Oil Price Alert: Our trading experts have just published a special report on how to play the current oil price boom. The current rise in commodity prices has created a generational opportunity in the energy markets. Join the Global Energy Alert today and receive our 20-page research report ” 5 Ways to Play 2022 Oil Boom ” Friday 15 April 2022 China’s descent into an almost nationwide lockdown for COVID triggered the first large-scale demand roadblock in 2022, with about 45 cities representing 40% of the country’s economic output under some form of reduced mobility. On the other hand, the European Union continues to consider banning Russian oil imports, pushing the Brent Group even higher than other regional benchmarks. ICE Brent futures closed slightly above the $ 110 a barrel this week, but supply and demand uncertainty will ensure volatility in the coming days. Henry Hub jumps to 13 years old. Boosted by an unusually low gas supply for the season and a recent drop in production nationwide, US Henry Hub futures rose to a 13-year high of $ 7.3 per mmBtu, marking the strongest weekly profit from August 2020 and bringing 2022 to date increase to almost 100%. Putin warns of redirection of energy flow. Russian President Vladimir Putin has said that Moscow will redirect its energy to the east and build new infrastructure to Asia, arguing that unfriendly regimes in the West are raising prices for themselves despite their dependence on Russian flows. . Chinese refineries cut interest rates due to falling demand for COVID. China refineries reduce refinery operation on a larger scale since the start of the pandemic in early 2020, reducing intake by 900,000 b / d in April (equivalent to 6% of domestic demand) as the country continues to struggle with lockdowns for COVID. EU ban on Russian coal raises prices. After Brussels agreed on a phasing out of Russian coal, the API2 regional benchmark gained about 15% each week and is currently trading at around $ 320 / mt, further strengthened by the EU ban on Russian wood, which will likely add another layer of carbon demand in Europe. Texas oil wells are facing the worst fire hazard in a decade. With nearly 85 percent of Texas suffering from drought for months, leaving the grass dry and ready to burn, the U.S. Storm Forecast Center warned that areas of West Texas were at critical risk of fire. This is a danger for shale fields in the Midland and Odessa basins. Italy’s ENI will boost gas production in Egypt. In another move to boost liquefied natural gas supplies to Europe, Italian energy giant ENI (NYSE: E) has signed an agreement to boost gas production in Egypt, particularly the Zohr supergiant field, to about $ 3 billion. cubic meters of LNG. more exports this year. The New York prosecutor is examining the prices of gasoline in the USA. New York Attorney General Letitia James has launched an inquiry into whether the oil industry has been involved in raising gas prices, just a week after US Big Oil representatives told Congress that no company is fixing the price of gasoline. Petrobras’s new CEO promises consistency. Jose Mauro Coelho has been formally elected the new chief executive of Brazil’s state-owned oil company Petrobras (NYSE: PBR), pledging to uphold the company’s pricing policies, in defiance of the Bolsonaro’s ambition to keep fuel prices low. Saudi Arabia is not against the division of the controversial gas field. Saudi Arabia and Kuwait have called on Tehran to hold talks on defining the eastern border of the Dura gas field that the two Gulf Arab monarchies wanted to jointly develop, less than a month after Iranian officials agreed. -Kuwait. Germany Mulling Fourth LNG Floating Terminal. Having secured three FSRU LNG projects through the German energy companies RWE (FRA: RWE) and Uniper (ETR: UN01), the German government is now considering leasing a fourth floating unit to diversify its gas supply away from Russia. Nigeria approves $ 10 billion fuel subsidy. The Nigerian government has approved a $ 10 billion gasoline subsidy, increasing government subsidies tenfold as high world prices and lower domestic production (annual plan downgraded to 1.6 million b / d) continue to push domestic prices down. the top. Japan wants more LNG investment. Japanese companies plan to step up their investment in upstream liquefied natural gas projects to boost absorption volumes, with the aftermath of the Russia-Ukraine war intensifying competition for LNG spot shipments worldwide, forcing Asian buyers to overtake Europe. Wind energy outperforms coal and nuclear power in US electricity generation. For the first time ever, wind energy became the second largest source of electricity generation in the Lower-48 states at the end of March, surpassing both coal and nuclear power and recording a total generation rate of over 2,000 GWh. By Tom Kool for Oilprice.com More top readings from Oilprice.com:
