Breaking the Natural Gas Real Record in Europe | OilPrice.com

1. Indicates weakness under Chinese power congestion

– While power outages are not new to China, they are not happening now and during the winter.

– At least two-thirds of China’s steel production has suffered power outages this year, forcing 11 provinces to take control of H22021.

– Since production is restricted mainly in industrialized regions, power outages are pushing up commodity prices.

– According to Morgan Stanley, 35% of China’s cement production and 30-40% of the petrochemical industry are affected by power constraints.

2. Angolan production will fall to its lowest level in 30 years

Angola has become one of the key players in OPEC + Production Goals’ successive production since September 2020 with African producer Nigeria.

– Angola is set to record its lowest export expenditure in at least 15 years, with only 31 shipments planned for November, less than 1 million B / m.

– Angola’s large-scale production and exploration efforts have been successful, mainly by ANE and Total Energy.

– Coronavirus outbreak increased…

1. Indicates weakness under Chinese power congestion

– While power outages are not new to China, they are not happening now and during the winter.

– At least two-thirds of China’s steel production has suffered power outages this year, forcing 11 provinces to take control of H22021.

– Since production is restricted mainly in industrialized regions, power outages are pushing up commodity prices.

– According to Morgan Stanley, 35% of China’s cement production and 30-40% of the petrochemical industry are affected by power constraints.

2. Angolan production will fall to its lowest level in 30 years

Angola

Angola has become one of the key players in OPEC + Production Goals since September 2020, producing less than expected from African producer Nigeria.

– Angola is set to record its lowest export expenditure in at least 15 years, with only 31 shipments planned for November, less than 1 million B / m.

– Angola’s large-scale production and exploration efforts have been successful, mainly by ANE and Total Energy.

– This is the first time in 40 years that no wells have been drilled in Africa.

3. India’s coal shortage raises fears of power outage

India

– Coal prices continue to rise amid a massive supply deficit in the sector, but India’s coal reserves fell by only 8 million tons with 5 million fires.

– India’s demand for energy has increased over the past few months, with 23 gigabytes increased over the same period last year, half of which is powered by coal.

– Indian crude imports have been declining for five consecutive months, with monthly imports falling to 12 million tons in September, down 20% a year.

– Market analysts say India has been waiting for the price of coal to fall before it could buy, and now Indonesia, its main supplier, is struggling to make ends meet and has no stocks to sell.

4. China embargo fails to hold aluminum prices

Chinese ban

– The aluminum market is expected to surpass all other metals in 2021, according to Bloomberg.

– Not surprisingly, the increase in the price of aluminum comes from energy prices, which require a significant amount of energy to melt the bauxite.

– Aluminum, the main source of energy for Asia, is about 65% of the world’s aluminum, and about 90% of its smelter is made of coal, so the price has doubled in the domestic Chinese market.

– Although some Chinese smelters are looking for cheap and clean hydropower resources in China, the additional appreciation for aluminum may be reasonable.

5. Purchase of panic in the UK

Fuel

– A shortage of British truck drivers has led to a nationwide crisis with the disappearance of a third of Britain’s gas stations.

– The purchase of both diesel and gasoline scavengers – the UK will account for 40% of car crashes – has made recovery more difficult for filmmakers as COVID-19 still needs to recover.

– The shortage of drivers is mainly due to a combination of brakes (mostly non-UK citizens) and coronavirus restrictions, and the shortage of trucks is estimated at 100,000 people.

– The government has announced plans to issue temporary visas to 5,000 foreign truck drivers to ease the pressure on the domestic system.

6. Iraq to increase Basra’s medium capacity

Iraq

– Sosso has halved its export capacity at the Basra Oil Terminal (ABOT) in order to further boost Basra’s mid-range capacity, which has become a major export stream following this year’s change in quality.

– From now on, the average capacity of ABOT for Basra will be around 1.8 million, while Basra Birhan will be moved to one point with Basra.

– Because most of Iraq’s revenues are heavy and brutal, Somo Basra Light (nominal 33 ° API) could not stay at its previous export level and opted to increase Basra flows instead.

– Basrara Medium Export In September, on average, 1.2 million BDD, followed by China, the regional division (more than 650 KB last month), followed by India.

7. European gas prices have risen to incredible heights

Gas

– European gas prices continue to fall sharply this week, with gas stocks plummeting and blocking European buyers from Asian swings.

– European price index TTF has followed the Asian price index JKM this year and is currently trading around / 87 / MWh, still lagging behind in the tight winter supply signal.

– In Germany and the United Kingdom, according to the plan, nuclear disruptions, as well as switching to natural gas, are already close to physical limits, and gas prices may still be far from over.

– Winter weather forecasts for 2021/2022 are set to begin this week, with most indicating that this year could see the heaviest winter since 2012/2013.

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