US Considers Another SPR Release that Could Top 30 Million Barrels
The Biden administration is considering another release of oil from the Strategic Petroleum Reserve...
The Biden administration is considering another release of oil from the Strategic Petroleum Reserve (SPR) to help stabilize global energy markets that, if carried out, could be bigger than the sale of 30 million barrels earlier this month, a U.S. source said on Friday.
“We’re in a real disruption at the moment, so you have to come at it from that perspective,” said the source, who emphasized that no decision has been made on a potential release.
“We’re not there yet, but definitely we are talking” about a release, the source said.
At spot natural gas prices, Morgan Stanley sees 20%+ upside for US gas stocks
Low inventory levels and an improving long-term demand outlook have driven henry hub gas (...
Low inventory levels and an improving long-term demand outlook have driven henry hub gas (NG1:COM) prices to their highest seasonal level in over a decade. Hub gas rallied 15% last week to $5.50/mmbtu, while natural gas producers rose ~22% on the week.
Morgan Stanley sees decelerating natural gas demand in 2023-2024 as LNG terminal capacity growth slows; however, the recent uptick in political support for the industry could improve LNG export demand on a 3-5yr horizon.
Despite high prices and the improved demand outlook, Morgan Stanley says gas stocks are "pricing in" ~$3.40 natural gas prices. That is to say, if natural gas prices fell ~40% from current levels, natural gas stocks would then be "fairly valued."
California diesel, jet prices rise on Chevron hydrotreater outage -trade
California diesel prices climbed 52.5 cents a gallon last week in the San Francisco...
California diesel prices climbed 52.5 cents a gallon last week in the San Francisco Bay market because of a hydrotreater outage at Chevron Corp’s Richmond, California, refinery, said West Coast market traders.
Jet prices in the San Francisco and Los Angeles wholesale markets have climbed 45 cents since Wednesday because of the jet fuel hydrotreater shutdown at the 245,271 barrel-per-day (bpd) Richmond refinery, the traders said.
🔥From Twitter: War shakes Europe path to energy independence, climate goals
Russia's war in Ukraine has shaken Europe's...
Russia's war in Ukraine has shaken Europe's path to energy independence and its climate goals — leaving the continent to choose between quickly weaning itself off Russian oil and gas, or burning more coal and importing fossil fuels from elsewhere. https://t.co/nBGlh4Qrk3
The West Can’t Decide Who Rules Russia But It Can Choose Where To Buy Its Oil, Gas, And Uranium
When President Biden appeared in Poland yesterday, he said that the Russian leadership could...
When President Biden appeared in Poland yesterday, he said that the Russian leadership could not remain in power if it continued to brutalize Ukraine. To this end, the global economic sanctions are meant to isolate President Putin not just from the civilized world but also from his people. What’s more likely is that Russia will get gradually elbowed out of the global energy supply chain.
Russia’s economy centers on the sale of oil and natural gas. The country is also a supplier of nuclear energy technologies and the uranium to run those power plants. Pulling the plug will be hard. But it can be jostled loose over a few years.
