The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.  EnergiesNet ” Latin America & Caribbean web portal with news and information on Energy, Oil, Gas, Renewables, Engineering, Technology, and Environment.– Contact : Elio Ohep, editor at  EnergiesNet@gmail.com +584142763041-   The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.
10/14 Closing Prices / revised 10/15/2024 08:30 GMT | 10/14 OPEC Basket  $77.18 –$1.25 cents | 10/14 Mexico Basket (MME)  $68.73 –$ 1.60 cents 08/31 Venezuela Basket (Merey)  $62 15   +$1.66 cents  10/14 NYMEX Light Sweet Crude $73.83 -$1.73 cents | 10/14 ICE Brent Sept $77.46 -$1.58 cents | 10/14 Gasoline RBOB NYC Harbor $2.11 -2% | 10/14 Heating oil NY Harbor  $2.27 -3% | 10/14 NYMEX Natural Gas $2.49 -5.2% | 10/11 Active U.S. Rig Count (Oil & Gas)  586 +1 | 10/15 USD/MXN Mexican Peso19.3870 (data live) 10/15 EUR/USD  1.0906 (data live) | 10/15 US/Bs. (Bolivar)  $37.88800000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch

Oil prices Friday score weekly gain as worries rise over Red Sea

AFP

William Watts, MarketWatch

NEW YORK
EnergiesNet.com 12 22 2023

Oil futures ended slightly lower Friday but booked weekly gains as worries remained over disruptions to shipments in the Red Sea.

But upside may have been limited by worries around the supply outlook, possibly amplified by Angola’s Thursday exit from the Organization of the Petroleum Exporting Countries, or OPEC, which raised questions about the cartel’s unity, analysts said.

Price action

  • West Texas Intermediate crude for February delivery CL00, -0.54% CL.1, -0.54% CLG24, -0.54% lost 33 cents, or 0.5%, to close at $73.56 a barrel on the New York Mercantile Exchange. For the week, WTI rose 2.5%.

  • February Brent crude BRN00, +0.11% BRNG24, +0.15%, the global benchmark, fell 32 cents, or 0.4%, to settle at $79.07 a barrel on ICE Futures Europe, leaving it with a 3.3% weekly rise.

  • January gasoline RBF24, -1.72% fell 1.3% to $2.13 a gallon.

  • January heating oil HOF24, -1.61% dropped 1.3% to $2.661 a gallon.

  • January natural gas NGF24, +1.32% gained 1.5% to end at $2.61 per million British thermal units.

Market drivers

Several shipping companies have suspended shipments through the Red Sea after a series of drone and missile attacks by Iran-backed Houthi rebels since the start of the Israel-Hamas war. The U.S. earlier this week announced a naval coalition would move to halt the attacks.

“A perfect storm has erupted, as low water levels in the Panama Canal have coincided with shipping companies avoiding the Suez Canal following attacks by Houthi rebels in the Red Sea,” Kieran Tompkins, commodities economist at Capital Economics, said in a note.

Read: Attacks in the Red Sea add to global shipping woes

Oil futures fell Thursday after Angola announced its departure from OPEC.

That move by itself is unlikely to have any impact on prices, analysts said. Underinvestment has left the country struggling to increase output, leaving it unlikely to produce much beyond its previous OPEC quota, Tompkins said.

Read: Angola leaves OPEC, raising questions about ‘unity and harmony’ within oil cartel

“It does, however, suggest that cracks may be forming in OPEC. If larger producers with available spare capacity — some such as the U.A.E. (United Arab Emirates) have publicly expressed dissatisfaction with the group’s decisions recently — were to follow Angola out the door, prices would come under downward pressure,” he wrote.

marketwatch.com 12 22 2023

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