Investing.com – U.S. crude stockpiles rose more than expected last week at a time when uncertainty over the supply outlook continued to weigh on prices ahead of the OPEC+ Alliance’s meeting later this week. West Texas Intermediate, the benchmark traded at $83.06 a barrel on the news, after settling down 14 cents at $83.91 a barrel. U.S. crude inventories increased by 3.6 million barrels for the week ended Oct. 39. That compared with a build of 2.3 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.6 million barrels. OPEC+ is expected to maintain its plans to gradually lift monthly production by 400,000 barrels per day despite pressure to ramp-up production to ease the energy crisis. The API data also showed that gasoline inventories fell by 552,000 barrels last week, and distillate stocks increased by 573,000 barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.2 million barrels last week. U.S. oil production for the week ending October 22—the last week for which the Energy Information Administration has provided data—stayed the same at 11.3 million bpd—still 1.8 million bpd below the all-time high of 13.1 million bpd reached right before the pandemic took hold in the United States. NN: This is the 6th week in a row inventories have increased. If we did not have enough oil inventories would be dropping…. They are not…. which means their is no oil shortage… Their is manipulation and their is hysteria. As a fundamental trader these are clarion calls to me.
(Bloomberg) — U.S. President Joe Biden kept up the pressure on OPEC+ to combat high oil prices, blaming it for inflationary pressure at home just two days before Saudi Arabia, Russia and the rest of the cartel meet to discuss oil policy. “If you take a look at gas prices, and you take a look at oil prices, that is a consequence of, thus far, the refusal of Russia or the OPEC nations to pump more oil,” Biden told reporters at a news conference at the United Nations climate summit in Glasgow. “And we’ll see what happens on that score sooner than later.”
The pressure on OPEC+ is unusually strong. U.S. Secretary of State Antony Blinken spoke with Sheikh Abdullah Bin Zayed, the foreign minister of the United Arab Emirates on Tuesday to press for increased production. Other oil-consuming nations are pushing hard as well, with Japan and India wanting more production as the energy crisis threatens to undermine the economic recovery in Europe and Asia.
As gasoline prices pose increasing domestic political risks, the issue came up on the sidelines of the Group of 20 meeting over the weekend in Rome, with Biden administration officials calling for more production when producers meet on Thursday. Members including Kuwait, Iraq, Algeria, Angola and Nigeria have indicated that they want OPEC+ to stick with its current plan to increase output gradually.Biden said Sunday he was “reluctant to say” what he and other leaders would do if major producers opted not to pump more oil. His national security adviser, Jake Sullivan, said Biden had a “broad discussion about the tools available with other energy consumers” about potential steps, but pointed to the president’s comments in declining to say whether the U.S. and other nations were considering a coordinated release from their petroleum reserves.Biden came under criticism from activists at the climate summit, who said he was being hypocritical by pushing for higher oil output even as he attended a meeting where leaders said they wanted to transition to cleaner fuel sources. But Biden has said high fuel prices are imposing costs on working- and middle-class Americans commuting to work, and that prices should be held lower as consumers transition to alternate energy sources to power their vehicles
the above video from January is Biden putting the screws to domestic oil . Biden now turns to overseas producers after targeting domestic drilling
Team Biden had to play defense Monday after suffering a self-inflicted dent to his reputation ahead of the U.N. climate conference in Glasgow, Scotland, when he urged other major energy producers to pump more oil. Climate czar John Kerry insisted there was “no inconsistency” between the administration’s aggressive climate change position and Mr. Biden’s effort to persuade OPEC and Russia to open up supply amid a global energy crisis. “It’s just not inconsistent,” Mr. Kerry said in a conference call with reporters. “If it were, if he were asking them to boost their production over five years, I’d quit. But he’s not. He’s asking them to boost production in this immediate moment.” The day before, Mr. Biden played defense at the end of the Group of 20 meeting of leaders of industrial and emerging-market nations in Rome, where he made the plea for more fossil fuel. Although he agreed that “on the surface, it seems like an irony,” he said it wasn’t inconsistent at all. “But the truth of the matter is — you’ve all known; everyone knows — that the idea we’re going to be able to move to renewable energy overnight and not have — from this moment on, not use oil or not use gas or not use hydrogen is just not rational,” Mr. Biden said. He said that the world is “going to stop subsidizing those fossil fuels,” but that it wasn’t realistic to stop using them immediately. He added that “the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right.”
What galls his critics, led by Republicans, is the specter of Mr. Biden pleading with the OPEC nations and Moscow to turn on the spigots amid a pandemic surge in demand after taking a scythe to U.S. producers.
