A decrease in prices of oil and gas

A decrease in prices of oil and gas

A decrease in prices of oil and gas Despite the sudden decline in inventories

The US Petroleum Institute (API) announced a sudden decline for crude oil worth 4.496 million barrels this week
compared to analysts with a decline of 2.533 million barrels

US crude inventories lost about 76 million barrels since the beginning of 2021
and about 19 million barrels since the beginning of 2020

Last week, API announced an increase in crude oil inventories amounting 7.757 million barrels
after analysts expected a much lower increase from 1.367 million barrels

This week, API has also announced an increase in gasoline inventories that reached 2.933 million barrels
in the week ending April 15 – after the drop of the previous week that amounted 5.053 million barrels

Distillation inventories witnessed a drop in stock by 1.652 million barrels a week
as well as a decline of 4.961 million barrels

Cushing has witnessed an increase of 93,000 barrels this week
Cushing inventories rose to 26.337 million barrels since April 8
according to Energy Information Management data
down from 59.2 million barrels at the beginning of 2021
and a decrease from 37.3 million barrels at the end of 2021


A change in oil prices this week

Weekly oil production rates

Oil sector’s updates

A change in oil prices this week

On Tuesday, oil prices declined with Shanghai’s willingness to reopen factories after strict closure and limited the IMF forecast for global economic growth
The International Monetary Fund also reduced the growth estimates of China’s GDP this year, pointing to “a deteriorating” economic slowdown

Texas Western Crude was traded at 5.40%to reach $102.40 a barrel in the middle of the day EDT
but it rose for $2 a barrel a week. Brent crude was traded down 5.33% a day at $107.10 a barrel on the day
but rose $2.50 a barrel throughout the week

At the end of the day, West Texas mediator was traded at $102.60 (5.18%)
with Brent crude trading at $107.20 (-5.26%)

artical name A decrease in prices of oil and gas

Weekly oil production rates

US crude oil production was still at 11.8 million barrels a day for the week ending on April 8
The production of crude oil in the United States is still low by 1.3 million barrels a day from the pre-corona pandemic times

Latest Decisions of Movable Companies for Oil Market

The Holding Company for Industry in the UK Rolls-Royce (LON:RR)
is likely to approve the organizational agencies of its small normative reactors by mid-2024
which means that by the end of the contract
SMR experimental projects could have already produced energy

A month after refusing to buy Carl Ikan as an insufficient
US facilities company “Southwest Holdings” (listed on the New York Stock Exchange under the symbol:NYSE:SWX) said it would establish the same selling after a buyer did not say his name, has offered a more price than IkAN offered which amounted $82.50 a share

Reports said that the Iraqi government might reactivate a deal with Halliburton
(listed on the New York Stock Exchange
under Code:NYSE:HAL) to drill wells in the Cruz inert gas field
which could pave the way for subsequent entry either Chevron
(listed on the New York Stock Exchange under the Code:NYSE:CVX) or Saudi Aramco

artical name A decrease in prices of oil and gas

Oil sector’s updates

Disruptions in Libya put Europe on alert

The Libyan National Oil Company witnessed a painful wave of closures and declared a force majeure on exports from Zwaitina, Militan and amid some skirmishes
after being forced to stop production in the county’s largest field “Sharara”

The OPEC gap is accommodated with the start of Russia in the decline

OPEC’s internal documents showed that the performance of the oil group was less than its target for production in March by 1.45 million barrels a day
reaching total compliance to 157%
This month is expected to witness broader contradictions between the objectives of production and the actual production

Biden management resumes oil exploration in public land

According to media reports, the US Land Management Office is planning to resume the sale of drilling rights on federal territories in the western part of the country from this week
reducing the available leases and raising rates

US natural gas declines after reaching the levels of 2008

Natural gas prices reached levels not seen since 2008 because of the opposite cold weather for the season and the transmission of liquefied natural gas that is still strong
but on Tuesday morning, natural gas declined with martial merchants

American Ducs drops to its lowest at all

According to the Drilling Report issued by the Energy Information Management
the number of unloaded wells in the United States decreased at the lowest level as of March 2022
at 4.273, indicating that excavators still prefer drain wells instead of drilling new ones

The fire was caught in the Bemex refinery to lead to high imports

The Salina Cruz, which has a capacity of 330,000 barrels a day
run by Mexican National Oil Company, is still closed after a fire over the weekend
resulting in road fuel imports to the country during the coming weeks

British energy companies warn of a “terrible” rise in energy prices

With rising energy and gas prices by increasing 54% as of April onwards
leading power generation companies called for a change in government policy
where about 30-40% of British families are expected to have difficulties when paying electricity bills by the end of this year

India began to buy Russian coal

Confirming to market expectations, Indian buyers began receiving Russian cargo at prices ranging from $160/165 for metric ton (less than $40 /metric ton from Ice Newcastle) on the background of coal stocks at the country level that reached only 8 days of consumption

Romania adjusts the conditions of the upstream to attract investors

Less than a little of a year of Exxon Mobil decisions (listed on New York Stock Exchange under the Code:NYSE:XOM) to withdraw from the sea area in Romania
the country agreed to amend the country’s external law and cut tax slides to make a progress

Indonesia raises coal royalties

To face the long-term challenges of preserving the coal locally produced in the country
the Indonesian government raised royalties for coal mines from one tariff of 13.5% to a range of 14% and 28%
with the maximum rate when prices exceed $100 per metric ton, which is now

Voting for rejection of controversial energy bill in Mexico

The failure of the Energy Law, which was supported by anti-money laundering law
which would give priority to the state-owned facilities in Mexico CFE on private operators in obtaining a two-thirds majority required for constitutional amendment
provided an improvement of a mood for business climate in the county in general

artical name A decrease in prices of oil and gas

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