Just received12 Sep 2023 16:13
Tuesday, September 12, 2023
As the oil markets anticipate US inflation data for August and the ECB’s interest rate decision later this week, supply disruptions in Libya have added a little upside to prices again, with ICE Brent moving past the $91 per barrel mark. Expectations are that this week will bring about another US crude inventory drop, and absent any negative macro news, the climb toward $100 per barrel is set to continue.
Hurricane Disrupts Libyan Loadings. Battered by Hurricane Daniel for several days already, Libya has shut four oil ports – Ras Lanuf, Es Sider, Brega, and Zueitina - as state authorities kept oil infrastructure at maximum alert and mandated that workers restrict any movements between sites.
Oil Cuts Might Drag Saudi Arabia into Recession. As Saudi Arabia extended its 1 million b/d production cuts until December, the country is set for a 9% year-on-year drop in output, the largest decline in 15 years, with analysts expecting Riyadh to witness a slight 0.2% GDP reduction this year.
Freeport LNG in Trouble Again. Feedgas flows to the Freeport LNG facility, the second-largest liquefaction plant in the US, declined sharply from 1.640 mcf/day on September 8 to 284 mcf/day currently, reportedly due to a customer’s failure to take confirmed quantities to the terminal.
Europe’s Solar Industry Is on the Brink. Europe’s solar industry trade groups have warned the continent’s authorities that PV manufacturers are facing a "precarious situation” as photovoltaic unit prices plunged to all-time lows, with Chinese competition potentially bankrupting European firms.
East Coast Braces for Distillate Scarcity. As two key refineries across the East Coast, Irving Oil’s St. John refinery and Delta’s (NYSE:DAL) Trainer refinery, are set to go down for prolonged maintenance from mid-September, NYH ULSD diesel prices rose by 8% already amidst stubbornly low inventories.
South Sudan Walks Back Nationalization Threat. According to Bloomberg reports, South Sudan’s own national planning body acknowledged the African country’s plans to assume control of oil fields from foreign companies by 2027 cannot be feasibly carried out due to a lack of financing and know-how.
US Authorities Keep Dakota Access Pending. The US Army Corps of Engineers released a draft environmental statement of Energy Transfer’s (NYSE:ET) 750,000 b/d Dakota Access oil pipeline without making a recommendation on the five alternative route options for it, waiting for public and agency comments.
Diamondback Mulls Coordinated Water Management. US oil producer Diamondback Energy (NASDAQ:FANG) formed a JV with private equity firm Five Point Energy to create a sustainable water management network for produced water in the Midland Basin, taking a 30% stake in the new project.
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