RE: Dividend25 Jun 2024 18:30
Tuesday, June 25, 2024
As both Brent and WTI are poised to post a robust 6% month-over-month increase, the oil markets seem to have temporarily shed their demand concerns and are riding the bullish wave. With Israeli President Netanyahu pledging to boost military presence along the country’s border with Lebanon, war risks are becoming a talking point again.
EU Formalizes 14th Russia Sanctions Pack. The European Union has formally adopted a 14th package of sanctions on Russia that bans trans-shipments of Russian LNG off EU ports over a nine-month transition period, also sanctioning 27 tankers and Russia’s shipping firm Sovcomflot.
Landslides Halt Ecuadorian Exports. Petroecuador, the state oil firm of Ecuador, was forced to halt transportation along the 450,000 b/d OCP pipeline amidst rain-induced erosion near its path in Napo province, declaring force majeure on exports of heavy sour Napo crude.
Nigeria Sees Huge Interest in New Blocks. Nigeria’s upstream regulator stated that it will expand the number of oil blocks slated for auctioning in its 2024 licensing round, from 19 to a whopping 36 blocks with the addition of 17 deepwater licenses, citing “tremendous interest”.
US Labour Costs Become Threat to LNG. A shortage of skilled labor has been weighing on LNG developers as strong wage growth in the US Gulf Coast has already led to some delays, with labor costs rising more than 20% since 2021 and contractors often paying skilled workers additional per diems to retain them.
Can Lithium Prices Overcome Their Blues? Spot prices of lithium carbonate in China have dropped to their lowest since August 2021, down 12% on the month at a mere ¥93,100 per metric tonne ($12,825/mt), with producers hoping that prices will start to recover into the fall-winter season.
Japan Restores Power and Gas Subsidies. Seeking to shield consumers from rising energy costs, the Japanese government restored subsidies for retail electricity and city gas in August-October, also extending gasoline subsidies until year-end 2024 as Tokyo keeps the price around ¥175/l ($174/barrel).G
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