Day rates for shipping gasoline from Europe to the U.S. have tripled since the beginning of the year, Bloomberg reports, citing data from the Baltic Exchange on Monday, as Yemen’s Iran-backed Houthis continue their relentless attack on vessels traversing the Red Sea. The day rate for a single cargo of gasoline heading from northwestern Europe to the east coast of the United States reached nearly $38,000 per day on Monday, Bloomberg reported. That represents a tripling of day rates since the beginning of the year. Читать дальше...
Argentina’s newly elected president, Libertarian Javier Milei, has been forced to make concessions in his radical market reform package, shelving plans to privatize state-run oil company YPF SA, Bloomberg reports. On Monday, the omnibus bill currently before Congress did not include YPF privatization plans, with negotiations having led to certain concessions in Milei’s radical market liberalization plans. Milei had proposed the privatization of 41 state-owned companies, including YPF, the country’s... Читать дальше...
Saudi Arabia’s crude oil exports inched up in November from October to reach a five-month high, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude oil exports from the world’s top crude exporter rose by 39,000 barrels per day (bpd) to around 6.34 million in November, up from October’s 6.3 million bpd level, according to the latest available data in JODI, which compiles self-reported data from many countries. Yet, Saudi crude oil production fell in November by 122,000... Читать дальше...
Iran has showcased its advancing missile and drone capabilities in a demonstration of the lengths it can take to strike perceived threats. But in targeting extremist groups and an alleged spy base in neighboring countries, Tehran also showed there are limits to how far it is willing to go for now.The strikes launched by the Islamic Revolutionary Guards Corps (IRGC) on January 15 and 16 made use of sophisticated missiles, violated the territorial sovereignty of Iraq, Syria, and Pakistan, and were... Читать дальше...
West Texas Intermediate (WTI) climbed over 2.3% on Monday as rising tensions in two conflict zones outweighed supply and demand fundamentals that should have put downward pressure on crude prices. At 12:37 p.m. ET on Monday, WTI was up 2.59%, trading at $75.31, for a $1.90 gain on the day, while Brent crude was up 1.90%, trading at $80.05, for a $1.49 gain on the day. Overall, weakening demand and slowing economic growth have kept oil prices from soaring on geopolitical developments, Wednesday’s... Читать дальше...
Via SchiffGold.com, In the realm of institutional asset management, the copper/gold ratio (blue line) has served as a key indicator for some, providing insights into the potential trajectory of 10-year Treasury yields (red line). There are unique dynamics at play between these two metals, with copper being an industrial necessity and gold serving as a stable safe-haven. While the absolute level of the copper/gold ratio may not be crucial, its directionality holds significance. Broadly speaking, the... Читать дальше...
Australia has secured two supply deals for its domestic market to power east coast gas-fired stations, the government said on Monday, hoping to ease some of the concerns about the domestic supply of gas and the reliability of the energy system. Australia plans to retire a lot of its coal fleet by 2033 and to bet on renewable energy, but it faces power shortages if it rushes the energy transition, analysts and the Australian Energy Market Operator (AEMO) have warned. Despite being a major LNG exporter... Читать дальше...
The U.S. Energy Industry has defied past norms where declines in drilling and completion activity would quickly result in lower production. Technology has turned that paradigm on its head in recent years. Extended reach laterals, optimizing well spacing, and increasing the Completion Intensity-frac stages per foot, upping sand and water concentrations per foot, have enabled this result. In the most recent Energy Information Agency-Drilling Productivity Report-DPR, the tally is in, once again we have... Читать дальше...
China is taking advantage of the slide in oil prices, which began in October, to ramp up its stockpiling of cheaper crude. In December alone, China is estimated to have sharply boosted the volume of crude going to storage for the highest rate of stockpiling in six months, according to estimates by Reuters columnist Clyde Russell. China does not report commercial or strategic inventories, so analysts are trying to estimate the volume of stockpiling by deducting the amount of processed crude from... Читать дальше...
