Global oil prices stabilized their slide on Friday for a third straight day as the U. S. dollar hit its highest point in more than a month following the Federal Reserve’s decision to consider three possible rate cuts this year, dovish comments from the government. Bank of England and the Swiss National Bank’s wonderful rate cut.
The strengthening dollar has capped costs for oil, gold and other commodities as the ICE dollar index hit its month after the Federal Reserve’s resolution this week to keep interest rates at their highest level in 23 years, while forecasting a 75 basis point cut this year. It last rose 1. 01 numbers to 104. 45.
WTI crude for May delivery closed down 44 cents at $80. 63 a barrel, while May Brent crude, the global benchmark, closed down 35 cents at $85. 43.
That left any of the oil contracts down a fraction (less than a fraction of a percent) for the week. continue to reduce costs,” Saxo Bank said.
Supply remains tight, however, given OPEC members’ voluntary production cuts of 2. 2 million barrels per day, set to expire at the end of June, they may extend into the end of the year, as they continually did last year. .
OPEC has said its crude production cuts will be “gradually reinstated, depending on market position conditions” after the second quarter, but no one believes that (the cap has been in place for a year) officially or unofficially.
But it’s hurting OPEC members and the group’s crude output in February rose from 110,000 barrels per day (b/d) to 26. 68 billion b/d, bearish news for oil costs as Iraq and the United Arab Emirates continue to pump past their output. Quotas.
The number of U. S. oil rigs fell to just one last week. Baker Hughes reported Friday that the number of active U. S. oil rigs in the week ended March 22 fell to 509 rigs, up from a two-year low of 494 rigs set on Nov. 10. . The 15-fold increase occurred most frequently in the past month.
The number of U. S. oil rigs has declined in the past year from the 3 1/2-year high of 627 rigs recorded in December 2022.
. . . . . . .
And China’s Cnooc is determined to keep Chevron at bay in its attempts to buy Hess Corporation for $53 billion.
The Chinese oil giant filed a request for arbitration against Hess, after Exxon Mobil tried to identify a right to the company’s stake in Guyana’s Stabroek oilfield.
“We have a joint operating agreement with partners related to the Stabroek block. We will deal with the applicable issues based on the applicable arbitration terms,” Cnooc board secretary Xu Yugao was quoted as saying at an earnings briefing on Thursday afternoon, according to Reuters.
Cnooc filed a request for arbitration on March 15, it reported.
Exxon and Cnooc will identify a right of first refusal on Hess’s 30% stake in the oil block after Chevron (CVX) announced its $53 billion bid for Hess in October.
Hess’s stake in Stabroek is a key component of Chevron’s acquisition of the company, and the oil maker had warned in the past that the merger could fail if a solution was not reached between the components.
Exxon is the operator and owns a 45% stake in the Stabroek block, while Cnooc owns 25% of the oilfield.
Chevron asserted that Chevron and Hess were of the view that the right of preemption provision applied to their transaction.
Exxon and Cnooc are clearly there. Exxon announced last week that Cnooc and Hess had made another primary oil discovery in the Stabroek block with related fuel (this is the first time the fuel has been linked to the 16 discoveries in the block so far).
Get updates delivered straight to your inbox.
Terms of Use | Privacy Policy | Contact | Mail
Increases across all areas of Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its Mineral Resource Estimate (MRE) at the Deep Leads Ionic Adsorption Clay (IAC) rare 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 memorandums of understanding within 10 days. Ford Company (Ford) has signed a memorandum of understanding for about 25,000 t/year and last week, Hanwa, a Japanese commodity trading company, signed a memorandum of understanding for up to 25,000 t/year. Subject to execution, this is a feat as Ford and Hanwa are in a position to engage in longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing, but they should, i. e. if Ford and Hanwa inject new capital into LKE, it will further reduce the risk of the financing of the assignment and thus ensure that LKE and Kachi are fully funded.
Two recent severity studies have particularly exceeded expectations and revealed the possibility of expanding the existing MRE at Throssell Lake, as well as a significant expansion opportunity at Yeo Lake. This reinforces the prospect of a multi-decade-long Tier 1 SOP production facility around Throssell Lake.
TMG is currently completing paints for the planned PFS in early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and permitting activities. The effects of these systems will affect the SFP and any long-term resource improvements.
SOP reference prices have risen to around 940 USD/t due to recent geopolitical developments. The October 2021 scoping study assumed an SOP value of $550/t and contained a sensitivity study showing that every 10% accumulated in value effects at a cumulative $144 million in NPV of the $364 million allocation. The increase of approximately 70% during the scoping study implies an allocation NPV of approximately $1. 4 billion.
Despite the drop in oil and fuel prices, which fell by 5. 4% and 19. 7% respectively in August, Calima managed to record an improvement in its key industry indicators.
WT Financial Group Limited (WTL) is a fast-growing diversified monetary company founded in 2010 and indexed on the Australian Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors who act as legal representatives. . de WTL in connection with its broker organisation business Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisers in more than two hundred money advice firms 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 study report on ASX-listed biotech company Immutep Ltd (ASX: IMM). He was so inspired by IMM that Corporate Connect felt it was imperative to publish a follow-up report that valued the company. as the market did not see the great prospects of Eftilagimod Alpha (EFTI).
The follow-up report published today. Using comparables, after adding a monetary rebate to its EV estimate and dividing it by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at A$2. 20.