Update24 Sep 2024 17:50
Tuesday, September 24, 2024
The prospect of another hurricane in the US Gulf of Mexico, triggering platform evacuations and shut-ins again, as well as China’s much-anticipated stimulus measures have breathed life into oil prices and ICE Brent swung over the $75 per barrel for the first time in more than three weeks. With Israel-Lebanon potentially adding some geopolitical risk, too, the upside might be far from over.
China Unveils Huge Stimulus Package. China’s Central Bank presented the largest stimulus package since the pandemic to bolster economic growth in the country, lowering borrowing costs and cutting mortgage interest rates, sending Chinese stocks and bonds to their highest in more than two years.
Oil Producers Evacuate Gulf Platforms Again. US offshore oil producers started to evacuate non-essential staff from Gulf of Mexico production platforms amidst increasing risks of Hurricane Helena hitting the area, with Shell (LON:SHEL) announcing it would shut its Stones and Appomattox facilities.
OPEC Continues to Woo Brazil. Presenting OPEC’s latest annual World Oil Outlook in Brazil, the organization’s Secretary General Haitham al Ghais said he is looking forward to working with Brazil over the coming years, seeking to make the South American nation a full OPEC+ member.
FTC Set to Approve Chevron-Hess Merger. The US Federal Trade Commission is expected to approve Chevron’s (NYSE:CVX) $53 billion purchase of Hess Corporation as soon as this week, leaving the ExxonMobil-Chevron arbitration over Guyanese assets the last hurdle to be cleared.
Microsoft Eyes Restart of Three Mile Island. US power operator Constellation Energy (NASDAQ:CEG) saw its stock soar by 30% after it inked a deal with Microsoft (NASDAQ:MSFT) to resurrect a unit of the Three Mile Island nuclear plant in Pennsylvania to feed an AI-driven demand surge in the region.
Russia Sees Lower Oil Revenue Ahead. According to Russia’s draft three-year budget until 2027, the Kremlin anticipates a decline in oil and gas revenue by 14% over the next three years, down from $118 billion expected in 2025, due to a more lenient taxation regime on Gazprom and lower oil prices.
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