Oil falls Wall Street declines

Oil falls Wall Street declines The United States of America intends to announce new actions to support consumers because of rising energy prices. Market participants await these actions

Evest follows market developments in the following report


Oil declines again after a jump the day before

European Bank for Reconstruction (EBRD) expects Russian domestic product to decline by 10%

Wall Street falls after a four-day rally

Oil declines again after a jump the day before

Oil prices

declined actively during Thursday morning trading after rising dramatically the day before

Traders are expecting Washington to announce actions to support American consumers amid rising energy prices, as well as assessing the data published the previous day on the decline in US fuel inventories

The cost of Brent crude futures for May on the London Stock Exchange ICE Futures on Thursday was $107.98.26 per barrel, $5.47 (4.82%) lower than the closing price of the previous session

As a result of Wednesday’s trading, these futures rose by $3.22 (2.9%) to $113.45 per barrel

The May futures contract for Brent crude is traded for the last day on Thursday
The price of the most active June futures contract fell $5.27 (4.73%) to $106.17 per barrel

The price of West Texas Intermediate

oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) was $101.47 per barrel, $6.35 (5.89%) lower than the final value of the previous session

On Wednesday, the cost of these futures rose $3.58 (3.4%) to $107.82 per barrel

As reported, US President Joe Biden

will introduce actions on Thursday aimed at lowering energy prices in the US market

The White House has not provided details, but Bloomberg says the Biden administration is considering releasing nearly a million barrels of oil per day from US strategic reserves over several months to combat rising gasoline prices and supply shortages, citing people familiar with the matter

In the meantime, US commercial oil reserves have been known to fall by 3.45 million barrels in the week ending March 25.

Analysts surveyed by Bloomberg expected a less significant reduction – 2 million barrels

Gasoline reserves rose by 785 thousand barrels and distillates amounted to 238.83 million barrels – 1.4 million barrels to 113.53 million barrels.

Analysts projected a decline of 1.6 million barrels in gasoline distillate and 1.5 million barrels in the distillate

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European Bank for Reconstruction (EBRD) expects Russian domestic product to decline by 10%


The European Bank for Reconstruction and Development (EBRD) expects Russia’s GDP to decline 10% in 2022 and predicts zero dynamics in 2023

The European Bank’s new estimates for reconstruction and development, published on Wednesday

differ substantially from previous projections – in November 2021, the bank expects Russia’s economy to grow by 3% in 2022

The European Bank for Reconstruction and Development (EBRD) was one of the first to publish projections of the Russian economy since the start of the military operation in Ukraine and the ensuing sanctions shock

which made previous estimates irrelevant

In early March, rating agency Moody’s published its forecast (-7%),

and the Central Bank of Russia provided a non-personal forecast for analysts (-8%)


The decline in Ukraine’s GDP, in 2022, maybe as high as 20% (in November 2021, the Ukrainian economy was expected to grow by 3.5% in 2022)

according to the European Bank’s projections for reconstruction and development

In the meantime, the European Bank for Reconstruction and Development expects a major recovery in Ukraine’s economy in 2023 – an increase of 23% at once

Belarus’s GDP will decline 3% in 2022 (in November 2021, the European Bank for Reconstruction and Development predicted the growth of the Belarusian economy in 2022 by 0.2%)

and in 2023, it is expected that there will be no economic dynamics

according to the European Bank’s projections for reconstruction and development

“The new outlook is based on a number of assumptions about events in the coming months

so there is a high degree of uncertainty,” the EBRD said

The European Bank for Reconstruction and Development projections indicate that

with the assistance of intermediaries, a ceasefire will take place within two months

shortly after major reconstruction work begins in Ukraine

bringing Ukraine’s gross domestic product (GDP) by the end of 2023 closer to

but still lower than, pre-war levels

Sanctions on Russia are expected to continue for the foreseeable future

leading to a recession in the Russian economy in 2023 (after a sharp decline in GDP in 2022)

with negative consequences for a number of neighboring countries

the European Bank for Reconstruction and Development said in its statement

Eastern Europe, Caucasus and Central Asia

“Given this great uncertainty, the Bank intends to prepare further projections in the next two months

taking into account further developments,” the EBRD said

Wall Street falls after a four-day rally

Wall Street declined yesterday, Wednesday, after the Dow Jones and Standard & Poor’s 500 index rose for four consecutive days

