Russian Stocks Plunge 44% in 2022

Russia’s MOEX Russia index closed Friday at 2,154, plunging 44% on the year. The ruble-based index reflected the fallout from the Russian invasion of Ukraine and consequent sanctions by Western countries. Russia’s action triggered investor’s exodus from oil and gas companies to McDonalds. The Moscow Exchange and the Central Bank of Russia both attempted to halt the selling, including closing the stock market for one month at the end of February, banning foreign investors from “unfriendly” countries, and prohibiting short … Continue reading “Russian Stocks Plunge 44% in 2022”

EIA Forecast U.S. Crude Oil Production and Global Inventories Higher

In the December STEO, EIA estimate U.S. crude oil production will average 11.87 million barrels per day (b/d) in 2022. This is up from 11.83Mbpd in the prior forecast. The EIA forecasts 12.33 million b/d in 2023, up from 12.31mbpd which would set a record for most U.S. crude oil production in a year. The current record is 12.3mbpd, set in 2019. EIA forecast OPEC crude oil production will fall in November and December. On October 5, 2022, OPEC+ producers agreed … Continue reading “EIA Forecast U.S. Crude Oil Production and Global Inventories Higher”

EIA Forecasts U.S. Crude Oil Production Higher in 2022 With OPEC Output to Fall

In the November STEO, EIA estimate for U.S. crude oil production will average 11.83 million barrels per day (b/d) in 2022. This is up from 11.79Mbpd in the prior forecast. The EIA forecasts 12.31 million b/d in 2023, down from 12.63mbpd which would set a record for most U.S. crude oil production in a year. The current record is 12.3mbpd, set in 2019. EIA forecast OPEC crude oil production will fall in November and December. On October 5, 2022, OPEC+ producers … Continue reading “EIA Forecasts U.S. Crude Oil Production Higher in 2022 With OPEC Output to Fall”

EIA Expects Natural Gas Prices to Decline after January as Inventories Rebalance

In the November STEO, EIA estimate U.S. natural gas inventories ended October 2022 at more than 3.5 trillion cubic feet (Tcf). This is 4% below the five-year average and higher than what they had been forecasting. Storage falls in the EIA forecast by 2.1 Tcf this winter to 1.4 Tcf by the end of March 2023, 8% below the five-year average. Their Henry Hub spot price forecast was lowered to $6 MMBtu across 4Q22 and 1Q23, which is more than … Continue reading “EIA Expects Natural Gas Prices to Decline after January as Inventories Rebalance”

Saudi Aramco Profit $US42.43 billion With Decline in Refining and Chemicals Margins

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday third quarter earnings of $US42.43 billion down from the previous quarter’s record high. Profit was driven by higher crude-oil prices and volumes sold. Profits were up from up from $30.43 billion in the same period a year earlier. The result follows big oil rivals record profits. The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest U.S. oil company, Chevron and Phillips 66 all crushed earnings on surging oil and gas … Continue reading “Saudi Aramco Profit $US42.43 billion With Decline in Refining and Chemicals Margins”

Russia Suspending Participation in Black Sea Grain Initiative Grain Deal with Ukraine

Russian defense ministry on Saturday said Moscow was halting participation in the United Nations-brokered Black Sea Grain Initiative agreement after what it said was a Ukrainian attack on its Black Sea Fleet in Crimea. The agreement was signed in July but was set to expire on Nov. 19. There have been continual threats from Russian President Putin and the deal was seen as uncertain. The July deal ended a five-month Russian blockade of Ukraine’s ports. The statement from the defense … Continue reading “Russia Suspending Participation in Black Sea Grain Initiative Grain Deal with Ukraine”

OPEC+ To Cut Crude Oil Production 2 million Barrels Per Day 

OPEC+ agreed on a 2 million barrel per day crude oil production cut at the October meeting Wednesday. The oil production cut is the biggest from OPEC+ since April 2020. Oil prices had run up beforehand with estimates running up from 1mbpd last week to 2mpd by today’s meeting. WTI prices rose accordingly trading over $87.60 and Brent over $92 having bounced sharply from recent lows. Brent crude had dropped below $83 a barrel for the first time since January … Continue reading “OPEC+ To Cut Crude Oil Production 2 million Barrels Per Day “

EIA Forecasts U.S. Crude Oil Production of 70,000 bpd Lower in 2022 but Record for 2023

In the September STEO, EIA estimate for U.S. crude oil production will average 11.79 million barrels per day (b/d) in 2022. This is up 540kbpd this year but down from +610k in the August forecast. The EIA forecasts 12.63 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019. STEO Highlights Estimate EIA STEO Current Yr Crude Forecast (Bpd) Sep: 11.79M (prev … Continue reading “EIA Forecasts U.S. Crude Oil Production of 70,000 bpd Lower in 2022 but Record for 2023”

Saudi Aramco Profit Soars 90pc to Record $US48.4 billion

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Sunday record second quarter earnings of $US48.4 billion. The company estimate was $46.2 billion. Profits were up 90 per cent from $US25.5 billion a year earlier. The result follows big oil rivals record profits. The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest U.S. oil company, Chevron, Phillips 66 and Occidental all crushed earnings on surging oil and gas prices. Oil prices have pulled back around 15% since suggesting these record profits … Continue reading “Saudi Aramco Profit Soars 90pc to Record $US48.4 billion”

EIA Forecasts Record Yearly U.S. Crude Oil Production of 12.7 million b/d in 2023

In the August STEO, EIA estimate for U.S. crude oil production will average 11.9 million barrels per day (b/d) in 2022 and 12.7 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019. STEO Highlights Estimate EIA STEO Current Yr Crude Forecast (Bpd) Aug: 11.86M (prev 11.91M) Forward Yr Crude Forecast (Bpd): 12.70M (prev 12.77M) Current Yr Dry NatGas Forecast (Bcf/d): 96.59 … Continue reading “EIA Forecasts Record Yearly U.S. Crude Oil Production of 12.7 million b/d in 2023”