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OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis

Oil Market Shows No Signs Of Cooling
by Irina Slav
18 Jan 2022 at 8:00am
The crude oil market has been running hot lately and is showing no signs of cooling, based on the latest trading insight from Bloomberg. Traders seem to have largely brushed off any adverse effects the Omicron wave might have on demand for crude and with a good reason: demand on the physical market has remained robust. The report cited the latest price movements for two Russian grades, Sokol and ESPO, the latter enjoying the particular favor of Chinese refiners, as well as the rising premium in Dubai crude contracts. Besides physical demand strength,?

Stop Building Coal Plants Now: UN Chief
by Irina Slav
18 Jan 2022 at 7:30am
The world should stop building new coal plants and phase out those already in existence, the secretary-general of the United Nations, Antonio Guterres, said at the World Economic Forum in Davos. In a special address at the forum, Guterres said that ?The first priority must be a targeted phase-out of coal. No new coal plants should be built.? The call followed a description of extreme weather events, ?soaring price tags?, and climate-related disasters from the past 20 years that Guterres said had increased by 82 percent,?

Oil Jumps To Highest Level Since 2014 On UAE Drone Attack
by Tsvetana Paraskova
18 Jan 2022 at 6:49am
Oil jumped to a seven-year high early on Tuesday, the day after Iran-aligned Houthis attacked targets in the United Arab Emirates (UAE) with drones, adding to the continued tightness in the oil market to lift prices. As of 8:04 a.m. EST on Tuesday, WTI Crude was up 1.20% at $84.90. Brent Crude traded at $87.20, up 0.76%, having risen to $87.80 earlier in the day and hitting the highest price since October 2014. Apart from the numerous signs of tightness in the physical crude market, oil futures reflected on Tuesday the growing risk premium after?

China Is Chipping Away At America's Influence In The Middle East
by Simon Watkins
17 Jan 2022 at 5:00pm
Last week saw a series of meetings in Beijing between senior officials from the Chinese government and foreign ministers from Saudi Arabia, Kuwait, Oman, Bahrain, and the secretary-general of the Gulf Cooperation Council (GCC). At these meetings, the principal topics of conversation were to finally seal a China-GCC Free Trade Agreement and ?deeper strategic cooperation in a region where U.S. dominance is showing signs of retreat,? according to local news reports. As OilPrice.com has been highlighting for some time now, the U.S.?s?

White House Helpless As Oil Prices Climb Higher
by Irina Slav
17 Jan 2022 at 4:00pm
When President Joe Biden announced plans to release up to 50 million barrels of oil from the strategic petroleum reserve to lower retail fuel prices, many analysts warned that any effect this move would have would be short-lived. Indeed, prices dropped for a very short while and are now on the climb again, with the number of three-digit price forecasts growing. The strategic reserve release was already a desperate attempt to put a lid on gasoline prices, pushed up by crude oil prices, themselves the result of a faster rebound in global demand and?

Saudi Arabia: It?s U.S. Prerogative To Release Oil From Its SPR
by Charles Kennedy
17 Jan 2022 at 3:30pm
It is the prerogative of the U.S. Administration whether to draw crude oil from its Strategic Petroleum Reserve (SPR), Saudi Arabia?s Energy Minister, Prince Abdulaziz bin Salman, said on Monday, as carried by Reuters. U.S. President Joe Biden said at the end of November that the Department of Energy wouldrelease 50 million barrels of oilfrom the SPR in a bid to lower high gasoline prices in a coordinated effort with other major oil-consuming nations. The SPR release from the United States will be carried out in parallel with?

Arctic Cold Snap Could Push U.S. Natural Gas Prices Higher
by Tsvetana Paraskova
17 Jan 2022 at 3:00pm
Forecasts of frigid temperatures later this month sent U.S. natural gas prices surging in the middle of last week to above $4.85 per million British thermal units (MMBtu)?the highest level since November. If the cold snap expected over the next two weeks holds and forecasts for additional Arctic blasts this winter materialize, natural gas at the Henry Hub could surge to above $6/MMBtu again, in a pattern similar to the one from the winter of 2014, when the polar vortex drove demand high and pushed up prices, analysts say.?

