RE: News5 Nov 2024 18:34
UK Power Prices Soar on Import Needs. Electricity prices in the United Kingdom jumped to £115 per MWh this week, their highest in almost a year, as low wind power generation across the country prompted the country’s generators to import more, mostly from nuclear-rich France and hydro-rich Norway.
UAE is Expanding into the Mediterranean. After forming a JV that eyes Egypt’s offshore waters, the UAE’s state oil company ADNOC has reportedly expressed interest in taking a stake in Cyprus’ deepwater gas fields, however preferring to invest in de-risked assets rather than exploration.
Venezuelan Oil Exports Near One-Million Threshold. Oil exports from Venezuela rose to their highest since early 2020, posting an average of 947,000 b/d for crude and fuel oil in October, up 21% month-over-month, as crude shipments of Chevron (NYSE:CVX) soared to a new record high of 280,000 b/d.
China Traders Exploit Benchmark Gaps. A whopping 5 million barrels of Middle Eastern crude was delivered to the Shanghai International Exchange this month, an unusual volume for an otherwise mute trade, with Vitol supplying the most after domestic yuan-pegged futures for crude soared above Brent.
Oil Hedging Becomes the New Trading Frontier. A total of 68.44 million barrels of oil in Brent futures and options were traded in October, according to data from the Intercontinental Exchange, marking the highest monthly volume ever, as producers and traders hedged against war risks.
Canada Set to Tighten 2030 Emission Targets. The draft regulations issued by the Canadian government this week stipulate a cap on greenhouse gas emissions from the oil and gas sector at 35% below 2019 levels by the end of this decade, potentially prompting output cuts further down the road.
Guyana and Suriname Weigh Gas Ambitions. Guyana and Suriname could supply 12 million metric tonnes of LNG at a competitive price by the next decade if both South American countries decide to monetize their natural gas resources, with their non-associated reserves estimated at 13 TCf.
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