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The China Earthquake Networks Center officially determined that a magnitude 3.0 earthquake occurred at 12:44 on July 3 in Haixi Prefecture, Qinghai Province (37.86 degrees north latitude, 95.40 degrees east longitude), with a focal depth of 10 kilometers.On July 3rd, UBS released a research report stating that it recently invited Innovent Biologics (01801.HK) to participate in its virtual healthcare roadshow. Following strong product sales in the first quarter, management stated that sales momentum remained solid in the second quarter, viewing it as the new normal rather than a new shock, primarily supported by high unmet demand in its innovative product portfolio. Regarding GLP-1 drugs, management did not feel pressured by tightening online channels, noting that the recent 618 e-commerce event showed healthy demand across the category. UBS has included Pfizers licensing revenue and abexilic acid sales in its forecasts. However, considering the R&D commitments of the collaborative assets, it increased its R&D expense forecasts for 2026-2028, resulting in a downward revision of its 2026-2028 EPS forecasts from RMB 1.13, RMB 2.91, and RMB 4.41 to RMB 1.12, RMB 2.41, and RMB 3.42, respectively. UBS slightly raised its target price for Innovent Biologics from HKD 124 to HKD 124.1, reiterating its buy rating.July 3 - According to the Japan Meteorological Agency, a 6.4-magnitude earthquake struck off the northwest coast of Miyako Island, Japan, at approximately 1:05 p.m. local time. The earthquake was felt at a seismic intensity of 3 and had a very shallow depth.GFZ (German Center for Geosciences): A 6.02-magnitude earthquake struck southwestern Ryukyu Islands, Japan.July 3 - According to the latest statistics from the European Automobile Manufacturers Association (EAMA), Chinese passenger car manufacturers surpassed Japanese manufacturers in market share in Europe for the first time in May. Data shows that in May, five Chinese automakers sold 138,400 vehicles in 31 European countries, a year-on-year increase of 65%; while six Japanese automakers sold 130,400 vehicles in the same 31 countries, a year-on-year decrease of 3%.

Shale firms perceive the U.S. put as inadequate to grow oil output

Skylar Williams

Oct 24, 2022 14:13

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This week, U.S. shale oil CEO Matt Gallagher sponsored a Twitter poll to gauge sentiment over President Joe Biden's suggestion to stock the U.S. emergency oil reserve at roughly $72 per barrel to incentivize companies to drill more.


Nearly 80% of respondents do not anticipate oil futures to fall to a level that would trigger U.S. purchases in the coming year, eliminating any boost from the "U.S. put" or the use of potential Strategic Petroleum Reserve purchases to set a minimum price for new oil production.


The CEO of the consulting firm PetroNerds, Trisha Curtis, slammed the offer, noting that the news created the impression that he was throwing the oil business a bone.


"What if oil prices do not drop to that level? Simply maintain a modest level of reserves? "She inquired.


Biden announced the final sale of 180 million barrels and the repurchase price. "He is aiming to strike a difficult balance between expanding his green constituency and reducing fuel prices. Likewise, he did neither, "said Curtis.


A Department of Energy spokesperson was not immediately available for comment.


Abhiram Rajendran, director of the consultancy firm Energy Intelligence, indicated that a price of roughly $70 per barrel of oil "is a price at which supply does not expand."


According to Hunter Kornfeind, oil market analyst at Rapidan Energy Group, people and equipment shortages and high expenses prevented a production boom despite the fact that U.S. oil prices surpassed $120 per barrel this year.


Rebecca Babin, a senior energy trader at CIBC Private Wealth, noted that projections for oil prices through 2024 had increased due to declining supply. She indicated that this transpired apart from the SPR offer.


According to Kornfeind, oil producers can lock in a sales price for future production similar to the amount specified for SPR purchases, as oil futures until mid- to late-2024 are trading around $72 per barrel.


Frank Macchiarola, senior vice president of the American Petroleum Institute, remarked that if the Biden administration wishes to expand oil supplies, it must "change its policy towards the production of additional oil and gas in the United States."

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