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The Dow skid 1,008 points on Friday, marking its biggest pullback in more than three months, as stocks sold off sharply after Federal Reserve Chairman Jerome Powell warned of the pain to households and businesses to come as the central bank works to bring inflation back to its 2% target. The Dow Jones Industrial Average DJIA, -3.03% tumbled into the closing bell, shedding about 1008 points, or 3%, ending near 32,283, its worst daily percentage decline since May 18, according to Dow Jones Market Data. The S&P 500 index SPX, -3.37% shed 3.4%, while the Nasdaq Composite Index COMP, -3.94% fell 3.9%. All three equity benchmarks finished in the red for the second week in a row.

Indian Refiner Feels the Russia Sanction Squeeze. Indian refiner Nayara Energy, 49% of which is held by Russia’s state-controlled oil company Rosneft, has seen many leading international banks and oil firms refuse dealing with it for fear of sanctions, most probably nudging it to source even more oil from Russia.

Energy Transfer Clinches Another Offtake Deal. US pipeline operator Energy Transfer (NYSE:ET) signed a deal with UK energy major Shell (LON:SHEL) for the supply of 2.1 million tons of LNG from its proposed Lake Charles LNG plant for 20 years, seeing first deliveries as soon as 2026.

Another Suriname Discovery Buoys Offshore Drillers. U.S. upstream firm Apache (NASDAQ:APA) announced an oil discovery offshore Suriname with its Baja-1 well, encountering light oil in good quality reservoirs, adding to the 180 million-barrel reserve tally of the Krabdagu prospect, drilled this April.

Mexico Sets Up National Lithium Company. Having nationalized all lithium resources back in April 2022, the Mexican authorities have created a state-controlled company (Litio para Mexico) to produce the metal, expected to become operational within the next six months.

Freeport Delays Limit U.S. LNG Export Surge. The 15 mtpa U.S. liquefaction terminal Freeport LNG has delayed its restart target by one month, hoping to resume partial production, shuttered following a June explosion, in early-to-mid-November and reach full capacity exports by March 2023.

French Major Sells Russian Subsidiary. After the French newspaper Le Monde ran a story about TotalEnergies’ (NYSE:TTE) Russian joint venture Terneftegaz selling kerosene to the Russian army, the French major almost immediately sold its stake to its Russian partner Novatek.

Friday, August 26th, 2022

Oil prices have remained in limbo this week, with ICE Brent trending around $100 per barrel, as the market zoomed in on the prospects of an Iranian deal. As the Biden administration relayed its response to the European Union, acting as a broker between the two sides that refuse to negotiate directly, rumours seem to indicate that the proposed terms fall short of what Tehran expected, effectively creating a “take it or leave it” dilemma for the Iranian leadership. Unless there is any sudden breakthrough on Iran, it will be the Fed’s Jackson Hole symposium driving oil prices.

White House Wants U.S. Refiners to Cut Exports. In a letter sent to the United States’ leading refiners, U.S. Energy Secretary Jennifer Granholm has called upon U.S. refiners to hold back exports to Europe and South America and start building inventories, despite both the gasoline and diesel curves being firmly backwardated.

Iraq Threatens Kurdish Sellers and Buyers. The Iraqi authorities are threatening legal action against anyone who purchases or sells crude from the breakaway region of Kurdistan and its government, using the February decision of the Baghdad Supreme Court as confirmation of Kirkuk sales being “illicit”.

Prelude FLNG Breaks Strike Deadlock. Following an almost two-month hiatus in production, UK energy major Shell (LON:SHEL) has managed to strike a wage deal with the unions of Australia’s 3.6 mtpa Prelude FLNG project, potentially opening up a temporarily idled source of liquefied gas.

Peru Takes Spain’s Repsol to Court. Peru’s consumer protection agency Indecopi is taking Spanish oil company Repsol to court in a $4.5 billion lawsuit, arguing the January oil spill created $3 billion worth of environmental damage and $1.5 billion damages to locals, a claim Repsol rejects, blaming the spill on a volcanic eruption.

Texas Moves to Ban ESG-Aggressive Investors. Texas Comptroller Glenn Hegar claimed the state might ban firms like BlackRock (NYSE:BLK) and a swathe of European banks like Credit Suisse (SWX:CSGN) or BNP Paribas (EPA:BNP) from doing business in the state, as a result of their boycotting investments into the oil and gas industry.

