OPEC

Speculation in oil and gas prices in times of geopolitical risks

Retrieved on: 
星期三, 四月 3, 2024
Attention, Contract management, Pressure, Face, ECB, Shock, Monetary economics, Journal of Economic Perspectives, OPEC, Journal, Bank, CFTC, Journal of Monetary Economics, COT, ESMA, Index, American Economic Review, Elasticity, Bank of England, Oil, Interval (mathematics), Petroleum, Bookkeeping

Overall, speculation has only a limited role in both oil and gas price dynamics, although the degree of speculation is somewhat higher in European gas markets than in US gas markets.

Key Points: 
  • Overall, speculation has only a limited role in both oil and gas price dynamics, although the degree of speculation is somewhat higher in European gas markets than in US gas markets.
  • Empirical estimates also suggest that the role of speculation in amplifying the transmission of fundamental shocks to oil prices is limited, including in times of heightened geopolitical risk.

Letter to Stockholders Issued by Diamondback Energy, Inc.

Retrieved on: 
星期二, 二月 20, 2024
Permian, Acquisition, Free cash flow, OPEC, Growth, CFPS, NGL, Sale, West Texas Intermediate, Viperidae, Letter, FCF, IPO, Firebird, Deep Blue, DD, WTI, LOE, Security (finance), EPS, Endeavour, G&A, MBO, GRP, Oil

Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter.

Key Points: 
  • Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter.
  • The fourth quarter of 2023 rounded out a great year for Diamondback Energy and our stockholders.
  • Diamondback is focused on per share growth, and we have now grown oil production per share 14x since our 2012 IPO.
  • Therefore, Diamondback is positioned to maintain our production, grow Free Cash Flow and return that Free Cash Flow to our stockholders.

Landmark UAE Consensus becomes defining framework for all countries to keep 1.5°C within reach and ensure global implementation

Retrieved on: 
星期三, 二月 14, 2024
Consensus, COP29, Traction, Multilateralism, OPEC, Loss and damage, Methane, COP28, Nature, Cop, Finger, ADNOC, Solidarity, COP21, Carbon, Private sector, History, COP, UNFCCC, Nationally determined contribution, Environment, Science, International Monetary Fund, Justice, Consensus decision-making, Partnership, Renewable energy

It gives clear direction to all countries on how to keep 1.5°C within reach, transforms agreements into tangible outcomes, and ensures global implementation by delivering a set of world firsts.

Key Points: 
  • It gives clear direction to all countries on how to keep 1.5°C within reach, transforms agreements into tangible outcomes, and ensures global implementation by delivering a set of world firsts.
  • The UAE Consensus reaffirms the UAE's position as a global leader in multilateral climate and development settings.
  • The UAE Consensus also proved that multilateralism can still work, even at a time of high geopolitical tension.
  • "If this agreement is to get traction, we need serious action," Dr. Al Jaber said, "Now the hard work begins."

Gas price shocks and euro area inflation

Retrieved on: 
星期二, 二月 13, 2024
Transfer, Person, Marques, OPEC, Interval (mathematics), Policy, NBER, Research Papers in Economics, The Economic Journal, Danmarks Nationalbank, Socialism, Energy transition, VIX, Canadian International Council, Paper, E30, Great, Macroeconomics, VAR, Central bank, Balke, Quarterly Journal, Q43, Census, Elasticity, USD, Projection, PMI, Social science, Hou, Bank of France, Topa, Fertilizer, Electricity, SSRN, University, A.5, Section 2, Natural gas, COVID-19, Swings, Overalls, Rotation, Journal of Monetary Economics, Harmonization, Title Transfer Facility, Pain, Ferrari, Uncertainty, Statistics, Medical classification, C50, Harper (publisher), Democracy, Shock, IMF, TTF, Fed, PPI, Power, European Central Bank, Monetary economics, Temperature, Section 3, E31, Nature, Food, Local, Joseph Schumpeter, Website, Energy economics, Speech, DeSantis, GDP, Rigidity, BVAR, Confidence interval, Money, Refinitiv, Bank, Baumeister, Pressure, Oil, Deutsche Bundesbank, International Energy Agency, Employment, Section 4, GIZ, C54, Sun, ECB, European Economic Association, Weather, A.9, Quarterly Journal of Economics, Exercise, HICP, Technical report, Attention, Literature, Journal of Applied Econometrics, Reproduction, International economics, Political economy, Absorption, Joseph Stiglitz, Unemployment, Journal, American Economic Review, Index, Section 5, Business, IP, Bachmann, Research, Federal Reserve Bank, Government, PDF, IWH, Complexity, Failure, Energy Information Administration, Explosive

