Two months ago, the crude oil market was abuzz with chatter that US$100/b oil was imminent. Fuelled by worries over the impact of American sanctions on Iranian crude exports, industry powerhouses from Glencore to JP Morgan to BP predicted that Brent would hit US$90/b by Christmas, and breach the three digit mark in Q12019. With just over a month to Christmas, Brent is now trading at US$65/b and WTI maintaining its steady discount at US$55/b. How did the market get it so wrong?
The main lynchpin is supply. Just as the sanctions went into effect on November 3, the USA issued surprise waivers to 8 key importers of Iranian crude, including China, India and South Korea. This had been bandied about in the lead up to November 3, with South Korea even eschewing all Iranian crude in September and India cutting down dramatically to qualify. The scope of the waivers was larger than expected, despite American rhetoric that the sanctions would be ‘tougher’ than Obama-era measures. Ostensibly, the waivers were issued due to the market being ‘fragile’, but also it also acknowledges the reality that it will be impossible to remove all Iranian crude trade without causing a supply crunch. So instead of reducing Iran’s exports ‘to zero’, the White House seems to have settled on reducing it to 1 mmb/d or so.
At the same time, President Trump’s Twitter demands that OPEC increase its supply was heeded. Saudi Arabia claimed that OPEC was in a ‘pump as much as we can’ mode, with the Kingdom’s crude exports rising to record highs, along with that other large producer Russia. With increased supply from OPEC more than offsetting losses in Iran, the market swung from fears of a supply crunch to oversupply. On November 13, Brent dropped by almost US$5/b as market dynamics changed course; it wasn’t just supply growing, but also demand retreating, as warned by the EIA and IEA. OPEC also commented that it was seeing ‘declining demand for its crude’, revising its demand forecast downwards for the fourth month in a row – news that spooked traders in the market, especially given that China’s overall economic growth is also slowing down.
So crude oil benchmarks are now trading at nearly 20% lower than they were a month ago. That’s officially a bear market. What happens next?
Probably to the chagrin of Donald Trump – although the issue is less vital now that American midterm elections are over – Saudi Arabia is looking to make a U-turn, proposing an output cut of some 1mmb/d ahead of the OPEC meeting in Vienna in two weeks. Other allies within the OPEC+ circle are less keen on changing course, with Russia stating that producers should look to avoid knee jerk reactions to momentary price signals. That said, Vladimir Putin has also stated that oil at ‘US$70/b suits us completely’, a sentiment echoed across OPEC. So instead of taming prices, OPEC now has the onerous task to propping them up. But it’ll be easier said than done; the current glut in the crude market is for light, sweet grades, not the heavier, sourer crudes produced by OPEC.
Will it happen? Yes, it will. Producers have gotten used to US$70/b oil and with signs showing that Brent could fall as low as US$60/b in the next few weeks, they will be eager to shore things up. The slate of new upstream projects approved in the second half of 2018 require relatively strong crude prices to be economic. US$80/b oil might be too high, US$60/b oil might be too low, but US$70/b oil seems just right. And now it is up to OPEC+ to see if they can convince the market to return to that point.
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“Communication is an art. Period”
It is true when we say that connecting with people is not everyone’s cup of tea. The first step is listening and then responding accordingly.
When it comes to chatting services, it becomes even more crucial to be clear and transparent.
It falls under the category of Managed Chat Services. People are trained to know inside out about a particular service/product.
But what are the exact requirements and features for anyone to become a chat service agent? Find about them below:
This form of communication requires the agent to understand the need of the user properly and respond in a way that the easiest for them to understand. This differs from person to person easily.
It has been found that using managed services helps in acquiring customers and converting leads easily. People get quick quality responses which creates a good image of the seller in their minds.
Be quick in responding. This show how alert and active the employees are. If the response takes a long amount of time, then it can leave the customer frustrated. This can end up creating a negative impact on the customer.
There can be times when a shopper can get distracted or can get busy exploring other options/varieties online. This can look like the customer has helped but the reality is far away from it. Give the user a sufficient amount of time before declaring a chat dead or unresponsive.
A Propane Bullet Tank, also known as LPG Above Ground Tanks, is used for storing liquid natural gas. The tanks have components that best fit your company's needs and are available in various sizes.
