High Risk BCOUSD $BCOUSD Short (I won't be taking this trade)High Risk BCOUSD Short (I won't be taking this trade). TP and SL on chart. Move SL on TP. After TP2, trail with 0.5ATR step and 1.5ATR offset.
BCOUSD
BCOUSD Potential for Bullish RiseOn the H4, with price breaking the descending channel and above ichimoku cloud, we have a bullish bias that the price may rise to the buy entry at 102.489, where the 100% fibonacci projection and overlap resistance are. If the price breaks this level, we can expect the price to rise to the take profit at 105.996, where the swing highs are. Alternatively, the price may drop to the stop loss at 98.564, where the 38.2% fibonacci retracement and pullback support are.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential for Bearish Continuation | 22nd August 2022On the H4, with price moving within the descending trendline, below ichimoku cloud, we have a bearish bias that the price may drop to our sell entry at 96.359, which is in line with the previous swing low, if the price break the sell entry, the price may drop to the take profit at 93.462, which is in line with the swing low. Otherwise, the price may rise to the stop loss, where the 78.6% fibonacci projection, 61.8% fibonacci retracement and swing high.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BCOUSD Potential for Bullish MomentumOn the H4, with price almost breaking the descending trend line and there is a positive divergence of price and MACD, if the price can break the buy entry at 99.305, which is in line with the swing high and 61.8% fibonacci retracement, we can expect the price rise to the take profit at 103.220, which is in line with the swing high and 61.8% fibonacci retracement. Alternatively, the price may drop to the stop loss at 93.815, which is in line with the swing low.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential for Bearish Continuation| 17th August 2022On the H4, with price moving within the descending channel, below ichimoku cloud and the MACD indicators are under zero, we have a bearish bias that the price may drop from our sell entry at 93.423, which is in line with the swing low and 61.8% fibonacci projection to the take profit at 90.681, which is in line with the 78.6% fibonacci projection. Otherwise, the price may rise to our stop loss at 98.775, which is in line with the overlap resistance and 23.6% fibonacci retracement.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BCOUSDF Potential For Bearish ContinuationOn the H4, with price moving within the descending channel, below ichimoku cloud and the MACD indicators are under zero, we have a bearish bias that the price may drop from our sell entry at 93.508, which is in line with the swing low and 61.8% fibonacci projection to the take profit at 90.692, which is in line with the 78.6% fibonacci projection. Otherwise, the price may rise to our stop loss at 97.650, which is in line with the overlap resistance and 23.6% fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential for Bearish ContinuationOn the H4, with price moving within the descending channel, below ichimoku cloud and the DIF is crossing below signal line, we have a bearish bias that the price may drop from our sell entry at 94.834, which is in line with the swing low to the take profit at 90.526, which is in line with the 78.6% fibonacci projection. Otherwise, the price may rise to our stop loss at 98.809, which is in line with the overlap resistance and 23.6% fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential For Bearish DropOn the H4, with price breaking the ascending trendline and the DIF is crossing below signal line, we have a bearish bias that the price may drop from our buy entry at 98.995, which is in line with the 61.8% fibonacci retracement to the 2nd support at 95.881, which is in line with the swing low support. Otherwise, the price may rise to our stop loss at 102.629, which is in line with the overlap support, 50% fibonacci retracement, 23.6% fibonacci retracement and 78.6% fibonacci projection.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential for Bullish Rise | 11th August 2022On the H4, with price braking the descending trendline, and the histogram of MACD is above zero axis, we have a bullish bias that the price may rise from our buy entry at 100.556, which is in line with the price testing area to the taken profit at 103.805, which is in line with the 23.6% fibonacci retracement, overlap resistance, 50% fibonacci retracement and 78.6% fibonacci projection. Otherwise, the price may drop to our stop loss at 95.881, where the swing low support is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BCOUSD Potential for Bullish RiseOn the H4, with price braking the descending trendline, and the histogram of MACD is above zero axis, we have a bullish bias that the price may rise from our buy entry at 98.708, which is in line with the overlap support to the take profit at 103.518, which is in line with the 50% fibonacci retracement and 78.6% fibonacci projection. Otherwise, the price may drop to our stop loss at 95.863, where the swing low support is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential for Bullish Rise | 8th August 2022n the H4, with price touching the bond of descending trendline, and the DIF line is breaking the signal line in MACD , we are bullish bias that price will rise from our buy entry at 99.037, which is in line with the pullback support to our take profit at 102.467, where the pullback support and 38.2% fibonacci retracement are. Alternatively, the price may drop to the stop loss at 95.639, which is in line with the swing low.