A decrease in gas supplies with high energy demand amid severe heat waves

With fears of a market crash easing somewhat at the beginning of this week
the market began to talk about the reopening of China again
This in turn is continuing to feed the expectations of increasing demand in summer
while fears of economic recession are still in late 2022
Oil prices began to marginally rise with Brent’s standard trend to nearly $120 a barrel
Now, natural gas may become the main talk point in the energy markets
with the decrease in Russian supplies in Europe
while Northeast Asian countries are witnessing a sharp increase in energy demand amid severe heat waves

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A change in oil prices this week

Last decisions of the driving companies for oil market

Oil sector’s updates

A change in oil prices this week

Gas supplies through Russian pipelines decreased to its lowest levels in years
as Gazprom sales declined to non-members of the Association of Independent Countries to an average of 307 million
cubic meters a day, as the Russian company claims that the European Union sanctions interfere with the planned maintenance

While Gazprom blames the supplies crisis on Siemens’s intransigence
European governments believe that decreased size is a Russia’s way of revenge on oil
and coal sanctions imposed on Moscow recently

Most of Gazprom’s European buyers have reported a decrease in gas supplies
as delivery operations to Unubar and ENI nearly reached half of their nominations during last week
which revived fears of Summer resetting season that may be at risk

The instant TTF prices jumped by about €40 a megat hourly over last week
as 2022 July’s contract is now slightly trading less than $40 per million British thermal units
which at the same time led to the high prices of liquefied natural gas in Asia

Last decisions of the driving companies for oil market

German utility company RWE (FRA:RWE) indicated its willingness to extend
the life of coal power stations as Berlin consolidates its supply options
which led to the company’s share of 5% during the week

The Giant American Oil Company Chevron (listed on the New York Stock Exchange under the symbol:CVX)
signed a preliminary agreement with the Egyptian company EGAS to explore the transmission of natural gas produced
in the Israeli marine fields to Egypt for its treatment and export of liquefied natural gas

It is said that ThQ Appalachia, a natural gas producing company that focuses on the Appalachian area for sale
can bring up to $5 billion, as the company’s net production reaches 760 million cubic feet a day
most of which is located in West Virginia

Oil sector’s updates

Germany faces stagnation if Russian gas stops

With Nord Stream 1 running at 40% capacity, industrial associations warned that Germany
will fall into a recession if Russian gas supplies completely stopped as about 50 GB
of an hour of power generation will be left exposed

Ecuador announces the imposition of majeure force in the protests

Petro Ecuador, the State oil company in Ecuador has announced that there is a majeure force on crude oil production
transportation and circulation throughout the country in an attempt to calm
the protests organised by the indigenous population groups that oppose President Laso’s policies

Biden announces the decision of gasoline tax this week

US President Joe Biden said that the decision to temporarily stop the federal gasoline tax will come by the end of this week
adding that he wanted an explanation from oil companies about the reasons for not refining more oil

Europe begins receiving Venezuelan crude oil again

After the US State Department re-authorized the European companies ENI (NYSE:E)
and Repsol(BME:Rep) by resuming to take the Venezuelan crude against the unpaid PDVSA debts
the Italian company has already rented 2 tankers to start delivery operations

Energy demand in China records the highest level amid heat waves

According to media reports, energy consumption north of the Yangtze River
has risen to invisible heights amid heat waves in the provinces of Khanj
Jiangsu and Shandong, which were exacerbated by drought-like conditions

The CEO of Petrobras is recessing amid a talk of an unexpected tax

Jose Mauro Coelho, the CEO of Brazilian Oil Company Petrobras, which is controlled by the country
(listed on the New York Stock Exchange under the symbol:NYSE:PBR)
on Monday, with the start of political pressure in accumulation on senior officials in the company
following another increase in fuel prices last week

The unexpected UK tax is witnessing the first negative effect

Just two weeks after the UK government imposed an unexpected tax on oil and gas companies
it was reported that Equinor (NYSE:EQNR) is considering giving up its investment of $4.5 billion
in the Rosebank field off the Shetland Islands

Corasaw can help in reducing the narrow American refineries

A consortium of seven companies that include six American companies whose names have not been revealed is in advanced
talks to restart the Isla refinery in Korasaw, which has a capacity of 330.000 barrels a day
which stopped working in 2018 amid a conflict of payment between PDVSA and ConocoPhillips

Hydrogen is not effective for heating

After 18 independent studies (including by the International Climate Change
the International Energy Agency and Machinzi) that have been produced since 2019
that the use of hydrogen for heating will be very expensive and ineffective
which leads to a loss of heat pumps that can also provide air conditioning

Libya is unexpectedly retreats production expectations

The Libyan Ministry of Oil modified its estimates for producing crude for the year 2022
saying that production is currently 700.000 barrels a day
(instead of 100,000 a day, which was reported last week)
and that Sharara and Sareer fields have been returned to work

Bolivia is postponing Lithium decision to December

The Bolivian government indicated that it would make a final decision on the potential relations of Lithium mining
with private sector partners who were previously chosen until December, that is, after a delay of 6 months
and it still doesn’t witness any commercial production despite having the second largest reserves in the world

Iron ore faces China’s long-term problems

Iron ore prices have recently faced challenges
as Chinese standard prices have been decreased to $120 per a metric ton
as demand for the short term is at risk because of continuous closures
while long-term profitability may be affected by China’s desire to have a greater opinion of global prices

In the footsteps of oil, India ascends to buy Russian coal

In conjunction with India increasing its purchases of Russian oil
the coal imports from Russia rose six times on an annual basis so far this month
as coal merchants have provided discounts ranging from 25% and 30% on the Asian Newcastle price

artical name A decrease in gas supplies with high energy demand

A decrease in gas supplies with high energy demand

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