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On September 5, U.S. Central Command issued a statement saying that on September 5, after the Iranian Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles at two U.S. Navy warships patrolling in regional waters, U.S. Central Command forces attacked three Iranian oil tankers. A U.S. aircraft carrier and a guided-missile destroyer successfully evaded multiple unprovoked attacks by Iran. There were no U.S. casualties. Following the failed Iranian attacks, U.S. Central Command permanently sank the IRGC oil tanker "Downy" near Harqa Island and the oil tanker "Stark 1" near Jask. The U.S. military also completely destroyed the unloaded oil tanker "Kailo" (also known as "Noxson") in the Gulf of Oman. After the crew was ordered to abandon ship, the U.S. military struck several key parts of the ship, rendering it unable to continue sailing. These three Iranian oil tankers belonged to a secret network worth billions of dollars that financed the IRGC and its regional proxies. Iran was unable to protect these tankers.U.S. Central Command: The United States retaliated against Irans ballistic missile attack on two U.S. Navy warships.U.S. Central Command: U.S. forces attacked three Iranian oil tankers.September 5th - According to tanker tracking agency Tankertrackers, satellite images released today show that the VLCC supertanker "DOWNY," owned by the National Iranian Tanker Company (NITC), was attacked. The vessel was currently empty of oil cargo and in a ballast-less state. This type of vessel is typically targeted by the US Central Command in retaliation for Iranian attacks on tankers passing through the Strait of Hormuz. Satellite images show frequent activity from multiple tugboats around the vessel, a finding corroborated by Automatic Identification System (AIS) data, with the activity beginning around 12:45 PM Beijing time today. This activity was concentrated on the port stern (lower left corner of the vessel), suggesting an attack on the engine room, most likely by a US Hellfire missile. No signs of fire or smoke were observed in thermal imaging.September 5th - According to Axios, Republican confidence in the economy has plummeted at an unprecedented rate since the pandemic began over the past six months, a decline comparable to that during the global financial crisis nearly two decades ago. Typically, the ruling party is more optimistic about the economy, while the opposition is far more pessimistic. However, the current situation is unusual; even with Republicans in the White House, Republican voters are increasingly negative about the economy this year. With only two months left until Election Day, this adds another ominous sign for Trump. The director of the University of Michigans consumer survey stated that most of the time, Republican and Democratic confidence in the economy moves roughly in parallel, but this is not the case now. Republicans initially had very positive expectations for the governments economic policies (including tariffs), but they have seen neither a slowdown in inflation, let alone the price reductions promised by Trump.

Despite a Large Gain in US Crude Inventories, Oil Prices Finished up 4%

Haiden Holmes

Apr 14, 2022 09:34

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The improvements come only one day after both benchmarks gained more than 6%. The oil market has fluctuated dramatically as end consumers and dealers attempted to assess the interruption in Russia's daily shipments after its invasion of Ukraine. The majority of estimates vary between one million and three million barrels per day.


"At the end of the day, the market is being driven by some of the stories coming out of Russia, which is getting more dangerous, and which continues to be a concern," said Phil Flynn, an analyst at Price Futures Group. "There is still dispute about the extent to which this will have an effect."


President Joe Biden of the United States accused Russia of genocide on Tuesday, and the United States, France, and Germany all committed to provide more weaponry. Biden included artillery systems, armored personnel carriers, and helicopters in his list.


Major global trading houses intend to cut crude and gasoline imports from Russia's state-controlled oil businesses as early as May 15, sources said, in order to avoid violating European Union sanctions on Russia, the world's second biggest crude exporter.


Russian President Vladimir Putin said that Moscow can simply divert energy exports away from the West. Certain nations, particularly India, have continued to purchase Russian oil at substantial discounts. 


The International Energy Agency (IEA) cut its forecast for global demand on Tuesday, claiming that increased global production may offset Russian oil supply reductions. The IEA forecasts that Russian production would fall 1.5 million barrels per day in April before increasing to close to 3 million barrels per day in May.


The White House will release 180 million barrels from US reserves over the next six months, as part of a 240 million barrels release from International Energy Agency members.


The United States' output is predicted to continue growing, from 11.8 million barrels per day today to over 12 million in 2022. Exports of refined goods hit an all-time high, as strong international demand reduced US stocks.


The Organization of the Petroleum Exporting Countries (OPEC) has said that it would be difficult to compensate for anticipated supply losses from Russia and will thus refrain from pumping more petroleum.

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