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Ne base 20 april 2018 energy news issue 1162 by khaled al awadi
- 1. Copyright © 2018NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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NewBase Energy News 20 April 2018 - Issue No. 1162 Senior Editor Eng. Khaled Al Awadi
NewBaseFor discussion or further details on the news below you may contact us on +971504822502,Dubai, UAE
Oman: Acwa consortium wins Salalah IWP desal plant deal
Oman Times + NewBase
Oman Power and Water Procurement Company (OPWP) has awarded a RO60-million ($155
million) contract to a consortium led by Saudi-based Acwa Power for developing the sultanate's
first independent water desalination (IWP) procurement in the governorate of Dhofar.
The consortium, Dhofar Desalination Company, includes French water and energy management
company Veolia and Dhofar International Development & Investment Holding Company (Didic) as
partners.
The Salalah IWP project will be vital in meeting Dhofar region’s increasing demand for water,
which is expected to be at an average of six per cent per annum over the next seven years, said
the statement from OPWP, the sole procurer of all electricity and water capacity in the sultanate.
The plant, which will have a capacity to generate 25 million gallons per day of desalinated water
using reverse osmosis technology, is procured by OPWP under a build-own-operate framework
on the back of a 20-year water purchase agreement.
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The signing ceremony was held in the presence of Sayyid Mohammed bin Sultan Al Busaidi, the
state minister and governor of Dhofar, and a number of government officials and representatives
from the consortium and electricity sector in the sultanate.
Speaking at the event, Yaqoob bin Saif Al Kiyumi, the chief executive of OPWP said: "This project
is considered as the first standalone water desalination project in the governorate of Dhofar and
would positively contribute to security of water supply in light of urbanisation and ambitious
projects that are implemented in various sectors."
Al Kiyumi pointed out that the RO60-million project reflects the confidence of foreign investors to
invest in the sultanate and in the water sector in particular, given the legal and regulatory
transparency and stable environment.
Paddy Padmanathan, the president and chief executive of Acwa Power, said: "Water is a vital
resource for development and human life, and we are pleased to work in partnership with OPWP
to deliver desalinated water to the region."
"This project is one of a number of projects we are currently working on in the sultanate and we
look forward to continue to supply power and water at an economical cost," he noted.
Rajit Nanda, the chief investments officer at Acwa Power, said: "“The Salalah IWP project will play
a key role in meeting the increasing demand for water in the sultanate. This significant milestone
will support Oman’s infrastructure in line with the country’s efforts to reduce reliance on
groundwater resources and maximize the use of local resources."
"Oman continues to be one of the leading investment destinations in the region, and we look
forward to furthering our growing presence in the country," he added.
OPWP said as per the deals, the engineering, procurement, and construction of the plant will be
handled by a consortium of Fisia Italimpianti and Abeinsa Infraestructuras Medioambiente, while
the operations and maintenance of the plant will be undertaken by a consortium led by Veolia
Middle East with Nomac Oman and Didic.
Patrice Fonlladosa, the president and chief executive of Veolia Middle East/Africa, said: "We are
very glad to have partnered with Acwa Power and Didic for the Salalah IWP and we are
committed to extend the delivery of optimal operations and plant performance to OPWP."
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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India: BP and Reliance sanction 2nd phase of KG-D6 development
Source: BP
To develop ‘Satellite cluster’ deep-water gas fields in India, second of three projects; together all
three projects to bring 1 bcf/d of new production by 2022
BP and Reliance Industries Limited (RIL) have announced the sanctioning of the ‘Satellite cluster’
project in Block KG D6. The companies are moving forward to develop the Block’s discovered
deep-water gas fields in an integrated series of projects, bringing new gas production for India.
The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated
development. The first of the projects, development of the ‘R-Series’ deep-water gas fields, was
sanctioned in June 2017. Together the three projects will develop a total of about 3 trillion cubic
feet of discovered gas resources with a total investment of c. INR 40,000 crore (US$6 billion).
They are expected to bring a total c. 30-35 million cubic metres (1 billion cubic feet) of gas a day
new domestic gas production onstream, phased over 2020-2022.
