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On August 30, the China Coast Guard conducted law enforcement patrols in the territorial waters and surrounding areas of Huangyan Island. Since August, the China Coast Guard has continuously strengthened law enforcement patrols in the territorial waters and surrounding areas of Huangyan Island, dealt with illegal and infringing vessels in accordance with laws and regulations, further strengthened the control of relevant sea areas, and resolutely safeguarded national territorial sovereignty and maritime rights and interests.On August 30, President Xi Jinping departed Beijing by special plane for Bishkek to attend the 2026 Shanghai Cooperation Organisation Summit and pay state visits to Kyrgyzstan and Egypt at the invitation of Kyrgyz President Sadyr Japarov and Egyptian President Abdel Fattah al-Sisi. Accompanying President Xi were his wife Peng Liyuan, Cai Qi (Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Director of the General Office of the CPC Central Committee), and Wang Yi (Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs).U.S. National Hurricane Center: Lowell has strengthened slightly.On August 30th, economists predicted that the U.S. Bureau of Labor Statistics monthly jobs report, to be released Friday, would show a 55,000 increase in nonfarm payrolls in August, following an unexpected decline in July. If this is the case, the result would be roughly in line with the average monthly increase this year. The unemployment rate is expected to remain at 4.1%. Analyst Anna Wong stated that Warshs hawkish speech in Jackson Hole increased the likelihood of a September rate hike and changed market expectations regarding how to interpret next weeks data. The August nonfarm payroll report remains headline data, but the expected weak performance may not be as decisive as usual. Warsh described the labor market as healthy and pointed out that slowing job growth is often a demographic issue rather than a recession.August 30th - According to the Wall Street Journal, President Trump spent months touting his move to overthrow Venezuelas leader as bringing the countrys oil "under American control." However, when U.S. energy companies were unwilling to invest at the pace and scale he desired, his administration devised an extraordinary solution to realize his vision—the U.S. government becoming the investor itself. The oil deal with Venezuela announced Friday evening will transform the U.S. governments role from "middleman" in U.S.-funded oil investment in Venezuela to "investor" itself. The agreement will grant Washington a direct financial interest in a private company that will be granted a century-long right to exploit some of the worlds largest proven oil reserves. Led by the controversial Venezuelan businessman Alejandro Bertancott, the company will have the opportunity to develop 17 oil fields estimated to contain 65 billion barrels of crude oil, equivalent to one-fifth of the countrys reserves. According to sources involved in the negotiations, the U.S. plans to hold a 35% passive stake in Bertancotts North American Blue Energy Partnership and have the right of first refusal to purchase 20% of its production at cost.

The spread of the energy crisis spreads to more countries! U.S. crude oil hits a new seven-year high

Oct 26, 2021 11:01

On Monday (October 11), U.S. crude oil prices continued to soar and set a new high in the past seven years, while Bulk Oil rose to a three-year high. Because OPEC+ maintained its original pace of production increase, and as the economies of various countries gradually recovered from the new crown epidemic, The demand for fuel continues to grow. At the same time, the European energy crisis has spread to more major economies in the world, triggering more panic buying.


This month the Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing countries decided that the increase in production would not exceed the previously agreed rate. Since then, oil prices have soared to multi-year highs. However, natural gas prices have soared by more than 300%, reaching the highest level since 2014. After considering the prices of oil and many other commodities, the trend of natural gas has always been the focus of attention.

As the global energy market continues to slump, the price of natural gas has an increasing impact on crude oil, and consumers are looking for cheaper alternative fuels, which drives prices in the oil market to continue to rise. The analysis pointed out that this is a budding but rapidly growing trend that may increase global crude oil demand by 2 million barrels per day in just a few years.

With the spread of the energy crisis, South Korea, Japan and other countries have also set off a natural gas rush, mainly due to the sharp increase in seasonal demand and the continuous increase in European natural gas prices, which has led to panic purchases by buyers from many countries. In addition, according to foreign media reports, India has recently faced a power crisis due to a severe shortage of coal and fuel, and the capital is afraid of power outages. The crisis caused by energy shortages in Europe has spread to many countries around the world, further triggering soaring energy prices.

Marshall Steeves, an energy market analyst at IHS Markit, pointed out that although Russian President Vladimir Putin announced on Wednesday that the Russian gas company Gazprom will increase natural gas exports to Europe, the price of WTI crude oil still rose to a nearly seven-year high. At the same time, it was reported that US officials revealed that the government has no intention of releasing the strategy. Oil reserves. This news caused a sharp correction of oil prices by more than 2% last Wednesday.

James Williams, energy economist at WTRG Economics, said that more broadly, there are three reasons why WTI crude oil prices have reached the highest level since 2014:

The first is OPEC+ to curb oil production. OPEC has been very conservative in increasing production because they are worried that a new wave of epidemic will cause a slowdown.

The second is economic recovery. The U.S. economic recovery is better than the rest of the world, and its oil consumption has now returned to the level before the outbreak.

The third is that U.S. shale oil production growth has not returned to the level of 2019, because investment in new oil wells has slowed down. The shareholders of exploration and production hope to obtain a more direct return on investment.

John Kilduff, a partner at Again Capital in New York, said: "The fundamental background is tight supply, which will continue to push oil prices up steadily."

(U.S. crude oil daily chart)

At 11:49 GMT+8, U.S. crude oil was quoted at US$80.84 per barrel.



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