Shortly after taking office, Mr. Biden canceled the Keystone XL pipeline project and placed a moratorium on new fossil-fuel leases on federal lands and waters, undercutting domestic production and depressing investment. Since January, U.S. gasoline prices have soared by 40%, creating pain at the pump for U.S. consumers and taking a toll on Mr. Biden’s poll numbers. “And, by the way, when the cost of a gallon of gasoline gets to above … $3.35 a gallon, it has [a] profound impact on working-class families just to get back and forth to work,” Mr. Biden said. “So, I don’t see anything inconsistent with that.” Kathleen Sgamma, president of the Western Energy Alliance, blasted what she described as the Biden administration’s “rank hypocrisy” on energy. “It’s rank hypocrisy to do everything to squelch American oil production, which sends working-class jobs overseas while asking Russia and OPEC to increase their production,” she said. “The effects of President Biden’s climate policies — high prices, scarcity, lost jobs — are already coming home to roost.” She said Americans could “expect more of the same if these policies are not reversed and the House’s reconciliation bill passes.” “American is following the misguided climate lead of Europe which will only boost our enemies in China and Russia who aren’t buying into failed policies that kill manufacturing and energy production,” Ms. Sgamma said.
Sen. John Barrasso of Wyoming, the ranking Republican on the Energy and Natural Resources Committee, accused Mr. Biden of “punishing America’s economy while pretending to protect the environment.”
“The president wants to kill abundant and affordable U.S. energy sources like oil, natural gas, and coal that Americans depend on,” he said in a Monday statement. “The White House’s plan is a recipe for disaster. It will result in skyrocketing power bills, less reliable energy, and fewer jobs for the American people. Shutting down the United States’ economy won’t fix climate change. It will only enrich China.” NN: Talk about shooting yourself in the dick. The Grennennieewinnees were convinced the age of fossil fuels was over. Of course with the world shut down energy demand collapsed… I was not the success of alternatives. But that is to difficult for climate change retards to comprehend. And all of a sudden demand started to return to normal and Wind farms and solar were revealed for the fraud they really are. And the US put a knife in the back of its oil industry. Rather then admiting their mistake and bringing back US oil. Biden et all are happy to go to our enemies for our energy needs,,, Like Russia and let Iran to get nukes and let the Kerry sell out continue
President Biden said he and other world leaders agree that diplomacy is the best way to keep Iran from gaining a nuclear weapons. He also blamed the U.S. exit from the Iran nuclear deal on former President Trump’s ‘very bad judgments.’
President Biden said that the U.S. is “continuing to suffer” from former President Trump’s decision to pull out of the Iran nuclear deal. Mr. Biden’s comments come a day after he and three European leaders signaled that he was ready to return to the Obama-era deal that eased sanctions against Iran, in exchange for the country limiting its nuclear program and allowing inspections. “We’re continuing to suffer from the very bad judgments that President Trump made in pulling out of the [nuclear deal],” Mr. Biden said during a press conference at the end of the Group of 20 summit in Rome.
He said the future of the deal is dependent on whether the original partners in the deal, known as the Joint Comprehensive Plan of Action (JCPOA), will “stick with us and make sure there is a price to pay economically” if Iran doesn’t return to the negotiating table.
Mr. Biden also vowed to “continue to respond” if Iran launches drone strikes or provokes the U.S. in any way. Secretary of State Antony Blinken warned Sunday on CBS’ “Face the Nation” that Iran’s nuclear program is “starting to be a problem” and that the U.S. and its allies have limited time to strike a deal with Tehran before it stockpiles enough material for a nuclear bomb. The nuclear deal was brokered in 2015 among the U.S., Germany, France, United Kingdom, China, Russia, and Iran. But Mr. Trump pulled the U.S. out of the deal three years later, imposing tough sanctions that have damaged Iran’s economy. In response, Iran bolstered its nuclear program, pushing it past previously agreed to limits under the Obama-era deal. On Saturday, the U.S., Germany, UK and France issued a statement that made it clear they wouldn’t ease sanctions until Iran scales back its plans to develop a nuclear weapon. Iran has repeatedly denied that it wants a nuclear weapon. “We are convinced that it is possible to quickly reach and implement an understanding on returning to full compliance and to ensure for the long term that Iran‘s nuclear program is exclusively for peaceful purposes,” the statement said. “This will only be possible if Iran changes course,” it added. “We call upon [Iranian President Ebrahim] Raisi to seize this opportunity and return to a good faith effort to conclude our negotiations as a matter of urgency. That is the only sure way to avoid a dangerous escalation, which is not in any country’s interest.”