Mukesh Ambani, Chairman and Managing Director of RIL, said:
'In consonance with our announcements last year to raise domestic gas production, we are
delighted to announce the on-schedule progress of the Satellite cluster in the east coast of India.
This development supports the country’s imminent need of increasing domestic gas supply and is
a firm step towards making India a gas-based economy.'
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'This latest investment is a further demonstration of BP’s commitment to India. Through our
partnership, Reliance and BP are able to develop these discovered gas resources efficiently and
economically, working closely with the Government of India. These new developments will
produce much needed energy for India’s thriving economy.'
Integrated field development of deep-water gas fields
The Satellites cluster is a dry gas development and comprises four discoveries with five well
subsea development in ~1700 metres water depth, up to ~15 kilometres east and southeast of the
producing D1D3 fields in KG D6.
The first of the KG D6 projects to be
sanctioned, the R-series project, is
already in execution phase with all
major contracts awarded. The
Satellites cluster project will draw on
execution synergies with the R-series
project being developed concurrently.
India today consumes over 5 billion
cubic feet a day of natural gas and
aspires to double gas consumption by
2022. Gas production from the
integrated development is expected to
help reduce India’s import dependence
and amount to over 10% of the
country’s projected gas demand in
2022; benefiting India and domestic
consumers at large.
Background
• In an historic partnership with RIL in 2011, BP took a 30% stake in multiple oil and gas
blocks in India operated by RIL, including the producing Block KGD6.
• Block KGD6 participating interests are 60% RIL (operator), 30% BP and 10% NIKO.
• Since formation of this partnership in 2011, the two companies have invested around INR
13000 crore (US$2 billion) in deep-water exploration and production to date. In addition to
the D55 gas discovery announced in 2013, the partnership has combined BP’s technology
and skills with RIL’s execution and operational capability to sustain production from the
geologically complex reservoirs in D1D3 and D26 fields on Block KGD6. This has included
the deployment of world-leading technologies for production from deep-water gas fields for
the first time in India.
• BP in India: With many investments in India and employing around 7,500 people in the oil,
gas, lubricants and petrochemicals businesses, BP is today the largest international oil
company in India. BP’s activities include Castrol lubricants; the licensing of competitive
petrochemical technologies; oil and gas trading; IT and procurement back office activities;
staffing and training for its global marine fleet; and the recruitment of skilled Indian
employees for its global businesses. As part of its gas value chain alliance with Reliance
Industries Ltd., India Gas Solutions Private Limited, a 50:50 joint venture to source and
market gas in India has been marketing gas.
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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Indonesia: Eni announces approval of the development plan for
the Merakes discovery offshore Source: Eni
Eni has announced the approval of the Plan of Development (POD) for the Merakes field located
in the East Sepinggan PSC in the Makassar Strait, offshore East Kalimantan, Indonesia. The
Minister of Energy has granted the approval and Mineral Resources of the Republic of Indonesia,
just 3 months after the submission of the plan and less than eleven months after Eni started
production from its deep water operated asset in Indonesia, the Jangkrik fields complex in the
MuaraBakau PSC.
The Merakes field that is estimated to hold about 2 trillion cubic feet of lean gas in place is located
in 1500 meters water depth, 35 kms South West of the Jangkrik Floating Production Unit (FPU).
The field has been discovered by the Merakes 1 well in 2014 which encountered lean gas in world
class reservoir quality sands of Pliocene age.
In January 2017, Eni successfully drilled and tested the appraisal well Merakes 2, recording
excellent gas deliverability.
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The proximity of Merakes discovery to the Jangkrik FPU will allow Eni to maximize the synergies
with existing nearby infrastructures as well as to reduce costs and time of the execution of this
second deep water development in Indonesia.
The POD approved today foresees the drilling and completion of six subsea wells and the
construction and installation of subsea systems and pipelines which will be connected to the
Jangkrik FPU. The gas will then be shipped through the existing pipelines from the Jangkrik FPU
to the Bontang LNG Processing facility operated by PT Badak in the East Kalimantan.
Merakes production, likewise that of Jangkrik will contribute to the life extension of the Bontang
LNG facilities, one of the world most reliable LNG processing plant which supplies LNG to both
the domestic and export markets.
