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Tidbits, Oils, Markets & Rain Days Update 12/17/22

Highlights


December 15th is the start of the 45 day window to make or break Brazil’s first and only soybean crop and its first corn crop.


Intense missile attacks on Ukraine’s utility infrastructure has knocked out electricity to more than half of the country’s businesses and citizens.


The International Energy Agency (IEA) predicts 2023 world crude oil demand will increase by 1.7 million barrels per day as China rebounds from covid lock-downs. If so, 2023 daily crude consumption oil will be 101.6 million barrels, a new all-time high and the first year to average over 100 million barrels per day.


A mid-November magnitude 5.4 earthquake has compelled, after much debate, Texas and Oklahoma authorities to limit by 60 to 70% how much water can be injected into oil wells, particularly deep wells. This ruling will slow the rate of production growth coming from the US shale patch.


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