Oil prices stabilize as stocks market declined and inventories slightly lowered 2022-01-26T19:03:26 Oil prices stabilize as stocks market declined and inventories slightly lowered Oil prices stabilize as stocks market declined and inventories slightly lowered: This week, the American Petroleum Institute (API) proclaimed a decline of 872.000 barrels in U.S. crude stockpiles, while analysts forecasted a decline of 400.000 barrels. Evest follows oil market developments in the following report. Topics: American Petroleum Institute report Oil prices for the week Oil production weekly rates Market’s drivers latest decisions The oil sector latest updates American Petroleum Institute report Thus U.S. oil stockpiles lowered by 75 million barrels since the beginning of 2021 and lowered by 17 mill barrels since the beginning of 2022. Last week, the API stated a rise of 1.404 million barrels in crude stockpiles; however analysts expected a drop of 1.367 million barrels. In the last week the API declared the third rise in a row in gasoline stockpiles by 3.463 million barrels. This week, the API stated a rise of 2.4 million barrels for the week to Jan 21, besides the 3.463 million barrels rise of the previous week. This week, distillate stockpiles dropped by 2.2 million barrels, following the previous week’s decline of 1.179 million barrels. Cushing stockpiles declined by a million barrels this week. Oil prices for the week After the stock market fell on Monday, oil price hikes stopped temporarily, however prices recovered again by Tuesday morning. On Tuesday oil prices rose before data was published to offset Monday’s losses. During this period prices weren’t stable due to geopolitical concerns and strong demand, leading prices to surge while unstable supplies and dollar prices made prices fall. Yesterday West Texas Intermediate (WTI) rose 2.36% to $85.28 a barrel, $2 per barrel down throughout the week. Brent crude rose 2.16% to $88.13 a barrel, $0.60 down throughout the week. Oil production weekly rates U.S. oil production continues to rise. For the week to Jan 14 , the last week the EIA published data about production, U.S. Production of crude stood steadily by 11.7 million barrels per day (bpd), lowered by 1.4 million barrels than the period prior to pandemic. By midday West Texas Intermediate was for $85.08 and Brent was for $87.78. Market’s drivers latest decisions Abu Dhabi national oil company (ADNOC) launched a new subsidiary (ADNOC Murban), a unit to issue debts of extending projects of billions of dollars. ADNOC expects for the new subsidiary to get the highest third rating from the main three private rating agencies. The giant Italian oil company ENI (NYSE:E) intends to offer its joint project, var Energi, in Oslo stock exchange. The project is a joint project with HitecVision, a private stocks company, it concentrates on Norway. Eni intends to use the subscription potential 10-13 billion euros to fund its initiative of green energy. Reports indicated that Shell (NYSE:RDS) and Graff-1 have made a great oil and gas discovery in Namibia, it is the first ever discovery in the African country. The discovery raises the possibilities of the nearby Total Energies (NYSE:TTE) Venus-1 well. The oil sector latest updates Releasing hostages is a part of Iran’s nuclear agreement Robert Malley, U.S. special representative to Iran said that Iran’s release of prisoners is a prior condition to the revival of the nuclear deal and “Joint comprehensive plan of action”, to add extra complications to really tense negotiations. Russian-Ukrainian escalation brings sanctions back to negotiations’ table As the diplomatic American Russian talks have stumbled and the rising tensions between Russia and Ukraine, the European Union has discussed the potential sanctions on Russia in case it attacks Ukraine. The Houthi attack UAE again UAE military defense forces blocked two drones attack, assumed to be struck by the Houthis Yemen as splinters shed all over Abu Dhabi, however no human injuries were registered just as what happened a week ago during the first attack. A shipping giant searches for electrical charging for inactive carriers MAERSK (CPH:MAERSK), a giant Danish shipping company is planning to install hundreds of offshore charging stations all over the world to charge ship’s electric buoys which are floating inactively out of harbor waiting for discharge, to reduce the firing of more fossil fuel. Many of USGC’s refineries are for sale According to media reports, LyondellBasell is facing problems in selling Houston’s refinery of 264.000 barrels per day amongst many other assets to be sold in Louisiana and Alaska, although (NYSE:MPC) and Chevron (NYSE:CVX) were engaged before in the marathon of buying. Containers prices are surging again Containers’ shipping prices have begun to surge up again although the Lunar new year’s vacations in China have begun, to afford an ease to dealings. Covid-19 raised infection expectations and following delays have pushed FBX index to about $10.000, the highest in two months. Angola is delaying partial privatization of Sonangol Despite the readiness to be backed to global markets in 2022, Angola’s government delayed the 30% privatization of Sonangol, its national oil company, reasoning that its public budget needs from 12 to 15 months to reflect the genuine assets. Peru threatens to penalize Repsol for oil leak Mirtha vásquez, Peru’s prime minister said that the Latin America’s state is studying the possibility of penalizing Pamela refinery, controlled by the Spanish oil company Repsol (BME:REP), after a massive oil leak due to Tonga eruption to be described as “ecological disaster”. U.S. crude summit reveals a division in demand forecasts U.S. oil executive directors presented contrasted forecasts about the U.S. crude production growth in the current crude summit. ConocoPhillips (NYSE:COP) expected for the production to exceed 13 million barrels per day, exceeding 2019’s levels, while Occidental forecasted more standard hikes. Germany warns to describe nuclear energy as “green” Germany’s government objected to the European Union’s project that describes nuclear energy as “green”, noting it is expensive and risky. However Germany didn’t threaten to raise any lawful issues as Austria did. Shell officially deletes the Netherlands property Shell (NYSE:RDS.A), the biggest European energy company has officially changed and deleted “Royal Dutch” during the change of its headquarter from the Netherlands to the UK, deleting the structure of its double share.