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Nigeria Has Failed To Capitalize On High Oil Prices

Oil

1. 2022 Hurricane Season Not As Bad for Oil

- As S&P Global Platts notes, the US hurricane season is picking up steam after a slow start, already producing seven named storms and the first hurricane to make landfall, Hurricane Ian.

- Before making landfall, Hurricane Ian shut 11% of oil production in the US Gulf of Mexico (some 190,000 b/d and 184 million cf/d) yet mostly as a measure of precaution.

- Considering the brevity and relatively little impact, this year will be much weaker than 2021 in terms of lost production – in September 2021 alone some 800,000 b/d of output was lost to storms.

- In less than two days after Hurricane Ian passed through respective parts of the US Gulf, Chevron, and BP already started returning personnel to their platforms there, with no damages reported.

2. Indonesia Is Becoming the Nickel Problem

- Seeing its production surge by 41% year-on-year in January-July to a total of 814,000 tons, Indonesia is bringing about an increasingly bearish outlook for the nickel market.

- Nickel prices have slumped from their March high of $55,000 per metric ton to just $23,000/mt right now, as nickel’s traditional market deficit shifted into a slight surplus.

- Indonesia’s government banned exports of unrefined nickel ore in 2020, so now most of the exports going towards China’s stainless steel mills are in the form of nickel pig iron.

- US investment bank Goldman Sachs has just revised…





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