The Dow Jones Industrial Index fell 65.38 points (0.19%) to 35228.81

The Standard & Poor’s 500 declined 29.15 points or (0.63%) to 4602.45 points
the Nasdaq composite index declined 177.36 points or 1.21٪

Stock markets have declined amid fading signs of progress in the peace talks between Ukraine and Russia

Russian forces bombed the Kyiv suburbs and besieged cities in northern Ukraine

a day after they pledged to scale back military operations

The S&P index rebounded more than 5% in March after starting 2022 with two consecutive monthly declines

However, the benchmark is on track for its first quarterly decline since the first quarter of 2020

when the Covid-19 pandemic in the United States peaked

Stock prices interacted with headlines on negotiations to complete the Russian invasion of Ukraine

Prices of commodities such as oil and minerals have risen since the invasion

compounding already high inflation in the United States

On the other hand, inflation is rising and speculation is that the Federal Reserve may become more proactive in raising interest rates

This would dampen economic growth

artical name: Oil falls Wall Street declines

Oil stops losses below $100 a barrel

Oil stops losses below $100 a barrel  European stock indices are mixed Oil is trying to limit its losses this week, as it rose slightly today, Wednesday, after the big decline yesterday

Evest follows market developments in the next report



Oil rises after a sharp drop yesterday

European stock indices are moving in different directions
Gold is down for the third consecutive session

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Oil rises after a sharp drop yesterday

Oil prices are rising on Wednesday after falling more than 6% in the previous session

May Brent crude futures rose $1.09 (1.09%) on the London ICE Futures Exchange to $101 a barrel. On Tuesday, Brent crude fell $6.99 (6.5 percent) to $99.91 a barrel

West Texas Intermediate crude futures for April at this moment in prices in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.6 (0.62%) to $97.04 per barrel. During the previous session, the contract fell by $6.57 (6.4%) to $96.44 a barrel

Brent and West Texas Intermediate oil prices reached their highest levels since 2008 on March 8 on the back of the Russian military operation in Ukraine, but since then have already fallen by 22%, indicating a “downward” trend, Market Watch notes

The drop in oil prices, in particular, has been facilitated by concerns about lower demand in China, where there is another outbreak of Covid-19, due to the imposition of quarantine restrictions in a number of regions of the country

According to Bloomberg experts: “The main characteristic of the market at the moment is high volatility. There are no fundamental factors here, it is all about geopolitics, hysteria and fear However, perhaps not so radically

Data from the American Petroleum Institute (API), released overnight, showed an increase in US oil inventories last week by 3.75 million barrels

European stock indices are moving in different directions

European stock indices did not show a single dynamics on a trading basis on Tuesday

The composite index of Europe’s largest companies, the Stoxx Europe 600, fell with the market closing down 0.28% and amounting to 435.12 points

Germany’s DAX is down 0.1%, France’s CAC 40 is down 0.2%, and Britain’s FTSE 100 is down 0.3%. Italy’s FTSE MIB rose 0.3%, while Spain’s IBEX 35 rose only 0.02%

Market participants continue to follow the Russian-Ukrainian conflict. The next round of negotiations between representatives of the two countries ended without results, and investors are waiting for its continuation in the hope of de-escalation of the conflict

According to the analysts, “It is clear that European markets are already in very negative scenarios

The index of economic expectations of investors and analysts in Germany for the next six months, calculated by the ZEW research institute, fell in March by 93.6 points, the largest drop since the index began to be calculated in December 1991

The value of the index, on the background of the conflict between Russia and Ukraine, fell to minus 39.3 points, compared to 54.3 points in February

Meanwhile, analysts at Sanford C.Bernstein noted that net outflows from Europe-focused equity funds reached a record high for the second week in a row. In their opinion, investors may continue to exit European stocks

Commodity stocks fell after metal prices fell amid the outbreak of the new Corona virus in China. Polymetal International Plc fell 22.9%, Glencore Plc – 4.4%, and Anglo American – 0.7%

Meanwhile, oil company shares rose despite the collapse in oil prices. Shares of Shell Plc rose 0.7 percent, and BP Plc 1.3 percent

Shares of Allianz SE by the end of trading were down 0.2%. The German insurance company announced the termination of insurance for new business and the rejection of new investments in Russia

UniCredit is up 0.8%. Andrea Ursella, president of UniCredit, is reported by Bloomberg that the Italian banking group is considering leaving Russia as part of an urgent review of its activities in that country