Germany Flags Coal Supply Problems. According to Reuters, the German government has voiced concern over the sustainability of coal supply for power plants along the River Rhine in the autumn as low water levels continue to hinder river navigation and thus slow down coal stocking ahead of winter.

U.S. Majors Find Common Ground with Nigeria. US oil majors ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) as well as European energy firms Shell (LON:SHEL) and Equinor (NYSE:EQNR) have agreed to end their U.S. lawsuits against Nigeria’s state-controled oil company NNPC after they’ve managed to renew their respective PSA agreements.

Next week onwards and upwards
:)))))))))))))))))))

Have a great weekend
See you all on Tuesday
Love the jokes
This is a very happy board

Billzo thankyou for your views.
Let’s hope we get some good news in Sept

Bonus I hope they are not getting any
Certainly do not deserve one

They can still buy to show confidence in the company
At theses ridiculous prices

Now the equivalent in old money of 10pWill it ever stop falling My feeling shorters are pushing it down ? Why is there no purchase by directors?

Grangemouth and Mossmorran
7 years in Scotland at different times

My husband was on that project

I lived in Ecclesmachan
Near Linlithgow

Bigbadbaz you are so funny
Where in Scotland are you.?

BP plc BP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The stock, sporting a Zacks Rank #1 (Strong Buy), is likely to see earnings growth of 116.2% this year.

What's Favoring the Stock?

The price of West Texas Intermediate crude is approaching the $95-per-barrel mark again, highlighting a substantial improvement in the past year. The positive oil price trajectory is a boon for BP’s upstream operations. The favorable oil price scenario and increasing daily oil equivalent production volumes are aiding the energy giant’s bottom line. BP stated that the target of adding a net production of 900 thousand barrels of oil equivalent per day by 2021 from key new projects has been delivered.

BP is expected to gain from the refining business as well. The integrated energy player has a significant portion of its refining capacities in the United States. In the country, BP operates feedstock-advantaged and sophisticated refineries. The refineries are connected to strong logistics and fuel infrastructure. Thus, with a considerable presence in the United States, the energy major is well placed to capitalize on the solid fuel demand, backed by the reopening of the economy and wider distribution of vaccines.

BP is strongly focused on returning capital to shareholders. The integrated player recently announced that it is planning to repurchase $3.5 billion in shares before declaring results for the September quarter.

CDT

Crude oil prices sank on Thursday afternoon while the market was eyeing the Federal Reserve’s speech for clues about future interest rate hikes.

At 3:00 p.m., ET, WTI had slipped $1.90 per barrel (-2.00%) to $92.99, with Brent crude slipping $1.33 (-1.31%) to $99.89—sinking under $100 again.

The downward trend is just the latest swing on Thursday as the market attempts to understand the impact that a rate hike will have on crude oil demand compared to the impact that an OPEC+ production cut would have on supply.

Federal Reserve Chairman Jerome Powell is set to speak on Friday at an annual economic policy symposium.

Earlier this week, OPEC+ sources said that the group could respond to what the Saudi oil minister said was a disconnect between the physical crude oil market and the paper one. Other OPEC+ sources confirmed that OPEC+ could consider making production cuts at the next meeting, although the topic has not been formally added to the agenda.

Further dragging down the price of crude oil is the possibility that Iran and the United States could agree on the terms of a new nuclear deal. A new nuclear deal would free Iran’s oil industry from U.S. sanctions, potentially increasing the amount of crude oil that the country is able to export.

Should Iran and the U.S. reach a deal, OPEC+ would be even more motivated to cut production.

While OPEC+ has threatened to cut production, it is questionable whether that means to cut production targets, which it is undershooting by more than 2 million bpd anyway, or whether it would be an actual production cut based on current production volumes. Either way, the specter of any cuts, whether to targets or production, has the power to raise prices—a reality that is spooking traders loathed to be on the wrong end of any sudden market swing.

52p electricity kWh
15p gas kWh
New price

debit*


Last price cap period

(1 April - 30 September 2022)
Current price cap period

(1 October - 31 December 2022)
Electricity
£0.28 per kWh

Daily standing charge: £0.45
£0.52 per kWh

Daily standing charge: £0.46
Gas
£0.07 per kWh

Daily standing charge: £0.27
£0.15 per kWh

Daily standing charge: £0.28

Rachel Jane Reeves /Shadow Chancellor

Labour windfall tax on Shell, Bp etc backdated to Jan

https://www.livecharts.co.uk/MarketCharts/brent.php