Crude Oil Prices, News to 12/11/2020
Crude oil prices rose three days in a row on election results, positive vaccine news and falling stockpiles
According to the American Petroleum Institute (API), US crude inventory fell by 5.15 million barrels in the week ending November 6th, compared to a 0.89-million-barrel estimate.Gasoline and diesel stockpiles also decreased.
|Commodity At press time||Units||Price||Change|
|Crude Oil (WTI)||USD/bbl||41.44||0.00%|
|Crude Oil (Brent)||USD/bbl||43.73||0.00%|
|OPEC basket 11/11/20||USD/bbl||43.42||0.00%|
|The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). |
Baker Hughes Rig Count to 06th November 2020
United States 300 (Up 4 from prior count)
Canada 86 (Up 0 from prior count)
International 656 (Down 46 from October count)
The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. [Read more…]
Scientists Turn Plastic Waste Into Valuable Commodities According to the study, the team’s new process involves breaking plastic down into its molecular components by “pulverizing” it and using microwaves. Doing so can release the core components of plastic materials, including hydrogen and pure carbon, which can then form high-value products, like carbon nanotubes.
OPEC+ To Reduce Oil Price Volatility Caused by New Lockdowns Fitch Ratings says. However, OPEC+ supply adjustments should mitigate the impact of demand volatility on oil prices. We expect global demand to be stronger during the current lockdowns than in April-May and have kept our oil price assumptions unchanged. In September and October oil consumption was about 5% lower than before the coronavirus pandemic.
Oil prices may rise to $50/b in six months, stocks back to normal in Q3: Vitol Vitol CEO Russell Hardy said Nov.10. “We do expect a recovery over the next 6 months in prices that means the absolute number heading up into the high 40s, 50s area and the curve flattening out. That’s our base case,” Hardy told the ADIPEC virtual form. “Things could be derailed by further demand cuts, but obviously we baked into those numbers a relatively bearish winter demand picture. But we still see that the stocks will edge lower.”
Murban futures for US crude to Asia The Intercontinental Exchange has signed a memorandum of understanding with Chevron, Trafigura and Occidental to explore using the upcoming Murban futures contract to price US crude oil heading to Asia,
GasLog Partners LP Reports Financial Results for the Three-Month Period Ended September 30, 2020 Quarterly Revenues, Profit, Adjusted Profit and Adjusted EBITDA of $72.8 million, $11.9 million, $12.8 million and $46.8 million, respectively. Declared cash distribution of $0.01 per common unit for the third quarter of 2020.
Moray East Offshore Wind Farm project Completion of the Moray East offshore windfarm came a step closer as Siemens Energy, lead contractor for the 950MW project, announced work to install the onshore cable had ended. The onshore cable, which starts near Banff, Aberdeenshire, takes the power generated offshore from the three 220kV subsea cables, and transmits it to the new onshore substation at New Deer, where it connects into the grid.
Siemens Energy partners with Linde Engineering As part of the collaboration agreement, the two companies will leverage their complementary portfolios and competencies to investigate, develop, and optimize technology and equipment packages to enhance the sustainability and performance of petrochemical facilities (brownfields and greenfields).
BMW’s electric iX SUV A 100kWh battery provides 372 miles of range and charging to 80% takes 40 minutes using a DC fast charger BMW has today launched a new all-electric iX SUV that will take on the might of Tesla and other battery-powered rivals with a price tag in the region of £85,000. Production is to start in the second half of next year at BMW’s Dingolfing factory in Bavaria, with sales from late November 2021.
With an investment of €188 million Repsol will build the first production plant for advanced biofuels in Spain at its Cartagena refinery. From this new facility, the multi-energy company, committed to the circular economy as a tool for efficient resource use and emissions reduction, will annually supply 250,000 tons of advanced biofuels for aircraft, trucks, and cars.
IMF Executive Board Approves US$52.3 Million Disbursement to South Sudan to Address the COVID-19 Pandemic The Executive Board of the International Monetary Fund (IMF) today approved a disbursement of SDR 36.9 million (about US$52.3 million or 15 percent of its SDR quota) to South Sudan under the Rapid Credit Facility (RCF). This is the first Fund supported financial assistance provided to South Sudan since it joined the Fund in 2012.
The disbursement will help finance South Sudan’s urgent balance of payments needs,contain the fiscal impact of the shock and will provide critical fiscal space to maintain poverty-reducing and growth-enhancing spending.
OPEC Secretary General, Mohammad Sanusi Barkindo, participated in a ministerial roundtable hosted by the Gas Exporting Countries Forum (GECF) to discuss natural gas and its key role as an energy source in a post-COVID world. In his remarks, the Secretary General thanked Algeria for hosting today’s important and timely event and commended the leadership of Energy Minister, Abdelmadjid Attar, who also serves this year as the President of the OPEC Conference. The Secretary General commended the efforts undertaken by gas producers to reduce the natural gas stock overhang and alleviate market volatility in the wake of the COVID-19-driven drop in demand.
The 6 Hottest Energy Tech Stocks For 2021 Investors are piling into hydrogen – a potential solution for a clean energy future – and it’s now predicted to become an $11-trillion marketplace by 2050. #1 Bloom Energy (NYSE:BE),#2 Facedrive (TSX:FD.V; OTCMKTS:FDVRF),#3 Blink Charging (NASDAQ:BLNK),#4 Apple (NASDAQ:AAPL),#5 Xpeng Inc. (NYSE:XPEV),#6 Amazon (NASDAQ:AMZN)
Uganda tops African countries with well-developed electricity regulatory frameworks Uganda has for the third time in a row emerged as the top performer in this year’s Electricity Regulatory Index Report published by the African Development Bank.
Source / More information: Newstrack compiled by Oil and Gas Press / Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
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