Weekly Energy Recap: January 14, 2022 -فيصل الفايق @FAISALFAEQ
Sunday, 4 June 2023
No Result
View All Result
MAAAL NEWS
  • Home
  • العربية
No Result
View All Result
  • Home
  • العربية
No Result
View All Result
MAAAL NEWS
No Result
View All Result

Faisal Faeq

Weekly Energy Recap: January 14, 2022

16 Jan 2022

Faisal Faeq

The second week on Year 2022 ended with both benchmarks Brent and WTI have settled comfortably above the $80 mark.

Brent crude closed the week higher at $86.06 per barrel, WTI also closed the week higher at $83.82 per barrel.
Brent/WTI spread has narrowed to $2.24 per barrel.

The latest figures from the Commodity Futures Trading Commission (CFTC) on January 11, 2022, showed that long positions on crude oil futures on the New York Mercantile Exchange (NYMEX) numbered 501,453 contracts, up by 21,746 contracts from the previous week (1,000 barrels for each contract).

Read More

Benefits of the PIF Investments Toward Newcastle United

Future Adoption of Blockchain Technology in Business Solutions

Saudi Arabia is all set to amaze the world again

WTI futures (long contracts) are back above the 500,000-mark contracts, which means that investors are back betting on higher prices upward momentum with expectations of further increases.

Higher speculators activities came despite the US Energy Information Administration (EIA) bullish outlook for the US oil production new records in 2023 to exceed pre-pandemic levels, driven by a jump in shale oil output.

EIA forecasts US oil production to average 12.4 barrels per day, in 2023.
US oil production reached 11.8 barrels per day at the end of December 2021.

However, the annual average of US oil production fell in 2021 by 100,000 bpd to average 11.2 million bpd due to weather-related shut-ins during the Texas Freeze in February and Hurricane Ida in August and September 2021.

Keeping in mind that EIA expects US consumption to slightly surpass 2019 levels to average 20.6 million bpd, led by higher gasoline consumption.

In my opinion geopolitics don’t seem to have an impact on global oil markets like before the pandemic.
Hence, the large oil prices weekly gain wasn’t amid Kazakhstan protests last week but as a result of continuing strong market fundamentals as the impact of the Omicron variant proved weak with growing oil demand outstripping bearish sentiments.

Energy Adviser (former OPEC and Saudi Aramco)

Previous Post

Kubuqi, Chinese Model & Saudi Arabia’s Green Initiative

Next Post

How Inflation Impacts the Saudi’s Economy, Interest Rates?

Related Posts

Roadmap of Saudi Arabia for 2023 and beyond

Use of Blockchain technology in Government Sector of Saudi Arabia

The Legal Framework for Sustainable Family Businesses in the Kingdom

How might ChatGPT impact investors?

The Ministry of Tourism: Making Saudi Arabia the Most Coveted Destination in the Middle East

The Impact of HRH Prince Abdulaziz bin Salman on KSA and the World

Articles

الكاتب

The New Model of Care

Alaa Mulla

الكاتب

Saudi Astronauts Have Safely Arrived on the International Space Station

Prof. Alaa Alghamdi

الكاتب

The War on Drugs in Saudi Arabia is Pressing on With Positive Results

Prof. Alaa Alghamdi

الكاتب

Benefits of the PIF Investments Toward Newcastle United

Prof. Alaa Alghamdi

More

Read More

Saudi Arabia’s Quality of Life Program: Development, Diversification, and Social Impact

Second challenge of passenger growth

In the Saudi stock market, women make up 26% of investors. What are the causes of this low proportion, and what suggestions are there to raise it?

© 2020 All rights reserved to Maaal Newspaper
Publisher: Maaal International Media Company
License: 465734

Quick links

  • News
  • Articles
  • Maaal

Contact Us

055 144  3666  
[email protected]  

No Result
View All Result
  • العربية
  • Home

© 2020 All rights reserved to Maaal Newspaper - Publisher: Maaal International Media Company - License: 465734