Markets take a dive as U.K. votes to leave the European Union In a referendum that essentially split the country, the United Kingdom voted to leave the European Union Thursday, a move most market experts did not believe would take place. The U.K. voted 52% to 48% to leave with a 72.2% voter turnout. Markets around the world took a
Today’s closing price represents a 2016 high for WTI oil prices Oil prices hit 2016 highs today, with U.S. crude benchmark WTI settling above $50 per barrel for the first time since July 21, 2015, when WTI closed at $50.36, the same closing price seen today. Concerns over unplanned supply interruptions in Nigeria, along with an expected crude oil storage
U.S. crude oil inventories grow by 2.8 MMBO Oil prices are down today after an inventory build that exceeded economists’ estimates by a factor of five. According to data from Bloomberg, economists estimated an average build of 556 MBO, but the numbers released by the DOE today showed a build of 2.8 MMBO, bringing total inventories to 543.4 MMBO as
About one-third of U.S. plays remain economic below $40 per barrel WTI As oil and gas producers around the globe continue to struggle with lower commodity prices, a select few basins remain economical at today’s prices. Six basins out of the 18 covered by Raymond James, or one-third of basins in their coverage, produce IRRs of 15% at sub-$40 WTI,
Markets unsatisfied with deal to maintain production The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, Saudi Arabia. Russia, Saudi Arabia, Venezuela and Qatar agreed to a production freeze today, as the global glut of crude
An Oil & Gas 360® exclusive interview with Kirk Kinnear, vice president of crude logistics and hedging at Continental Resources Market volatility has crude oil prices making huge swings, both up and down, with markets reacting to even just a hint of production cuts with a 10% spike in the price of U.S. benchmark WTI crude oil. Many are predicting
UAE energy minister said OPEC members ready to cooperate The price of oil today approached a new low of $26.21 per barrel today, the lowest since May 8, 2003, when it hit $26, before bouncing up on news of a possible production cuts from OPEC. The Wall Street Journal’s Summer Said reported on Twitter that the UAE’s Energy Minister Suhail bin
Ok, first for disclosures. Yes, EnerCom, Inc. and Oil & Gas 360® are based in Denver, Colorado. Yes, we’ve sampled Rocky Mountain Oysters at the games. Yes, we have a demonic 32-foot horse statue at our airport. And yes, one particular person at our office may or may not wear a barrel (and only a barrel) on Sunday in honor
The 1980s: a rough decade for cars, rock music and oil The 1980s were a mixed up decade. Killer British-driven rock music and groundbreaking R&B artists were giving ground to wimpy, fake artists like Milli Vanilli. The era of glasspack, dual carb, Hurst-shifted Detroit muscle cars had thrown in the towel to embarrassing vehicles like Chrysler’s K-car. The U.S. had
OPEC production expected to stabilize A recent analyst note from KLR Group indicated that oil and gas markets could balance in 2017 as OPEC production begins to stabilize and U.S. production rolls off. Saudi Arabia’s oil production is expected to stay at about 10.4 MMBOPD, while Iran gradually ramps up production and Iraq’s output moderates. The crash in oil prices
U.S. rig counts continue their downward trend The U.S. rig count has either decreased or remained unchanged for 22 consecutive weeks now. According to information released from Baker Hughes (ticker: BHI) the U.S. rig count fell by 13 in the week ended January 22, 2016, to 637. This is the first time since the week ended August 20, 1999, that
The IEA sees continued pressure on oil potentially pushing prices down further In its first Oil Market Report of the year, the International Energy Agency painted a pessimistic picture for the outlook of oil prices. Even as the IEA expects 600 MBOPD of non-OPEC production to fall off during the year, “this will inevitably be largely offset by higher production
