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US President Trump: We are considering bailing out Spirit Airlines.US President Trump: (Regarding tariffs on EU cars) The EU has not complied with the agreement.US President Trump: I am not satisfied with the latest proposal (regarding Iran).May 2nd - A report reveals that Iran is considering using mine-laden dolphins to force its way through the Strait of Hormuz, which has been under a US military blockade for weeks, inflicting devastating economic damage on Iran. Although a tense, long-standing ceasefire remains in place with the US, a growing number of Iranian hardliners believe that the economic crisis triggered by the US blocking Iranian oil exports is tantamount to an act of war. Therefore, they are calling for a resumption of military action. According to the Wall Street Journal, citing Iranian officials, such military action could include using weapons never before deployed in combat to attack US warships deployed in the region—mine-laden dolphins being one such weapon.On May 2nd, Ukrainian President Volodymyr Zelenskyy announced on social media on May 1st that reforms to the Ukrainian military will begin in June, focusing on a significant increase in the salaries of frontline combat personnel, particularly infantry. Furthermore, starting this year, the Ukrainian military may implement phased retirements. Zelenskyy stated that the military command and government departments had previously reached an agreement on key areas of the military reforms, and details will be finalized over the next month. He said the reforms will significantly increase financial support for the military, with substantial increases in the salaries of commanders, officers, and non-commissioned officers, with combat personnel receiving salaries several times higher than those in rear-area positions. Zelenskyy demanded that service terms be clearly defined in conscription contracts, and if possible, starting this year, military personnel will be retired in phases according to clearly defined time standards.

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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