"Inventory Draws Drive Oil Markets to Tighten"
Oil markets are tightening due to continued inventory draws in the United States, despite Saudi Arabia and Russia extending production and export cuts. The Biden administration canceled oil and gas leases in the Arctic National Wildlife Refuge, causing backlash from Alaskan authorities. Iraqi Kurdistan is demanding funds from Baghdad amidst a halt in oil flows. US airline companies warn of the negative impact of higher jet fuel prices. India is increasing purchases of natural gas due to power outages caused by dry weather. French nuclear power generation has recovered, while Canada's Enbridge is acquiring three utility companies. Orsted threatens to walk away from US wind projects without more support. The platinum market is facing a record deficit, and the Middle East is investing in carbon capture. Shell and Trinidad and Tobago's national gas company plan to invest in Venezuela's Dragon gas project. The Trans Mountain Pipeline in Canada will be delayed, and Repsol enters the US onshore wind market. Shell's Prelude LNG facility undergoes maintenance amidst strikes.
