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On August 30th, it was reported that on August 29th local time, Magnus Brenner, the European Commissioner for Home Affairs and Migration, stated that Spain had requested further support from organizations including the European Border and Coast Guard, Europol, and the European Asylum Service in response to the migration crisis. The EU is processing the request and will make a decision quickly. He emphasized that the current priority remains the swift repatriation of those illegally residing in the Spanish enclave of Ceuta. Ceuta experienced a large-scale smuggling incident at the end of July, and thousands of illegal immigrants remain stranded there. Spain requested EU assistance on August 28th to address the migration crisis.On August 30th, the National Park Service endorsed President Trumps proposed 250-foot-high triumphal arch, despite the agency finding that the project would negatively impact historic heritage and views around Washington, D.C. "The proposed arch continues historical tradition, introducing a visual focal point that reflects the intended character of the site and celebrates the 250th anniversary of American independence," the federal agency wrote in a report released Friday. However, the report also confirmed that dozens of historic sites, including the Lincoln Memorial, the Washington Monument, and other landmarks, would be negatively affected. The anticipated "adverse impacts" relate to changes in views and the skyline, rather than any physical damage to these historic buildings.On August 30th, it was reported that on August 29th local time, the Israeli State Security Directorate (Shin Bet) confirmed that Prime Minister Benjamin Netanyahus eldest son, Yair, had faced a "significant" security threat while in the United States. Therefore, Shin Bet decided to urgently evacuate him and his security team back to Israel. Netanyahu has two sons. In an interview on August 24th, he claimed that Iran had "attempted to assassinate one of his sons." However, he did not reveal which son it was, nor did he specify the time of the incident. Subsequent reports indicated that Netanyahus eldest son, Yair, became an Iranian "assassination target" while living in Florida, USA.Market news: Iraqi Kurdistan is exporting approximately 150,000 barrels per day of oil to the Turkish port of Ceyhan.On August 30th, US President Trump posted: "At the invitation of the PGA Tour and its outstanding new Commissioner Brian Lolap, I am honored to accept the position of Honorary Chairman for the upcoming Presidents Cup, which will be held at the Medina Country Club in Chicago. It will be an exceptionally exciting tournament. Both teams are full of talent. I look forward to being there in person and meeting all these outstanding players from both teams!"

The global energy crisis threatens supply, and U.S. oil has risen by 5% this week and once rose to the 80 mark

Eden

Oct 26, 2021 11:00

On Friday (October 8) U.S. crude oil rose 1.29 US dollars in late trading, or 1.65%, to close at 79.59 US dollars per barrel. The cumulative increase this week was 5.08%, marking the seventh consecutive week of gains, the longest consecutive week since December last year. rise. Oil prices rose by 0.63 US dollars, an increase of 0.77%, to close at 82.58 US dollars per barrel, a cumulative increase of 4.22% this week. US gasoline futures also closed at their highest level since October 2014. While the global energy crisis boosted demand, OPEC+ oil-producing countries still maintained tight supply. At the same time, the US Department of Energy stated that it has not announced immediate actions to lower oil prices, such as releasing strategic oil reserves. This further supports the oil market.

In the face of improving fuel demand, the energy market has tightened, and many people worry that the cold winter may further tighten the supply of natural gas. The rise in oil prices was stimulated by the soaring prices of natural gas in Europe, which prompted power generation companies to switch to oil for power generation. There are many signs this week that supply will still be restricted. Saudi Aramco said the global natural gas shortage has boosted crude oil demand for power generation and heating.

John Kilduff, a partner of Again Capital in New York, said that the fundamental background is tight supply, which will continue to push crude oil prices to rise steadily. The soaring natural gas price indicates a surge in demand for crude oil this winter.

On Friday, the call option premium exceeded the put option premium for the first time since October 2019. The bullish trade in the oil options market has been very active in recent weeks. Thousands of contracts were traded last week. If the oil price rises to US$100 or even US$200 per barrel, profits will be made. On Tuesday, WTI call options volume reached its highest level since March 2020. In the past 7 days, the open interest of call options with strike prices ranging from $90 to $95 has increased by approximately 23,000.

ICAP energy expert Scott Shelton said that severe winter weather "increased the upside potential of this market, and this skew will last for several months." The so-called call skew means that call options are more expensive than similar put options. The situation is extraordinary in the crude oil market. Generally, put options are more expensive, which partly reflects the tendency of producers to buy put options to hedge their output.

According to the US Commodity Futures Trading Commission (CFTC) data, as of the week of October 5, the speculative net long position of WTI crude oil futures increased by 8,902 to 325,578. The Brent crude oil net long position held by speculators on the Intercontinental Exchange (ICE) increased by 3,723 contracts to 332,677 contracts, a record high in more than six months.

US Baker Hughes Oil Services said that as of October 8, the total number of wells drilled in the United States was 533, which is the fifth consecutive week of adding rigs. The total number of oil rigs was 433, an increase of 5 from last week.

(U.S. Oil Hour Chart)

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