RWE AG’s share price is up 1% on strong reports from the German energy company and an increase in dividends

Gold is down for the third consecutive session

Gold prices fell for the third day in a row as commodities continued to collapse ahead of the US Federal Reserve’s main meeting, when policy makers are expected to raise interest rates

Spot gold fell 1.4% to $1,925.42 an ounce. It erased most of its gains over the past two weeks. US gold futures fell 1.8% to $1,925.80 an ounce in New York

Gold’s reversal comes days after it rose to just under $5 from a record high as Russia’s invasion of Ukraine sent commodities soaring, threatening a combination of low growth and high inflation. Prices of major products including oil have since cooled, allaying those concerns

Bullion has risen this year in part because of its appeal as a hedge against rising consumer prices. Months of speculation about a new wave of interest rate hikes looks set to peak on Wednesday, as the US central bank is expected to start tightening in order to rein in inflation

Tuesday’s report showed that prices paid to US producers rose strongly in February due to higher commodity costs, underlining the inflationary pressures that paved the way for the Federal Reserve’s rate hike this week

Gold prices have fallen in the past three days mainly due to lower oil prices,” according to Bloomberg analysts, which brings some good news that inflation, may ease a bit

The first rate hike from the US often signals a low point in gold, so we will see what kind of signal they send tomorrow, and how optimistic their statement is, which will likely set the short-term outlook from here

Oil collapses to under $100 and a surprise increase for crude stock

  Oil collapses to under $100 and a surprise increase for crude stock This week, the US Petroleum Institute (API) announced a sudden increase in crude oil inventories amounted to 3.754 million barrels, compared to analysts’ expectations to decline by 1.867 million barrels

US crude inventories also lost about 73 million barrels since the beginning of 2021 and about 16 million barrels since the beginning of 2020

Last week, API announced an increase in crude oil inventories by 2.811 million barrels after analysts expected a decline of 833,000 barrels



Oil prices this week
Weekly oil production rates
Latest Decisions of Movable Companies for Oil Market

Oil sector updates

Oil prices this week

Oil prices declined again to below $100 this week – continuing to sell operations on Monday – where speculators abandoned high – speculative oil trade and China reserved millions of their population in some of its greatest cities in what could be a big blow to demand for oil

West Texas mediator has been trading down 6.37% to $96.45 a barrel in the mid of today- a decrease of $24 a barrel a week. Brent crude was trading down 6.36% during the day at $100.10 a barrel on the day-down about $27 a barrel a week

At the end of the day, West Texas mediator was traded for $94.94 (-7.83%), with Brent crude trading at $98.54 (-7.82%)

Weekly oil production rates

The production of US crude oil remained stagnant for five consecutive weeks at 11.6 million barrels a day ended on March 4

This represents a decrease of 1.5 million barrels a day for the pre-pandemic period

Despite the International Energy Agency’s claim that Europe could halve its dependence on Russian gas imports within a year, gas flows in March have so far averaged 30% higher than in February

Latest Decisions of Movable Companies for Oil Market
Oil sector updates

– The leading oil companies: Shell, BP and Equinor declared that they will not trade in oil and Russia products in the foreseeable future, but this is not the case with gas

European spot gas prices fell last week due to rising supply of Russian pipelines, as prices for TTF on May 22 are hovering around €115/megawatt-hour ($40 per MmBtu)

Gazprom exports from 1 January to 15 March to non-members of the CIS are 30.7 billion cubic meters, down 28% on an annual basis, mainly because Europe is witnessing mild weather throughout winter

The Supreme Federal Court in Nigeria has prevented the United Kingdom’s largest oil (LON-SHELL) from selling any assets in Nigeria until a resolution was reached in a fine case worth $2 billion due to an alleged oil leakage in Rivers

-The active investor Clairway Capital began to invite the board of directors of the French oil company Total Energy (NYSE:TTE) to exit its operations in Russia or face the vote of shareholders very soon

Brazilian oil company Petrobraz (listed on the New York Stock Exchange NYSE:PBR) is approaching from concluding a deal with US private stock company “EIG Energy Partners” to sell 51% stake in the natural gas pipeline that connects Bolivia and South Brazil, assuming that the value of the deal is $500 million


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Oil sector updates

OPEC maintains cautious expectations about oil markets. OPEC has warned about changing any of its 2022 forecast figures from demand risks arising from the Russian invasion of Ukraine, claiming that the lengthy war may impede the introduction of 4 million barrels a day of the growing demand this year

