US President Joe Biden will release 50 million barrels of crude oil from the nation's Strategic Petroleum Reserve
On 23 November, US President Biden announced the release of 50 million barrels (mbbl) of crude oil from the US Strategic Petroleum Reserve (SPR). Wood Mackenzie vice president Ann-Louise Hittle said: “Of the release, 32 mbbl is a loan for delivery by end-April next year. The other 18 mbbl is a direct sale and […]
Even though oil prices are trading slightly lower today, the overall market environment is bullish and a US crude storage draw confirmation could again tilt the scale towards gains
Even though oil prices are losing a few cents to the dollar today, the overall sentiment has lifted since yesterday and the market should see the forest for the trees, as overall market conditions remain bullish and – under the current oil supply status quo – oil valuation is on track for further ascent. If […]
This week gas prices are at an unstable equilibrium, with traders waiting for further supply hints and watching Russia-Europe flows with bated breath
In Europe, the resumption of Russian gas flows to Germany at Mallnow and small injections into German storage at Rehden have calmed traders nerves and prices after a week of volatility. On the other hand, temperatures over the next few weeks are forecast to trend at or below normal through most of North West Europe. […]
While the US and EU launched the Global Methane Pledge, the strategic details are unclear
In an announcement made at COP26, the US and EU jointly kicked off the Global Methane Pledge, which aims to reduce methane emissions by 30% by 2030, and over 100 countries have joined the initiative; Miles Weinstein, Energy Transition Analyst at GlobalData, a leading data and analytics company, offers his view: “In total, the participating […]
GlobalData identifies India to be the second-highest contributor to the global LNG regasification capacity additions with new build LNG regasification capacity additions of 3,062 bcf by 2025
China is expected to lead the Asia’s LNG regasification capacity additions, contributing 36% of the total LNG regasification capacity additions between 2021 and 2025, forecasts GlobalData, a leading data and analytics company. GlobalData’s report, ‘Asia Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2021–2025 –China Dominates LNG Regasification Capacity Additions and Capex Spending in […]
Supply and demand fluctuate for European gas as winter sets in
European gas storage has been struggling to fill this summer. Storage at the beginning of November will be about 75% full, at 83 billion cubic metres (bcm), 14 bcm below the five-year average, rattling the market. A cold European winter could result in storage levels falling to zero by the end of March 2022, unless […]
Oil prices are falling today on a bearish cocktail of crude storage builds in the US, pressure on OPEC+ to increase production further, a new Covid-19 breakout in China, and the possibility of tighter monetary policies ahead
Oil prices have taken a bearish pivot as the market appreciates a brewing standoff between oil-consumers and OPEC+, a forecasted build in US crude storage, and the resurgence of Covid-19 cases in China. The bearish cocktail of storage builds and pressure on OPEC+ to raise production has slashed value from both Brent and WTI barrels, […]
QatarEnergy signed an agreement with ExxonMobil Canada, marking its expansion in North America
QatarEnergy signed an agreement with ExxonMobil Canada to farm into an exploration license offshore the province of Newfoundland and Labrador in Canada. The transaction has received all necessary consents from the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). According to the agreement, QatarEnergy will hold a 40% participating interest in license EL 1165A, where […]
Deal value for the sector increased by 16.1% from $192bn during Q1-Q3 2020 to $223bn in Q1-Q3 2021
Baker Botts and Vinson & Elkins were the top mergers and acquisitions (M&A) legal advisers in the oil and gas sector for Q1-Q3 2021 by value and volume, respectively, according to GlobalData. The leading data and analytics company notes that Baker Botts advised on 20 deals worth $35.9bn, which was the highest value among all […]
Oil prices started the week with gains, as the market expects OPEC+ to maintain its supply policy and not relieve the extreme supply tightness
The oil market is expected to see bullish momentum this week, at least until OPEC+ meets, as traders expect no change of supply policy by the group, despite the extreme market tightness. Oil prices are already rising today, despite the OPEC+ meeting being scheduled for Thursday, ignoring bearish developments such as China deciding to release oil […]
