IIR's October 2 Market Scorecard Brings You Breaking Geopolitical News

---

Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
Widespread flash flooding grinds New York City to halt amid record-breaking rain		One of New York City's wettest days in decades left the nation's largest city stunned and swamped as Tropical Storm Ophelia's remnants pushed onshore Friday. The already heavily saturated region received several inches of rain within hours across all five boroughs of the city, knocking out several subway and commuter rail lines, stranding drivers on highways, flooding basements and even shutting a terminal at LaGuardia Airport for hours. States of emergencies declared in New York, New Jersey Both New York Gov. Kathy Hochul and New Jersey Gov. Phil Murphy declared states of emergencies in their respective states as floodwaters wreaked havoc.	FOX Weather	U.S. Rig Count, Crude Oil Production: Your Daily Energy News
Oil Prices Forecast: Underpinned by Global Supply Constraints as US Shutdown Averted		Oil Markets Navigate Risk and Supply Oil prices commenced the week on an upward swing, partially reversing last Friday's slump. Brent and West Texas Intermediate (WTI) crude futures nudged higher on global supply constraints and a sigh of relief from traders as a last-minute deal averted a U.S. government shutdown. OPEC+ and Policy Outlook OPEC+, is not expected to make any significant changes in its output policy, according to inside sources. The group's upcoming meeting this Wednesday is likely to sustain current oil production cuts, reinforcing the bullish sentiment in the market.	FX Empire	Join Industrial Info's Industry Experts at October 25 Baton Rouge Event
PetroChina begins building $3 billion petrochemical complex in Xinjiang		China's Dushanzi Petrochemical Corp, a unit of state oil and gas major PetroChina, said on Friday it began construction of a 21.88 billion yuan ($3.00 billion) petrochemical complex in the far western resource-rich region of Xinjiang. The complex emcompasses 11 key facilities including a 1.2 million metric tons per year (tpy) ethylene plant, two 450,000-tpy full-density polyethylene units and a 400,000-tpy polypropylene unit, Dushanzi Petrochemical said in a posting on its official WeChat account. When completed, the Dushanzi plant will have a total ethylene capacity of 3 million tons annually, one of the largest in the country. PetroChina aims to start operating the new complex in 2026 and source electricity fully from renewable energy as Xinjiang is rich in wind and solar resources.	Reuters	More Eyes Turn to COP28 UAE
Natural Gas Price Forecast - Natural Gas Markets Pull Back		Natural Gas Technical Analysis Natural gas markets have pulled back just a bit during the trading session on Monday, as we continue to see a lot of noise around the $3.00 level. The $3.00 level is a large, round, psychologically significant figure that has offered massive resistance all summer long. That being said, it certainly looks as if we will eventually have to sort something out as to whether or not we can break out. Quite frankly, I think natural gas eventually will, and once it does, we will go looking to the 200-Day EMA. If we break above that level, then it opens up a move all the way to the $5.00 level. Because of this, the market is going to have a lot of FOMO if we get toward that region.	FX Empire	LNG Demand Drives $6.8 Billion in U.S. Nat Gas Pipeline Kickoffs
AI-Tech Leads To NASA Energy Breakthrough		NASA and energy startup ADC Energy USA, Inc. have jointly published a breakthrough validation of a "new form of energy" that does away with conventional AC/DC power conversion. The two parties have been researching "alternating direct current" (ADC) for 5 years, an AI-enabled, energy technology that makes lossless power transmission possible. "ADC is the greatest innovation I've seen in my 50-year career," Terry Boston, advisor to The White House and the United States Congress, and former CEO of PJM, gushed when speaking at a keynote speech at the Energy and Mobility Conference & Expo. "The results of this extensive multi-year endeavor are profound to say the least. The conclusions confirm that ADC is an historical paradigm shift, and most important, ADC is ready to deploy to provide innovative solutions to our global climate and energy crisis," said Henry Lee, CEO of ADC Energy. "This is a revolution at the levels of Thomas Edison and Nikola Tesla."	OilPrice	EIA: Weather Could Cause 2023 U.S. Hydro Generation to Drop 6% From Last Year
What the world would look like without fossil fuels		A thought experiment shows the complexities of phasing out oil, gas and coal In any given year, the world produces staggering quantities of fossil fuels. Roughly 36.5 billion barrels of oil. Over 8 billion metric tons of coal. The United States alone extracts and processes over 100 billion cubic feet of natural gas. When those fossil fuels are burned, planet-warming gases are released. All that coal, oil and gas is the reason that September has already seen record-high temperatures and the world is likely to miss its goal of limiting global temperature rise to 1.5 degrees Celsius... Most everyone agrees that a sudden, abrupt halt in fossil fuel production - if, for example, the United States and Saudi Arabia and every other large producer shut down their oil wells all at the same time - would be catastrophic. "Oh, dear God," said Samantha Gross, director of the energy security and climate initiative at the Brookings Institution. "I don't even know where to start."	Washington Post	EU Agrees to 'Significantly Higher' Renewable Energy Targets
Week 09/25/23 - 10/02/23		A sigh of relief or.. so the dysfunctional U.S. Congress managed to avert a government shutdown in the 13th hour & the markets seemingly breathed a sigh of relief and turned their attention to "other things" but as much as Mr. Oil Market wants to take a run at $100 crude one begins to wonder if it is "in the cards" for there appear to be some "jokers" in the deck. As the World Bank cut China's growth forecast for 2024. And the Dragon itself has decided on restraint on energy exports & imports. So will this "seeming supply shortfall" this week of OPEC+ meeting be enough to continue the bull train steaming down the track? One begins to think the macroeconomic picture will temper price enough where Mr. Oil Market bears witness to a retracement.
*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.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).