The allies said they have a “grave and growing concern” that Iran has stepped up its pace of producing “highly enriched uranium and enriched uranium metal,” which have no civilian uses.
Tehran has yet to commit to a date to return to nuclear talks, which have been suspended since June, when Iranian President Ebrahim Raise came to power. Mr. Biden has repeatedly expressed his belief that the U.S. could return the deal, despite increased tensions between the two nations. An Iran equipped with nuclear bombs would be a national security and foreign policy nightmare for the U.S. and its longstanding regional ally Israel. Such a development also would reshape the balance of power in the Middle East and immediately make Iran the region’s most influential player. NN: Biden will throw Israel under the bus. Why… He needs the oil (to get democrats reelected) that Iran is eager to supply…. As far as the nukes…. He will send medical supplies to Israel after they get nuked……
Shares on the major stock market benchmarks in the United States closed in the green on Monday, while the Dow Jones Industrial Average ended the session with another record high, along with the tech-heavy Nasdaq 100 and the S&P 500. US Senator Joe Manchin denied, once again, to support the $1.75 trillion reconciliation framework, while Treasury Secretary Janet Yellen forecasted that the ongoing pandemic will have a long-lasting impact on the state of employment in the country. President’s Working Group on Financial Markets asserted there is room for broader use of stablecoins in the country, with a proper, and stricter, regulation. The Dow Jones rose 0.26% as the session came to an end, led by Boeing’s jump of 3.65%. The Nasdaq 100 increased by 0.35% at the same time, with Tesla skyrocketing 8.52%. The S&P 500 concurrently gained 0.18%, as Franklin Resources soared 11.62%. The euro jumped 0.38% versus the dollar, selling for 1.16062 at 3:59 pm ET. NN: This market is doomed!
Biden: The refusal of OPEC+ to increase crude oil production is affecting America’s working class
Energy Secretary Jennifer Granholm blames OPEC+ for high crude prices
“I do think that the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not, is not, right,” Biden said as quoted by Russian TASS. “It [OPEC+’s decision to keep a lid on output increases] has profound impact on working class families just to get back and forth to work,” the U.S. President added, as quoted by NPR. The comments made by the U.S. President were later the same day echoed more bluntly by Energy Secretary Jennifer Granholm, who directly blamed the OPEC cartel for keeping prices high. “Gas prices, of course, are based on a global oil market. That oil market is controlled by a cartel. That cartel is Opec,” Granholm told NBC’s Meet the Press. “So that cartel has more say about what is going on.” At the same time, Granholm noted that the oil industry could not “flip a switch” for production as it recovers from the effects of the pandemic and this, too, contributed to higher prices resulting from the tight supply. Even if factors influencing gas prices at the pump in the United States may be outside the country, the effects of price movements are already costing Biden approval among voters. According to NPR, his rating is well below 50 percent, with 70 percent of Americans believing the country is not going in the right direction. Also at the news conference, the U.S. President said he was confident the country could meet his administration’s goal of emission cuts, which is 50 percent from 2005 by 2030. Yet, the president acknowledged that the renewable shift cannot happen overnight.
“On the surface, it seems like an irony,” Biden said, referring to his call on OPEC+ to add more oil production while heading for COP26 to discuss the reduction of global emissions.
“But the truth of the matter is … everyone knows that idea that we’re going to be able to move to renewable energy overnight … it’s just not rational.”NN:It is amazing to me how they speak out of both sides of their mouths…. Their is a global energy shortage. We all agree on that fact. Here is where i get confused… If fossil fuels are the enemy and the world is ready for renewables…. Why is Biden asking OPEC and other suppliers to produce MORE oil. If he believes the load of crap he is peddling why is he not asking solar companies to screw solar more panels to roof tops, And while he is at get the cranes to set up more wind farms Its not that hard its a big pole in the ground with a propeller on top!