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BCOUSD Potential for Bullish ContinuationOn the H4, with price touching the bond of descending trendline, and the DIF line is breaking the signal line in MACD , we are bullish bias that price will rise from our buy entry at 98.435, which is in line with the pullback support to our take profit at 102.362, where the pullback support and 38.2% fibonacci retracement are. Alternatively, the price may drop to the stop loss at 95.655, which is in line with the swing low.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential for Bullish Rise | 8th August 2022On the H4, with price touching the bond of descending trendline, and the DIF line is breaking the signal line in MACD, we are bullish bias that price will rise from our buy entry at 99.037, which is in line with the pullback support to our take profit at 102.467, where the pullback support and 38.2% fibonacci retracement are. Alternatively, the price may drop to the stop loss at 95.639, which is in line with the swing low.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
BCOUSD Potential for Bearish Continuation | 5th August 2022On the H4, with price going below the ichimoku cloud and the momentum of MACD histogram is decreasing under zero axis, we have a bearish bias that price might drop from the sell entry at 95.295, where the swing low support and 50% fibonacci projection are to take profit at 90.677, where the pullback support and 61.8% fibonacci projection are. Otherwise, the price may rise to our stop loss at 100.266, where the swing low support is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Big PUNCH In THE FACE OF OPEC+ BULLS ON POWER
THE OIL PRODUCING COUNTRIES AND CARTLE MEMEBERS GAVE THIS ANSWER: BIG NO ,,PUNCH,, to the Europeans and non-producing oil countries who want to dictate them the Oil Price.
It is a era of the colonilistic countries like Germany, GB, Belgium, Italy, France, Scandinavian and others is over. It is simply over.
They are losing everywhere their financial-, economic-, and diplomatic powers.
You have Oil? You dictate the price. It is as simple like that.
Oil will climb back to $115 a barrel and a great way to play that rebound is Chevron Corporation (NYSE: CVX), says Rob Thummel. He’s a Managing Director at TortoiseEcofin.
OPEC approves only a tiny increase in output
His outlook is essentially based on the inability of OPEC+ to “meaningfully” increase its output and meet the continued surge in global demand. This afternoon on CNBC’s “Power Lunch”, Thummel said:
We’ll see demand rise as China comes back online and people continue to fly. That will result in an undersupplied oil market. And what we know is that when inventories go lower, prices go higher.
He’s convinced the global demand for conventional energy can withstand a mild recession, especially as the impact of Russian sanctions materialise in the coming fall.
Despite the energy news on Wednesday, WTI Crude is at $91 a barrel at the time of writing.
Thummel explains why he likes Chevron stock
Thummel likes Chevron stock down more than 10% from its year-to-date high for the dividend yield that currently sits between 3.0% and 4.0%. He’s also constructive on “CVX” for its continued investments in renewable energy.
It has double the S&P 500 dividend yield. But more importantly, it’s providing more energy and less carbon. It’s made significant investments in renewable fuels. So, the changing supply source of energy could be a benefit to Chevron going forward.
Last week, Chevron reported record profit for its fiscal second quarter on higher prices and said it will buyback up to $15 billion worth of its stock in 2022.
Wall Street currently has a consensus “overweight” rating on the stock with upside to $179 on average, or about a 15% increase from here.
Oil prices rebound on supply concerns after drop to near 6-month low
We will see much more higher Prices in BCO and WTI: My estimation is between 185-250 in BCO and WTI. In Minimum.
During the much-awaited OPEC+ meeting, member countries led by Saudi Arabia and Russia agreed to increase their collective output target by 100,00 bpd (barrels per day) come September. This is a drop in the proverbial ocean with producers catering to a global market of approximately 10 million bpd.
Although a small or even no increase at all was in line with market expectations, analysts were surprised by the less-than-token improvement in the output ceiling, prompting some to interpret this as a deliberate attempt to humiliate the US.
For instance, Robert Yawger, executive director of energy futures at Mizuho Securities, stated that this “is a slap to the face for President Biden.”
This outcome would have been very disappointing for the President who made a special trip to meet with Saudi authorities last month.
To add salt to injury, the OPEC+ decision comes a day after the US cleared $5.3 billion in missile sales to both the UAE and Saudi Arabia.
Prices slide
Prices were steady after the OPEC+ announcement, with Brent trading slightly above $100.
However, with the publication of Energy Information Administration (EIA) data, prices have crashed by over 3%, with Brent trading at $97.3 and WTI as low as $91.2, at the time of writing.
The EIA reported an unexpectedly large build in US oil inventories which rose by 4.5 million barrels for the week to July 29. Gasoline stocks were also up 200,000 barrels in the week ending July 29th, potentially reflecting a moderation in consumer demand as the US exits the driving season.
