Bullish Sentiment Is Fading In Oil Markets | OilPrice.com
Bullish Sentiment Is Fading In Oil Markets OilPrice.com
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Bullish Sentiment Is Fading In Oil Markets
By Michael Kern – Aug 18, 2023, 9:00 AM CDT
Bullish sentiment is fading slightly in oil markets despite the production cuts from OPEC+ and global inventories being tapped.
Sustainable Development Goals (SDGs) Emphasized:
- Goal 7: Affordable and Clean Energy
- Goal 8: Decent Work and Economic Growth
- Goal 9: Industry, Innovation, and Infrastructure
- Goal 12: Responsible Consumption and Production
- Goal 13: Climate Action
LNG Price Rally Is Up for Vote. As employees of Chevron’s (NYSE:CVX) Gorgon and Wheatstone LNG terminals offshore Australia begin their vote on industrial action, LNG prices in Asia and Europe might be up for a huge rally as an all-out strike could shut in 10%
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
- SDG 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the article mentions several indicators that can be used to measure progress towards the identified targets:
- Backwardation in oil markets
- Global inventories
- Crude oil prices
- LNG prices in Asia and Europe
- Strike vote at Chevron’s Gorgon and Wheatstone LNG terminals
- Industrial action at Woodside Energy’s NW Shelf liquefaction terminal
- Energy Transfer’s acquisition of Crestwood Equity Partners
- Number of illegal taps in fuel pipelines in Mexico
- Occidental Petroleum’s purchase of Carbon Engineering
- Financial background of Deutsche ReGas, the private operator of LNG terminals in Germany
- Discharge of crude from an Iranian vessel seized in April
- Flaring levels in Venezuela
- Investor interest in Kuwait’s petrochemical plant
- Zinc stock accumulation by Citibank on the London Metal Exchange
- Debt and copper output of Chile’s Codelco
- Wheat imports from Russia by India
- Funding capacity for the Venus discovery offshore Namibia
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | SDG 7.2: Increase substantially the share of renewable energy in the global energy mix. | Backwardation in oil markets |
| SDG 8: Decent Work and Economic Growth | SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | Global inventories |
| SDG 9: Industry, Innovation, and Infrastructure | SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes. | Crude oil prices |
| SDG 12: Responsible Consumption and Production | SDG 12.2: By 2030, achieve the sustainable management and efficient use of natural resources. | LNG prices in Asia and Europe |
| SDG 13: Climate Action | SDG 13.2: Integrate climate change measures into national policies, strategies, and planning. | Strike vote at Chevron’s Gorgon and Wheatstone LNG terminals |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: oilprice.com
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