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The governor of Nizhny Novgorod Oblast, Russia, said an industrial facility in the region was damaged in a drone attack.A member of the Iranian parliament’s National Security and Foreign Policy Committee said on Wednesday that Iran would take preemptive action if its adversaries’ rhetoric escalated into serious threats.Israel Defense Forces: The Rear Command app recently issued an alert regarding rocket and missile attacks in the Kibbutz Alumim area. This alert was issued due to a miscalculation. There is no suspicion of a security incident.Hyundai Motor: The rollout of software-defined vehicles is not expected to be further delayed.On August 26th, it was reported that in July, total electricity consumption in China exceeded 1 trillion kilowatt-hours again, with electricity consumption for internet data services increasing by 40% year-on-year. Computing power is becoming a significant source of new electricity consumption. In August, the peak electricity load of a smart computing center in Changshu, Jiangsu Province, increased by over 70% compared to the same period last year. The peak electricity load of the computing power industry reached 200,000 kilowatts, accounting for approximately 4.1% of the citys total electricity load. The State Grid Changshu Power Supply Company stated that the computing power industry contributed nearly half of the citys increased electricity load, accounting for approximately 49%, reflecting that computing power load is gradually replacing seasonal air conditioning load as the core driver of electricity consumption growth this summer. In July, the electricity consumption of 106 computing power centers in Jiangsu Province exceeded 1.3 billion kilowatt-hours, a year-on-year increase of 31%, with supercomputing and smart computing centers accounting for over 80% of the total.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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