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11,243.33 -80.00 (0.71%)t

33.87 USD +0.015 (0.044%)

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A Very Good Morning Jakers and meoryou :)))))))))

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Notmyjob thankyou. for posting
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BP has already inked a deal to buy all of the output from Eni’s $7 billion Coral-Sul project--capable of producing 3.4 million metric tons of LNG per year--for the next 20 years. Meanwhile, TotalEnergies has announced plans to resume its massive $20 billion project toward the end of the year, with the terminal expected to churn out 13.1 million tons of LNG annually. In addition, ExxonMobil says it will make a final decision for an even larger project in the near future. Meanwhile, the European Union has planned a five-fold increase in financial support to $15 million to fight militants near Mozambique’s gas projects. The EU has already pledged to provide the country's army with an additional 45 million euros ($45 million) of financial support, and has so far given a SADC mission in the country 2.9 million euros of funding.

Positive
Over the past five years, the United States’ largest independent oil and gas company, Exxon Mobil (NYSE: XOM), has mostly focused its exploratory activities in South America. Last month, the oil major announced that it had made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, potentially adding more barrels to one of the most closely watched new oil discoveries. ExxonMobil has now made more than 30 discoveries on the block since 2015, and has ramped up offshore development and production at a pace that far exceeds the industry average. In contrast, Exxon’s exploits in Africa have been few and far between, with its last discovery on the continent coming nearly two decades ago. But Exxon has now announced that it has, together with its partners, discovered hydrocarbons in Block 15 off Angola in the Bavuca South prospect. This was the block’s 18th discovery, but the first since 2003. According to Exxon, the Valaris DS-9 drillship drilled the Bavuca South-1 well 365 km northwest from the coast at Luanda in 1,100 m (3,608 ft) of water, encountering 30 m (98 ft) of good-quality, hydrocarbon-bearing sandstone. Exxon owns a 36% interest in the block, with BP Exploration Angola (24%), ENI Angola Exploration (18%), Equinor Angola Block 15 (12%) and Sonangol P&P (10%) being its partners.

An expected hike in the windfall tax on oil and gas could result in the Treasury paying more in tax relief to companies investing in the North Sea than the value of the investment itself.

Chancellor Jeremy Hunt is considering increasing the emergency levy from 25 to as much as 35 per cent of profits from oil and gas extraction in his Autumn Statement on Thursday, to raise £45bn over the next five years.

The mooted announcement – also expected to extend the Energy Profits Levy to 2028 from its current end-date of 2026 and to bring in electricity generators for the first time – has sparked warnings that companies could scrap investment plans worth billions.

Thank-you Notmyjob

Notmyjob
Quantum Commodity Intelligence – Industrial action at one of Europe’s largest oil refineries is set to start on Monday after British oil giant BP rejected the salary demands from Dutch unions representing works in Rotterdam, the unions told Quantum.

The ultimatum submitted by BP workers at the 400,000-bpd Rotterdam refinery is set to expire on Monday, November 13 at 1200 local time, after which the two unions will start their actions.

The refinery is a key producer of diesel in northern Europe, with the unions' actions fuelling a potential new wave of diesel shortages.

“BP Rotterdam Refinery has responded to the ultimatum and finds the demand from the BP employees unacceptable and not in line with the market,” the FNV and CNV unions said in a statement on Saturday.

The two unions which represent 440 of 730 workers employed at the site demanded a 6% pay increase backdated to April this year and a three-year share match program worth 3.35%.

BP had offered a 5% pay increase last month which the unions had already rejected.

“BP is sticking to its position. That is also our conclusion and we have not yet been invited to discuss our demands. Our actions, and those of the employees, will go ahead as planned,” Jaap Bosma, CNV’s chief negotiator, told Quantum.

At the start of this month, the unions held a meeting at the refinery's gates, during which 90% of the 300 employees present voted in favour to strike if BP does not improve its 5% pay offer.

While the unions are still discussing the specifics of their planned actions, they will decide on the “most effective [ones] to exert maximum pressure” and will likely delay the planned restart of key diesel-producing units.

Parts of the site went into planned turnaround at the start of last month and have already missed their expected restart earlier this month due to other delays.

The planned strike will further starve Europe of domestically produced diesel, just three months ahead of the EU ban on Russian diesel imports and will likely support prices and overseas imports.

French unions crippled two-thirds of French refining capacity at its peak during a one-month-long strike in October, boosting diesel cracks to above $70/b, Quantum data showed, as TotalEnergies scrambled to divert diesel cargoes.

