Новости за 24.05.2024

By AGMetalminer.com The Renewables MMI (Monthly Metals Index) continued its slight downward trend month-on-month, dropping by 3.8%. Two large components of the index, silicon and cobalt prices, continue to experience drops due to lingering renewable energy supply bottlenecks from 2023. This, along with falling grain-oriented electrical steel prices, brought the index down Silicon for Solar Panels: A Geopolitical Imbalance? The United States relies heavily on China for its solar panel supply. However... Читать дальше...

The United Arab Emirates is set to achieve its oil production capacity goal ahead of schedule, with the Abu Dhabi National Oil Co. (Adnoc) expected to reach a capacity of 5 million barrels per day by the end of 2025 or early 2026, surpassing its original target of 2027, according to anonymous sources who spoke to Bloomberg. This accelerated timeline is anticipated to create friction within the Organization of Petroleum Exporting Countries and its allies (OPEC+), which will review member capacities... Читать дальше...

The government-owned Development Bank of Southern Africa (DBSA) is in talks with South African ministries to set up an office to manage auctions of power transmission projects, a bank executive told Bloomberg in an interview published on Friday.    The bank is discussing with government departments the setting up of the office that is expected to bring private funding to link up renewable energy sources to the transmission grid. This “needs to be signed off by the different parties within government,”... Читать дальше...

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 4 to 600 this week, compared to 711 rigs this same time last year. The number of oil rigs stayed the same this week, after rising by 1 in the week prior. Oil rigs stand at 497--down by 73 compared to this time last year. The number of gas rigs fell by 4 this week to 99, a loss of 38 active gas rigs from this time last year. Читать дальше...

Despite a bold climate stance, Colombia is looking to increase its oil production to 1 million barrels per day by encouraging drillers to ramp up activity in underutilized exploration blocks, according to the country's energy ministry. Energy Minister Andrés Camacho emphasized the government's strategy to revitalize "lazy contracts"—agreements signed 10 to 15 years ago that have so far seen minimal exploration efforts. Camacho believes this approach can elevate production to approximately 800,000 bpd by year-end... Читать дальше...

Russia’s primary oil refining capacity that is idled this month is 12% of its total primary refining units, per Reuters estimates on industry sources data. Due to a change in plans in some large refining units, the calculations of offline refining capacity in Russia have been revised up by 19.2% compared to previous projections, Reuters notes. Currently, 3.392 million metric tons, or 12% of Russia’s primary refining capacity, is offline, according to the Reuters calculations. The volume of idled... Читать дальше...

The OPEC+ alliance will hold its meeting in early June a day later than initially planned and via a video conference instead of in person, OPEC said on Friday. All meetings previously planned to take place in person in Vienna on June 1 will now be held online on June 2. The three key meetings that will be now held via video conference are the meeting of the Joint Ministerial Monitoring Committee (JMMC), the panel monitoring market developments and potentially recommending actions to the ministers to take... Читать дальше...

Whenever I try to get a feel for the direction of natural gas prices, the Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report is the first place I stop. This report provides an update on the levels of natural gas in storage facilities across the United States. The report includes data on working gas in underground storage, with details on net changes, implied flows, and comparisons to historical data. It’s released every Thursday and covers data up to the previous Friday.... Читать дальше...

French banks BNP Paribas and Credit Agricole, two of Europe’s top three banks by assets, are no longer underwriting bond issues for oil and gas development in the latest policy shift of financing for the industry in Europe. The banks made clarifications on the matter in documents for their annual general meetings this month. BNP Paribas indicated at its AGM last week that it would not participate in bond issues for companies in the oil and gas sector. Environmental group Reclaim Finance said that... Читать дальше...

Saudi oil giant Aramco has approached Repsol to express interest in buying a minority stake in the Spanish energy firm’s renewables business, Spain’s business daily Expansion reported on Friday, quoting several market sources. The entire Repsol Renovables, or Repsol Renewables, is valued at around $6.5 billion (6 billion euros).    Aramco has approached Repsol about a potential acquisition of a minority stake in Repsol Renewables but hasn’t filed a formal offer yet, according to Expansion’s sources. Читать дальше...

A combination of crude inventory builds and high interest rates continued to weigh on oil prices this week, with Brent and WTI both trading near three-month lows.Friday, May 24th 2024Oil prices have been declining for four consecutive days, driven lower by the Federal Reserve’s reluctance to commit to interest rate cuts this year as well as weak physical sentiment in the markets that saw backwardation in both WTI and ICE Brent drop to the lowest level seen this year. Notably improving US gasoline... Читать дальше...

