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On September 18th, Denmark launched the "Green Sands" carbon capture and storage facility in the North Sea, injecting carbon dioxide into seabed reservoirs. As the first large-scale carbon dioxide storage project in the EU, the first phase of "Green Sands" is expected to store 400,000 tons of carbon dioxide annually. INEOS, the leading company in the project, stated on its website that the carbon dioxide will be stored on the seabed below the abandoned Niniwest oil field, approximately 250 kilometers off the west coast of Denmark, at a depth of about 1,800 meters below the seabed. In its first phase of commercial operation, the "Green Sands" project can store up to 400,000 tons of carbon dioxide annually. With increasing demand, the storage capacity is planned to expand to 4 to 8 million tons per year by 2030. It is understood that this carbon dioxide mainly comes from a biomethane plant in Denmark, where it is liquefied and then transported by truck to a dedicated terminal in the port of Esbjerg, from where it is shipped to sea by the EUs first dedicated carbon dioxide transport ship.Federal Reserves Schmidt: The labor market is approaching balance and economic growth is robust.Federal Reserves Schmid: Voted in favor of raising interest rates, recent data shows inflation trending above 3%. Raising rates is a step towards restoring the 2% inflation target. Current inflation is not just an energy issue; price increases are "still hot" across a wide range of goods and services.Market sources indicate that an organization linked to U.S. Health Secretary Robert F. Kennedy Jr. sold opportunities to contact U.S. officials at an event. The U.S. Department of Health and Human Services stated that officials were unaware of the sponsorship arrangements.Kremlin spokesman Dmitry Peskov denied reports that Russia planned to mobilize 300,000 troops by the end of the year.

WTI falls below $80 as attention goes to US Inflation for additional advice

Alina Haynes

Feb 13, 2023 14:27

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During the Asian session, West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have felt selling pressure while seeking to surpass the crucial $80.00 resistance level. Tuesday's announcement of the United States Consumer Price Index (CPI) data has caused investors to divert their attention away from the price of oil.

 

The oil price increased on Friday as Russia announced a reduction in oil production in retaliation for price limitations imposed by G7 nations to prevent Russia from supporting its war necessities against Ukraine. Alexander Novak, Russia's energy minister, indicated that the country would reduce oil production by 500,000 barrels per day (bpd), or 5% of its output in March.

 

The United States Treasury Department has reiterated that it intends to limit the Kremlin's revenues per barrel in order to stifle Moscow's support for the war in Ukraine, while ensuring that Russian oil shipments reach necessary markets.

 

In the meantime, the US Dollar Index (DXY) is on the verge of extending its three-day high above 103.35 during the Asian session due to predictions that the US inflation data would show an unexpected increase in light of the tight labor market. The consensus, however, favors a reduction in annual headline inflation to 5.8% from the previous report of 6.5%, and in core inflation to 5.4% from 5.85.

 

Aside from that, the expression of deflation in China's CPI report published last week indicates that the method of economic recovery in the world's second-largest economy following the removal of price controls is somewhat slow. It will take adequate time for the economy to return to its pre-pandemic growth rate. This might dampen hopes for a rapid revival in oil demand.



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