British oil major BP reported $8.2 billion in third-quarter profits last week, with refining margins hitting $35.50/b across the group amid high prices and tight product markets.

BP did not respond to a request for comment.

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Friday, November 11th, 2022 Better-than-expected US inflation data and China’s long-anticipated easing of Covid rules have helped stave off a significant oil price decline this week, with ICE Brent back at $96-97 per barrel. Surging coronavirus cases in China, replicating or in some cases surpassing 2020 levels of contagion, have sent ripples across the oil markets, but Beijing’s shifting lockdown stance is partially offsetting those fears. Markets have been waiting all year for China to bounce back, with the country currently on track to see a year-on-year demand decrease for the first time in two decades. There's plenty of bearish news still out there, but if China continues to open up then prices are sure to keep climbing.China Relaxes Covid Rules. The Chinese government has eased its zero-COVID requirements despite surging cases across the country, reducing quarantine periods for inbound travelers as well as their close contacts and scrapping fines for airlines carrying infected passengers, boosting hopes of a China normalization.Hinting at Deal Hope, Iran Agrees to IAEA Visit. Iran has agreed to a visit by the UN nuclear watchdog to determine the origin of uranium particles found at three sites, potentially alleviating one of the key hurdles in the Iran nuclear talks after years of Tehran demanding the closure of the IAEA investigation. US Crude Growth Plummets in 2023. Citing inflation and supply chain constraints, the Energy Information Administration lowered its forecast for 2023 US crude production growth by a whopping 21%, expecting next year’s increase to be 480,000 b/d.Africa Insists on Fossil Fuel Prosperity. The COP27 summit in Sharm el-Sheikh, Egypt, keeps on highlighting the great divide between OECD countries and African countries, with African countries claiming they must be allowed to develop their oil and gas to help their people out of poverty, resisting calls for deep emission cuts. ExxonMobil Finds Oil in Angola. US oil major ExxonMobil (NYSE:XOM) hit a net oil pay of 30 meters (98 feet) with its Bavuca South-1 exploration well offshore Angola, the first discovery in the deepwater Block 15 in 20 years with a potential to add 40,000 b/d to the block’s overall production. US Funding Indonesia’s Pivot from Coal. The United States and Japan will offer 15 billion in energy transition funds to Indonesia if it starts retiring its plentiful coal power plants early, helping the government to reach its aim of bringing the share of renewables to 23% by 2025. Coal Prices Slide as Disruption Risks Subside. After the summer price surge, prices for seaborne thermal coal have started to decline amidst easing fears of a global supply crunch and Russia finding new buyers in China and India – coal for delivery into NW Europe dropped to $180/mt.

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LBBW raises BP price target to 570 (520) pence - 'buy'

Oil prices were on track to record another week of losses despite occasional spikes due to supply concerns and hopes that China will soon begin relaxing its tough Covid policy stance.

Indeed, China has signaled it will loosen some restrictions employed to deal with the flare-ups of infections that keep occurring despite the strict lockdowns and quarantines. Yet this only managed to push prices up temporarily, with fears that the pandemic will not disappear in China anytime soon acting as a strong headwind.

Oil posted daily declines for most of the week on these fears, only settling with a gain on Thursday after the U.S. released consumer price index data that wasn’t as bad as expected.

The U.S. Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4 percent in October from September, the CPI data showed. This compares with the expectation of a 0.6 percent increase in consumer prices month over month.

Over the last 12 months, the CPI increased by 7.7 percent before seasonal adjustment, which again was lower than the 7.9 percent expected annual inflation for October.

A day earlier, prices also ended trade with a drop, this time because of a build in U.S. crude oil inventories for the week to November 4, even though the EIA estimated declines in fuel inventories. However, these declines were lower than expected, which also helped pressure oil prices.

At the time of writing, both Brent crude and West Texas Intermediate were up but unlikely to reverse three days of declines, especially with China again recording an increase in Covid cases.

According to Reuters, the weekly loss for oil prices could reach 4 percent on higher U.S. crude inventories and fears that China will start locking down cities again despite the signs of restriction relaxation.

"Since traders are hyper-sensitive to lockdowns in the world's largest oil importer, this could temporarily hold the oil market's top-side ambition in check," Stephen Innes, managing partner at SPI Asset Management, told Reuters. "But unquestionably, we are in a much better place than yesterday."