We document

Key Points: 
    • We document
      how gas price fluctuations have a heterogeneous pass-through to euro area prices
      depending on the underlying shock driving them.
    • How do gas price shocks feed through to euro area
      inflation, and is the pass-through shock-dependent?
    • We analyse the importance of gas price shocks
      for euro area inflation in two steps.
    • We identify three structural shocks driving European gas prices,
      inspired by the literature on oil but tailored to the European gas market: (i) a gas supply
      shock, which reduces the supply of natural gas to the European market, increases the
      gas price and lowers gas inventories; (ii) an economic activity shock, which lifts demand
      for gas due to higher economic production, and finally (iii) a shock to gas inventories,
      when gas prices are driven by precautionary demand by gas companies.
    • First, all three identified shocks are
      important drivers of gas price dynamics, but they differ in how persistently they push

      ECB Working Paper Series No 2905

      2

      up gas prices.

    • The effect on euro area HICP of a shock to gas supply is more
      persistent and somewhat higher than when gas prices are driven by economic activity
      shocks.
    • A final key finding is that the pass-through of gas market shocks to euro area inflation
      appears non-linear.
    • The unprecedented volatility of gas prices
      contributed to the inflation problem in the euro area, with the gas price shocks feeding
      through producer prices, wages and persistently lifting core inflation.
    • More expensive
      energy contributed substantially to the rise in inflation in Europe during 2022.2

      Figure 1: Gas price and euro area Harmonized Index of Consumer Prices.

    • How do gas price shocks feed through to euro area
      inflation, and is the pass-through shock-dependent?
    • For instance, about 75% of gas imports to the euro area arrives
      through pipelines, making gas imports difficult to substitute and gas markets subject to
      3

      See for example the evidence by Rubaszek and Uddin (2020) for the US economy.

    • We analyse the importance of gas price shocks for
      euro area inflation in two steps.
    • We identify three structural shocks driving European gas prices,
      inspired by the literature on oil but tailored to the European gas market: (i) a gas supply
      shock, which reduces the supply of natural gas to the European market, increases the
      gas price and lowers gas inventories; (ii) an economic activity shock, which lifts demand
      for gas due to higher economic production, and finally (iii) a shock to gas inventories,
      when gas prices are driven by precautionary demand by gas companies.
    • First, all three identified shocks are
      important drivers of gas price dynamics, but they differ in how persistently they push
      up gas prices.
    • But when gas prices are driven by
      inventory demand shocks, the price effect typically dies out within one quarter.
    • A final key finding is that the pass-through of gas market shocks to euro area inflation appears non-linear.
    • The unprecedented volatility of gas prices
      contributed to the inflation problem in the euro area, with the gas price shocks feeding
      through producer prices, wages and persistently lifting core inflation.
    • (2022) and Alessandri and Gazzani (2023) identify gas supply shocks using VAR models,
      finding that gas price shocks lead to persistent increases in headline inflation.14 Ba?bura
      et al.
    • (2023) find positive effects of gas price shocks on core inflation in a BVAR for
      the euro area that includes one type of gas shock along a longer list of macroeconomic
      shocks.
    • 3.1

      Data

      For the gas market BVAR model, we use gas quantities, gas prices, gas inventories and
      euro area industrial production, as displayed in Figure 2.

    • (2015) to optimize

      ECB Working Paper Series No 2905

      13

      the posterior distribution.16 The vector Y includes the European gas quantity proxy, gas
      inventories, the European gas price benchmark and euro area industrial production.

    • As demand for gas increases, the gas price also rises
      while inventories fall as agents use gas in storage to partially satisfy higher demand.
    • Shocks to gas
      quantities driven by gas supply or inventory shocks tend to revert to pre-shock levels after
      around five to seven months, while economic activity shocks lead to a more long-lived
      increase in gas demand.19 Dynamics in gas inventories are more similar across shocks.
    • 3.4

      Historical events in the European gas market

      Before analysing the transmission of the different types of gas shocks to euro area prices,
      we show how the model interprets the unprecedented gas price rise in 2022 in terms of
      driving factors, and compare it with previous historical episodes of heightened gas price
      volatility as a way of validating the model.

