China’s attempts to boost its economy and renewed attacks from the Houthis in the Red Sea are adding upward pressure to oil prices this week, said. 

There have been four strikes in three days in the Red Sea as a result of the Houthi’s renewed maritime offensive, with Rubymar potentially becoming the first tanker to sink in the Bab-el-Mandeb strait since the most recent disruptions started. Combined with China’s record cut to its prime mortgage rate, a signal that Beijing is taking stimulus seriously, Brent’s current pricing range around $83 per barrel might test the mid-80s soon.

Houthis sink UK-linked bulker.Escalating the Red Sea maritime warfare further, Houthi militias attacked a British-registered cargo vessel Rubymar carrying fertilizer in the Bab-el-Mandeb strait, prompting the crew to abandon the ship as it was at risk of sinking. 

Saudi Aramco to issue 2024 bonds.Saudi Arabia’s national oil company Saudi Aramcowill most probably issue a bond this year, said the company’s CFO Ziad al-Murshed, with the bond duration expected to be 15 to 50 years.  

Gas price slump frightens investors. As US natural gas prices declined to the lowest level in real terms since Henry Hub started trading in 1990, currently around $1.55 per mmBtu, hedge funds have been selling their gas exposure for four weeks, leading to a net short of 1,276 Bcf.

Guyana nearing in on new licensing.Guyana intends to disclose the winners of the South American country’s first-ever competitive auction of offshore oil blocks by end-March, with ExxonMobil bidding again in a consortium with Hess and China’s CNOOC.