'oday’s approval of the Merakes POD is a milestone for the development of our most recent
discovery in the Kutei Basin. It is a fundamental step to progress towards the Final Investment
Decision of the project. Merakes is another outcome of the Eni “near field” exploration and
appraisal strategy. We are proud of Eni’s partnership with Indonesia, a key country in the
company’s global strategies', said Eni’s CEO, Claudio Descalzi.
Eni is the operator of East Sepinggan PSC through its subsidiary Eni East Sepinggan Limited
which holds 85% Participating Interest while Pertamina Hulu Energy holds the remaining 15%.
Eni has been operating in Indonesia since 2001 and currently has a large portfolio of assets in
exploration, production and development. Production activities are located in the Kutei Basin, East
Kalimantan through the Jangkrik field of MuaraBakau working area that provides an average
production in excess of 600 mmscfd. All the activities are carried out in coordination with SKK
Migas, the entity representing the Government of Indonesia.
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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China is getting better at fracking, as that sparked the US natural gas boom
Tom DiChristopher | @tdichristopher
China will nearly double its natural gas production from shale basins over the next two years, energy research
firm Wood Mackenzie forecasts.The country's national oil companies have developed homegrown technology
and techniques to coax natural gas from China's challenging shale rock formations.
Despite the growth, Wood Mackenzie's forecasts still fall short of Beijing's target, and China remains a minnow
compared to the whale that is U.S. shale gas.
Chinese energy giants are making
progress unlocking natural gas from
shale rock formations, taking a step
towards replicating the U.S. shale
revolution, according to a new
report.
But China's national oil companies
still have plenty of ground to cover
before they even approximate the
level of success America's shale
pioneers have achieved, reports
energy research firm Wood
Mackenzie.
Over the last decade, China's
natural gas production has risen to
9 billion cubic meters. Wood Mackenzie forecasts that output will nearly double to 17 billion cubic
meters by 2020 as Chinese energy giants fine tune advanced drilling methods tailored for their
country.
"In terms of technology, the Chinese NOCs actually have built up their learning curves in a
relatively short period."-Dr. Tingyun Yang, Wood Mackenzie consultant. While that's notable, it still
makes China a minnow compared to the whale that is U.S. shale gas. Last year, American drillers
produced 474.6 billion cubic meters of natural gas from shale rock.
Wood Mackenzie's forecast puts output far short of targets set by Beijing. The country aimed to
produce 30 billion cubic meters of natural gas from shale by the turn of the decade to cut its
reliance on coal.
"The simplest challenge for China to hit the 30 bcm target is the target's too high," Wood
Mackenzie consultant Dr. Tingyun Yang told CNBC's "Squawk Box" in Asia. Chinese oil
companies would have to roughly double their activity to hit that target, and that is "not physically
feasible," says Yang.
Still, the drillers are developing homegrown technology and techniques that have cut the time and
cost of drilling wells in China's southwestern Sichuan Basin, where a handful of projects are
producing gas for Sinopec and PetroChina.
China has slashed the costs of drilling exploration wells by 40 percent from 2010 levels and
reduced costs associated with commercial wells by a quarter since 2014, according to Wood
Mackenzie.
A Chinese worker measures a pipeline at an offshore oil drilling platform in Qingdao, east China's
Shandong province.
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The firm sees more room for further savings. A recent
contract to complete four Sichuan region wells signed by
oilfield services firm Honghua Group suggests costs
could fall by another 20 percent compared to 2017 levels,
according to Wood Mackenzie.
"In terms of technology, the Chinese NOCs actually have
built up their learning curves in a relatively short period,"
Yang said, referring to national oil companies.
"They have explored a unique practice in China, compact well sites and hydraulic fracturing
techniques that suit China's geology."
Hydraulic fracturing is the key to unlocking oil and gas from shale formations. It involves pumping
a mixture of water, sand and some chemicals into wells to create fractures in rock formations,
which allow oil and gas to flow.
China faces challenges both above and below ground due to the nature of its shale resources.
The country's shale basins are mostly located in remote, mountainous regions that lack a network
of pipelines and other infrastructure. All of that makes prepping well sites and shipping gas a
costly endeavor.
