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Next-Westwin Elements CEO: Limiting Indonesian ore production will lead to a significant price rebound.The dollar index fell to a five-week low, currently down 0.12% at 98.77.On December 4th, Westwitz Minerals of Australia held a production launch ceremony for its Kara Shoal project, located on the outskirts of Johannesburg, South Africa. The project aims to capitalize on the record-high gold prices. CEO Rudy Diesel emphasized that the official commencement of production at the Kara Shoal underground gold mine in South Africas "Gold City" marks a new chapter of growth for the South African gold mining industry. Diesel pointed out that as the first newly built underground gold mine in South Africa in 15 years, the Kara mine proves that South Africa can still build safe and modern underground mining operations, creating long-term value for the economy and local communities. The mine is expected to contribute over US$1.15 billion to the South African economy over its 17-year mining cycle, with an estimated annual output of 70,000 ounces during its stable production phase (the first 12 years). Since the team was formed in July 2025, the project has progressed rapidly, with the first ore hoisting completed in October 2025, and the necessary underground infrastructure established. The surface ore stockpile is already substantial, and is expected to reach 30,000 tons of reserves before the planned first gold production in March 2026.EIA Natural Gas Report: For the week ending November 28, total U.S. natural gas inventories were 3.923 trillion cubic feet, down 12 billion cubic feet from the previous week and down 18 billion cubic feet from the same period last year, a year-on-year decrease of 0.5%, while 191 billion cubic feet higher than the 5-year average, an increase of 5.1%.U.S. EIA natural gas inventories fell by 12 billion cubic feet in the week ending November 28, compared with an expected decrease of 18 billion cubic feet and a previous decrease of 11 billion cubic feet.

WTI bulls continue to dominate in short squeeze

Daniel Rogers

Nov 16, 2022 14:45

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West Texas Intermediate, (WTI) experienced a short squeeze in the final portion of Tuesday's Wall Street session, moving towards in-the-money shorts from the beginning of the week. At the time of writing, the price of black gold is $87.47 and is up approximately 0.7% on the day so far.

 

According to reports, a Russian missile launched as part of an attack on Ukraine's energy systems landed in NATO member Poland and killed two people. The emergency gathering of Poland's leaders is referred to as a "crisis situation." The attack occurred near the village of Przewodow, close to the Ukrainian border, according to Polish media. Since then, the Polish foreign ministry has verified that a Russian-made rocket hit the Polish hamlet of Przewodów. In response, Stoltenberg will preside over an emergency summit of NATO on Wednesday morning.

 

According to ANZ Bank analysts, prices rose late in the session after a crucial pipeline transporting Russian oil to Eastern Europe was shut down due to a power outage. "The Ukrainian pipeline management stated that the cause was Russian artillery. The suspension impacts flows to Hungary, the Czech Republic, and Slovakia. It is currently unknown how long the pipeline disruption will last. This precedes the 5 December imposition of European restrictions on Russian crude oil imports. "Prices for crude oil had been under pressure early in the session due to demand concerns.

 

The data counterbalanced the negative IEA news that the agency has lowered its prediction for 2023 demand growth to 1.6 million barrels per day from 2.1 million bpd this year, while predicting a 240,000 bpd decline in demand in the fourth quarter of this year. "The GDP prognosis has deteriorated and 4Q22 global oil consumption will decline (-240 kb/d) compared to the same period last year. China's consistently sluggish economy, Europe's energy problem, expanding product defects, and the strength of the US dollar all impact hard on consumption "The agency's study stated.

 

"Earlier this week, OPEC also expressed concern about demand and therefore lowered its demand prediction for the fourth quarter. ANZ Bank analysts explained that rising COVID-19 instances in China dragged on confidence despite prospects of reducing virus restrictions earlier in the week. "Numerous large cities continue to report significant case counts. Across the nation, travel remains restrained due to the public's continued anxiety that it will be quarantined.

 

Separately, China has reported an increase in Covid infections, and many people under lockdown in the manufacturing hub of Guangzhou broke the containment barriers to protest in the streets. China's weak demand has been a drag on oil prices. Reuters stated that "new cases in Guangzhou surpassed 5,000 for the first time, increasing concerns that the city of more than 15 million could face larger lockdowns" The government reported 17,772 new cases of the coronavirus on Monday, up from 16,072 the day before.

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