Melbourne — Oil prices climbed for a fourth straight day on Thursday with US crude, heating oil and jet fuel stocks growing tighter just as a wintry blast hits the US and travel is set to soar for its holiday season.
Both benchmark contracts jumped on Wednesday after government data showed US crude inventories fell by much more than analysts had expected, posting a drop of 5.89-million barrels for the week ending on December 16. The falling stockpiles come as demand for heating oil is set to soar with a powerful winter storm hitting the US, with sub-zero wind chills expected as far south as Texas and record-breaking lows forecast for Florida and eastern states.
“On our numbers ... the crude market is finely balanced,” said Baden Moore, National Australia Bank's head of commodity research.
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Oil prices steady as drawdown in US crude stocks counters China Covid-19 concernsTop global oil importer's retreat from its zero-Covid policy nonetheless continues to constrain prices from moving higher
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Oil Drilling Plans Put South African Fishers, Fish Stocks at RiskTotalEnergies, the French energy giant, intends to drill up to ten exploration wells for oil and gas in the deepwater Orange Basin along the west coast, as well as conduct sonar surveys and vertical seismic profiling, among other operations. The explorations will span from 188 kilometres offshore to 340 kilometres from the coast, writes Liezl Human for GroundUp. Several public consultations were held in November from Hout Bay to Port Nolloth. Fishers in the small coastal town of Doringbaai say they are concerned about the impact the oil and gas explorations may have on their livelihoods. Doringbaai was home to about 1,260 people at the time of the 2011 census, but residents say this number has possibly doubled since then. The town relies mostly on fishing and the Doring Bay abalone farm at the harbour. "Oil and gas, and fishing cannot co-exist," says Fabian Mohammed, a fisher woman in Doringbaai. "Either you go into the ocean to catch fish or [you go] for oil and gas. But you can't do both." "Fishing has been our livelihood for generations ... We were born here and we work here," she says. "If they are coming to drill oil, who can guarantee there will be fish left in 15 years time? What kind of future do our kids have in Doringbaai?" Their plight is a snapshot of greater difficulties small-scale fisher face. Other mounting difficulties include declining fish stocks, climate change, the Covid-19 pandemic, and government oversight. Furthermore, fishing quotas imposed by officials have sparked violent protests in some regions.
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