Page 25 - Platts Analytics News Today

Fundamentals support strong iron ore prices in 2021: Platts Analytics Iron ore prices have risen to record highs in recent weeks, largely because supply has not been able to keep pace with demand in China, where crude steel production has grown by 30% over the past five years. Unless China drastically cuts steel output – which seems unlikely as Q1 output rose 16% on year – or global iron ore supply increases significantly, it is difficult to see what will cause benchmark prices to retreat t...

US gasoline stock draws likely resume as demand edges higher US gasoline inventory draws likely resumed in the week ended April 30, an S&P Global Platts survey of analysts showed May 3, amid an uptick in end-user demand. Total US gasoline stocks are expected to have declined 500,000 barrels last week to around 234.6 million barrels, analysts said. The draw would snap four consecutive weekly builds that had pushed inventories to their highest since late February, though would narrow the deficit ...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Late last week, calendar-month prices for the June-July-August strip briefly topped $3 before settling to an average $2.97/MMBtu on April 30, S&P Global Platts most recently published M2MS data shows. Bullishness in the forward market has accompanied an even steeper rise in cash prices. At mid-session May 3, Henry Hub spot gas was trading around $2.93/MMBtu – up 56 cents or nearl...

African oil demand poised to reach pre-pandemic levels by H2 2021: analysts African oil demand is recovering steadily with demand likely to reach pre-coronavirus pandemic levels by the second half year, with imports continuing to account for a larger share of total fuel needs, analysts said on April 28. This compares with other regions such as Europe where oil demand is unlikely to reach pre-pandemic heights till at least early next year as mobility restriction weigh on fuel needs. Africa-focus...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Chinas has stepped up efforts to reform the refinery sector. New measures include the installation of sales to-tax monitoring systems at retail pumps, the crackdown on oil smuggling and an investigation into refineries compliance with the terms for receiving crude quotas. Plans to allocate revenues from oil levies to the local authorities may provide incentives to further improve t...

Not registered? Several interlocking factors look to produce stronger US natural gas prices in 2021. "As maintenances begin, we expect a much more bullish summer and winter outlook than what we experienced last year," said Cabot Oil and Gas CEO Dan O. Dinges, during the companys Q1 2021 earnings call on April 30. "US LNG exports are currently averaging over 11 Bcf/d, more than 3 Bcf/d over last year. Mexican exports are up to 7 Bcf/d or 2 Bcf/d over this time last year." Global LNG loadings rem...

Part 3: Part 4: Interior sends clear signal promoting wind, targeting oil, gas Federal Energy Regulatory Commission Chairman Richard Glick has sought to smooth tensions with states whose varied clean energy policies have come into conflict with the nations mandatory power capacity markets. And in its natural gas project work, FERC has begun to elevate considerations of climate change, environmental justice and community impacts, at times rattling pipeline companies worried about the permanence...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now On April 29, Mexicos National Hydrocarbons Commission (CNH) approved a request by Premier, owned by UK-based Harbour Energy, to modify its exploration plans for block B-60, in the marine part of the Burgos Basin, to explore the Mesozoic formations in the block. CNH had approved a similar request from the company for the adjacent block B-57 on April 22. Just like in block B-57, Prem...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Federal Energy Regulatory Commission Chairman Richard Glick has sought to smooth tensions with states whose varied clean energy policies have come into conflict with the nations mandatory power capacity markets. In its natural gas project work, FERC has begun to elevate considerations of climate change, environmental justice and community impacts, at times rattling pipeline compani...

The updated forecast is based on a stronger commodity price outlook for 2021 with PSAC now expecting the West Texas Intermediate (WTI) crude oil price to average US$58/barrel for 2021, natural gas prices of C$2.75 per thousand cubic feet (AECO) and the Canadian dollar slightly stronger, averaging US$0.80. PSAC interim president & CEO Elizabeth Aquin commented: "Global demand for oil is expected to recover and grow with the ramp-up in vaccinations despite harsh restrictions to counter the thir...