Investorideas.com

Call 800 665 0411 to learn about our services for your stock

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS




Share on StockTwits

Global Oil and Gas Markets: A Rollercoaster of Events

 

August 29, 2023 (Investorideas.com Newswire) The global oil and gas markets are experiencing significant fluctuations due to various factors, including production starts, labor strikes, and economic concerns.


Eni Starts Production in Côte d'Ivoire

Italian hydrocarbon giant Eni has commenced oil and gas production from the Baleine field off the coast of Côte d'Ivoire. The field is touted as the "largest hydrocarbon discovery" in the Ivorian sedimentary basin and Africa's "first zero-emissions project." Initial production will be managed jointly with Ivorian oil company Petroci and will be ramped up in phases, aiming to reach up to 150,000 barrels of oil and 200 million cubic feet of gas per day by the third phase.

Mixed Oil Prices Amid Global Concerns

Oil prices showed mixed trends, influenced by OPEC+ production cuts and concerns about Chinese demand. While Brent crude slightly decreased by 0.07% to $84.42, its American counterpart, WTI, increased by 0.33% to $80.10. The market is caught between Saudi Arabia's production cuts and China's dwindling demand due to its economic slowdown.

Gas Prices Surge Due to Australian Strike

European gas prices soared above 35 euros following the announcement of a rotating strike by Chevron employees in Australia, threatening up to 5% of global supplies. The strike will affect the Gorgon and Wheatstone plants in Western Australia. This comes at a time when gas supplies from Norway, Europe's primary supplier, have dropped to their lowest in over a year.

Implications and Future Trends

The oil and gas markets are currently influenced by a complex interplay of supply cuts, labor strikes, and economic factors. OPEC+ has reduced production by 2.7 million barrels per day between September 2022 and August 2023. Meanwhile, concerns about China's economic health and its impact on global demand cannot be ignored.

As the global oil and gas markets continue to evolve, several questions arise:

How will the labor strikes in Australia and production cuts by OPEC+ impact global oil and gas prices in the long term?

With China's economic slowdown, what measures will Beijing introduce to stabilize its economy, and how will these actions influence global oil and gas demand?

Share your thoughts and insights in the comments below.

Chart # 1: WTI Crude Oil (Oct’23)

WTI Crude Oil (CLV23) – Futures contract (30min market profile w/ VWAP)

Chart # 2: Henry Hub Natural Gas (Oct’23)

Henry Hub Natural Gas (NGV23) – Futures contract (30min market profile w/ VWAP)

More Info:


Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


That's all it takes to get an article published on Investor Ideas - Learn More





Get more Oil and Gas - news, articles, and stock directories

Buy a energy guest post on Investorideas.com