RE: Todays news3 Dec 2024 16:15
German Electricity Output Plunges. Dragged lower by a protracted wind lull, Germany’s power generation decreased to its lowest in 7 years last month, averaging 52.3 GW and dropping more than 10 GW compared to the 5-year average, with the country remaining a net importer of electricity.
Namibia Outlook Turns Even Sweeter on Mopane. An appraisal well of Portugal’s state-controlled oil firm Galp Energia (ELI:GALP) confirmed the presence of high-quality light oil and gas condensate in the huge Mopane discovery in offshore Namibia, boosting the company’s upstream outlook.
US Gas Stocks Stand In Contrast to Europe. The US ended its natural gas injection season with the highest level of inventories since 2016, with stocks in the lower 48 states totaling 3,922 Bcf or some 6% above the 2019-2023 five-year average, despite injections being below-average for most of 2024.
US Crude Output Falls Again. According to EIA data, US crude oil production fell by 157,000 b/d month-over-month in September, the largest monthly decline since January largely due to hurricane effects as Hurricanes Francine and Helene prompted offshore producers to shut in production.
Trump to Play Hardball on Crude Imports. As Canada’s Prime Minister Justin Trudeau flew to Mar-a-Lago, media reports have been confirming that US president-elect Donald Trump does not intend to walk back on his promise to slap a 25% import tariff on Canadian oil, some 4.5 million b/d in volume.
China Bans Key Mineral Exports to US. China has banned exports of gallium, germanium, antimony, and superhard minerals to the United States in anticipation of Donald Trump’s tariffs, citing a new Beijing directive on dual-use items that are both for military and civilian use.
India Cancels Windfall Tax on Oil and Products. Implemented since July 2022, the Indian government has canceled its windfall tax on domestic crude production, as well as on exports of jet fuel, petrol, and diesel, saying that lower global oil prices meant there’s little justification for it.
Japan’s US Steel Takeover Looks Ever Less Likely. US President-elect Donald Trump has reiterated his opposition to the planned 15 billion takeover of US Steel (NYSE:X) by Japan’s Nippon Steel, saying that a series of tax incentives and tariffs will reinvigorate domestic steel production.
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