United States Treasury Secretary Janet Yellen said on Monday that the US economy is not overheating and that it is still some five million jobs short of the pre-pandemic levels
Treasury Secretary Janet Yellen dismissed recent moves in the bond market that have signaled concern about monetary policy makers squelching economic growth, and expressed confidence in the continuing recovery from the Covid-19 pandemic. She attributed the labor situation to COVID-19 and lack of childcare, estimating more workers will rejoin the market if the pandemic fades. Asked in an interview with Bloomberg News Sunday if she was worried by sharp movements in Treasury yields, she responded, “No, not me. I think what we’re going to see is a good, solid recovery. The unemployment rate has gone down considerably, and this is nothing like the recovery from the 2008 financial crisis.” The U.S. yield curve — as measured by the gap between two-year and 10-year Treasury yields — flattened the most last week since the summer of 2020. The move has been triggered in part by expectations the Federal Reserve will start raising interest rates sooner than previously anticipated, to quell inflation. Yellen, who was chair of the Fed from 2014 to 2018, declined to comment directly on monetary policy, but offered an oblique vote of confidence in how the U.S. central bank plans to approach the issue of removing its stimulus. “The Fed has a framework that it’s using to decide what to do,” she said. “They’ve made clear they’re going to begin tapering asset purchases,” she noted. She spoke days before the Fed’s Wednesday policy decision, where it’s forecast to unveil the phasing out of its quantitative-easing program — a precondition for raising rates. Yellen noted that Fed Chair Jerome Powell has said he believes the current bout of inflation will diminish over time, a view that aligns closely with hers. Yellen spoke during a flight departing Rome, where she attended a Group of 20 summit capped by leaders of the world’s biggest developed and emerging economies endorsing a global corporate-tax deal. She was heading to Dublin for meetings with Irish government officials, who until recently opposed that tax agreement
President Joe Biden and his Treasury chief attended the Rome meetings amid the backdrop of a sharp slowdown in U.S. job growth, undermined by the spread of the delta variant of Covid-19.
While the 4.8% unemployment rate is well down from the near-15% recorded in April last year, and not too far off the pre-pandemic level 3.5%, that’s partly thanks to Americans having left the workforce. The proportion of working-age Americans who have jobs or are looking for work is lower now than any pre-Covid readings since the 1980s. Many economists have said some who lost work during the pandemic may have permanently left the job market. Yellen said the longer-term economic programs that Biden is pressing Congress to enact could help strengthen the rebound from the Covid-19 crisis. “The main impact is going to be on long-term potential output,” Yellen said of the social-spending package that lawmakers are negotiating. “I’m seeing especially from the child-care subsidies, the universal pre-K, I’m seeing support for participation, particularly of women, and that tends to boost growth.” Competing wings of the president’s Democratic party have been wrangling over the elements to include in a $1.75 trillion social-spending bill, paid for mostly with tax hikes. Progressives have effectively blocked a vote on a $550 billion bipartisan infrastructure package passed by the Senate, using it as leverage to shape the bigger bill. Yellen said the twin packages should create jobs and help lure many Americans off the sidelines of the labor market. She also expressed confidence that job-market conditions are improving. “Households are reporting — and we’re seeing in the data — that people feel good about their ability to get a job,” Yellen said. “There are people who are out of the labor force who haven’t come back in — whether it’s for health-related reasons or childcare or schooling. Eventually some of those people I would expect will return to the labor market.” NN: And the idiots still are arguing their is no embedded inflation. And despite a stock market that hits a new high every other day and a real estate bauble the biggest ever they want to keep interest rates at zero and pump more and more money into stimulus…… As inflation sets records…….. They have gone start raving mad
Energy officials from the Byden administration blamed OPEC’s “cartel” for soaring US gasoline prices on Sunday and pressured the group to increase oil production ahead of a meeting later this week. “Of course, gas prices are based on the global oil market. That oil market is controlled by a cartel, which is Opec,” said US Energy Secretary Jennifer Granholm. “Therefore, the cartel has more say about what is happening.” Since Joe Biden entered the White House, US gasoline prices have risen almost 40%, raising concerns about inflation. The Federal Energy Information Agency has recently predicted that winter home heating costs will also skyrocket this year. Granholm’s Comments on NBC Meet the press President Biden followed a briefing from senior government officials over the weekend to raise a “short-term imbalance between supply and demand in the global energy market” at a G20 meeting involving Saudi Arabia’s Opec Lynchpin. “The important thing is that the world’s energy supply keeps up with the world’s energy demand,” officials said. “Global energy demand is almost back to pre-pandemic levels. Global energy supply is not.” OPEC and Russia’s call for increased fossil fuel production in recent weeks have been well below pre-pandemic peaks with government efforts to lead the global fight against climate change. Troublesome tightening of regulations in the US oil sector. .. “Let me just say one thing,” Granholm said shortly before the start of the Glasgow Climate Summit. “The rise in these fuel prices for fossil fuels tells us why we need to double the diversification of fuel supplies to be clean.” The coronavirus pandemic eased the global economy and reburned more oil, hitting a high of over $ 80 a barrel in seven years, and international and US oil prices more than doubled in the past year. became.
Significant supply cuts by Opec producers and partners such as Russia have also helped boost oil prices, temporarily falling below zero during last year’s price collapse.
