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According to sources, members of the Irish Football Association have approved a resolution calling on UEFA to suspend Israels participation in European competitions.On November 8th, the Russian Ministry of Defense reported that Russian armed forces launched a large-scale attack on Ukrainian military-industrial enterprises and related energy facilities using high-precision weapons from the night of November 7th to the early morning of November 8th, hitting all targets. The report stated that the high-precision weapons used by Russia included the Kinzhal hypersonic ballistic missile. Russian air defense systems shot down 178 Ukrainian drones and two guided-missile bombs in the past 24 hours. According to reports from the Ukrainian Air Force and various levels of government agencies on November 8th, from the night of November 7th to the early morning of November 8th, Russian forces launched a large-scale missile and drone attack on Ukraine, damaging energy and railway facilities in Poltava, Kharkiv, Kyiv, and Dnipropetrovsk regions. Emergency power outages were implemented in multiple areas, including Kyiv, Kyiv, and Kharkiv. As of the morning of November 8th, the attacks had resulted in four deaths. The Ukrainian State Electricity Company posted on social media that day that several Ukrainian regions were experiencing emergency power outages due to the airstrikes, and industrial users continued to experience power rationing.Egypts Ministry of Petroleum: A new shipment of liquefied natural gas, amounting to 150,000 cubic meters, has been exported to Greece via a vessel chartered from Shell.On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.

U.S. inventories fell, OPEC increased production slowly, U.S. oil broke through the 84 mark and continued to hit a new high in nearly seven years

Oct 25, 2021 13:53

On Friday (October 22), U.S. oil rose 1.48 US dollars in late trading, or 1.79%, to close at 83.98 US dollars per barrel. This week, it has risen 1.8%, which is the longest consecutive week of rising since 2015. Bilbao oil rose 1.16 US dollars to close at 85.77 US dollars per barrel. The indicator crude oil hit a three-year high of US$86.10 on Thursday and rose 1% this week, marking the seventh consecutive week of closing high. As OPEC and its allies once again failed to meet their production targets, the global recovery from the coronavirus epidemic exacerbated supply shortages, and the low crude oil inventories at the Cushing Storage Center in Oklahoma, this week. Oil prices bring support.

U.S. President Biden said late Thursday that Americans should expect high gasoline prices to continue until next year, given OPEC and other oil-producing countries control production. John Kilduff, a partner at Again Capital LLC, said that although oil prices have fluctuated significantly over the past two trading days, structural tightness in supply has always been the biggest driver of the market. No one in the market really expects OPEC+ to increase production significantly in the near future.

Oil prices soared this week to their highest level since 2014, as the market is concerned that consumption is growing faster than supply. Concerns about shortages of natural gas and coal in India and Europe have boosted oil prices, and this shortage has caused some power plants to switch to fuel oil and diesel for power generation. Saudi Arabia pointed out that any additional crude oil from OPEC+, an organization of oil-producing countries, will not help to curb the soaring cost of natural gas, and predicts that if winters in the northern hemisphere are colder than usual, oil demand may increase by as much as 600,000 barrels per day.

US Energy Information Administration (EIA) data released on Wednesday showed that Cushing's crude oil inventories fell to 31.2 million barrels, the lowest since October 2018. David Martin, Head of Commodity Strategy at BNP Paribas, said that I think prices are a good indicator of tight market conditions, and the market will become tighter. Inventories will decline this quarter and the next.

Leaders of many countries around the world worry that the demand disruption caused by the new crown epidemic may not be over, which has weakened the bullish sentiment driven by tight supply. After German Chancellor Angela Merkel stated that the epidemic has not ended, oil prices fell briefly. Phil Flynn, senior analyst at Price Futures Group, said that the supply is still very, very tight, and the market is only cautious about the possibility of new cases in Russia and Germany rising.

At the same time, according to the forecast of the National Oceanic and Atmospheric Administration of the United States, winter weather in most parts of the United States is expected to be warmer than average, which may add resistance to the long-term rise of oil prices.

Earlier data released by the oil service Baker Hughes showed that as of the week of October 22, the total number of wells in the United States was 542, and the number of oil and gas rigs was reduced for the first time in seven weeks. The total number of oil rigs decreased by 2 from last week to 443, and the total number of natural gas rigs increased by 1 to 99.

(U.S. Oil Hour Chart)

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