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Crude Oil, Tech Guy's Comment, Rain Days Update 04/03/2022

Highlights


It is clear the Russian military pressure on Ukraine’s capital city of Kyiv has rescinded and moved east toward the Russian border. No one thinks they are going home, rather they are consolidating their 2014 gains in Eastern Ukraine. Watch our predicted Rain Days for Rondonópolis and Campo Grande, Brazil. That’s the double crop corn area and the weather forecast is turning dry next week. That sandy soil does not hold water… nor nitrogen.

 

For the second consecutive month, Saudi Arabia’s and Iraq’s state oil regulators announced last Thursday they have increased prices of crude oil and refined products for April loading. They expect crude markets to be tight for some time to come.


However, USA crude oil demand data reported by the Energy Information Administration (EIA) has been significantly overestimated compared to the final monthly oil demand, oil data analytics firm OilX said on Friday.


The weekly demand estimates in March already showed that recent demand strength had been easing and may turn out to be even weaker if recent weekly errors compared to the monthly data continue.


Thursday’s EIA petroleum supply monthly report showed that total oil demand averaged 19.731 million barrels per day in January. However, EIA's weekly data pegged crude demand at 21.7 million bpd. Editorial comment: Sounds like USDA math.


The number of active drilling rigs in the USA rose by 3 last week, 2 for crude oil and 1 for natural gas. Total drilling rigs stand at 673, that is 243 more than a year ago.


Russia pumped 11.01 million barrels per day of crude and condensate in March, down slightly from 11.08 million in February according to Reuters News’ sources.


Germany is considering nationalizing the German units of Russian oil and gas giants Rosneft and Gazprom due to fears the companies could run into financial troubles and leave Germany high and dry with no gas and no refined petro products.

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