Oil Prices Continue Volatility Amidst Market Uncertainty

Despite OPEC+ production cuts, oil is set for its sixth straight monthly loss due to declining US capital goods spending and refinery margins. OPEC Secretary General warns the International Energy Agency to be careful about discouraging investment into oil and gas. Suncor Energy acquires TotalEnergies' Canadian oil sands assets for $4.1 billion. Pioneer CEO's retirement fuels speculation of ExxonMobil's reported $52 billion takeover. Iran detains a Turkish-owned tanker carrying Kuwaiti crude for Chevron in the Gulf of Oman. BASF seeks to exit oil producer Wintershall Dea. Glencore buys a 30% stake in Brazil's alumina refinery Alunorte and a 5% stake in bauxite producer MRNS for $700 million. Russia considers breaking Gazprom's monopoly on pipeline exports to China. Australia proposes to extend a price cap on natural gas until at least mid-2025. US oil producer Hess Corp announces another offshore discovery in Guyana's Stabroek block. Booming Indonesian nickel production continues to outpace demand growth. Canada's Quebec province faces a 100 TWh shortfall towards local consumers. The world's largest graphite miner Syrah Resources lowers production from its main producing assets in Mozambique until demand improves. China's Sinopec lands a $4.4 billion coal mining deal in the Inner Mongolia region of the country.