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Oil Ticks Lower on EIA Inventory Report

Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower…

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ISIS Blamed For Syria Pipeline Attack

Pipeline

Politics, Geopolitics & Conflict

- ISIS is believed to have been behind a major attack on Syria’s energy infrastructure earlier this week that caused a nationwide blackout following an explosion at the Arab Gas Pipeline.

- Tensions between India and China continue to escalate, now bleeding over into the refinery business after Indian lawmakers passed legislation restricting imports of crude oil from China. Earlier this month, the authorities halted the chartering of any Chinese-owned or flagged tankers to haul oil and fuel.

- Four Americans have been indicted for selling Iranian oil to China in violation of sanctions between May 2019 and February 2020 in a scheme that involved shell companies, forgery, and the bribing of Chinese officials.

- China is losing influence in South Sudan’s oil patch. The newly independent country has said it will allow CNPC’s contract to operate several oilfields to expire, at which point the oilfields will be taken over by state-run Nile Petroleum in order to keep more oil revenues at home. The transition wouldn’t be until 2027, when CNPC’s contract expires, which is a lifetime in chaotic South Sudan and anything could happen in the interim, including the move being used as leverage for a better deal from the Chinese.

COVID Market Update

The oil industry has dueling problems right now, with the longer-term COVID impact rivaling a massive hurricane for attention. Before we get…





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