Energy top stories to 19/08/22. OPEC daily basket price stood at $98.22/bl, 18 August 2022
WTI for September delivery rose $2.39 to settle at $90.50 in New York
Brent for October settlement climbed $2.94 to settle at $96.59 a barrel.
Odfjell SE: Shares traded ex-dividend USD 0.23 today. The shares in Odfjell SE will be traded ex-dividend of USD 0.23 (NOK 2.2) per share as from today, 19 August 2022. Read More
The European Union is planning a five-fold increase in financial support to an African military mission in Mozambique, an internal EU document shows, as Islamist attacks threaten gas projects meant to reduce the EU’s reliance on Russian energy.
The energy squeeze due to the Ukraine war has added impetus to Europe’s scramble for gas off Mozambique’s northern coast, where Western oil firms are planning to build a massive liquefied natural gas (LNG) terminal.
The move also comes as the West seeks to counter Russian and Chinese influence in the southern African nation, three years after Russian private military firm Wagner withdrew most of its forces following a string of defeats by Islamist militants. Read More–>
Director of Ofgem QUITS
The Government has been accused of being ‘asleep at the wheel’ after an Ofgem director quit over concerns that the regulator is failing to effectively protect struggling households. Christine Farnish resigned in the belief the watchdog has not ‘struck the right balance between the interests of consumers and the interests of suppliers’, she told The Times. The energy regulator has faced criticism in recent months for not doing enough to protect families during the global energy crisis. Read More
The Industry IoT Consortium® (IIC™) and the International Society of Automation announced the IoT Security Maturity Model (SMM): 62443 Mappings for Asset Owners, and Product Suppliers, and Service Suppliers. “This new guidance adds the service provider role. It extends the previously published IoT Security Maturity Model (SMM): Practitioner’s Guide to provide mappings to existing 62443 standards and specific guidance for the asset owner, product supplier, and service provider roles,” said Ron Zahavi, Chief Strategist for IoT standards at Microsoft and IoT SMM co-author. The IIC IoT SMM helps organizations choose their security target state and determine their current security state. By repeatedly comparing the target and current states, organizations can identify where they can make further improvements.
The ISA99 committee developed the 62443 series of standards, which the International Electrotechnical Commission (IEC) adopted. The standards address current and future vulnerabilities in Industrial Automation and Control Systems (IACS) and apply necessary mitigation systematically and defensibly. The ISA/IEC 62443 standards focus on maturity, but only on the maturity of security programs and processes.
“Achieving security maturity targets can be difficult to put into practice without concrete guidance,” said Frederick Hirsch, co-chair of the IIC ISA/IIC Contributing Group. “These 62443 mappings enable practitioners to better achieve security maturity by relating IIC IoT SMM practice comprehensiveness levels to ISA/IEC 62443 requirements. In this way, IACS asset owners and product suppliers can achieve appropriate maturity targets more easily.”
Eric Cosman, co-chair of the ISA99, said, “While standards such as ISA/IEC 62443 are needed to codify proven and accepted engineering practices, they are seldom sufficient. Joint efforts such as this provide the practical guidance necessary to promote and support their adoption.” Read More
Crude oil, in a downtrend since June, is showing signs of selling fatigue with the technical outlook turning more price friendly while fresh fundamental developments are adding some support as well. The energy crisis in Europe continues to strengthen, most recently due to lower water levels on the river Rhine preventing the movement of barges carrying coal and fuel products such as diesel. The result being an increased gas-to-fuel switching supporting the demand outlook for crude oil.
Crude oil, in a downtrend since June, is showing signs of selling fatigue with the technical outlook turning more price friendly while fresh fundamental developments are adding some support as well. Worries about an economic slowdown driving by China’s troubled handling of Covid outbreaks, and its property sector problems as well as rapidly rising interest rates, were the main drivers behind the selling seen across commodities in recent months.
Crude oil with its strong underlying fundamentals, with tight supply driven by Russia sanctions and OPEC struggling to lift production, was the last shoe to drop and since the mid-June peak, speculators and macroeconomic focused funds have been net sellers of both WTI and Brent crude oil futures.
With most of these market participants using the front of the futures curve, the selling has seen the forward curve flatten, a development that is normally viewed as price negative as it signals reduced tightness in the market. However, for that to ring true we should see inventory levels of crude oil and fuel products rise while refinery margins should ease. None of these developments have occurred and it strengthens our belief that the weakness sign has more to do with position adjustments and short positions being implemented by traders focusing on macro instead of micro.
In the week to August 9, the combined net long in Brent and WTI slumped to 304k lots a level last seen in April 2020, and 209k lots below the mid-June peak. Read More–>
Sustainable Manufacturing and Environmental Pollution (SMEP) programme: reducing plastics pollution in Sub-Saharan Africa and South Asia (research and innovation) 2019 to 2024 Call for concepts to pilot innovative, investible, pollution mitigation concepts in East Africa, waste-to-energy inputs and intercepting by-products. Read More
NewMed Energy and Enlight Renewable Energy plan to jointly bid renewable energy projects in North Africa and the Middle East, including in heavyweight crude oil producers, Saudi Arabia and the UAE. The two companies are planning to develop, finance, build and operate green projects in Egypt, Jordan, Morocco, the UAE, Bahrain, Oman and Saudi Arabia, NewMed Energy, a gas and condensate formerly known as Delek Drilling, said in a recent press release.
NewMed and Enlight have signed a memorandum of understanding (MoU) for an exclusive partnership for a period of three years with an option for a two-year extension Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $89.36 | Up |
| Crude Oil (Brent) | USD/bbl | $95.50 | Up |
| Bonny Light | USD/bbl | $118.10 | Up |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $9.06 | Down |
| OPEC basket 18/08/22 | USD/bbl | $98.22 | Up |
The IMF said energy rich states of Middle East states are set to reap up to $1.3 trillion in additional revenues over the next four years as Russia’s war in Ukraine elevates prices for oil and gas, according to a Financial Times report on Friday.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 12 August 2022 | 763 | -1 |
| Canada | 12 August 2022 | 201 | -2 |
| International | July 2022 | 833 | +9 |
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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