Latest Crude oil, Gas Price and News
London, August 23, 2024, Update (Oilandgaspress) –– Morgan Stanley has revised its oil price forecasts downward, reflecting expectations of increased supply from OPEC and non-OPEC producers amid signs of weakening global demand, the bank said in a report this week. The firm now anticipates that while the crude oil market will remain tight through the third quarter, it will begin to stabilize in the fourth quarter and potentially move into a surplus by 2025.
The adjustment comes as Morgan Stanley lowers its global oil demand growth estimate to 1.1 million barrels per day (bpd) for 2024, down slightly from its previous forecast of 1.2 million bpd. This revision is driven by multiple factors, including a slowdown in production growth from key non-OPEC countries such as the U.S. and Brazil. However, despite the downward revision in demand, the firm notes that these adjustments have actually marginally tightened the overall supply-demand balance for the remainder of the year. Read full article
| Oil and Gas Blends (4pm GMT) | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.42 | Up |
| Crude Oil (Brent) | USD/bbl | $78.52 | Up |
| Bonny Light 23/08/24 | USD/bbl | $82.64 | Up |
| Dubai | USD/bbl | $75.00 | Down |
| Natural Gas | USD/MMBtu | $2.02 | Down |
| Murban Crude | USD/bbl | $78.19 | Up |
| OPEC basket 22/08/24 | USD/bbl | $76.33 | Down |
The Centre for Deep Sea Research at the University of Bergen (UiB) proved a new sulphide deposit on an expedition in the Norwegian Sea and the Greenland Sea this summer. Data from previous surveys conducted by the Norwegian Offshore Directorate was the basis for the selected areas.
The expedition was carried out by the G.O. Sars research vessel during the period from 24 June to 12 July, based on the licence for scientific exploration, 900/2024.
The objective of the surveys was to increase knowledge about the deep sea, and both geological and environmental data was collected.
A new inactive sulphide deposit was discovered (“Grøntua”), as part of a broader survey in the area surrounding the previously proven inactive sulphide deposit called “Deep Insight”. The discovery is situated just over one kilometre from “Deep Insight” in block N72E01_05, which is part of the southern Mohns Ridge.
The new deposit is located in 1175 metres of water, has a diameter of 150 metres and extends 60 metres over the seabed. Source,
A Greek-flagged oil tanker carrying 150,000 tonnes of crude that was evacuated by its crew after being attacked in the Red Sea now poses an environmental hazard, the EU’s Red Sea naval mission “Aspides” said on Thursday.
Houthis, who control Yemen’s most populous regions, said on Thursday that they attacked the Sounion oil tanker in the Red Sea, as the Iran-aligned group has been attacking ships in solidarity with Palestinians in the war between Israel and Hamas in Gaza. Source,
ORLEN Group closed the second quarter of 2024 posting LIFO-based EBITDA, adjusted for the effects of regulations, of PLN 11.3 billion, up by 8% y/y. The Group’s performance was supported by the energy segment as well as being driven by improved volumes in the upstream segment, which helped offset the impact of macroeconomic headwinds. In the first half of this year, the ORLEN Group allocated PLN 14 billion to investments supporting the energy transition and bolstering Poland’s energy security.
In the second quarter of 2024, the ORLEN Group generated:
Revenue of PLN 69.5 billion
LIFO-based EBITDA, adjusted for the effects of regulations, of PLN 11.3 billion
Operating cash flows of PLN 6 billion Source,