The Chinese shale formations themselves tend to be relatively deep. That means Chinese firms
typically have to drill deeper than U.S. frackers, which raises costs and makes it tougher to
maintain well integrity during drilling, Wood Mackenzie says.
The nation also lacks several things that drove the U.S. shale boom: open markets that promote
competition, a network of small frackers that push innovation and locally available expertise.
As for whether a partnership with U.S. companies could turbocharge development, Yang says that
sort of cooperation is certainly possible, but it's no cure-all because China's shale landscape is so
different than America's.
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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Oman plans to issue undersea gas pipeline tender in May
REUTERS/MortezaNikoubazl
Oman is planning to invite bids to build an undersea natural gas pipeline between Sohar and Iran
next month, the Sultanate’s oil minister has said.
Mohammed Bin Hamad Al Rumhi told Thomson Reuters Projects that work related to seabed
surveys, design of the pipeline and its accessories and the compressor stations have been
completed.
“We are putting the final touches to the tender for the
construction process to start. Pending some formalities, the
country would be ready to issue the notice to invite bids next
month,” he said on the sidelines of the Kuwait Oil and Gas
Summit on Tuesday.
Al Rumhi added that eight consortiums from across the
globe have already expressed interest in involvement with
the project.“It is not very deep and is technically a small line
in comparison to the region’s pipelines, with a capacity of one billion cubic feet a day,” he
explained.
I
n August 2016, Reuters reported that Oman and Iran agreed to change the route and design of
the planned pipeline to avoid waters controlled by the United Arab Emirates.
The report said both countries had renewed efforts to implement the project after the lifting of
international sanctions on Tehran in 2016, but plans were considerably delayed by disagreements
over price and US pressure on Muscat to find other suppliers.
The report also noted that the planned pipeline would connect Iran’s gas reserves to Omani
consumers as well as liquefied natural gas (LNG) plants in Oman that would re-export the gas.
“We are looking at building industries and at expanding our LNG production...we are also in talks
with international oil companies for finance,” Al Rumhi said, adding that Oman is also talking to
India to explore opportunities from the pipeline.
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“We are talking about getting a pipeline done from India through Oman and need the goodwill and
support from all stakeholders, neighbours,” the oil minister said.A 2014 World Energy Council
report placed Oman as having the smallest proved natural gas reserves at 705.4 billion cubic
metres, relative to the rest of the region.
The report noted that the country produces more gas than it can consume, exporting gas via LNG
and importing a smaller total of natural gas via pipeline trade.Al Rumhi pointed out that Oman’s
demand and supply gas balance is “healthy for quite a foreseeable future, till 2040.”
“We are looking at options on putting up new industries and expanding existing industries, so it is
more market driven. Instead of regulating gas distribution, we want the market to decide what is
best for us to monetisewhatever we find,” he said.
Earlier this month, BP announced that it will develop
the second phase of Oman’s giant Khazzan gas
field after the successful start-up the first phase in
September 2017.The oil major said in a press
statement that the first phase is currently producing
at design capacity of around one billion cubic feet of
gas per day and around 35,000 barrels a day of
condensate.
The Ghazeer second phase is expected to come
onstream in 2021 and deliver an additional 500
million cubic feet per day and over 15,000 bpd
condensate production, the statement added.
Based on an agreement signed in 2013, Iran will
export 28 million cubic meters of gas to Oman per
day for a period of 15 years through a pipeline that
will go to the sultanate through the Persian Gulf.
Almost a third of the gas exported by Iran to Oman
will be turned into liquefied natural gas (LNG) in the
sultanate’s Qalhat plant, and the rest will be
consumed domestically.
Iran will accordingly use the LNG produced at Qalhat
plant for exports to European and Asian markets.
(Press TV)
Companies which are included in this project as France’s Total, Royal/Dutch Shell, South Korea’s
Korea Gas Corporation (KOGAS), Germany’s Uniper and Japan’s Mitsui attended the bilateral
meeting between Oman and Iran.
Nonetheless, the Iran-Oman gas pipeline will be more expensive than initially thought after the two
countries agreed to alter the original route plan to avoid passing through UAE waters,
reuters reported in the past, quoting an industry source in the know.