    • Inventory shocks play a
      slightly smaller role, accounting for 17% of gas quantity and 23% of gas price fluctuations
      while the residual component (i.e.
    • 4

      Pass-through of gas price shocks to consumer prices

      The pass-through of gas price shocks to inflation is likely to be multi-faceted.

    • We first consider four outcome variables y: the European gas price, euro area HICP,
      core HICP and energy HICP.
    • Third, depending on the driving factor, gas price increases can pass through to core
      inflation in the euro area.
    • The results underline that gas price shocks can have important implications for inflation in the euro area ? depending on the driving factor of higher gas prices.
    • Casoli, C., Manera, M., and Valenti, D. ?Energy shocks in the euro area: disentangling
      the pass-through from oil and gas prices to inflation?.

Landmark UAE Consensus becomes defining framework for all countries to keep 1.5°C within reach and ensure global implementation

Retrieved on: 
星期一, 二月 12, 2024
Consensus, COP29, Traction, Multilateralism, OPEC, Loss and damage, Methane, COP28, Nature, Cop, Finger, ADNOC, Solidarity, COP21, Carbon, Private sector, History, COP, UNFCCC, Nationally determined contribution, Environment, Science, International Monetary Fund, Consensus decision-making, Partnership, Renewable energy

The UAE Consensus also successfully operationalized and began financing a fund to address Loss and Damage for the first time.

Key Points: 
  • The UAE Consensus also successfully operationalized and began financing a fund to address Loss and Damage for the first time.
  • The UAE Consensus reaffirms the UAE's position as a global leader in multilateral climate and development settings.
  • The UAE Consensus also proved that multilateralism can still work, even at a time of high geopolitical tension.
  • An important opportunity lies in working multilaterally on commitments to deliver high-ambition decisions at COP28, including through the UAE Consensus.

OPEC Fund delivers record results in 2023 with US$1.7 billion in development funding

Retrieved on: 
星期一, 一月 29, 2024
Islamic Development Bank, OPEC, Fishery, WFP, AA, UNIDO, Sanitation, History, Reconstruction, ACG, African Development Bank, European Central Bank, EBRD, IAEA, International development, Sustainable Development Goals, Climate change, Food, Investment, Water, Movement, S&P Global Ratings, ADB, International Atomic Energy Agency, Education, Plant, SDG, Ivory Coast, Growth, Renewable energy

The organization was established 48 years ago and the 2023 results represent a record in new commitments.

Key Points: 
  • The organization was established 48 years ago and the 2023 results represent a record in new commitments.
  • OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment.
  • We were also able to leverage our partnerships to mobilize development support by working with multilateral development banks and development finance institutions such as the Arab Coordination Group.
  • The issuance of the OPEC Fund's benchmark SDG bond raised US$1 billion for sustainable development projects.

OPEC Fund delivers record results in 2023 with US$1.7 billion in development funding

Retrieved on: 
星期一, 一月 29, 2024
Islamic Development Bank, OPEC, Fishery, WFP, AA, UNIDO, Sanitation, History, Reconstruction, ACG, African Development Bank, European Central Bank, EBRD, IAEA, International development, Sustainable Development Goals, Climate change, Food, Investment, Water, Movement, S&P Global Ratings, ADB, International Atomic Energy Agency, Education, Plant, SDG, Ivory Coast, Growth, Renewable energy

The organization was established 48 years ago and the 2023 results represent a record in new commitments.

Key Points: 
  • The organization was established 48 years ago and the 2023 results represent a record in new commitments.
  • OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment.
  • We were also able to leverage our partnerships to mobilize development support by working with multilateral development banks and development finance institutions such as the Arab Coordination Group.
  • The issuance of the OPEC Fund's benchmark SDG bond raised US$1 billion for sustainable development projects.

Kpler reaches $100 million annual recurring revenue milestone

Retrieved on: 
星期二, 一月 9, 2024
OPEC, The Wall Street Journal, Insight Partners, Bloomberg, The New York Times, World Bank, Financial Times, IEA, Communication, Growth, M&A, Optimism, River, MarineTraffic, Data, Cryptocurrency

BRUSSELS, Jan. 9, 2024 /PRNewswire/ -- Kpler, the leading global trade intelligence platform, today announced that it has hit $100 million annual recurring revenue, marking a significant milestone for the nine-year-old company.

