Energy News Roundup, Oil Prices

West Texas Intermediate for September delivery fell 65 cents to settle at $68.44 a barrel on the New York Mercantile Exchange.

Brent for October dropped 72 cents to end the session at $70.59 a barrel on the ICE Futures Europe exchange.

NIO Inc. Reports Unaudited Second Quarter 2021 Financial Results Total revenues were RMB8,448.0 million (US$1,308.4 million) in the second quarter of 2021, representing an increase of 127.2% from the second quarter of 2020 and an increase of 5.8% from the first quarter of 2021.
Gross profit was RMB1,573.9 million (US$243.8 million) in the second quarter of 2021, representing an increase of 402.7% from the second quarter of


2020 and an increase of 1.2% from the first quarter of 2021.

NIO delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.

Nio plans new brand to take on Tesla in the mainland The planned models include its first premium sedan, the ET 7, and a cheaper variant to add to Nio’s current lineup of three sport utility vehicles as it leans on falling battery costs and rising production volumes to keep prices down, William Li, Nio’s chairman and chief executive, said after the company unveiled a smaller quarterly loss.

Baker Hughes to Deliver Subsea Compression Manifold for Chevron Subsea Compression Project including module and foundation, as well as the latest optimized version of its horizontal clamp connector system and subsea controls for the manifold structure.

Market Doesn’t Need Much More OPEC+ Oil In the August Short-Term Energy Outlook (STEO), the EIA estimated that OPEC crude oil production would remain lower than calls on OPEC through the third quarter and fourth quarter of 2021. This quarter, demand for OPEC’s oil will exceed production by 1.0 million bpd. However, this difference will drop to 300,000 in the fourth quarter.

Where Does Wall Street Think Oil Is Heading? Here’s a rundown of the latest brokerage forecasts for 2021 average prices per barrel for Brent and WTI:

Barclays $69.00/$67.00 July 22

Goldman Sachs Commodities Research $72.70/$69.80 July 20

Credit Suisse $70.00/$67.00 July 18

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$67.36Down
Crude Oil (Brent)USD/bbl$69.59Down
Bonny LightUSD/bbl$69.76Down
Natural GasUSD/MMBtu$3.86Down
OPEC basket 13/08/21USD/bbl$70.90Down
At press time 16 August 2021

Oil & Gas Stock Roundup BP plc BP, ConocoPhillips COP, EOG Resources EOG, Marathon Petroleum MPC and Phillips 66 PSX reported June-quarter earnings. All the companies beat bottom-line estimates and turned around their year-ago losses.

EV Week In Review Tesla, Giga Berlin , Nio Earnings , Lordstown On Track, Fisker’s Debt Financing and EV Stock Performance for The Week

Compiled by: OGP Staff, Segun Cole , Please send us your industry related news for publication

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