Oil 13 (Oct 23 - Dec 25)

[winston]

Citi Expects Brent Oil May Fall to US$55/ Barrel by End-2025, Calls on Oil Producers to Hedge 2025 Output in Advance

Citigroup released a report on last Sunday (17th) saying that the 1Q24 international oil prices continued to be at a relatively high level, and expecting that the OPEC+ will maintain production cuts until December 2024, but still recommended oil producers to hedge their 2025 output in advance to beware of a sharp fall in oil prices.

Citigroup expected brent oil futures to average US$78 per barrel in 2Q24 before falling to US$74 per barrel in 3Q24, and further decrease to US$70 per barrel in 4Q24.

Citigroup's 2025 oil price expectation is unexpectedly pessimistic, with an US$65 per barrel estimation for 1Q25, followed by US$60 per barrel for 2Q-3Q25.

The price for 4Q25 may decline to US$55 per barrel.

In the electronic trading session, Brent oil futures for May delivery slightly slid by less than 0.1% to last at US$86.84 per barrel.

Source: AAStocks Financial News

http://www.aastocks.com/en/usq/news/com ... 562&catg=4

[winston]

U.S. Department of Energy Announces Two Solicitations to Purchase Oil for Strategic Petroleum Reserve Replenishment

As of mid-March, the Department of Energy has bought a total of 29.61 million barrels of crude, all of it going to the Big Hill SPR site, at an average price of $76.57 per barrel, equivalent to 16% of the 180 million barrels released back then.

https://www.energy.gov/ceser/articles/u ... -petroleum

[winston]

U.S. to Replenish SPRs by Year-End.

Despite the current pace of buying 3 million barrels each month, U.S. Energy Secretary Jennifer Granholm vowed that at the end of this year US strategic crude stockpiles would be at or exceeding the level prior to the 180-million-barrel release in 2022.

Source: Reuters

https://www.reuters.com/business/energy ... 024-03-18/

[behappyalways]

Oil - 50 day has crossed the 100 day. Last time this occurred, oil surged some $15 in a few weeks.
https://twitter.com/themarketear/status ... 4860419437

[behappyalways]

Over 20% Of The World's Oil Refining Capacity Is At Risk Of Closure
https://www.zerohedge.com/energy/over-2 ... sk-closure

[behappyalways]

Ukrainian Drones Hit Russia's Third-Largest Oil Refinery, Prompting White House Anger
https://www.zerohedge.com/markets/ukrai ... l-refinery

[winston]

US Government Cancels SPR Repurchases

The US Energy Department announced it would “keep the taxpayer’s interest at the forefront” and scrapped its tender to buy 3 million barrels of strategic petroleum stocks in August and September as WTI rose to $86 per barrel this week.

Source: OilPrice.com

[behappyalways]

US Gas Price Hits Highest Level In Six Months Amid Speculation Biden Will Drain More Oil From Petroleum Reserve
https://www.zerohedge.com/energy/us-gas ... n-more-oil

[behappyalways]

Saudi Arabia Hikes Oil Prices In Increasingly Tight Market
https://www.zerohedge.com/energy/saudi- ... ght-market

[behappyalways]

Russia Is Preparing For A Gasoline Shortage
https://www.zerohedge.com/markets/russi ... e-shortage