Oil prices are now the new falling month, quarter and fiscal year after a soft end to June.
The outlook remains clouded by considerations about the situation in Middle East hotspots and strong global demand, with the United States, the European Union, Japan and China facing economic slowdowns imaginable that could push the expansion further into recession.
OPEC and OPEC are volatile in terms of their production policies. OPEC members continue to cheat a bit, as does Russia. The International Energy Agency forecasts a decline in demand over the next six months, while United States production appears to be slowing.
Brent closed June with a drop to $84. 97. That was down 0. 06% for the week, but up 13% since the start of June and 10. 24% since the start of the year.
U. S. West Texas Intermediate crude ended June at $81. 54, up 16. 8% for the year but down 1% for the week. This is an increase of 14% since the beginning of the year.
However, the decline in the use of US oil platforms remains a dominant theme in the global producer.
The Baker Hughes energy organization reported Friday that active United States oil rigs in the week ended June 28 fell from six to a two-and-a-half-year low of 479 rigs, from 485 a week earlier.
The number of US oil rigs has declined over the past year and partly from a four-year high of 627 in December 2022.
Platform counts ended 2023 at 500 and 545 at the end of June a year ago, so the decline is substantial.
A year ago, the total number of platforms was 674; By Friday’s count, there were 581.
The number of fuel platforms has been reduced from one to 97; a year ago, there were 124.
The decrease in the use of the platform is linked to an increase in productivity. U. S. production amounts to 13. 2 million barrels, one million barrels more than in June last year.
“After a relatively weak start to the year, amid concerns about Chinese demand and the negative effect of high financing prices following the US Federal Reserve’s most competitive rate increase campaign in decades, “The crude oil market has risen since then, with the peak of major moves driven by the ebb and flow of a geopolitical threat premium, and with it the buying and promoting of hedge funds looking for momentum,” he said Array Ole Hansen, head of commodities strategy at Saxo Bank, in a note on Friday.
Government data showed on Wednesday that United States advertising crude inventories rose 3. 6 million barrels to 460. 7 million barrels in the week ended June 21, contrary to the market’s estimate of a 2. 8 million-barrel drop.
Crude oil prices, however, continue to benefit from underlying considerations about the confrontation between Hamas and Israel. The Israeli army continues to carry out operations in Gaza. There are also fears that the war will spread to Hezbollah, Lebanon or even a direct area. clash with Iran.
Meanwhile, continued attacks on shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert their vessels to the southern tip of Africa via the Red Sea, thus disrupting global crude oil movements.
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Overall increases for Deep Leads’ resources: quality, tonnage and target area ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at Deep Leads’ rare ion adsorption clay (IAC) earth deposit in northern Tasmania. The accumulation in MRE comes from 36 extension wells analyzed, representing a significant northward extension for the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding MoUs within 10 days. Ford Company (Ford) has signed a memorandum of understanding for about 25,000 t/year and last week, Hanwa, a Japanese raw materials trader, signed a memorandum of understanding for up to 25,000 t/year. Subject to execution, this is a feat as Ford and Hanwa are set to collaborate on long-term strategic partnerships with LKE. Trade negotiations are still ongoing but should, namely whether Ford and Hanwa will inject new capital into LKE, removing additional risks in financing the task and thus ensuring that LKE and Kachi are fully funded.
Two recent gravity studies have particularly exceeded expectations and revealed prospects for expansion of the existing MRE in Lake Throssell, as well as an opportunity for significant expansion in Lake Yeo. This reinforces the prospect of a multi-decade Tier 1 SOP production center around Lake Throssell.
TMG is currently completing work for the planned PFS in early 2023, adding start of drilling in Q3 2022, evaporation testing and permitting activities. The effects of those systems will affect the PFS and any long-term resource upgrades.
SOP benchmarks have increased to approximately $940/t due to recent geopolitical developments. The October 2021 scoping study assumed an SOP value of $550/t and included a sensitivity study showing that every 10% increased value effects resulted in a +$144 million increase in task NPV of 364 millions of dollars. The approximately 70% increase compared to the scoping study implies an NPV of the allocation of approximately $1. 4 billion.
Despite falling oil and fuel prices, which fell by 5. 4% and 19. 7% respectively in August, Calima managed to show improvement in its main indicators.
WT Financial Group Limited (WTL) is a developing diversified monetary company, founded in 2010 and indexed on the Australian Stock Exchange (ASX) in 2015. Its recommendations and product offerings are provided primarily through an organization of monetary advisors independents who act as legal representatives. of WTL under its broker organization businesses Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisors in over two hundred money advice companies across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). It was so inspired by IMM that Corporate Connect deemed it imperative to publish a follow-up report valuing the company, as the market did not see the great prospects for eftilagimod alfa (efti).
This follow-up report is published today. Using comparables, after adding a monetary rebate to its EV estimate and dividing by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at AU$2. 20.