Saudi Arabia widens diplomatic relationships ($BBG)
U.S. retailers push back against price increases ($BBG)
China says pre-winter coal stocks comfortable (trans.)
China underground gas storage for Jīng-Jīn-Jì (trans.)
Indonesia explores early retirement of coal-fired plant
China’s iron ore prices bounce on non-residential use
Western Interconnection’s rising reliability challenge
U.S/China presidents try to stabilise poor relationship
U.S./China leaders to meet at G20 ($FT)
OPEC⁺ and the stabilisation of oil prices
U.S. OIL PRODUCERS increased the number of rigs drilling for oil to 622 on November 10 up from 610 two weeks earlier. Drilling increased significantly for the first time since July. The number of active rigs has rebounded from a pandemic low of just 172 in August 2020 and is nearing the pre-pandemic level of 683 in early March 2020.
But the resumption has been much slower than after the two previous downturns. The rig count has risen by a total of +450 (+3.8 per week) over the 117 weeks since August 2020 compared with an increase of +544 (+4.6 per week) at the same point after the last cyclical low in 2016 and +885 (+7.6 per week) after the cyclical low in 2009:
JKempEnergy.com 