Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Texas oil and gas producers have been told to prepare for winter storms
This week is expected to bring extremely cold winter weather to Texas. Local oil and gas producers have been instructed to secure their equipment and facilities.
Forecasts from the National Weather Service showed severe winter conditions in some parts of Texas over the coming days. After that a warning of winter precipitation in some areas of West and North Texas on Monday afternoon was published. More freezing rain is predicted for Tuesday.
Texas Railroad Commission operators have been instructed to monitor weather information and its potential impact by means of state, local and national reports.
The petrochemical and fuel industry in Texas is quite massive and quite sensitive to severe weather influences. Very cold temperatures can cause natural gas lines to freeze, valves to jam, and power supply to fail.
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.