These significant supply cuts were agreed last year under pressure from former US President Donald Trump, who sought to restore oil prices to protect the country’s oil industry. Opec and its allies are gradually curtailing cuts, but not fast enough, but some consumers believe. World leaders will discuss Glasgow’s climate change next week, but Saudi Arabia, Russia and other oil producers will meet on November 4 to decide whether to increase oil supplies to the global market. Sunday, Chinese authorities Presentation Release of some stored gasoline and diesel “in response to the need to maintain supply and price stability in some regions” as the domestic energy crisis worsens. Opec did not respond to the request for comment. Analysts, including Goldman Sachs, are on the global oil benchmark, boosted by an unexpected increase in demand in Asia as generators plagued by soaring natural gas prices switch to burning oil for electricity. One Brent expects to exceed $ 90 by the end of the year.
Granholm showed that the United States still sees the country’s release from strategic petroleum reserves as one of the “tools” that can be used to lower prices. interview With the Financial Times earlier this month. “I have the president make that decision and announce it,” Granholm said. US energy secretary blames Opec ‘cartel’ for high petrol prices NN: OPEC is feeling the heat. And a symbolic strategic stockpile release of oil is just what the Doctor ordered…… In the mean time i hope and pray everyday for higher and higher oil prices so i can sell them some….. Sky high gasoline prices is one of the things that the voting masses understand….. and democrats do not want to face election with people pissed off about energy prices doing a moon shot. They will remember a cold winter where their heating oil prices and natural gas does a moon shot!
ROME (Reuters) – U.S. President Joe Biden on Saturday urged major G20 energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery as part of a broad effort to pressure OPEC and its partners to increase oil supply. With oil and gas prices surging, some energy-producing countries such as Russia and Saudi Arabia have not boosted output enough to satisfy countries that are largely energy consumers and worry about energy shortages and inflation. French President Emmanuel Macron echoed those concerns in an interview with the Financial Times, urging the summit to push for better “visibility and stability on prices” to avoid undermining the post-pandemic global economic recovery. Rocketing natural gas prices, with the European benchmark up almost 600% this year, have been fuelled by low inventories and surging demand. A senior U.S. administration official said after the G20 session that energy consumer nations had started to discuss what they can do if OPEC and its partners do not do more. “We have to be able to talk privately with partners to think about what tools we have available to us to deal with this in the event that OPEC-plus doesn’t step up and increase production,” the official told reporters in Rome. Russia, a major natural gas supplier to Europe, and its energy giant Gazprom are being urged to do more to ease prices in the spot market. “It’s a delicate time in the global economy, and what’s important is that global energy supplies keep up with global energy demand,” another senior Biden administration official said before the meeting. “There are major energy producers that have spare capacity, and we’re encouraging them to use it to ensure a stronger, more sustainable recovery across the world.” That official said G20 leaders would not specifically target the Organization of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, or set any targets for energy production. Russian President Vladimir Putin did not come to Rome for the summit. Comments from Russian Deputy Prime Minister Alexander Novak earlier this month sparked fresh tensions over the Nord Stream 2 undersea gas pipeline from Russia to Germany, which Washington has long opposed and which is now awaiting clearance from a German regulator. Novak said clearing the pipeline could help ease shortfalls, sparking concerns that Russia has failed to boost its production of gas – currently delivered via land-based pipelines – precisely to put pressure on Europe to approve Nord Stream 2. NN: Its really very simple. Oil prices have doubled, natural gas more then tripled. Do nothing…. market forces will ALWAYS PREVAIL. Free markets are an illusion. You do not need free markets for the markets to set price……. It will happen no matter what people do. Its a force greater then gravity,,,,,,
PARIS (Reuters) – French health authorities reported 7,360 daily new COVID-19 infections on Saturday, the first time the tally has topped 7,000 since Sept 21. In another sign the virus is ramping up again, the seven-day moving average of daily new cases reached a more than one month high of 5,669. The cumulative total of new cases now stands at 7.16 million. Hospital cases – whose trend usually lags new case data by one to two weeks – were slightly down at 6,524 over 24 hours. But compared to last Saturday’s figure, the total is up by almost 200. The number of COVID-19 patients in intensive care rose by 5 in 24 hours to 1,039 and by 32 over a week. France also registered 22 new deaths from the epidemic, taking the total to 117,643.
UK reports 41,278 new COVID cases, 166 deaths
LONDON, Oct 30 (Reuters) – Britain reported 41,278 new COVID-19 cases on Saturday and 166 more deaths within 28 days of a positive test, official data showed. The figures compared to 43,467 new infections and 186 deaths reported on Friday.