The ongoing disagreement among European…
The article questions the efficiency…
The American Petroleum Institute (API) reported a major build of 9.75 million barrels of United States crude oil inventories for the week ending October 5, compared to analyst expectations that this week would see a much smaller build in crude oil inventories of 2.62 million barrels. The build is the largest build since February 2017, according to Zerohedge.
Last week, the American Petroleum Institute (API) reported a build of 907,000 barrels of crude oil.
The API reported a build in gasoline inventories as well for week ending October 5 in the amount of 3.4 million barrels. Analysts had predicted a draw of 42,000 barrels in gasoline inventories for the week.
Oil prices were down in afternoon trading prior to the release of the API data on inventories, and not just by a hair. At 4:00pm EDT, WTI was trading down 2.77% (-$2.08) at $72.88, a more than $2 slip from this time last week. WTI is still trading nearly $3 per barrel higher than three weeks ago as the markets come to terms with the expected loss of supply from Iran and the declining oil production in Venezuela.
The Brent crude benchmark saw similar activity on Wednesday, trading down 2.68% (-$2.28) at $82.72—also roughly $2 under last week.
Inventories at the Cushing, Oklahoma, site increased this week by 2.3 million barrels, after last week saw the largest build of Cushing inventory since March 2018.
US crude oil production as estimated by the Energy Information Administration was a neutral factor this week, holding fast at 11.1 million bpd for the week ending September 28, largely in line with expectations.
Distillate inventories were down this week—by 3.5 million barrels, compared to an expected draw of 2.005 million barrels.
The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00a.m. EDT.
By 4:43pm EDT, WTI was trading down on the day at $72.82 and Brent was trading down at $82.73.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
On April 11, 2005, the agreements were formalized in the presence of the then German Chancellor Gerhard Schröder and Russian President Vladimir Putin.
The owner and operator is Nord Stream AG, based in Zug, Switzerland, where since 2006 the German Chancellor a. D. Gerhard Schröder and also the former Finnish Prime Minister Paavo Lipponen are employed.
As a reason for the German consent partially personal interests of Gerhard Schröder were adopted, who was two weeks after leaving office as Chancellor on proposal of the Russian side chairman of the pipeline operating company NEGP Company.
Because of the perceived close proximity of the then red-green government to the Russian energy sector, Chancellor Schröder was referred to in the media as "Gerdprom" and the project as "Schröder pipeline".
On October 24, two weeks after Schröder's announcement to withdraw from politics, the panel met again and approved the guarantee under the terms that the federal government would take over 900 million plus interest in case of failure.
At the launch ceremony on December 9, 2005, Gazprom CEO Alexei Miller announced that Gerhard Schröder would become chairman of the operating company's supervisory board. This led to criticism from various sides, in particular from politicians of the opposition parties, as Schröder had actively helped to shape the project as Chancellor himself and had pressed ahead with Russia's President Vladimir Putin.
This guarantee became known only on March 31, 2006 in a court case between Gerhard Schröder and Guido Westerwelle. Westerwelle claimed that Schröder had given the "order" to build the pipeline. Schröder obtained an injunction against which Westerwelle unsuccessfully appealed. Westerwelle was no longer allowed to repeat the allegation against a penalty of € 250,000.
Following the signing, there were fierce protests from several Eastern European EU states, such as Poland, Lithuania, Latvia and Estonia, accusing Russia of its efforts to divide the European Union and Germany's failure to respect its interests. The then Polish Defense Minister Rados?aw Sikorskiverglich 2006 the German-Russian Treaty even with the Hitler-Stalin Pact.
One plans u. a. To strengthen the security of its own energy supply, the joint construction and operation of some nuclear power plants in north-western Poland and Lithuania.
In Sweden as well, starting in July 2006, there was growing criticism. In terms of energy policy, the pipeline was described as a "wrong step", but it also highlighted the environmental and safety risks of the pipeline, such as increased Russian fleet presence in the Baltic Sea or espionage operations using the pipeline infrastructure.
Security threats were also shared by former Swedish Defense Minister Mikael Odenberg; he suspected that Moscow would abuse the pipeline and its promised protection by the military and industrial espionage fleet.
The construction of two more tubes is planned under the name Nord Stream 2. This is already partially under construction in 2018
At present (2016), the subsidiary Gazprom Gerosgaz Holdings, which has its registered office in the Netherlands, holds all shares in the project company.
Chairman of the Board of Directors of the project company is Gerhard Schröder. As with the first strand of the pipeline, Schröder worked as an economic lobbyist and repeatedly organized meetings between Nord Stream CEO Matthias Warnig and Schröder's SPD colleagues and Foreign Minister Sigmar Gabriel, as well as between Gazprom CEO Alexei Miller and Minister of Economic Affairs Brigitte Zypries (SPD).
In April 2017, it was announced that Gazprom will remain the sole owner of Nord Stream 2 AG for the time being, but the five former European energy suppliers that have left as partners will each receive 10% of the construction costs of EUR 9.5 billion for the pipeline, ie up to 950 million euros wanted to finance.
An analyst from Sberbank wrote in a report at the beginning of 2018 that the expected investments would only be amortized after 20 years. Due to the harsh reaction of Gazprom, the author of the report was dismissed without notice.
In addition, Southeast European countries have renounced the competing project South Stream after massive German pressure in the wake of sanctions against Russia in early 2015. These states accuse Germany of duplicity if Nord Stream 2 is nevertheless pursued.
The natural gas supply is so diversified that the existing supply system without Nord Stream 2 is crisis-proof and even a complete elimination of Russian natural gas supplies in Germany and Europe can be compensated by other sources of supply and greater efficiency. In addition, only about a quarter of existing LNG import capacity is used and, if necessary, supply can be further increased through LNG imports. One indication of the lack of economic viability of the pipeline project is the high average cost of transporting natural gas, which is around 25% of Nord Stream
Fracking blocked for nordstream 2 profit of ex-cancelor G. Schröder of left SPD party
supported by ex-speaker of left DDR DA STASI speaker Angela Merkel employed in Bundestag by H. Kohl after 0.9% desaster.
Atomic power and fracking not electable and no information about new HTR in medias like nothing CO2 climate danger fraud with just +2ppm/a 200 years +2°C.