Over the next few weeks, I will be buying something that, for years now, has been extremely disappointing. If that makes no sense to you, bear with me for a bit. The play is based on a strategy almost as old as the stock market, and a news story that makes now seem like a good time to employ it. The principle of reversion to the mean, the idea that sectors and stock styles fall in and out of favor but always return to their long-term average relationship, is one of the oldest and most influential in the worlds of trading and investing. Читать дальше...

Politics, Geopolitics & Conflict On the US election front, Trump has promised that if he is elected, Putin will immediately release an American journalist being held in prison in Russia. The statement made viral headlines and sounded like a pledge of allegiance but was denied by Moscow, which said no such discussions had taken place. A Sri Lankan military commander is warning that Yemen’s Iran-backed Houthis now have Unmanned Undersea Vehicles (UUVs), representing a potentially disastrous escalation... Читать дальше...

Oil prices are experiencing a sharp decline this week, its first in two weeks. The period is ending with four consecutive sessions of losses and Friday is on course to close in the red as well. On Thursday, crude oil settled at multi-month lows, driven by concerns over prolonged high U.S. interest rates which could stifle demand growth in the world's largest oil market. This decline is significant in a week marked by mixed economic signals and inventory reports that have traders on edge about the near-term outlook for crude oil. Читать дальше...

1. Mexican Crude Production Collapses Ahead of Elections- Providing a somber reflection on Mexico’s upstream industry before the June 2 general election, crude production by Mexico’s state oil company Pemex fell below 1.5 million b/d for the first time in over 40 years. - April’s crude output of 1.474 million b/d represents an almost 200,000 b/d year-over-year drop, marking a new trough for the country, the lowest point since Mexico started producing from the giant Cantarell field and tapped into... Читать дальше...

Exxon has signed a deal with the Algerian government for exploration at two natural gas fields in the North African country. The supermajor, in partnership with Algeria’s state energy firm Sonatrach, will "study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin" in the southern part of the country, the New Arab reported. Details about the amount of the investment were not disclosed by the companies. Information about the potential resources in... Читать дальше...

Crude oil prices are on the slide again this week, with Brent set to end the week with a loss of some 3%, according to Reuters, and West Texas Intermediate on its way to shed about 4% unless a last-moment reversal happens by the end of the day. Oil benchmarks have been trading at the lowest levels in about three months, according to Bloomberg, as traders remain fixated on U.S. interest rates. There has been no good news there, with the Fed signaling current rate levels are necessary to keep inflation in check... Читать дальше...

The China National Offshore Oil Co, or CNOOC, has signed an exploration and production deal for five oil and gas blocks in Mozambique, Reuters reported, citing a CNOOC statement. The five blocks are offshore the African country, in depths ranging between 500 meters and 2,500 meters, the Chinese state-owned company said. The exploration stage of the deal will last for four years, CNOOC also said, with five of its subsidiaries acting as operators for each of the blocks, which the Chinese company will... Читать дальше...

For years, the transition from ICE vehicles to EVs has been viewed as a critical element of reducing the more than seven billion metric tons of carbon dioxide (GtCO?) the global transport sector emits each year. The Biden-Harris administration has set an ambitious goal to have up to half of all new vehicle sales in the country electric by the year 2030 as part of the government’s mission to achieve a net-zero emissions economy by 2050.  This gargantuan effort might be worth it:  A 2021 study conducted... Читать дальше...

The oil industry is contributing millions to the Trump presidential campaign, helping the Republican candidate top his rival Joe Biden's campaign war chest. And the Biden admin did a lot of this to itself. Bloomberg reported this week that the Trump campaign had raised a total of $76 million last month, which compared to a much lower $51 million for Biden. Per the New York Times, the Trump campaign has raised $7.3 million from the oil industry since the start of the year. And they are organizing... Читать дальше...

The surge in artificial intelligence technology has created a most unlikely winner on the stock market.   Electric utilities, the ones that will meet the soaring demand to power data centers and generative AI, have turned from the sleepiest steady stock investment on the market into the hottest bet on the AI boom. Following the worst market performance in more than two decades in 2023, the utilities sector is shining on Wall Street this year in a dramatic shift of sentiment and share price gains... Читать дальше...