Oil prices are set to rise this week as falling inventories, a slowdown in U.S. manufacturing and escalating tensions in the Middle East combine to add to bullish sentiment.
Friday, April 26, 2024
Although oil prices are heading for their first weekly rise since early April, they have so far failed to break above the psychologically important $90 per barrel mark. ICE Brent is currently at a It is trading around $89.
A copper giant may be in the making. Mining major Anglo American (LON:AAL) I said there is received All-stock acquisition proposal from the world’s largest listed mining company; BHP Group (ASX:AX), in a deal that will make BHP a world-leading force in the copper sector. Anglo American rejected the initial offer as “very unattractive”.
Canada warns of oil wildfire risk. Alberta, Canada, tighten Just one year after 2023 was hit by the deadliest wildfire in history, which at the time wiped out about 300,000 barrels of oil production, migration has been disrupted as wildfire season started earlier than usual due to the ongoing drought. Limited.
TMX shippers are voicing concerns ahead of the product’s release in May. Shipper of Canada’s Trans Mountain Expansion Pipeline shown TMX aims to receive tolls as early as next month, but some sections of the pipeline have not yet received regulatory approval, making the planned May 1 start date unlikely. It might be possible.
Iraq has pledged to abide by OPEC+ supply discipline. After months of overproduction, exceeding its quota by 200,000 barrels per day in the first quarter, Iraq is now cutting oil exports to 3.3 million barrels per day until the end of the year, regardless of the outcome of the OPEC+ meeting in early June. We promise to limit it to
The LME seeks to block sanctions trade opportunities. The London Metal Exchange is set to open after Britain’s sanctions on Russian metals create a loophole for traders, resulting in a series of aluminum storage transactions at LME warehouses. announced It will intervene to block lucrative storage deals.
Woodside climate plan rejected. Shareholder of a major Australian oil producer Woodside Energy (ASX:WDS) was denied The company’s climate change plan was released this week, with 58% of voters finding the plan lacking ambition and saying its $20 billion portfolio of fossil fuel projects and reliance on carbon credits was insufficient.
Egypt suspends all LNG exports from May. Egypt is struggling to meet domestic electricity needs as domestic gas production from the Zoll offshore oil field has fallen sharply. stopped All LNG exports have increased since May, making the country a net importer for the first time since 2018.
UK North Sea to face $2.4 billion oil merger. Italian oil major ENI (bit:ENI) agreed Merging UK oil and gas assets with independent producers Ithaca Energy (LON:ITH)will hold a 38.5% stake in the new company, which aims to become the UK’s biggest oil producer by 2030.
Rising LNG prices are prompting Asian buyers to reconsider. In recent trading, spot LNG prices in Asia rose to $10.50 per mmBtu, up 25% since early March on the back of rising transportation costs and Middle East risks. prompted Opportunistic buying from India and China has noticeably receded.
China wants to take over India’s infrastructure. China’s state-run oil company Sinopec is building a large-scale 160,000 barrels per day refinery at the Chinese-run Hambantota port as it seeks to expand downstream access to Sri Lanka, a long-standing core market for India. I’m planning to.
Airbus receives exemption from Russian sanctions. The Canadian government is offered Airbus has announced a sanctions waiver allowing it to purchase and use Russian-made titanium in manufacturing after the North American country’s titanium sanctions put the use of Airbus aircraft in the country at risk.
Europe to ban Russian LNG re-exports. According to media reportthe European Commission’s next Russia sanctions package is expected to avoid a total ban on Russian LNG imports and introduce restrictions on LNG re-exports from EU ports.
Glencore focuses on the potential of mining in Nigeria. global mining major Glencore (LON:GLEN) have expressed Interest in Nigeria’s untapped mining sector will also increase if the government ensures a stable business environment and highlights the potential of African companies in nickel, cobalt and zinc.
Written by Michael Kahn, Oilprice.com
