Oil collapses to under $100 and a surprise increase for crude stock This week, the US Petroleum Institute (API) announced a sudden increase in crude oil inventories amounted to 3.754 million barrels, compared to analysts’ expectations to decline by 1.867 million barrels

US crude inventories also lost about 73 million barrels since the beginning of 2021 and about 16 million barrels since the beginning of 2020

Last week, API announced an increase in crude oil inventories by 2.811 million barrels after analysts expected a decline of 833,000 barrels

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Oil prices this week
Weekly oil production rates
Latest Decisions of Movable Companies for Oil Market

Oil sector updates

Oil prices this week

Oil prices declined again to below $100 this week – continuing to sell operations on Monday – where speculators abandoned high – speculative oil trade and China reserved millions of their population in some of its greatest cities in what could be a big blow to demand for oil

West Texas mediator has been trading down 6.37% to $96.45 a barrel in the mid of today- a decrease of $24 a barrel a week. Brent crude was trading down 6.36% during the day at $100.10 a barrel on the day-down about $27 a barrel a week

At the end of the day, West Texas mediator was traded for $94.94 (-7.83%), with Brent crude trading at $98.54 (-7.82%)

Weekly oil production rates

The production of US crude oil remained stagnant for five consecutive weeks at 11.6 million barrels a day ended on March 4

This represents a decrease of 1.5 million barrels a day for the pre-pandemic period

Despite the International Energy Agency’s claim that Europe could halve its dependence on Russian gas imports within a year, gas flows in March have so far averaged 30% higher than in February

Latest Decisions of Movable Companies for Oil Market
Oil sector updates

– The leading oil companies: Shell, BP and Equinor declared that they will not trade in oil and Russia products in the foreseeable future, but this is not the case with gas

– European spot gas prices fell last week due to rising supply of Russian pipelines, as prices for TTF on May 22 are hovering around €115/megawatt-hour ($40 per MmBtu)

Gazprom exports from 1 January to 15 March to non-members of the CIS are 30.7 billion cubic meters, down 28% on an annual basis, mainly because Europe is witnessing mild weather throughout winter

– The Supreme Federal Court in Nigeria has prevented the United Kingdom’s largest oil (LON-SHELL) from selling any assets in Nigeria until a resolution was reached in a fine case worth $2 billion due to an alleged oil leakage in Rivers

-The active investor Clairway Capital began to invite the board of directors of the French oil company Total Energy (NYSE:TTE) to exit its operations in Russia or face the vote of shareholders very soon

–Brazilian oil company Petrobraz (listed on the New York Stock Exchange NYSE:PBR) is approaching from concluding a deal with US private stock company “EIG Energy Partners” to sell 51% stake in the natural gas pipeline that connects Bolivia and South Brazil, assuming that the value of the deal is $500 million

Oil sector updates

OPEC maintains cautious expectations about oil markets. OPEC has warned about changing any of its 2022 forecast figures from demand risks arising from the Russian invasion of Ukraine, claiming that the lengthy war may impede the introduction of 4 million barrels a day of the growing demand this year

The European Union tightens sanctions on Russia avoiding the ban. The European Union is scheduled to adopt a new round of sanctions against Russia oil companies: Roseneft (MCX: Trnfp) and Gazprom Oil (MCX:SIBN) and imposed an investment ban on any new production and exploration projects, stressing that companies of the European Union can still buy oil from them

Pyramain basin production records a record in April. According to US Energy Information Management, oil production from Texas and New Mexico basin will rise by 70 thousand barrels a day next month to reach its highest level at 5.208 million barrels a day

Strong volatility in oil prices scare hedge funds

Hedge funds and other fundamental have reduced their upscale centers amid unprecedented fluctuations. Brent contracts were sold by 97 million barrels in the week ending on March 8, although the bullish bullets of West Texas mediator in Neemex remained unchanged

Nigeria descends to force majeure again

While oil markets are struggling to find additional sources of crude oil supplies, two major oil companies (listed on the New York Stock Exchange under the NYSE:E) and Shell (LON:SHEL) said at the same time that a force majeure in the Brass River and Bonnie Lite, respectively, after an explosion in the connected pipeline led to cut the two stations

The coal remains at the core of Chinese energy

Chinese President Shi Jinping reaffirmed the importance of coal in the country’s energy matrix, saying that China cannot put pressure on coal, as domestic production has already reached an all-time high, as China intends to avoid an energy crisis similar to the one seen last Autumn

India has become the main buyer of Urales

With the confrontation of major international trade companies in selling Ural shipments to Europe on the background of sanctions, the Indian-owned IOC (NSE:IOC) has scored 3 million barrels of Russian crude in tender this week, with a deduction between $20 and $25 a barrel

Saudi Aramco has doubled its efforts in the field of refining, treatment and marketing

Saudi Aramco (TADAWUL:2222) has taken a final investment decision to enter into a joint venture to build a 300,000 barrels a day and a vapor-based vengeance in Banggen Liaoning to be equipped with an overwhelming majority (70%) in Saudi Arabia

London is trying to restore North Sea producers in the United Kingdom to the ship

After 4 consecutive years of annual production and the abolition of many major projects for environmental reasons, the UK government has now requested from North Sea producers to promote local natural gas supply

Canadian rail strike may lead to another interruption in supplies

Thousands of workers in the Canadian railway in the Pacific (TSE:CP) threatened to strike this week, which could disable major flows for grain, potash and coal as of Friday onwards, which could lead all goods to Aviation

Oil collapses to under $100 and a surprise increase for crude stock

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