2024.10.29
- SLOW
- 2024년 10월 29일
- 4분 분량
Oil Prices Drop 6% Amid Reduced Risk of Broader Middle East Conflict
Oil prices fell by over 6% on Monday, dropping more than $4 per barrel, as Israel’s recent strikes on Iran targeted military sites, avoiding oil or nuclear facilities, and lessening fears of disrupted energy supplies. Brent crude closed at $71.42 a barrel, while U.S. West Texas Intermediate (WTI) settled at $67.38, reaching their lowest levels since early October. This reduction in geopolitical risk led Citi to revise its three-month Brent target down to $70. Although market volatility remains, particularly with Middle East tensions and the upcoming U.S. elections, analysts suggest WTI could see further declines in 2025 unless OPEC+ limits supply increases. Iran, however, warned of potential responses to Israel's actions, signaling continued uncertainty.
[SLOW] https://slowspace.io/Oil Market
------------------------------------------------------------------------------------------------
PetroChina to Close Major Dalian Refinery in 2025, Plans New Smaller Complex
PetroChina will close its Dalian Petrochemical plant by mid-2025, marking China’s first significant state-run refinery shutdown amid overcapacity and reduced fuel demand. Dalian, with a capacity of 410,000 barrels per day, will be replaced by a smaller 200,000 bpd refinery and a 1.2 million ton-per-year ethylene complex on Changxing island, although the project is still in pre-feasibility. The shutdown aligns with China’s environmental and industry-capping policies, with crude from Dalian reallocated to nearby refineries to sustain output.
[SLOW] https://slowspace.io/Flow
------------------------------------------------------------------------------------------------
U.S. Aims to Purchase 3 Million Barrels for Strategic Petroleum Reserve, Awaits More Funding
The U.S. plans to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), aiming for delivery between April and May 2025, to continue replenishing the reserve after its record 180-million-barrel release in 2022. This purchase could deplete the Department of Energy’s current SPR fund, potentially requiring Congressional approval for further funding. Efforts to rebuild the SPR also include legislative negotiations to cancel future mandated sales, which would reduce strain on storage infrastructure.
------------------------------------------------------------------------------------------------
Trans Mountain to Temporarily Shut Puget Sound Pipeline for Maintenance in November
Trans Mountain will close the Puget Sound Pipeline, which transports Canadian oil to refineries in Washington State, for approximately seven days in mid-November for scheduled maintenance. The 111-kilometer pipeline, with a capacity of 240,000 barrels per day, connects to the Trans Mountain Pipeline at Sumas, British Columbia, but is not part of the new Trans Mountain expansion. The closure will impact refineries in Anacortes and Ferndale.
------------------------------------------------------------------------------------------------
Oil Cargo from Mexico En Route to Cuba Amid Energy Crisis
A tanker carrying approximately 400,000 barrels of oil has departed from Mexico's Pajaritos port, heading to Cuba, which is grappling with a severe energy crisis following a power grid collapse and recent hurricane damage. The Cuba-flagged tanker Vilma has been exclusively servicing Mexico-Cuba routes this year. Mexico has been supplying Cuba with crude and fuel since last year, supplementing Venezuelan oil imports. From January to September 2023, Mexico exported about 20,000 barrels per day of Olmeca crude to Cuba. The U.S. embargo has caused Cuba to incur losses of around $5 billion over the past year. Despite these challenges, Mexico continues to maintain its support for Cuba's energy needs.
[SLOW] https://slowspace.io/Flow
------------------------------------------------------------------------------------------------
Ghana Considers Fuel Imports from Nigeria’s Dangote Refinery to Reduce Costs
Ghana plans to import petroleum products from Nigeria’s Dangote Oil Refinery once it reaches full capacity, aiming to reduce reliance on costly European imports. This shift could replace the $400 million Ghana spends monthly on fuel from Europe. Mustapha Abdul-Hamid, head of Ghana’s National Petroleum Authority, highlighted that sourcing fuel from Nigeria would cut freight costs and potentially lower prices of goods and services. The Dangote Refinery, expected to be fully operational by early 2025, could help meet growing fuel demand in Ghana’s expanding economy.
[SLOW] https://slowspace.io/Flow
------------------------------------------------------------------------------------------------
Kuwait's Aframax Tanker Loads First Petrol Cargo from Dangote Refinery
An Aframax tanker, Sabaek, has loaded its first petrol cargo from Nigeria's Dangote refinery, marking a significant step as the facility ramps up production. The tanker departed with approximately 500,000 barrels of fuel, potentially creating a new export route to Europe that could offset reduced imports into Nigeria. While the Dangote refinery is expected to decrease the need for European product tanker imports, it may also send excess barrels overseas. Meanwhile, Nigerian National Petroleum Corp (NNPC) is increasing crude supply to Dangote, potentially reducing long-haul exports and impacting demand for crude tankers in the Atlantic.
------------------------------------------------------------------------------------------------
Russia Allegedly Supports Houthi Attacks on Red Sea Shipping with Satellite Data
Russia has reportedly provided Yemen's Houthi rebels with satellite data to aid in attacks on Western-owned vessels in the Red Sea, as part of a campaign ongoing since November 2022. Intelligence sources claim the data is relayed through Iran’s Revolutionary Guard members embedded with the Houthis. Over 100 ships have been targeted, leading to two vessels sunk and four seafarers killed. Analysts suggest Russia’s alleged involvement may aim to shift U.S. focus away from Ukraine by fueling instability in the Middle East. Russia and the Houthis have not responded to these claims.
Comentários