Gazprom?s Gas Supply To Europe In January Drops To 2015 Low
by Tsvetana Paraskova
17 Jan 2022 at 2:30pm
Gazprom?s gas deliveries to Europe dropped by 41.1 percent in the first fifteen days of January compared to the same period last year, the Russian gas giant said on Monday, in what Bloomberg estimates was the lowest daily export level since 2015. Gazprom?s natural gas exports to countries other than those in the former Soviet Union amounted to 5.4 billion cubic meters between January 1 and 15, down by 41.1 percent compared to the same period of 2021, the Russian gas monopoly said in an operations update. These volumes, Bloomberg has?

The Oil Market Is Already Looking Beyond Omicron
by Alex Kimani
17 Jan 2022 at 2:00pm
We are halfway through the first month of the new year, and oil's bull run is showing no signs of slowing. Oil futures have vaulted 12% in the first two trading weeks of the new year, boosted by several catalysts, including supply constraints, worries of a Russian attack on neighboring Ukraine, and growing signs the Omicron variant won't be as disruptive as feared. Brent crude futures settled $1.59, or 1.9%, higher in Friday's session at a 2-1/2-month high of $86.06 a barrel, gaining 5.4% in the week, while U.S. West Texas Intermediate crude gained?

Two Fundamental Laws For Energy Pricing
by OilPrice.com
17 Jan 2022 at 1:00pm
EDF shares fell 20% in a single day last week. A big move for a giant utility, whose majority stockholder is the French state. Why? Start with these facts: 2022 is an election year, and energy prices in Europe have risen rapidly in recent months due to a natural gas shortage possibly engineered by the Russians. So the French government assured consumers that electricity prices would rise no more than 4% this year. To achieve this aim, it first cut the energy tax to lower prices. Then it told EDF (which primarily produces nuclear power) to raise?

Trans Mountain Pipeline Back To Normal Operations After Two-Month Disruption
by Tsvetana Paraskova
17 Jan 2022 at 12:30pm
The Trans Mountain oil pipeline returned to normal operating pressure during the weekend, following a month and a half of operations at reduced capacity after the infrastructure was shut for 21 days as a precaution during rainstorms in British Columbia in mid-November. Trans Mountain Pipeline, the only operating system carrying crude oil to Canada?s West Coast, is back to operations at normal pressures, the operator said this weekend. Trans Mountain was shut down as a precaution during the heavy rains and flooding in British Columbia and?

Is The TAPI Pipeline Finally Ready To Go?
by James Durso
17 Jan 2022 at 12:00pm
The Turkmenistan?Afghanistan?Pakistan?India (TAPI) natural gas pipeline has been long aborning, but its prospects recently got a shot in the arm. The 1100-mile, $10 billion project has seen numerous delays since the pipeline consortium was announced in late 2014, though the project was first mooted in 1991. Construction started in early 2018 with a projected in-service date of 2021, but halted later that year after workers clearing the route were killed by unknown assailants. Also, the project?s $10 billion cost estimate?

High U.S. Gasoline Prices Set To Dent Demand
by Charles Kennedy
17 Jan 2022 at 11:00am
American consumers will drive less this year and will look to make fewer shopping trips due to the high gasoline prices and high inflation rates, Target Corporation?s chief executive Brian Cornell said this weekend. ?Some of the historical ways consumers react to inflation will play out again in 2022,? Cornell said during the National Retail Federation?s Big Show in New York on Sunday, as carried by Bloomberg. ?You?ll drive fewer miles, you?ll consolidate the number of times and locations where you shop,??

UK Power Prices Rise To One Month-High On Low Wind Generation
by Tsvetana Paraskova
17 Jan 2022 at 10:30am
UK peak-hour power prices for Monday evening through 6 p.m. surged to the highest level in a month due to low wind power generation during the weekend. The contract for the 5-6 p.m. slot electricity price in the UK on Monday surged above the 1,000-pounds per megawatt-hour threshold to stand at US$1,585 (1,161 pounds) per MWh, according to data from the N2EX exchange cited by Bloomberg. That?s the highest price since December 16. Most of the jump in power prices was due to very low wind power generation in the UK from Friday through Monday.?

Kazakhstan Calls For Higher Taxes On Miners
by Ag Metal Miner
17 Jan 2022 at 10:00am
Human and political rights activists have been suffering escalating repression in the former Soviet state of Kazakhstan. The result has been widespread rioting and the reported death of over a hundred protestors this month. The protests kicked off with rises in liquefied petroleum gas (LPG) prices but stem from extreme inequality and corruption in the Central Asian nation. There seems to be a state of calm after Russian forces entered the capital under the auspices of the Collective Security Treaty Organization bloc, consisting of some 2,000 troops?

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