Leaders in Supply & Demand Side Intelligence
| Event | MarCon* | IIR Comment | Outlet | IIR News |
| U.S. Military Base in Syria Struck by Rockets Fired From Iraq |  |
A military base in Syria belonging to a U.S.-led coalition came under rocket-fire late on Sunday, the government-affiliated Iraqi Security Media Cell said in a statement. It wasn't immediately clear if there were any casualties. U.S. Central Command, which oversees American forces in the Middle East, is yet to comment. The attacks are the first against U.S. bases in the region since early February, when Washington struck Iran-backed militias in Iraq and Syria. | Time | Jet Fuel Demand, SLB Earnings: Your Daily Energy News |
| Israel Planned Bigger Attack on Iran, but Scaled It Back to Avoid War |  |
Israel abandoned plans for a much more extensive counterstrike on Iran after concerted diplomatic pressure from the United States and other foreign allies and because the brunt of an Iranian assault on Israel soil had been thwarted, according to three senior Israeli officials. Israeli leaders originally discussed bombarding several military targets across Iran last week, including near Tehran... Such a broad and damaging attack would have been far harder for Iran to overlook, increasing the chances of a forceful Iranian counterattack that could have brought the Middle East to the brink of a major regional conflict. |
NY Times | Norway's Oil and Gas Production Beats Forecasts |
| Ukraine Russia war: US House passes crucial aid deal worth $61bn | |
The House of Representatives has finally approved billions of dollars in new US military aid for Ukraine to help combat Russia's invasion. Republicans said more than a third would be dedicated to replenishing weapons and ammunition. The aid is likely to include air defence systems, mid to long-range missiles and artillery shells. (Although) it is unclear when it will arrive. This is not the silver bullet which will help Ukraine win the war, but it extends its window to fight and keeps the negotiating table at bay. Ukraine, which relies on Western weapons, desperately needs the aid as it struggles to contain invading Russian troops, who have been making steady advances in recent weeks. |
BBC | Global Shipbuilding Projects See Wave of Investments |
| Brent hovers above $86 as traders unfazed by MidEast conflict |  |
Global benchmark Brent slipped on Monday though it remained above $86 a barrel as traders turned their focus back to inflation with tensions in the Middle East having so far left actual oil supplies unperturbed. Both benchmarks spiked more than $3 a barrel early on Friday, after explosions were heard in the Iranian city of Isfahan in what sources described as an Israeli attack. Gains dissipated after Tehran played down the incident and said it did not plan to retaliate, a response that appeared gauged towards averting a region-wide war. The market reaction is yet another example that it is only reasonable to expect a protracted oil price rally if the Strait of Hormuz - the world's most important oil artery carrying a fifth of global supply - was disrupted or Saudi Arabia directly drawn into the conflict, noted Tamas Varga of oil broker PVM. |
Reuters | U.S. Reimposes Oil Sanctions on Venezuela |
| Carbon Price Crash Threatens EU Transition Funds | |
The price of carbon dioxide on the European Union's emissions trading markets, ETS, has taken a bad tumble. On the face of it, this is good news-it means industries covered by the scheme are emitting less. But in this case, fewer emissions mean less money for the transition. Reuters reported this week that the continued decline in carbon prices on the ETS has, since the start of this year, erased over 4 billion euro, or $4.36 billion, from that market. This means there is over 4 billion euro capture, and other transition tech. The kicker? There was no other way this could have played out. |
OilPrice | Portugal Battery Gigafactory Gets Green Light |
| Natural Gas News: New Bearish Weather Forecast Capping Gains | |
The U.S. natural gas market is currently experiencing a period of near stability with slight price movements as it responds to varying demand forecasts and production outlooks. Recent weather patterns have induced some volatility, with cooler than normal temperatures spiking demand in key regions across the country. A weather system impacting the Great Lakes and Northeast has brought lower temperatures, driving demand higher than usual for this time of year. The market has already adjusted to the increased demand expected over the next week, as reflected in current pricing trends. However, looking further ahead, the loss of numerous temperature degree days (TDDs) in the forecast suggests a potential decrease in demand, providing a bearish outlook for the 7-15 day period. |
FX Empire | Kinder Morgan Targets Gulf Coast, Tennessee Gas Lines for Growth |
| World Earth Day 2024: Date, significance, and why Planet vs Plastics is theme of this year. |  |
Earth Day promotes environmental protection and sustainability. EARTHDAY.ORG advocates for a 60% reduction in plastic production by 2040 and global efforts to end single-use plastic production by 2030. Each year, it adopts a specific theme to spotlight urgent environmental concerns. In 2024, the theme "Planet vs. Plastics" underscores the imperative for collaborative efforts to restore ecosystems, address climate change, and safeguard biodiversity. Under the banner of "Planet vs. Plastics," a coalition comprising students, parents, businesses, governments, and NGOs stands united in advocating for a world free from the harmful impacts of plastics. This collective effort seeks not only a reduction in plastic production but also envisions a future where generations to come can thrive without the burden of plastic pollution. |
OilPrice | China's Rongsheng Petrochemical Ups Role in Polyester Chips |
| Week 04/15/24 - 04/22/24 | |
For the moment on this Earth Day, further geopolitical unrest in the Middle East - as Israel launched a counterstrike on Iran and rockets from Iraq struck a military base in Syria belonging to a U.S.-led coalition - is being shrugged off by Mr. Oil Market as Brent falls back under $90. Surprising to some, the U.S. House finally passed an aid package to Ukraine as their beleaguered forces try to thwart the Russian Spring into Summer advance from the Eastern Donetsk region. Though uncertainty remains on just when "..arms & ammunition.." will arrive. Today's Earth Day topic is on Planet vs Plastics and whether there can be realized a 60% reduction in plastic production by 2040 - at a time when many Energy Majors are striving to expand energy complexes (Refining, Petrochemicals, Hydrogen, Bioenergy) throughout the world. Lots yet to be "..politically decided.." here in 2024 as well.. as many elections - India's just got underway - have yet to have their electorate votes counted, leading into a likely contentious COP29 in Azerbaijan. | ||
| *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. | ||||