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|Event||MarCon*||IIR Comment||Outlet||IIR News|
|Hurricane Lee is gone. Here's what else is lurking in the tropics.||Hurricane Lee transitioned into a mid-latitude storm and slammed Nova Scotia on Saturday, bringing 80-mph wind gusts, flooding rains and an ocean surge to the Northeast United States and Canadian Maritimes. Now North America is enjoying a respite from tropical trouble, but all indications are that the quiet period won't last.
Mid-September marks the peak of the Atlantic hurricane season, and there are already multiple other systems to watch. In addition to Hurricane Nigel, which could become a major Category 3 storm over the open ocean in the days ahead, there are two other areas of concern.
One is a new tropical wave rolling off the coast of Africa that appears poised to develop as it churns west across the tropical Atlantic Ocean. The other is an anticipated area of storminess off the Southeast U.S. coast, which could bring heavy rain and gusty winds to the Southeast and Mid-Atlantic by around the weekend.
|Washington Post||Join IIR for an Outlook of the Global Oil & Gas Sector in the Energy-Transition Era|
|Oil Prices Forecast: WTI, Brent Surge Amid OPEC Supply Cuts, China's Stimulus||Amid OPEC+ supply cuts and a buoyant Chinese demand, crude oil news shows prices soaring to new heights.
Crude oil prices posted a surge on Monday, for a third consecutive session, driven by the ongoing supply cuts from Saudi Arabia and Russia, coupled with a positive demand outlook from China, the globe's leading crude oil importer. This uptrend was further supported by China's latest stimulus measures and promising U.S. economic indicators... With major refineries in China amplifying their output due to lucrative export margins, there is a heightened focus on the upcoming decisions from key central banks like the U.S. Federal Reserve regarding interest rate policies, as well as important economic data releases from China.
|FX Empire||Oil Markets: Where is the Common Sense?|
|Saudi Arabia ready to expand co-op with Iran's petchem industry||Abdullah bin Saud al-Anzi made the remarks on Monday on the sidelines of a visit to the 17th International Exhibition of Plastic, Rubber, Machinery, and Equipment (IRAN PLAST 2023), Shana reported.
During his visit to the booth of the National Petrochemical Company (NPC) at the exhibition, he held talks with the NPC managers, saying: "There are common areas of cooperation between SABIC (Saudi Arabia's Basic Industries Corporation is a Saudi chemical manufacturing company) and Iranian petrochemical companies, and we hope to see meetings held soon with the coordination of the National Petrochemical Company."
|Tehran Times||Trans Mountain, China Refinery Throughput: Your Daily Energy News|
|Natural Gas Prices Forecast: Demand Shifts Amid Cooler Forecasts||Today's U.S. natural gas dynamics reveals a bearish short-term forecast, pressured by milder weather but underpinned by global labor disputes.
U.S. natural gas futures experienced a minor surge on Monday, rebounding from an initial decline influenced by mild weather conditions and neutral weekend developments. While current temperate conditions are tempering prices, lingering strikes in Australia have yet to make a tangible impact. In contrast, futures dropped by 1% on Friday, reflecting fewer production reductions than anticipated and milder weather predictions for the upcoming week.
The U.S. has witnessed a slight decline in gas output for September, averaging at 102.2 billion cubic feet per day (bcfd) compared to August's record 102.3 bcfd.
As for demand, forecasts for the upcoming weeks hint at a decrease, despite a surge in LNG exports.
|FX Empire||U.S. Returns to Top Worldwide LNG Exporter Status in First-Half 2023|
|China's NEV industry speeds ahead in global electrification race||China's new energy vehicle (NEV) sector has turbocharged growth in recent years, getting a head start in the global race to electrify cars and fostering competitive edges in its domestic auto brands.
In its latest move to boost NEV development, China said it aims to bring this year's NEV sales to 9 million units, an increase of 30% year-on-year, according a work plan unveiled last week.
In the first seven months of this year, China saw its NEV sales surge 41.7% from a year ago to 4.53 million units, official data shows. Globally, the country has ranked first in terms of production and sales for eight straight years since 2015.
Zhu Yifang, a researcher with the China Automotive Technology and Research Center Co Ltd, said that policy support has been an "accelerator" for the development of China's NEV industry over the years.
China rolled out its first NEV development plan in 2008. The country's policymakers, at both central and local levels, have since provided consistent and solid support for the development of the sector.
|China Daily||Thin-Film Solar Panel Efficiency Advances to 15.2%|
|Floods, heat waves, hurricanes, wildfires surging worldwide this year||Natural disasters have caused approximately $194 billion in global losses during the first half of 2023.
Hurricanes, torrential rains, heat waves, cyclones, deadly flooding, wildfires - the number of extreme weather disasters per year has increased significantly across the world.
Hong Kong was hit with the heaviest rainfall ever recorded since it began tracking in 1884 - that's 139 years ago.
After a summer of deadly wildfires... extensive floods hit central Greece... The same weather system affected Turkey and Bulgaria, causing flooding.
In South America, a cyclone triggered severe flooding in southern Brazil..
All of this comes as the World Meteorological Organization declared that the Earth experienced its hottest Northern Hemisphere summer ever recorded
|Scripps News||Chevron Buys Majority Stake in U.S. Clean Hydrogen Project|
|Week 09/11/23 - 09/18/23||Seemingly no stopping this run-away Bull Train. One minute we are asking "Where is Demand"; the next minute one is surprisingly receiving promising manufacturing as well as economic data out of China â where there has been nothing but "economic woes" reported in the past few months. This news further emboldened Mr. Oil Market's Bulls to push price even higher. But for how much longer can this run continue? Will we see $100? - as Q4 looms when the Northern Hemisphere steps into Refinery maintenance period amidst the seasonal doldrums. Preparing for Winter as well as next Spring & Summer.|
|*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.|