Oil sales from US inventories not significant for market, analyst says

Asia's Tech News Daily

Having already fallen by 10% ahead of the announcement, these initiatives will do little to force prices lower, Head of Commodity Strategy with Saxo Bank Ole Hansen notes

MOSCOW, November 23. /TASS/. The sale of 50 mln barrels of oil from the US strategic inventories announced on November 23 has already been sold into the market and Brent prices lost 10% because of that. Such actions will not have a significant effect on the market, Ole Hansen, Head of Commodity Strategy with Saxo Bank, told TASS on Tuesday.

“In other words, the White House will accelerate an already known release of 18 million barrels on top of the 31 they have already sold into the market so far this year. On top of that they will be lending out 32 million barrels between January and April, and which should be returned between 2022 and 2024, potentially at a time when the oil market may be even tighter due to ESG related CAPEX restrictions,” Hansen said.

“Furthermore, OPEC+ may now decide to scale back their monthly production increases, currently running at roughly 12 million barrels per month,” the analyst said.

“Having already fallen by 10% ahead of the announcement, these initiatives will do little to force prices lower. Other initiatives such as an outright ban on US crude oil exports could be a next step, so [I] do not expect a strong bounce either,” he added.

OPEC+ ministers will discuss oil production levels for January at the meeting on December 1-2. OPEC+ expects a seasonal demand to slow down in the winter season and even a surplus oil offered during the first quarter of 2022 on the back of new lockdowns.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Lululemon fires back at Peloton in apparel feud with its own patent lawsuit

An employee restocks clothes on display at the Lululemon Athletica sports apparel store on Regent Street in London.Simon Dawson | Bloomberg | Getty Images Lululemon has filed an anticipated patent ... Read more »

Millions from government for electric transport and hydrogen

Photo: ANP Two groups of Dutch companies in the transport sector have received a joint subsidy of 47 million euros. They will use this to work on electric transport and ... Read more »

Large companies save less energy than last year

Large industrial companies managed to save less energy last year than in previous years. This is apparent from the report on the so-called MEE covenant that more than a hundred ... Read more »

SK Square invests 98 billion won to become now 2nd-largest shareholder of Korbit

SK Square expects that merely holding a stake in Korbit will boost its net asset value as cryptocurrency transactions rapidly increase to top the main bourse, Kospi. SK Square became ... Read more »

@jack, the top man who was different

Usually, the departure of a founder from a large company is accompanied by a price fall, but investors in Twitter bounced on Monday. Jack Dorsey, co-founder and CEO of Twitter, ... Read more »

Asda charters ship to navigate a path through Christmas supply chain storms

Britain's third biggest supermarket said chartering the vessel was among the measures it had taken to overcome logistics headaches being experienced across the economy. Read more »

Significant wage increase for furniture makers due to new collective labor agreement

Photo: ANP Furniture makers will receive more than 6 percent more wages in the coming years as a result of a new collective labor agreement, union CNV reports. In addition, ... Read more »

People first: Singapore medtech firm believes employees are key to its digital transformation

On valuing seniors in the company, Osteopore International CTO Dr Lim Jing says, “What you get from mature folks is a sense of emotional stability and maturity that helps to ... Read more »

Ridesharing firm Uber resolves trademark dispute with NY-based Uber ad agency

US District Judge Kevin Castel found that Uber Inc made plausible claims that Uber Technologies infringed and diluted its trademarks. New York marketing agency Uber Inc agreed to dismiss its ... Read more »

Wall Street rebounds after Friday's omicron panic

Stocks that were the hardest hit on Friday rallied the most on Monday. Read more »

Markets breathe sigh of relief after Biden says Omicron isn't ‘cause for panic'

Markets on Monday recovered some of their sharp losses logged last week after President Joe Biden said the new Omicron variant isn’t cause for immediate alarm. AP Markets breathed a ... Read more »

Walmart's Brett Biggs to step down as CFO

Chief Financial Officer Brett Biggs pushed Walmart to better compete with Amazon. Walmart.com Walmart said on Monday longtime executive Brett Biggs will step down from his role as chief financial ... Read more »

Damian Lillard's sustainable Adidas Dame 8 sneakers set for release in December

Fifty percent recycled materials, synthetic overlays, and mesh paneling make up the entire upper part of the shoe. Adidas would release Damian Lillard's Dame 8 shoe, which is the brand's first ... Read more »

Nibud: Growing group of young people investing

The research shows that although these investors themselves indicate that you should only do it if you have sufficient knowledge, not all of them seem to have sufficient knowledge. For ... Read more »

OPEC+ postpones monitoring meeting to assess effect of new coronavirus strain on oil

At the same time, the OPEC+ ministerial meeting will be held on December 1 as planned Read more »

Punch Pubs shareholders prepare to toast sale as Fortress eyes £1bn bid

Fortress Investment Group is among the parties to have approached Punch Pubs' shareholders about a takeover of the business they acquired four years ago, Sky News learns. Read more »

Schiphol terminates contract with builders of new sustainable ‘A-pier'

Toilets that you flush with rainwater, bamboo on the floors everywhere, a smart and economical heating system. The new ‘A-pier’ must become the most sustainable part of Schiphol Airport. But ... Read more »

Commerce secretary says U.S. House needs to pass CHIPS Act immediately to ease semiconductor shortage

US Commerce Secretary Gina Raimondo discusses the impact of the semiconductor chip shortage at UAW Region 1A office in Taylor, Michigan on November 29, 2021.Jeff Kowalsky | AFP | Getty ... Read more »

