The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Back Under Sanctions, Venezuela Flirts with Crypto Again. PDVSA, the national oil firm of Venezuela, is looking to hedge against dollar risks by shifting its crude and fuel oil exports to digital currencies, including the dollar-pegged cryptocurrency known as Tether.
Slowing Down of Electric Transition Puts EU Targets at Risk. The European Court of Auditors, the EU’s auditing service, warned that the bloc’s 2035 ban on fossil cars would hurt its own industry and aggravate dependencies, suggesting a policy rethink amidst slower-than-assumed EV growth.
Gulf of Mexico to Hold Second Offshore Wind Auction. Even though the first Gulf of Mexico offshore wind tender last August saw only one competitive bid, BOEM is pushing ahead with the second lease sale to be held in the fall, offering new acreage in offshore Louisiana and allowing for the production of hydrogen.
Everyone Wants a Piece of UAE Gas. European energy majors TotalEnergies (NYSE:TTE) and Shell (LON:SHEL) are in talks to buy stakes in the next LNG export project of ADNOC, the national oil company of the UAE, with market rumours suggesting an FID on the project might come as promptly as next month.
California Vows to Finish Exxon Probe Shortly. California’s attorney general promised to conclude a two-year investigation into US oil major ExxonMobil (NYSE:XOM), previously subpoenaed, and the oil industry’s role in global plastic pollution by summer, hinting at a potential lawsuit arising therefrom.
Canada Objects to Mega-Agriculture Merger. Canada’s Competition Bureau flagged major competition concerns around the proposed $34 billion merger between top grain traders Bunge (NYSE:BG) and Glencore-backed Viterra (LON:GLEN), saying it would harm competition for grain markets in Western Canada.
Tuesday, April 23, 2024
After a string of politics-heavy weeks when the oil markets were predominantly focused on political risks such as a potential Israel-Iran war, macroeconomics are back in business, with Brent dropping marginally lower to $86 per barrel. The markets have shrugged off the looming threat of Iranian sanctions, believing they wouldn’t have a material impact on physical flows.
Trafigura Bets Big on Copper Boom. Global commodity trader Trafigura believes increasing demand from EVs, power infrastructure, AI and automation will add at least 10 million metric tonnes of additional copper consumption over the next decade, expecting a bull run in the late 2020s.
Equinor Might Feel the Environmentalist Squeeze, Too. A small group of investors led by the UK-based Sarasin & Partners filed a resolution at Norway’s state oil firm Equinor (NYSE:EQNR) to ramp up the ambition of its emissions-cutting, even though the Norwegian state that owns 67% has voted against all previous climate resolutions.
The US Gulf’s Superport Lacks Commercial Backing. The ambitious plan of Enterprise Product Partners (NYSE:EPD) to build the first deepwater port in the US Gulf, capable of loading VLCCs, has been stalled as Chevron and Enbridge both backed out and stagnating US oil supply makes new capacity less desirable.
Namibia’s Giant Discovery Too Big to Handle. Portugal’s national oil company Galp Energia (GALP) is reportedly looking to farm out half of its stake in exploration block PEL 83 offshore Namibia, having only recently discovered a multi-billion-barrel field with its Mopane-1 exploration well.
Jet Fuel Demand Fails to Catch Up with Flights. As newer generations of passenger aircraft become more fuel efficient, the recovery in flight activity will most probably not lead to jet fuel demand surpassing pre-pandemic levels as the IAE forecasts kerosene demand to rise to 7.4 million b/d, still a far cry from 7.9 million b/d in 2019.
Global Traders Cash In On Byzantine Sanctions. Glencore and Trafigura stand to benefit from recent UK sanctions on Russian aluminium as they withdrew some $400 million worth of material from LME warehouses and re-registered it under a new designation, signing storage deals with warehouses to get a share of the rent for as long as it's there.
Saudi Arabia Penetrates Even Deeper into China’s Downstream. Saudi national oil firm Saudi Aramco (TADAWUL:2222) signed a preliminary agreement to buy a 10% stake in one of China’s newest refineries, the 400,000 b/d Hengli Petrochemical.
Yes it’s a lovely sunny day:))))))
Got Back home Sunday
I dropped some sun off hope you got it
Hi meoryou are you home ?
“Jet Fuel Demand Fails to Catch Up with Flights. As newer generations of passenger aircraft become more fuel efficient, the recovery in flight activity will most probably not lead to jet fuel demand surpassing pre-pandemic levels as the IAE forecasts kerosene demand to rise to 7.4 million b/d, still a far cry from 7.9 million b/d in 2019.”
From oilprice.com