The European Union tightens sanctions on Russia avoiding the ban. The European Union is scheduled to adopt a new round of sanctions against Russia oil companies: Roseneft (MCX: Trnfp) and Gazprom Oil (MCX:SIBN) and imposed an investment ban on any new production and exploration projects, stressing that companies of the European Union can still buy oil from them

Pyramain basin production records a record in April. According to US Energy Information Management, oil production from Texas and New Mexico basin will rise by 70 thousand barrels a day next month to reach its highest level at 5.208 million barrels a day

Strong volatility in oil prices scare hedge funds

Hedge funds and other fundamental have reduced their upscale centers amid unprecedented fluctuations. Brent contracts were sold by 97 million barrels in the week ending on March 8, although the bullish bullets of West Texas mediator in Neemex remained unchanged

Nigeria descends to force majeure again

While oil markets are struggling to find additional sources of crude oil supplies, two major oil companies (listed on the New York Stock Exchange under the NYSE:E) and Shell (LON:SHEL) said at the same time that a force majeure in the Brass River and Bonnie Lite, respectively, after an explosion in the connected pipeline led to cut the two stations

The coal remains at the core of Chinese energy

Chinese President Shi Jinping reaffirmed the importance of coal in the country’s energy matrix, saying that China cannot put pressure on coal, as domestic production has already reached an all-time high, as China intends to avoid an energy crisis similar to the one seen last Autumn

India has become the main buyer of Urales

With the confrontation of major international trade companies in selling Ural shipments to Europe on the background of sanctions, the Indian-owned IOC (NSE:IOC) has scored 3 million barrels of Russian crude in tender this week, with a deduction between $20 and $25 a barrel

Saudi Aramco has doubled its efforts in the field of refining, treatment and marketing

Saudi Aramco (TADAWUL:2222) has taken a final investment decision to enter into a joint venture to build a 300,000 barrels a day and a vapor-based vengeance in Banggen Liaoning to be equipped with an overwhelming majority (70%) in Saudi Arabia

London is trying to restore North Sea producers in the United Kingdom to the ship

After 4 consecutive years of annual production and the abolition of many major projects for environmental reasons, the UK government has now requested from North Sea producers to promote local natural gas supply

Canadian rail strike may lead to another interruption in supplies

Thousands of workers in the Canadian railway in the Pacific (TSE:CP) threatened to strike this week, which could disable major flows for grain, potash and coal as of Friday onwards, which could lead all goods to Aviation

U.S. inventories rise Oil prices fall due to Iran’s nuclear negotiations

U.S. inventories rise Oil prices fall due to Iran’s nuclear negotiations

U.S. inventories rise Oil prices fall due to Iran’s nuclear negotiations: This week, the American Petroleum Institute (API) declared a decline of 2.025 million barrels in crude stockpiles,
while analysts expected a rise of 675.000 barrels

Evest follows market developments in the following report.


U.S. Stockpiles dropped

Oil prices for the week

Oil production weekly rates

The oil situation for the week

Market’s drivers latest decisions

The oil sector latest updates

U.S. Stockpiles dropped

Nevertheless, U.S. Stockpiles dropped by 78 million barrels since the beginning of 2021 and by 21 million barrels since the beginning of 2022.

In the last week, the API proclaimed a drop of 1.645 million barrels in crude stockpiles; however analysts forecasted a rise of 1.833 million barrels.

This week, the API stated a decline of 1.138 million barrels in gasoline stockpiles for the week to Feb 4, compared with the 5.816 million barrels of the last week.

Distillate dropped by 2.203 million barrels throughout the week, following last week’s drop of 2.508 million barrels.

Cushing stockpiles as well lowered by 2.502 million barrels throughout the week to raise another wave of concerns.

Cushing stockpiles were a bit more than 30 million barrels on 28 Jan, 60 million barrels down at the beginning of 2021, and less than 37 million barrels down at the end of 2021.

Oil prices for the week

On Tuesday oil prices fell before data was published as concerns raised that Iran and the USA ,
are about to reach a nuclear deal to permit more oil barrels from a country that is already subjected to sanctions for now.

By midday, West Texas Intermediate crude (WTI) was 2.15% down to $89.36, but still about $1 a barrel up throughout the week.

