8/05: (6:30 pm) WTI Inches Back, Still Below $90/bbl; The Market Still On Edge Waiting for Next Shoe to Drop in Russia or China

Oil prices inched back up on Friday after declining nearly 15% over the past three weeks.  September crude oil moved up by $0.47/bbl to settle at $89.01/bbl.   General malaise around the prospects for a global recession continues to permeate market sentiment.  But the threat of a supply disruption related to Russia-Ukraine and heightened tensions between the U.S. and China is still out there.   Any significant increase in geopolitical tensions could see crude prices back above $100/bbl in very short order.

8/4: UN Chief Urges Tax on Oil Industry For "Grotesque Greed"

UN Chief Urges Tax on Oil Industry For "Grotesque Greed": (OilPride.com)

The secretary-general of the United Nations, Antonio Guterres, lashed out at the oil and gas industry, accusing it of "grotesque greed" and calling for additional taxes on their profits.

Guterres noted that for the first quarter alone, the combined profits of the world's largest oil and gas companies were 'close to $100 billion" and urged all governments to tax these profits.

8/4: Saudi Arabia Sets Sept Crude Prices to Asia at Record High

Saudi Arabia Sets Sept Crude Prices to Asia at Record High (Reuters)

Saudi Arabia, the world's top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins.

The official selling price (OSP) for September-loading Arab Light to Asia was raised by 50 cents a barrel from August to $9.80 a barrel over Oman/Dubai quotes, state oil producer Saudi Aramco (2222.SE) said on Thursday, exceeding the previous record of $9.35 per barrel set in May.

8/3: Net Crude Imports Double, Driving Inventory Build

After crude oil exports hit a record high two weeks ago, it was turn for imports to soar. Imports in the week to July 29, specifically on the West Coast, jumped by 1.2 MMb/d to the highest level since July 2020, toward the end of the brief Russian-Saudi battle for market share. Exports fell by nearly 1 Mb/d, which caused net imports to jump 2.2 MMb/d, providing additional supplies for the market and driving a build in commercial storage that was almost equal to the volume released from the Strategic Petroleum Reserve (SPR).

8/04: (6:30 am) Freeport LNG and PHMSA Reach Restart Agreement; Modest OPEC+ Quota Increase Offsets Bearish EIA Stats

Yesterday the Freeport LNG terminal and the Pipeline Hazardous Materials Safety Administration (PHMSA) were reported to have reached a consent agreement to restart the facility. Initial operations for three liquefaction trains could begin operations by October, which would mean about 2 Bcf/d of export capacity.  Yesterday September Henry Hub was up $0.56/MMbtu to settle at $8.226/MMbtu.   Today in early trading it is up another 10 cents/MMbtu.   EIA storage stats are out this morning.