Key Points: 
  • BRUSSELS, Jan. 9, 2024 /PRNewswire/ -- Kpler , the leading global trade intelligence platform, today announced that it has hit $100 million annual recurring revenue, marking a significant milestone for the nine-year-old company.
  • In April 2022, Five Arrows and Insight Partners acquired a minority stake in the business, strengthening the Board to support the founders.
  • Founded in 2014 by François Cazor and Jean Maynier, Kpler started as a cargo-tracking solution tailored to the LNG market.
  • "Surpassing the $100 million annual recurring revenue milestone represents an important early achievement in Kpler's quest to become the leading platform for commodity, maritime, and energy data.

S&P Global Commodity Insights Releases its Latest 2024 Energy Outlook

Retrieved on: 
星期四, 十二月 14, 2023
Carbon, Lithium, Economics, Acquisition, Hydrogen, Henry Hub, Swings, European, Belt and Road Initiative, Inflation, Memory, Growth, Electricity, Overalls, CBAM, Chemical oxygen demand, Gasoline, COVID, Democratic republic, Attention, Coal, S&P Global Commodity Insights, Climate, Cobalt, EU ETS, IRA, ExxonMobil, Republican, DRC, ICE, Metal, Risk, Congo, Weather, European Parliament, Sandell, Pioneer Natural Resources, OPEC, Natural gas, Population growth, Belt, Policy, S, EVS, Nickel, EV, Renewable energy, Oil, Petroleum, Tourism, LNG

NEW YORK and LONDON and SINGAPORE, Dec. 14, 2023 /PRNewswire/ -- Analysts at S&P Global Commodity Insights, the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities, energy and energy transition markets, today released their latest 2024 energy outlook.

Key Points: 
  • NEW YORK and LONDON and SINGAPORE, Dec. 14, 2023 /PRNewswire/ -- Analysts at S&P Global Commodity Insights, the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities, energy and energy transition markets, today released their latest 2024 energy outlook.
  • After years of turbulence, global markets are still striving to find sustainable balance between energy supply and demand.
  • Simon Thorne, Climate & Energy Transformation Lead, S&P Global Commodity Insights, said: "While the security of oil and gas supply will remain paramount to many countries, the world is focusing more and more on securing source materials for clean energy technology, battery metals, and renewables."
  • TOP TEN KEY THEMES TO THE 2024 ENERGY OUTLOOK: S&P GLOBAL COMMODITY INSIGHTS:
    Energy demand searching for a new normal but will be hard-pressed to find it.

Gran Tierra Energy Inc. Announces Issuance of New 9.500% Senior Secured Amortizing Notes Due 2029 as part of the Previously Announced Exchange Offers

Retrieved on: 
星期一, 十月 23, 2023
Gran Tierra Energy, Sale, News & Notes, Weather, Security (finance), Indenture, NYSE, GTE, Public expenditure, Initial exchange offering, SEDAR, OPEC, Note, Senior, Risk, LSE, Borrowing base, NYSE American, Forest Law Enforcement and Governance Program, Annual report, Exchange, Debt-to-GDP ratio, TSX, Lifting, Natural gas, Risk management, Financial services, Audit

CALGARY, Alberta, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the issuance of US$487,590,000 aggregate principal amount of its 9.500% Senior Secured Amortizing Notes due 2029 (the “New Notes”) as part of its previously announced offers to exchange (such offers, the “Exchange Offers”) the 6.250% Senior Notes due 2025 (the “2025 Notes”), issued by Gran Tierra Energy International Holdings Ltd., and the 7.750% Senior Notes due 2027 (the “2027 Notes”), issued by the Company.

Key Points: 
  • CALGARY, Alberta, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the issuance of US$487,590,000 aggregate principal amount of its 9.500% Senior Secured Amortizing Notes due 2029 (the “New Notes”) as part of its previously announced offers to exchange (such offers, the “Exchange Offers”) the 6.250% Senior Notes due 2025 (the “2025 Notes”), issued by Gran Tierra Energy International Holdings Ltd., and the 7.750% Senior Notes due 2027 (the “2027 Notes”), issued by the Company.
  • Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented:
    “We are very pleased with the successful completion of the Exchange Offers which we believe is highly beneficial for both Gran Tierra and our stakeholders.
  • The New Notes also reduce Gran Tierra’s refinancing risk by flattening the debt principal repayments by amortizing the repayments over a longer period.
  • Strengthened Balance Sheet and Overall Debt Reduction: The $60 million of cash deployed as part of the Exchange Offers reduces Gran Tierra’s overall gross debt.