Brent crude was 2.18% down to $90.67 throughout the day.

At the end of the day, West Texas Intermediate was for $89.53, and Brent was for $91.00.


Oil production weekly rates

U.S. oil production reversed its direction in the last few weeks.

For the week to Jan 28 _ the last week, the EIA reported data about the production _ U.S. crude production lowered by 100.000 barrels to 11.5 million barrels per day (bpd),

1.6 million barrels below pre-pandemic rates.

The oil situation for the week

Because of January, the coldest ever than average, the European gas stockpiles are now 38% down the total capacity and are less than any rate ever.

As GazProm has lessened supplies through the Yamal-Europe pipeline,
Brussels seeks to get guarantees from the USA and other producers to cover its needs in case the Ukrainian- Russian conflict gets worse to declare war.

Despite Azerbaijan has shown readiness to sell any extra supplies it got, the production is still slightly weak compared to the Russian imports.

Qatar at the same time said it hasn’t got much to do if there is any problem with Russia’s supplies.

Europe’s unused importing capacity would contain more amounts, however according to Qatar’s opinion insufficient liquefied natural gas supplies would be a genuine difficulty.


Market’s drivers latest decisions

As it achieved the highest annual  gains in eight years and spent $12.8 billion in 2021, British Petroleum (NYSE:BP),
the giant energy British corporation, assured its immersion with renewable resources ,
and now wants to invest not less than 40% of its capital spending in shifting technologies.

Toshiba (TYO:6502), a Japanese group, declared that it will separate into two companies, to separate systems by March 2024,
however the company which suffers from scandals didn’t get contributors’ support yet.

Reports have shown that Repsol, a giant Spanish oil company, seeks to sell some of its Canadian assets in the Duvernay basin, to benefit from price hikes,
as the 170.000 acres could get about $600 million.

The oil sector latest updates

U.S. restores sanctions waivers to Iran

As Vienna’s ninth round of talks to restore the Iranian nuclear agreement began today, U.S.

administration restored sanctions waivers to Iran to enable foreign corporations to work with Iranian civil facilities,
this may be a good sign that a diplomatic solution is coming soon.

Biden promises to end Nord Stream 2 in case of Russia invades Ukraine

As Russia-Ukraine clashes are maintaining the European tensions up. U.S. President,
Joe Biden promised to sustain Nord Stream2 of GazProm in case of Russia decides to invade Ukraine.

Mexico lowers the Aisian crude exports

Pemex, Mexico’s national oil company has greatly lowered its exports to India, the major buyer of Mexico’s Maya heavy product.

As it seeks to shift the domestic production to the new bought  Texas’s refinery “Deer park” of 320 bpd,
to force Indian refineries such as Indian Olympic Committee  (NYSE:IOC) to go to the middle east barrels.

Chevron increases its work in Venezuela

 Chevron (NYSE:CVX), the giant American oil company  has conducted talks with U.S.

authorities to get more control over operations of its joint Venezuelan project with PDVSA in exchange for oil supplies to offset the unpaid and delayed debts.

Investors forecast for Diesel Pool to operate

While most tradings showed Brent crude and West Texas Intermediate are going in two different directions,
pure centers of U.S. diesel and European dust gas have witnessed the biggest buying activity (+2 and +14 million barrels in a row),
as the lowered stockpiles has pushed the short term distillate 6:1.

Guyana wants better oil conditions

Giana’s government declared it will seek better terms for new contracts of sharing production,
as the current 2% royalty of the first ever discovery agreement with ExxonMobil (NYSE:XOM) is still one of the most adequate rates all over the world.

Iraq wants Qatar’s gas

In one of its attempts to cease dependence on the Iranian gas, Iraq’s minister of electricity Adel Kareem shows his interest in raising Qatar’s gas imports.

Despite Iraq lacking the ability of liquefying, noting that supplies would be directed through Kuwait, yet it is a sensitive  political suggestion.

Nigeria is in crucial need of gasoline

The Nigerian national petroleum company, NNPC, has contacted commercial companies to get emergency supplies of about 500.000 tons,
as many shipments have been rejected due to their poor type; to cause a ticklish political shortage of fuel in the country’s big cities.

Oil production in Argentina is hit by the general federation strike

Oil shale production of Vaca Mureta is weak due to the strike that began last Monday by Argentina’s biggest oil federation
to demand a salary raise amid an accelerated inflation in the Latin American’s state.