Oman is closer to Iran than the rest of the Persian Gulf states since it is separated from them by a
rather craggy range of mountains, it also has a significant Baluch population which speak an
Iranian language and has also been part of Iran in classical times
Today the Gulf countries, and especially Saudi Arabia, maintain very adverse relations with Iran.
Other countries (i.e. Kuwait, Qatar, UAE and Bahrain) in the Gulf Cooperation Council (GCC)
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generally follow the Saudi lead when it comes to their relations with Iran and the regional policies.
However, Oman is the only country that maintains somewhat friendly relations with Iran, reflecting
a exception.
Oman’s cordial relations go back to the 1970s when the Shah regime supported the new Sultan
Qaboos against the leftist rebels in Dhofar. Iran also sees Oman as an opening to the international
markets. Oman did not support Iran’s regional adversaries as in the Iran-Iraq war and the conflicts
in Syria and Yemen.
Instead, it chose to mediate between Iran and its rivals in many occasions, the latest of which
was the Nuclear agreement in 2015. While being part of the GCC, Oman refuses to transform it
into the Gulf Union, it maintains a relatively strong economic and military relations with Iran. In the
aftermath of the nuclear deal the relations will be even stronger between Iran and Oman.
Trade between Oman and Iran exceeded $1 billion by the end of October last year, according
to Dr Ali bin Masoud Al Sunaidy, Sultanate’s Minister of Commerce and Industry.
The Indian Future Route – impossible
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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U.S. is an active importer and exporter of petroleum products
Source: U.S. Energy Information Administration, Petroleum Supply Monthly, Monthly Energy Review
U.S. net petroleum trade, including crude oil, petroleum products, and natural gas plant liquids,
has fallen in recent years, reaching 3.7 million barrels per day (b/d) in 2017. This is the lowest
level of net petroleum trade (imports minus exports) since 1971. At the same time, total U.S. gross
petroleum trade (imports and exports) has reached an all-time high of 16.3 million b/d in 2017.
Crude oil imports have decreased in recent years as U.S. crude oil production has increased.
After averaging a record high of 10.1 million b/d in 2005, crude oil imports fell by 2.8 million b/d to
an average of 7.3 million b/d in 2014. Since then, crude oil imports have increased slightly, most
recently averaging 7.9 million b/d in 2017.
Most of the reduction in imports was light, sweet crude oil, as those barrels were replaced by
domestic production of a similar quality. Crude oil exports have also increased as U.S. production
rose.
At the same time, U.S. refinery runs have been at record high levels. The increase in refinery
output of petroleum products has outpaced the increase in U.S. consumption of petroleum
products such as distillate fuel oil, gasoline, and propane, leading to an increase in exports.
Total petroleum product exports averaged a record of 5.2 million b/d in 2017. Distillate and
gasoline exports have increased, particularly to countries in the Western Hemisphere. Propane
exports have also increased, much of it being sent to Asian markets.
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A series of upcoming Today in Energy articles will discuss petroleum product export trends in
greater detail.
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NewBase April 20 – 2018 Khaled Al Awadi
NewBaseFor discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil remains close to late-2014 highs as ongoing supply cuts reduce inventories
Reuters + Bloomberg + NewBase
Summary
• Oil prices were firm on Friday near three-year highs reached earlier this week.
• OPEC has been withholding production since 2017 to draw down a supply overhang.
• Crude prices have also been supported by an expectation that the U.S. will re-introduce
sanctions on Iran.
Oil prices were firm on Friday near three-year highs reached earlier this week as ongoing OPEC-
led supply cuts gradually drawn down excess supplies. Brent crude oil futures were at $73.69 per
barrel at 0129 GMT, down 9 cents from their last close. U.S. West Texas Intermediate (WTI)
crude futures were down 7 cents at $68.22 a barrel.
Oil price special
coverage
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Led by top exporter Saudi Arabia, the producer cartel of the Organization of the Petroleum
Exporting Countries (OPEC) has been withholding production since 2017 to draw down a global
supply overhang that had depressed crude prices between 2014 and 2016.