The size of a propane bullet tank can be anything from 6,000 and 30,000 gallons, with an 18,000 tank generally the most popular. Tank fill levels should not exceed 70–80% for liquid natural gas to expand inside the vessel.
For holding trucks to reach the site and collect liquids, a tank's average pressure should be approximately 250 psi. This will keep liquid natural gas contained and under low pressure.What & Where Is Propane Bullet Tank Used?
You're undoubtedly wondering, "Where should I utilize or keep them?" A propane bullet tank is linked to the cold separator drain on a Joule Thomson System (JTS) or mechanical refrigeration devices for the collection and short-term storage of the recovered natural gas liquids.
These tanks are also utilized in refineries and other end-use facilities for the bulk storage of goods that can be sold, such as propane or butane.
LPG is kept in propane bullet tanks because the liquid gas needs to be kept under intense pressure to remain fluid. Bullet tanks effectively do this because of their evenly dispersed, consistent pressure. Since there are no edges, there is also no possibility of a variable pressure region.
What Can a Propane Bullet Tank Do?
A channel called a bulkhead stanchion prevents unintentional vehicle pull-away.
The most important valve on any tank is the pressure relief valve. It is intended to release too much pressure.
The level gauge continuously measures the levels of liquid natural gas.
Reduces fluid loss during emergencies thanks to the emergency shutoff valve.
If trucking drives away while the hoses are still attached and move, the bulkhead, flexible hose, and hose couplings protect the piping. The flexible hoses won't break the ridged pipework; they will stretch.
The high-pressure regulator controls the pneumatic pressure necessary for all ESVs to operate effectively.
GasnTools offer the most excellent propane Bullet tanks at affordable prices. Offering high-quality bullet tanks is what they are involved in doing due to their knowledge and experience in this particular field.
LPG gas is frequently kept and stored in these tanks. These LPG Above Ground Tanks serve a variety of industrial utilities quite effectively. Only top-notch raw materials and cutting-edge technologies are used when making this tank.
Nitrogen in liquid form is a colorless, odorless, nonflammable, inert cryogenic liquid. It has a boiling point of less than -130 °F (-196 °C). Although this product is freezing, Nitrogen is widely used in chemical analysis during sample preparation. It is employed in the concentration and condensing of liquid sample volumes. It is used in the production of explosives, nylon, nitric acid, fertilizers, and color-safe operation precautions must be taken when handling or using it in Dubai.
Buy Liquid Nitrogen Cylinder in the UAE from GasNtools and improve the display of your frozen items!Ways To Deliver Nitrogen
You must be wondering where to buy nitrogen gas. GasNtools is one of the best liquid nitrogen suppliers that can meet your needs for nitrogen gas no matter what they are. They provide nitrogen to:
Compressed nitrogen is offered in a variety of cylinder sizes:
40-liter nitrogen cylinder with a 6 m3 capacity at 140 bar and a 10 m3 capacity at 200 bar.
Different-sized pour spouts of liquid nitrogen are available.
Massive service: For high-volume applications, liquid nitrogen is transported in cryogenic tankers to on-site storage. It is kept as a cryogenic liquid in a vacuum-insulated vessel that can hold enough over many days and is available as either a liquid or a gas on demand.
It has spread throughout the industry and is now widely used in restaurants to quickly freeze liquids to ice creams and desserts for live food displays. Because liquid nitrogen has a temperature of -196 °C, the liquid ice cream mixture can be quickly cooled and frozen. Any remaining nitrogen escapes as a gas. Another advantage of freezing is that it reduces dehydration losses, which can reach crucial economic tiers with these items under ambient air. The cost of liquid nitrogen in Dubai is completely inexpensive. As a result, many customers approach GasNtools to obtain this nitrogen gas quickly and affordably.
Although liquid nitrogen is safe in food and beverages, it should not be consumed immediately. Before providing it to the customer, it must have vanished entirely from the food or drink. Because it can be highly hazardous or devastating if not handled properly, this product is only maintained by trained chefs.
When managing liquid Nitrogen, wear dielectrics gloves and carefully made PPEs (Personal Protective Equipment).
GasNtools is Dubai's most dependable nitrogen gas supplier. They always transport nitrogen gas in a trustable container. You must use a service elevator to transport this gas.