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Russia Ready To Seize Control Of The World's Largest Oil Reserves

The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia’s Rosneft, a local newspaper has reported, citing sources from the industry.

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Natural gas inventories surpass five-year average for the first time in two years

Working natural gas inventories in the Lower 48 states totaled 3,519 billion cubic feet (Bcf) for the week ending October 11, 2019, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). This is the first week that Lower 48 states’ working gas inventories have exceeded the previous five-year average since September 22, 2017. Weekly injections in three of the past four weeks each surpassed 100 Bcf, or about 27% more than typical injections for that time of year.

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Daily (18.10.2019): EUAs nearly 1% off a fresh three-week high on Thursday, amid growing uncertainty over the fate of the new Brexit deal

Crude oil prices extended gains on Thursday after data pointed at a fall in the U.S. fuel stocks. Higher freight rates from Chinese shipping firm COSCO coupled with news about a new Brexit deal agreed between the UK and the EU also supported prices. Still, gains were capped by demand concerns in the wake of a larger-than-forecasted build in the U.S crude inventories and a string of poor economic data. Consequently, Brent crude inched up by 0.8% at 59.91 USD/bbl, while WTI futures added 1.1% to end at 53.93 USD/bbl.

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Turkey second-largest LNG market in Europe

The development of liquefied natural gas (LNG) infrastructure has made Turkey the second-largest market in Europe and seventh-largest in the world. The country imported approximately 7.7 billion cubic meters of LNG in the first seven months of the year.

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Rosneft starts exploration in Iraq’s Kurdistan

Rosneft has started exploration in Iraq’s Kurdistan this year, First Vice President of Russia’s top oil producer Eric Liron said in an interview with TASS, adding that the work is expected to continue in 2020 and might take several years.

read more... 18/10/2019

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