June 26, 2022

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Important signal from Libya and Kazakhstan

Important signal from Libya and Kazakhstan

The price of a barrel of West Texas Intermediate crude for February delivery is $78.97 on the New York Stock Exchange, an increase of 0.09 percent.

Brent crude is trading on the London Stock Exchange for March delivery at $81.81 a barrel, an increase of 0.07 percent.

Libyan crude oil is returning to the market, having previously cut production due to the need to repair damaged facilities, including the pipeline connecting the eastern Samah and Dahra fields with the country’s largest export terminal.

Oil production in Libya, which has the largest oil reserves in Africa, rose to 900,000 tons. barrels per day, when it was previously at its lowest level in more than a year.

Oil production in Kazakhstan has also been partially restored after several days of social unrest.

Kazakhstan’s Tengizchevroil Corporation (TCO) is gradually increasing oil production to achieve normal oil supply after TCO announced on January 6 that it was “adjusting” production due to social unrest in the country.

According to company spokeswoman Salo Jones, TCO remains focused on ensuring the safety of its employees, and work is carried out in safe conditions.

Meanwhile, investors are watching how China – the world’s largest oil importer – deals with the Covid-19 pandemic.

After discovering 20 infections, the Chinese authorities decided to test 14 million residents of Tianjin, a coastal city 150 kilometers from Beijing.

Tianjin residents are advised not to leave or stay at home until they can participate in the screening. Until they test negative for coronavirus, they will not receive the ‘Green Code’ in the Chinese covid app.

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Analysts are pointing out that crude oil is off to a strong start to the new year, and that commodity prices are rising due to investor optimism about global fuel demand and emerging disruptions in crude oil supplies.

“Oil price increases have already taken into account the worst-case scenario related to the situation in Kazakhstan and the disruption of oil supplies from Libya, and since nothing more serious has happened so far, oil prices may now drop somewhat,” says Vandana Hart, co-founder of the consulting firm. Vanda Insights.

Harry adds that disruptions to US oil shipments caused by weather conditions are also temporary, which could mean an increase in fuel demand soon.

“So concerns about the Omicron variant of the coronavirus will return to center stage,” he says.

raw clothes

  • the above
    79,33

  • Accurate
    78,38

  • rate of return – 1T
    4.70%

  • Return rate – 1 million
    9.86%

  • Return rate – 3 million
    0.06%

  • Return rate – 6 million
    9.28%

  • Rate of return – 1R
    54.93%

  • Rate of return – 2R
    25.88%

Copper is up on the London Metal Exchange during Monday’s session. The value of metals on the London Metal Exchange in delivery for 3 months increased by 0.4 per cent. Compared to the $9,647.00 per ton offered at the end of the previous session, according to the brokers report.

However, in Comex, copper loses 0.29 percent. And at $4.3970 a pound.

Analysts point out that the response of the Chinese authorities to the arrival of the Omikron variant coronavirus in China is likely to be a determining factor in commodity prices in the coming weeks.

Global commodity markets jumped in the first week of the new year. However, this may change if a new type of coronavirus – omicron – spreads to China – the world’s largest recipient of raw materials.

Investors are watching Chinese authorities deal with the Covid-19 pandemic.

After discovering 20 infections, the Chinese authorities decided to test 14 million residents of Tianjin, a coastal city 150 kilometers from Beijing.

Tianjin residents are advised not to leave or stay at home until they can participate in the screening. Until they test negative for coronavirus, they will not receive the ‘Green Code’ in the Chinese covid app.

The spread of the coronavirus could affect retail demand and demand for fuels and base metals if more Chinese residents are forced to stay at home.

Meanwhile, China, the world’s largest producer of refined copper, increased production of the metal in the last month of 2021 as smelters ramped up efforts to meet annual production guidelines.

In December, China produced 870.3 kilotons of copper, after an increase in m / m by 5.4%, and on an annual basis – an increase of 1%.

At the end of the previous session, copper on the London Metal Exchange was up $116 at $9,647.00 per ton.

copper

  • the above
    9 665,50

  • Accurate
    9 627,50

  • rate of return – 1T
    -0.92%

  • Return rate – 1 million
    1,19%

  • Return rate – 3 million
    3.93%

  • Return rate – 6 million
    2,36%

  • Rate of return – 1R
    18.30%

  • Rate of return – 2R
    56.71%