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Oil Rises to Over $80/bbl as Dollar Slumps on Slowing Inflation

Oil rises to over $80 a barrel on Tuesday. It recorded its biggest daily gains in over a month. As investors bought up risk assets after U.S., data pointed to slowing inflation.

The market was also buoyed by concerns about supply disruptions. It includes the ongoing shutdown of the Canada-to-United States Keystone crude pipeline. This was due to the following massive leak last week.

Brent crude futures settled at $80.68 per barrel, up $2.69, or 3.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $75.39 per barrel, up by $2.22, or 3%. Both contracts recorded their biggest daily gains since Nov. 4.

The dollar index plunged on Tuesday after data showed that underlying U.S. consumer price inflation rose less than expected last month, reinforcing expectations that the Federal Reserve will slow the pace of its interest rate increases on Wednesday.

A weaker dollar makes oil cheaper for holders of other currencies, which can boost demand.

“Nobody really saw that number coming in below expectations – a possible demand-positive event that put a bid in the market,” Mizuho analyst Robert Yawger said.

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Source: Reuters

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UAE To Expand Oil & Gas Production Capacity With $150 Billion Investment

With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming online. Yet, that’s precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates – which in recent years has aggressively sought to diversify away from oil and to become the world’s crypto hub – will look to revert back to its core competency and plans to expand its global energy – and especially energy spending – to boost oil and natural gas production capacity. Abu Dhabi National Oil Co., also known as Adnoc, will invest $150 billion in the five years through 2027, it said in a statement Monday. That’s an increase on the previous spending plan of $127 billion over five years that was announced a year ago.

The spending spree will try to raise crude output capacity to 5 million barrels a day by 2027, earlier than the previous target of 2030, and comes at a time when Saudi oil giant Aramco is also planning to expand its output by 12 million by 2027

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Source: Oil Price

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Global Offshore Oil and Gas Pipeline Market to Grow by $3.75 Billion During 2023-2027

The global offshore oil and gas pipeline market is poised to grow by $3,754.62 million during 2023-2027, accelerating at a CAGR of 5.3% during the forecast period. The market is driven by the economic benefits of offshore pipelines than other oil and gas transportation modes, the surge in E&P activities, and rising global energy demand.

This report on the offshore oil and gas pipeline market provides a holistic analysis, market size, and forecast. Moreover are trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.

The offshore oil and gas pipeline market is segmented as below:

Product

  • Oil
  • Gas

Sector

  • Upstream
  • Midstream
  • Downstream

Geography

  • Europe
  • Middle East and Africa
  • APAC
  • South America
  • North America

This study identifies the advents in offshore pipeline inspection as one of the prime reasons driving the offshore oil and gas pipeline market growth during the next few years. Also, technological advents in offshore oil and gas pipelines and the increasing number of cross-border offshore oil and gas pipelines will lead to sizable demand in the market.

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Source: BusinessWire

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US. Oil Gas Rig Count Holds Steady This Week – Baker Hughes

U.S. energy firms this week left the number of oil and natural gas rigs operating unchanged for the first time since June, energy services firm Baker Hughes Co said in its closely followed report on Friday. The US oil and gas rig count, an early indicator of future output, remained unchanged at 784 in the week to Dec. 2, Baker Hughes said.

That puts the total rig count up 215, or 38%, over this time last year.

U.S. oil rigs held at 627 and gas rigs were at 155.

With oil prices up about 7% so far this year after soaring 55% in 2021 – and pressure from the government to produce more – several energy firms have boosted spending for a second year in a row in 2022 after cutting drilling and completion expenditures in 2019 and 2020.

However, many companies are focusing more on returning money to investors and paying down debt rather than boosting output and the weekly rig count increases have mostly been in the single digits since the start of the pandemic in March 2020.

U.S. crude production is forecast to only return next year to its pre-pandemic record of 12.3 million barrels per day hit in 2019.

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Source: Hellenic Shipping News

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Chevron To Ship First Venezuelan Oil To The U.S. By Year-End

Chevron is getting ready to ship the first oil cargo from Venezuela to the United States. This is by late December after the U.S. Administration issued this weekend. It is a six-month license allowing the U.S. supermajor to extract and export oil from the South American country. This is what Bloomberg reports citing a source with knowledge of the matter.

This weekend, the U.S. Treasury issued a license authorizing Chevron to resume limited natural resource extraction operations in Venezuela while preventing Venezuela’s state oil firm PDVSA from receiving profits from the oil sales by Chevron. The license authorizes Chevron to produce oil at fields jointly operated with PDVSA and sell the oil to U.S. refiners.

Sanctions against Venezuela were introduced in 2019 by the Trump Administration, and the Biden Administration’s decision to ease some of those sanctions came after the resumption of talks over the weekend between the government of Nicolas Maduro and the Venezuelan opposition. Those talks led on Sunday to the signing of a U.S.-brokered accord between the government and the opposition in order to resolve the country’s political turmoil.

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Source: Oil Price

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US Oil Companies’ Cash Flow to Rise by 68% Per Barrel in 2022 – Deloitte

U.S. upstream oil companies are to bank 68% higher free cash flows per barrel. This was in 2022 as surging prices fuel profits. Output growth lingers at 4.5% year to date, Deloitte consultancy said on Monday.

The study illustrates the clash between the White House and oil companies. It is over how skyrocketing profits from high energy prices.

Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) are expected to post strong upstream quarterly results on Friday, with some analysts expecting a new round of increases in dividends and buybacks.

