Oil price notification. Rising factors in the oil markets are accumulating, from attacks on Saudi Arabia’s oil infrastructure to the possible end of Russian oil exports to Europe. As these geopolitical and fundamental factors come together, our analysts work hard to keep GEA members ahead of the news and markets. Friday 25 March 2022 The beauty of the oil market lies in how unpredictable it is. This week’s big story – the storms that hit Kazakhstan’s 1.2 million b / d CPC flagship export facility – was expected to push oil prices down on Friday as loading resumed. Just as it looked like Brent could move below $ 120 a barrel, the specter of a Saudi cut-off resurfaced with a rocket-propelled grenade being fired at Jeddah, possibly by Huthi militias. In the wake of Iran’s dormant nuclear deal and relentless European controversy over the right way to impose sanctions on Russia – not even a coal embargo could be agreed – it is becoming increasingly difficult to predict the movement of the oil market.
US concludes new LNG supply agreement with Europe. US producers will seek to supply 15 billion cubic meters of LNG to the European Union in 2022 as a means of weaning the continent from dependence on Russian gas. Interruption of Caspian terminal increases differential heat. Europe’s largest light crude oil stream, the 1.2 million b / d CPC that accounts for most of Kazakhstan’s output, saw its outflows cut dramatically this week after a storm reportedly destroyed two of the three berths at the CPC export terminal. OPEC expresses concern over the threat of a European Russian embargo. According to media reports, OPEC officials told the European Union that a possible EU ban on Russian oil would hurt consumers and advised them not to do so, indicating that Riyadh and Abu Dhabi wanted to keep the group alive. +. Putin’s threat to pay sparks spark gas markets. Russian President Vladimir Putin has called for the conversion of Gazprom (MCX: GAZP) long-term gas contracts into rubles, causing a stir among European gas importers who could see another record rise in gas prices in the event of a gas shortage. implemented. Floating mines will make shipping to the Black Sea high risk. Shipping insurance companies have urged customers operating in the northwestern Black Sea region to be wary of drones allegedly drifting south after being disconnected from Ukrainian ports.
ICE increases trade margins as defaults increase. The Intercontinental Exchange (ICE) increased margins on futures for Brent crude by 19%, the third margin update this year, with wild volatility forcing it to increase the security required by market participants to meet the risk of default. Shell signs up for German LNG terminal deal. British oil company Shell (LON: SHEL) has pledged to close a significant portion of the Brunsbuttel LNG import terminal, which is expected to be built in northern Germany by 2026, marking a strong first move for the 8 bcm plant. India is taking advantage of Russian oil deals. Indian buyers, namely the private Nayara Energy and the state-controlled IOC (NSE: IOC), bought another 5 million barrels of Russian Urals reference crude oil this week, with the Urals trading at a discount of about $ 30 a barrel on Dated. The Dutch ING will stop financing oil and gas projects. The Dutch bank ING Groep (NYSE: ING) has announced that it will no longer finance oil and gas projects, the largest bank to date, adding that it will also aim to increase lending by 50% for renewable energy projects by 2025. The US is starting to buy Middle Eastern fuel oil. U.S. refineries begin sweeping fuel oil shipments in the Middle East as a way to replace sanctioned Russian HSFO flows, with 4 million barrels from Saudi Arabia, Kuwait and Iraq reaching the US Gulf Coast next month. , one third of the total of 2021. Indigenous Australians are suing a $ 3.6 billion LNG project in South Korea. A group of Indigenous Australians has taken the $ 3.6 billion Barossa gas project offshore Australia to a South Korean court, urging South Korean lenders to block loans due to adverse environmental conditions. Germany is betting on money from a helicopter for weather energy inflation. The German government has finalized an agreement providing for a one-time energy benefit of € 300 per taxpayer, subsidizing public transport and temporarily reducing federal petrol taxes in response to rising energy costs. The billionaires’ favorite extraction begins drilling in Greenland. KoBold Metals, a mineral exploration company backed by Jeff Bezos and Bill Gates, has said it will start drilling in Greenland, targeting nickel, cobalt and platinum ores to reduce the pressure of raw materials on electric vehicles. The bureaucracy is causing another delay in the Newfoundland / Labrador auction. The Canadian government has once again postponed bids for exploration offshore offshore Newfoundland and Labrador, which are supposed to hold 11 billion barrels of potential oil resources, raising fears that Ottawa could impede their growth. By Josh Owens for Oilprice.com More top readings from Oilprice.com: