RE: Russia22 Sep 2023 14:42
Prices again, with Europe seeing a whopping $45 per metric tonne day-to-day surge on its middle distillates. The rise in distillates also pushed oil prices higher, countering the downward pressure caused by economic concerns. While the US Fed reiterated its “higher for longer” interest rate policy, Europe is almost certain to head into contraction in Q3. The worsening macroeconomic outlook has kept oil prices largely unchanged compared to a week ago, with ICE Brent still hovering around $94 per barrel.
Russia Bans Fuel Exports. The Russian government has temporarily banned exports of gasoline and diesel to all countries apart from Belarus, Kazakhstan, Armenia, and Kyrgyzstan, in order to stabilize runaway fuel prices that have been hitting record highs almost every day in September.
Chevron Accepts Tribunal’s Brokered Deal. US oil major Chevron (NYSE:CVX) announced it had accepted recommendations from Australia’s labor arbitrage tribunal to end its dispute with trade unions at its Gorgon and Wheatstone LNG plants, as the regulator has the power to impose a deal.
Canadian Producers Want Guaranteed Carbon Prices. Canada’s largest carbon capture and storage project, the $12.5 billion Pathways Alliance consortium backed by most of the country’s oil producers, said it will only move forward if the federal government locks in future carbon prices.
Venezuela Decries Guyana’s Offshore Expansion. Venezuela’s government protested against Guyana’s most recent offshore oil bidding round, saying that whoever participates in the licensing of eight blocks will not have the right to explore the areas as they remain contested by Caracas.
UK Postpones Strict 2030 Car Mandates. The UK government delayed the country’s ban on new gasoline and diesel cars until 2035 from 2030 and backtracked on previous restrictions on heat pumps and insulation, citing “unacceptable costs” on British households from the hurried energy transition.
China Buys Big with LNG Megatender. Unipec, the trading arm of China’s state-owned oil firm Sinopec, purchased 23 LNG cargoes in a major spot tender that closed last week, securing at least five cargoes for both November and December with awarded prices some $0.20 per mmBtu above JKM.
Uranium Rally Might Soar Even Higher. Having soared to $66 per pound, the highest since the 2011 Fukushima disaster, uranium prices are set to continue their unprecedented price rally towards 75-$80/lb amidst supply-side concerns, with UxC predicting a 66 million pound deficit for 2023.
Asian Hydropower Generation Collapses. Hydropower output in Asia’s two largest hydro producers, China and India, has plunged at the fastest rate in decades amid erratic weather and low precipitation, with China down 16% year-on-year whilst India edged lower by 6% compared to 2022.
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