S. Korea's Hyundai, Galleria departments to host upcycling, animal protection campaigns

Hyundai Department Store will be collecting used transparent plastic bottles while donating 2,000 won for each participating customer to protect Eurasian otters. South Korean department store chain Hyundai and Galleria ... Read more »

Wooden house no longer an exception when it comes to great builders

The largest construction companies in the Netherlands are preparing to build more houses from wood. BAM is working on a factory that will produce a thousand wooden homes per year ... Read more »

Bitcoin is also recovering from decline due to fear of Omikron variant

Photo: ANP Cryptocurrency bitcoin is starting to recover from the price drop that the currency made on Black Friday last Friday. This was partly due to the concerns that arose ... Read more »

Kremlin does not see risks for Nord Stream 2 from new US sanctions

In mid-November, it was reported that the certification of the Nord Stream 2 operator had been suspended until Nord Stream 2 AG, headquartered in Zug, Switzerland, transfers the main capital relating to the German segment to a German subsidiary Read more »

Biden says he doesn't expect more travel restrictions or lockdowns as omicron Covid variant spreads

Travelers walk through Terminal A at Ronald Reagan Washington National Airport November 23, 2021 in Arlington, Virginia.Drew Angerer | Getty Images President Joe Biden on Monday said he doesn't expect ... Read more »

Bookings for winter sports holidays in Austria have fallen sharply

Photo: ANP The number of bookings for Austria has fallen sharply in the past week. That’s what travel organizations Sunweb and TUI say. The country is in lockdown until mid-December, ... Read more »

Global citizen who started Ahold's recovery

René Dahan wanted a ‘Beppie’ as a parting gift when he left Ahold’s chairman of the board in 2013. A ‘Beppie’, that’s what they call the statue of a woman ... Read more »

Virgil Abloh dies: Kanye West, Pharrell and Drake lead tributes after death of 'genius' designer aged 41

Pharrell called the late designer a genius, Gigi Hadid wrote he will be deeply missed, and an array of other celebrities said they were heartbroken by Abloh's death. Read more »

Member Councils Plus and Coop agree to merger supermarket chains

Photo: ANP The member councils of supermarket chains Plus and Coop have approved the planned merger between the two supermarket chains. According to the concerns, this happened with a large ... Read more »

Cramer's Investing Club: We're looking long term and buying more Disney on the dip

In this photo illustration a close-up of a hand holding a TV remote control seen displayed in front of the Disney+ logo.Thiago Prudencio | SOPA Images | LightRocket | Getty ... Read more »

Portugal probes local transmission of omicron at soccer team

The Associated PressBelenenses’ Joao Monteiro, center right, a goalkeeper who had to start as a field player, leaves the pitch with goalkeeper Alvaro Ramalho at the end of the Portuguese ... Read more »

How warehouses are taking over the U.S.

For every Cyber Monday purchase, there is a warehouse employee packing up those soon-to-be presents. The big online shopping holiday comes amid a warehouse shortage across the United States as ... Read more »

Biden says he will direct FDA, CDC to use 'fastest process available' to clear Covid vaccines targeting omicron

President Joe Biden said Monday he is directing federal agencies to be prepared to move as quickly as possible to approve additional vaccines or boosters tailored to shield against the ... Read more »

Rakesh Jhunjhunwala-backed Star Health raises Rs 3,217.13 crore from anchor investors, ahead of IPO opening

Star Health IPO | Rakesh Jhunjhunwala is the second biggest shareholder in Star Health after Safecrop Investments India. Ace investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company, on November ... Read more »

‘Almost three quarters of households must ‘take steps' to improve financial health

Importance of financial health In the Netherlands we only talk about financial health when we are in financial trouble. It seems that there are only two options: with problems you ... Read more »

WHO flags Omicron risk, countries tighten curbs; Joe Biden urges vaccination

(Representative image: Reuters) The World Health Organization (WHO) said on Monday the Omicron coronavirus variant carried a very high risk of infection surges as more countries closed their borders, reviving ... Read more »

'Flashing red': Belgium tightens rules amid COVID-19 surge

The Associated PressA woman wears a face mask to protect against the coronavirus as she visits the Marrolles flea market in Brussels, Belgium, Wednesday, Nov. 17, 2021. Belgium’s coronavirus consultative ... Read more »

Lakhimpur violence: UP govt told to file counter affidavit on Ashish's bail plea in week

Activists of Congress party’s youth wing protesting against Sunday’s killing of four farmers in Uttar Pradesh state after being run over by a car owned by India’s junior home minister ... Read more »

Air India pilot unions ask management to roll back salary cut within three days

Representative Image Air India pilot unions — IPG and ICPA — on Monday warned the airline management to roll back the “illegal” salary cut within three days or face industrial ... Read more »

£117m deal leaves Victoria reigning over Europe's rug sector

The latest deal from the Kidderminster carpet maker comes nine years after the conclusion of a colourful boardroom coup. Read more »

Parliamentary panel on IT wants to call Facebook whistle-blowers to depose before it

Representative image Some members of a parliamentary panel looking into the issue of hate speech on Facebook on Monday expressed the view that whistle-blowers Sophie Zhang and Frances Haugen, who ... Read more »

I want you to #LoveWhereYouWork , says Parag Agrawal, new CEO of Twitter to his team

The company’s Board has unanimously appointed Twitter’s chief technology officer Parag Agrawal as Jack Dorsey’s successor. Image source: Twitter. “Our purpose has never been more important. Our people and our ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic