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On January 28th, WTI and Brent crude oil futures settled up 3% on Tuesday, at $62.39 and $67.57 per ounce, respectively. Analysts and traders estimated that U.S. oil producers lost up to 2 million barrels per day (approximately 15% of national production) over the weekend due to a severe winter storm that swept across the country, putting pressure on energy infrastructure and the power grid. Tamas Varga, an oil analyst at brokerage PVM, stated, "The cold weather in the U.S. could lead to a significant drop in oil inventories in the coming weeks, especially if the weather persists." Ship tracking service Vortexa reported that crude oil and liquefied natural gas exports from U.S. Gulf Coast ports fell to zero on Sunday due to the cold weather. The companys head of analysis stated that exports rebounded on Monday with ports reopening, reaching above seasonal levels. Furthermore, two informed sources previously indicated that Kazakhstans largest oil field, Tengiz, may recover to less than half of its normal production by February 7th, as it slowly recovers from fires and power outages. However, CPC, the company that operates Kazakhstans main export pipeline, said that the terminals loading capacity has been restored to full capacity after maintenance was completed at one of its three mooring points on Russias Black Sea coast.U.S. API crude oil production for the week ending January 23 was down 15,000 barrels per day, compared to a previous weeks down 176,000 barrels per day.U.S. refined product imports for the week ending January 23 were -190,000 barrels per day, compared to -8,000 barrels per day in the previous week.U.S. crude oil imports for the week ending January 23 were -803,000 barrels, compared to 101,000 barrels in the previous week.U.S. heating oil inventories for the week ending January 23 were 388,000 barrels, compared to a previous weeks decrease of 327,000 barrels.

LG Energy inks supply contracts with three Canadian mining companies

Skylar Williams

Sep 23, 2022 11:13

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LG Energy Solution has sourcing agreements for lithium and cobalt with three Canadian mining companies in order to extend its operations in North America.


The deals, according to the Tesla (NASDAQ:TSLA) supplier, are part of an effort to expand mid- to long-term supply contracts with North American mines and processors.


LG stated that Electra, Avalon, and Snowlake will supply 7,000 tonnes of cobalt sulfate over the course of three years beginning in 2023, 55,000 tonnes of lithium hydroxide over the course of five years beginning in 2025, and 200,000 tonnes over the course of ten years.

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