As per market surveys, both these figures were expecting a drawdown, in line with the previous week, but stocks have surprised to the upside raising concerns of demand sustainability.
American conundrum
The US is tussling with four-decade high inflation rates and gasoline prices in excess of $5 across several major cities. The administration is desperate to ease the market tightness and bring down costs.
An argument could be made that any increase at all would be deemed to be symbolic since the OPEC+ countries have long been struggling to meet their quotas in any case.
With the onset of the pandemic in 2020, followed by a sudden drop in aggregate demand, laying-off of skilled labour, disrupted supply chains and chronic underinvestment in these countries, OPEC+ members simply do not have sufficient spare capacity to meaningfully increase global output.
The only two countries that may have the ability to increase production sizably are Saudi Arabia and the UAE. For Saudi Arabia, this would be a challenging task due to many of the same reasons listed above, in addition to which, most untapped reserves are in “untested fields” and would take months to operationalize.
Moreover, Saudi hydrocarbon law requires that any official increase in production targets be met for a minimum of at least 1 year. The Kingdom is unlikely to want to boost supplies significantly for such a lengthy period, as a deep recession is widely expected. Ramping up production would only lead to cutting off windfall profits that member countries are presently enjoying.
Lastly, the Saudi government would be unwilling to cross its Russian ally by hiking production targets too fast. Given the strict sanctions that the West has imposed on Putin’s Moscow, Russian export channels have dried up and a tight global oil market is supportive of Russian revenues for the time being
BCOUSD Potential for Bearish DropOn the H4, with momentum of red histogram is deceasing, we have a bearish bias that price might drop from the sell entry at 100.585, where the overlap support, 61.8% fibonacci retracement and 23.6% fibonacci retracement are to take profit at 95.702, where the swing low support is. Alternatively, the price may rise to the stop loss at 106.0923. where the overlap resistance is.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
BCOUSD Potential for Bearish ContinuationOn the H4, with the price going along the descending channel, we have a bearish bias that the price may drop from our sell entry at 102.211, which is in line with the 38.2% fibonacci retracement to our take profit at 95.756, which is in line with the swing low. Alternatively, the price may rise to the stop loss at 109.049, which is in line with the overlap resistance. Take note the price is fluctuating with the stop loss and sell entry area.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
BCOUSD Potential Bullish RiseOn the H4, with price breaking the bearish channel and moving above ichimoku indicator, we have a bearish bias that price might rise from our buy entry at 108.398, which is in line with the overlap resistance to our take profit at 112.160, which is in line with pullback support. Alternatively, the price may drop to stop loss at 102.534, which is in line with overlap support and 50% fibonacci retracement.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group
China Covid outbreak grows with millions under lockdownBEIJING: China on Saturday reported its highest number of coronavirus cases since May, with millions in lockdown this weekend as authorities persist with their zero-Covid policy.
Using snap lockdowns, long quarantines and mass testing, China is the last major economy still pursuing the goal of eliminating outbreaks, even as the strategy takes a heavy toll on the economy.
China reported 450 local infections on Saturday, up from 432 a day earlier. Most cases were asymptomatic.
The rising wave of cases led to fresh restrictions this week in some parts of the country.
Lanzhou, the capital of northwestern Gansu province, ordered its 4.4 million residents to stay home starting Wednesday, and a county in Anhui province went into lockdown from Friday.
Beihai in the southern Guangxi region on Saturday also announced lockdowns in parts of two districts that are home to more than 800,000 people.
China growth slumps on virus lockdowns, real estate woes: poll
“Currently, the epidemic prevention and control situation in Beihai city is severe and complicated, and the risk of hidden transmission in the community is relatively high,” said a government notice announcing the restrictions.
Earlier in the week, the steelmaking hub of Wugang in central Henan province announced a three-day lockdown over a single Covid case.
The fast-spreading Omicron variant of the virus has been a major challenge for Chinese authorities, as they try to limit the economic damage caused by Covid restrictions.
China logged its slowest second-quarter growth rate since the initial Covid outbreak, with GDP expanding just 0.4 percent on-year.
Oil Declines as Traders Weigh Mideast Supply After Biden TripOil eased as investors weighed the odds of more supply from the Middle East after a landmark trip to the region by US President Joe Biden.
West Texas Intermediate edged lower in early Asian trading, following last week’s drop of almost 7% as investors fretted that a global slowdown may hurt demand and the dollar hit a record. US energy envoy Amos Hochstein said he is confident Persian Gulf producers will increase output after Biden’s visit to Saudi Arabia.
