What the new OPEC with Russia and without Qatar means for energy prices: Cebr Britain’s Centre for Economics and Business Research (Cebr) has revised its oil price forecast based on higher demand for oil and natural gas from non-OECD countries. The Cebr put out a note Monday reflecting the revisions in conjunction with last week’s OPEC/non-OPEC production cut agreement. From
From CNBC British energy giant BP plans its investments on the back of a $50 to $70 a barrel range to adequately prepare for oil market swings, its Middle East chief told CNBC. Crude prices have been on a rollercoaster ride, falling to a year-low on Friday, just weeks after hitting a nearly four-year high in October ahead of U.S.
With OPEC/non-OPEC conformity at 104% oil prices fall 7%-8% today The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) for November met this weekend in Abu Dhabi and noted that countries participating in the Declaration of Cooperation achieved a conformity level of 104% in October 2018. In today’s trading, Brent was off 7%. The international oil benchmark is off more than $20
From The Wall Street Journal Oil prices are on track for their longest losing streak in more than three decades as concerns about oversupply have rapidly returned to the market. The recent fall has wiped out all of oil’s gains for 2018. Light, sweet crude for December delivery fell 0.8% to $60.20 a barrel on the New York Mercantile Exchange,
From Bloomberg Cargoes delivered to the port of Rotterdam could be affected U.S. exports boom is helping to redefine crude oil trading S&P Global Platts, the company that sets the key price of Brent crude, is contemplating the eventual incorporation of U.S. oil to help calculate one of its newest European benchmarks, a sign of just how much America’s booming
Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA
From The Wall Street Journal A North Sea oil field named after a 19th century Norwegian prime minister could soon spark a shakeup in the Brent crude benchmark that prices oil around the world. The widely used benchmark risks losing relevance amid declining production from the oil fields that it is priced off. Other oil benchmarks are clamoring for its role, including
WTI contracts far outpacing Brent contracts From Reuters NEW YORK (Reuters) – Surging shale oil production in Texas and North Dakota is being felt on trading desks in Chicago, Houston and New York, where a brisk business in West Texas Intermediate crude futures is far outpacing contracts for London-based Brent crude. As the United States approaches a record 10.04 million
Birol believes rebalance is now coming in 2H of 2018 Back in July—on the U.S.’s Independence Day—Fatih Birol, the chief of the International Energy Agency (IEA) said he believed the oil market would rebalance in the second half of 2017, “but further output increases among key producers such as Nigeria and Libya could hamper this process,” Reuters reported from Birol’s
Brent breakeven price dropped 37%—Brent’s BE at $40 for the first half of 2017, compared to $64 for 2014: study Douglas Westwood issued a report today in which it analyzed the income statements of 22 mid-cap international E&P oil companies between 2014 and 2017 H1. Here is what the analysts found: Unit costs were reduced in 2017 H1, but the
Four rigs go offline Oil and gas industry signals were mixed this week, as the rig count and natural gas prices dropped, but oil prices rose. U.S. drilling activity declined this week, with four land-based rigs shutting down. There are now 888 land-based rigs in the U.S., the lowest number in five months. Inland waters and offshore rigs counts were
Global crude inventories will decrease build rate through 2018, EIA predicts In its recently released Short Term Energy Outlook, the EIA outlined its predictions for global production and consumption through 2018. An increase in production and seasonal drop in consumption is expected to push an increase in global crude inventories of 2.0 million BPD in the fourth quarter of 2016,
