Oil 12 (Feb 21 - Sep 23)

[behappyalways]

Biden To Sell Additional 20 Million Barrels Of Oil From Strategic Reserve Just Ahead Of The Midterms
https://www.zerohedge.com/markets/biden ... d-midterms

[behappyalways]

Plunging US Oil Inventories Imply Deeper Slowdown Will Be Needed
https://www.zerohedge.com/markets/plung ... -be-needed

[behappyalways]

As Oil Tumbles To Pre-Ukraine Lows, Asia Just Can't Get Enough Pushing Saudi Prices To New Record High
https://www.zerohedge.com/commodities/o ... new-record

[behappyalways]

Sorry, Diesel Prices Are Likely To Climb Again Soon
https://www.zerohedge.com/markets/sorry ... again-soon

[winston]

IEA sees little chance that OPEC+ will supply more oil

by James Herron

OPEC+ is unlikely to increase output in the coming months because of limited spare capacity.

Russian production declining.

Low levels of operational spare production capacity in Saudi Arabia and the United Arab Emirates.

Non-OPEC+ supply is projected to rise by 1.7 million barrels a day this year and 1.9 million next year, according to the IEA. That’s a significant acceleration compared with last year, but still falls short of 2.1 million barrels a day of demand growth expected in 2022 and 2023.

Source: Bloomberg

https://www.theedgemarkets.com/article/ ... y-more-oil

[winston]

Barclays cut its Brent price forecasts by US$8 per barrel for this year and next, as it expects a large surplus of crude oil over the near-term due to “resilient” Russian supplies.

Source: Reuters

[behappyalways]

Strategic petroleum reserve (SPR) stockpiles fell to 453.1 million barrels in the week to Friday, according to Department of Energy data. That's the lowest level since January 1985.

Stockpiles have fallen by more than 160 million barrels this year after the White House ordered the release of record amounts of crude oil in an effort to cool sky-high gasoline prices and tamp down on inflation.


US strategic oil reserves have hit their lowest level since 1985 after Joe Biden's record sales
https://markets.businessinsider.com/new ... ses-2022-8

[behappyalways]

Oil Surges To Day High After OPEC+ Leaks It Will Cut Output If Iran Production Returns
https://www.zerohedge.com/commodities/o ... on-returns

[winston]

Oil dives nearly US$6 a barrel on demand fears, Iraq exports

Unrest in Iraq failed to dent the Opec nation’s crude exports.

Russia’s fastest-growing oil producer, Gazprom Neft, said it plans to double oil output at its Zhagrin field in Western Siberia to more than 110,000 barrels per day.

Opec+ meeting on Sept 5.

Boost in supply from Iran should it clinch a nuclear deal with the West.

Source: Reuters

https://www.businesstimes.com.sg/energy ... aq-exports

[behappyalways]

Russian oil exports to Asia have fallen by more than 500,000 barrels a day to a 5-month low
https://markets.businessinsider.com/new ... ine-2022-8