Investors also focused on the return of crude from Libya. Prime Minister Abdul Hamid Dbeibah said that the country’s exports are on track for a full resumption after months of outages as he justified his replacement of the leadership at state-run oil company National Oil Corp.
Crude has slumped since mid-June as concerns about a potential recession ripped through commodity markets, eroding the gains that followed Russia’s invasion of Ukraine. While the drop has been a boost for the US administration, Biden remains eager to get the Organization of Petroleum Exporting Countries to add supplies to bring prices down further and help quell inflation.
In India, meanwhile, gasoline and diesel sales during the first half of July dropped from last month as seasonal rains cut demand in the third-biggest energy consumer. The drop was the first monthly decline in three months.
The pressing global need to slash emissions in the face of a growing climate crisis is driving renewed interest in nuclear power — and few places more sothan in Canada’s oilsands.
While the idea of using nuclear power to replace the fossil fuels burned in oilsands production has been bandied about for years, some experts say the reality could be just a decade or so away. On paper, at least, there is more potential to deploy small modular reactor (SMR) technology in the oilsands region of Alberta than anywhere else in the country.
Without a doubt the oilsands is the biggest market for small modular reactors in Canada,” said John Gorman, president and chief executive of the Canadian Nuclear Association. “It’s something that some companies are very actively looking at.”
Small modular reactors are a type of nuclear design that is far smaller than a traditional nuclear reactor. Generating between 10 and 300 MW of energy, SMRs are fully scalable and are designed to be built economically in factory conditions, rather than on site like a large-scale conventional reactor.
While SMRs are not yet commercially available, the technology is getting close. The International Atomic Energy Agency estimates that nearly 100 SMRs could be operating around the world by 2030. In Canada, four provinces — New Brunswick, Ontario, Saskatchewan and Alberta — have agreed to collaborate on the advancement of SMRs as a clean energy option, and Canadian researchers are working on new materials and designs that could make SMRs practical in a large range of new uses.
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Proponents say SMRs could potentially be used not only to provide clean electricity to smaller electricity grids, like those in rural areas, but also to provide heat for natural resource industries. In the oilsands, operators use massive amounts of high-temperature heat to produce the steam needed to extract bitumen from sand — and they get that heat by burning natural gas.
In total, the oil and gas industry is responsible for 30 per cent of Canada’s natural gas consumption, which means confronting the industry’s fossil fuel usage will be key if Canada is to meet its climate commitments.
The oilsands industry itself — through an organization called Pathways Alliance, which is made up of Canadian Natural Resources Ltd., Cenovus Energy Inc., ConocoPhillips Canada, Imperial Oil Ltd., MEG Energy Corp. and Suncor Energy Inc. — has committed to reducing greenhouse gas emissions from oilsands production by 22 million tonnes annually by 2030, and reaching a goal of net-zero emissions by 2050.
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To help get there, the Pathways Alliance has proposed a major carbon capture and storage transportation line that would capture CO2 from oilsands facilities and transport it to a storage facility near Cold Lake, Alta. That project alone could deliver about 10 million tonnes of emissions reductions per year and could be up and running by the end of the decade.
But Pathways has also formed a committee to formally explore nuclear as an alternative to natural gas in oilsands production.
“Absolutely, we are looking at SMRs as a low or no-emission source of the high temperature heat we need,” said Martha Hall Findlay, chief climate officer for Suncor Energy Inc. “But it has to be economically viable. It has to make sense.”
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Findlay said the industry will need clarity around what level of government financial support, if any, will be available for SMRs. There are also questions around the regulatory process, given the energy sector’s frustrating experience in recent years getting large-scale projects approved.
“It’s Canada — it takes a really long time to build anything,” she said. “But if we want to see implementation by 2030, or into the early 2030s, we have to be doing this stuff now. We have to be looking at it now.”
Dan Wicklum, president and CEO of non-profit advisory group The Transition Accelerator and the former CEO of the Canadian Oilsands Innovation Alliance, said the energy industry has formally evaluated the nuclear opportunity in the past and discarded it, largely because of cost.
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But he said the industry’s new target of net-zero emissions “changes everything.”
“We can no longer just do the things we were going to do to reduce emissions. Optionality has fallen off the table for us,” Wicklum said. “In an emissions elimination paradigm, there’s no question that nuclear is being taken very seriously.”
However, Wicklum added that for any large-scale emissions reductions projects to get off the ground, governments and industry will have to come to an agreement about whose responsibility it is to pay for them.
“Industry is looking to the federal government to say, ‘make it worth our while’, he said. “They want more taxpayer dollars. They’ve essentially said there’s not enough public support right now for them to act. And because of that, I think, the feasibility of SMRs — as well as carbon capture and storage, and so on — is completely in question.”
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