As a result of a gradually tightening market, both Brent and WTI hit their highest levels since
November, 2014 earlier this week, at $74.75 and $69.56 per barrel respectively. The tighter oil
market is also starting to feed into refined products, which use crude as their main feedstock to
make fuels such as gasoline or diesel
"Signs of tightness are emerging in product markets as stocks saw the largest week-on-week
draw since October, 2016 ... The U.S. led the draws but was also aided by draws in Singapore,"
said U.S. bank Morgan Stanley. Beyond OPEC's supply management, crude prices have also
been supported by an expectation that the United States will re-introduce sanctions on OPEC-
member Iran.
One of the factors that has somewhat held back prices from rising even further has been rising
U.S. production, which has jumped by a quarter since mid-2016 to 10.54 million barrels per day,
making the United States the world's second biggest producer of crude oil behind only Russia,
which pumps almost 11 million bpd.
Iran Oil Sanctions Too Close to Call
Global markets for equities, currencies and metals have all been whipsawed by the uncertainty
over what President Donald Trump’s next geopolitical move would be. Oil’s about to have a turn.
It’s too close to call whether Trump will reinstate sanctions on Iran next month and the impact is
highly uncertain, according to a Bloomberg survey of oil-market analysts. The 17 respondents saw
on average a 50-50 chance of sanctions “snap-back,” which could halt anywhere between zero
and 800 thousand barrels a day of exports from OPEC’s third-largest producer within the next six
months.
That risk looms over Friday’s meeting of some OPEC nations and their allies as they gather to
monitor supply cuts in Jeddah, Saudi Arabia.
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NewBase Special Coverage
News Agencies News Release April 20-2018
Four Reasons / Charts Behind Oil's Latest Jump
By Alex Longley
Crude oil prices have rallied more than 10 percent this year, and for the time being there’s not
much to give the bears hope.
With OPEC’s supply cuts biting and the risk for Middle East conflict on the rise, the market’s
underlying indicators have turned increasingly bullish. As shorts flee the market and technical
indicators point higher, the positive narrative for oil is alive and well. The move comes as OPEC
and Russia explore further cooperation and a May 12 deadline looms for U.S. President Donald
Trump to consider renewing Iran sanctions.
Here are four key charts that illustrate oil’s latest climb higher.
Tighter Market
Brent timespreads have surged since the middle of February. The difference between the nearest
two contracts reached 73 cents intraday on Thursday, the strongest since December, excluding
expiries. “It shows how much tighter supply is and has a geopolitical risk premium built in,” said
UBS AG analyst Giovanni Staunovo. “It’s a combination of both factors.”
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Geopolitical Risks
The political risks to oil show up nowhere better than in the options market. The so-called skew
measuring demand for bullish Brent options is at its strongest level since June 2014.
At the same time, open interest to buy Brent at $80 has risen to 144,000 contracts, more than any
other strike price for the next 12 months.
“With two significant risk events, President Trump’s decision whether or not to re-certify Iran and
the OPEC June meeting, the market is clearly seeing the upside potential,” said Harry
Tchilinguirian, head of commodity markets strategy at BNP Paribas SA.
Short Shift
As prices have surged, the market has become increasingly one-sided. There are just over 20
speculative longs for every equivalent short for Brent at the moment, near the highest level since
ICE began publishing data in 2011.
The number of outright bearish bets has fallen by 82 percent since last June, meaning there are
fewer sellers to counter crude’s rallies.
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“The market may be hard-pressed to go short outright for long periods,” until there is more clarity
on the U.S. position on Iran sanctions, consultants at Energy Aspects Ltd. said in a report
Thursday.
Look Out Above!
For technical traders, the most recent boost came as Brent on Wednesday closed above a key
retracement from its slump since 2008, when the global benchmark traded near $150 a barrel.
That technical level, at $73.09, was a “massive” area of resistance and could potentially lead to
further moves higher, analyst Robin Bieber wrote for PVM Oil Associates Ltd. The move of both
Brent and WTI to year-to-date highs this week has some chart-followers talking about $75, $80 or
even $85 as the next levels to watch.
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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Khaled Al Awadi is a UAE National with a total of 28 years ofexperience in
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