U.S. President Joe Biden has been calling on producers to stop returning cash to shareholders. They are to invest in output to lower fuel prices for consumers.

Unlike in the past, when higher energy prices and profits would lead to increased investment rates, companies have been cutting down on costs and exercising cash discipline, Deloitte said.

Nearly 40% of surveyed executives from the top 100 oil and companies in the U.S. selected debt repayments and returning cash to shareholders as their top priorities, making those the most common answers, Deloitte Vice Chair for U.S. Oil and Gas Amy Chronis said.

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Source: Reuters

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Oil Recovers After Volatile Start Of The Week

– Oil recovers as earnings on the US Gulf Coast-to-China shipping route have soared above $100,000 per day. This is equivalent to $7 per barrel. This is demonstrating the shrinking availability of crude tankers lately.

– The Russia-Ukraine war and subsequent sanctions have lengthened the average shipping voyage globally. So now, charterers have fewer options and are forced to pay double the rate than over the summer months.

– Spot differentials for crudes across the Americas are tanking because of higher shipping costs. Free-on-board prices for WTI plummeted a whopping $5 per barrel week-on-week to reflect the shipping.

– The shortage of tankers is taking place across all vessel categories. This is even VLCC freight costs from the Middle East into Asia Pacific have tripled year-on-year.

Market Movers

– U.S. Eagle Ford-focused oil producer Ranger Oil (NASDAQ:ROCC) is reportedly mulling a potential sale to capitalize on high prices, with estimates putting the company at $2.0-2.2 billion.

– Brazil’s president-elect Lula da Silva has reportedly started interviews to overhaul the top management of state oil company Petrobras (NYSE:PBR), setting it up for some turmoil.

– Australia’s mining giant BHP Group (NYSE:BHP) presented a new bid for copper and gold producer OZ Minerals (ASX:OZL) totaling $6.5 billion, recommended by the latter’s board of directors.

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Source: Oil Price

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India Is Bright Spot for World Oil Demand

Petroleum demand in the world’s third-largest oil consumer has been growing faster than anywhere else in 2022. It is rising by more than 400,000 barrels a day. That’s equivalent to more than 20% of the total global increase. Let’s learn more about why India is a bright spot for world oil demand.

The country’s vigorous appetite for oil was clear early in the year. However, what’s impressive is that it has remained robust in recent months. Take note that this is just as consumption growth is slowing elsewhere.

Three factors help to explain that resilience. First, a fast-growing economy: India is set to post the second-strongest expansion among the Group of 20 this year. It is behind only oil-rich Saudi Arabia and well ahead of China. Second, New Delhi has capped retail fuel prices, insulating the public from the impact of $100-plus oil on the wholesale market. And third, the government has turned to Russia for petroleum, benefiting from the discounts offered by Moscow — at times as much as $20 a barrel — to keep its oil sales flowing.

If current trends continue, India’s consumption will average at least 5.2 million barrels a day in 2022. This is surpassing the previous annual record which was set in 2019 before the onset of the pandemic at 5 million barrels a day. To put that into context, current demand tops that of Germany, France, and the UK combined. And there’s no peak in sight.

Although Indian oil-use growth will slow next year, it’s likely to remain steep by historical standards at 200,000 barrels a day, with the country consuming an average of 5.4 million barrels a day. But there are risks. Current momentum suggests demand will remain healthy, the outlook is by China’s economic slowdown and interest-rate hikes by India’s central bank in an effort to shore up the rupee.

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coal mining

Oil, Gas, Coal Mining on Federal Land in Colorado Generates $393M in Revenue, Most in 14 Years

Oil, natural gas, and coal mining operations on federal lands in Colorado generated more than $393 million in lease and fee revenues in 2022 for the federal and state governments — the most in 14 years.

A combination of increased oil production, higher commodity prices, and new royalty rates and fees led to a 64% surge in revenue in Colorado compared to 2021, according to figures from the U.S. Department of Interior.

In April, the Biden administration increased the royalty rate for new oil, natural gas, and coal leases to 18.75% from 12.5%, and the federal Bureau of Land Management, which oversees mineral leasing, raised the fees for dozens of types of applications, permits, and renewals.

“One of the big improvements we’ve seen in this past year was raising the royalty rate,” said Kris Smith, a researcher at Headwaters Economics, a nonprofit research group.

“The 12.5% rate has been around since the 1920s, so this is an important change that will help the federal government and states capture more revenue,” Smith said.

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Source: The Colorado Sun

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COP27: The Government Tells the World No More Oil and Gas is Needed – but it Can’t Stop Letting Companies Dig

New Zealand’s climate ambassador says it’s “just crazy” for rich countries to open up new supplies of fossil fuels. Yet the Government awarded new oil and gas exploration permits. This year fought for its right to do so in court, this is what Olivia Wannan reports. More about COP27 announcements and news here.

Christmas dinner hosts have to make a delicate calculation: how much food will be needed to last the day so that no one goes hungry, but there’s no expensive, unnecessary food leftover?

Climate analysts do a similar, but global, stocktake: working out how much oil, gas, and coal is going to be needed before green energy can take over. Too little and people could go cold, hungry, or stranded. But dig up too much and the resulting pollution will overcook the planet.

In report after report, experts have concluded the world has enough fossil fuels.

In fact, we’ll need to leave significant amounts of the oil, gas, and coal we’ve already discovered in the ground to avoid dangerous levels of global heating.

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Source: Stuff

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