Next Massive Crash In Oil Prices
by Simon Watkins
6 Dec 2021 at 4:30pm
Given the extreme disconnect between China?s huge economy-driven oil and gas needs and its minimal level of domestic oil and gas reserves, the country?s influence over oil prices has long been profound. As a result of this imbalance, China almost alone created the 2000-2014 commodities ?supercycle?, characterized by consistently rising price trends for all commodities that are used in a booming manufacturing and infrastructure environment. This was a product largely of the 8 percent-plus annual GDP growth recorded by China?

The Lithium Extraction Tech That Could Take Tesla To $2 Trillion
by Charles Kennedy
6 Dec 2021 at 4:00pm
In Austin, Texas, Elon Musk is building his Tesla Cybertruck plant? And at the same time, Tesla is developing a new technology to supply its huge lithium requirements. This is all part of a move by the EV giant to ensure it has control over its entire supply chain. American lithium is expected to be in high demand for the next century, and Tesla wants to be ahead of the competition. Few investors may know that the US has some of the world?s largest lithium reserves? And with supply-chain issues and China?s emergence as?

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