OIL
Oil eased lower as another round of proposed production freeze talks by OPEC failed to excite investors.
EIA is now expecting U.S. output to reach 8.31 million barrels per day in 2017, up from its forecast of 8.2 million barrels per day in July," ANZ Bank said on Wednesday.
Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is trying to drum up support for a producer meeting to decide measures that would buoy oil prices.
Analysts said they did not expect more success from a potential future meeting.
Goldman Sachs predicted the oil and gas needs to hire between 80,000 and 100,000 people by the end of 2018 just to keep up.
Iran and Iraq are refusing to limit productions as the Saudi’s seem to be giving into pressures from smaller members.
Iran’s production has crept back up to 3.6 million barrels a day, almost 600,000 barrels a day higher since world powers lifted economic restrictions over the country’s nuclear program in January.
Iran’s production has crept back up to 3.6 million barrels a day, almost 600,000 barrels a day higher since world powers lifted economic restrictions over the country’s nuclear program in January.
NATURAL GAS:
Natural gas’ primary use is in electricity generation and direct use to heat homes. Therefore, demand for heating and air conditioning are the major drivers of natural gas demand.
This means natural gas demand has a huge seasonal factor.
In the summer, electricity demand is to power air conditioners;
in the winter, natural gas demand is to generate electricity to heat homes and direct heat such as natural gas powered fireplaces, etc.
Natural gas demand’s primary peak is in the winter and its secondary peak season is in the summer. Natural gas is put into storage in low demand periods and used in the high demand season.
Once the end of September hits, the chance for hot weather in North America is pretty much over, while it is also rare for cold enough weather to demand heating use. This will translate to decreased demand for natural gas to generate electricity to power heaters and/or air conditioners.
USA Seasons:
In the United States and the rest of the northern hemisphere, the first day of the summer season is the day of the year when the Sun is peak north (on June 20th or 21st). This day is known as the Summer peak.
The declination of the Sun on the Summer Solstice is known as the tropic of cancer (23° 27'). In the southern hemisphere,winter and summer solstices are exchanged so that the Summer Solstice is the day on which the Sun is farthest south.
Earth is closest to the sun in December which is winter in the Northern hemisphere.
Winter is often defined by meteorologists to be the three calendar months with the lowest average temperatures. This corresponds to the months of December, January and February in the Northern Hemisphere, and June, July and August in the Southern Hemisphere.
TOP 10 PRODUCER & CONSUMER CONTRIES:
PRODUCTION COUNTRY IN CUBIC METERS CONSUMTION COUNTRY IN CUBIC METERS
1 United States 681,400,008,704 United States 689,900,027,904
2 Russia 669,699,997,696 Russia 457,200,009,216
3 Iran 162,599,993,344 China 149,999,992,832
4 Canada 143,100,002,304 Iran 144,600,006,656
5 Qatar 133,200,003,072 Japan 112,599,998,464
6 China 117,100,003,328 Saudi Arabia 99,229,999,104
7 Norway 114,700,001,280 Canada 82,479,996,928
8 Saudi Arabia 103,199,997,952 Germany 75,200,004,096
9 Algeria 82,759,999,488 Italy 68,700,000,256
10 Netherlands 81,520,001,024 India 64,490,000,384
COPPER:
China this morning eased pressure for more stimulus from the PBOC.
Recent movements in copper inventories highlight the lack of significant demand for the metal, particularly in the ever important Chinese market," analysts at BMI Research wrote in a recent note.
ALUMINIUM
The US Department of Commerce (DOC) decided to maintain anti-dumping and anti-subsidy order on aluminum extrusions from China in its sunset review.
LEAD:
The motive battery industry in China is facing reshuffle pressure due to domestic large amount of disqualified firms, SMM learns.
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