May’s uncanny price stability, Iraq production growth, OPEC’s unknowns and shale’s “Fracklog” all competing for visibility in global petroleum’s crystal ball West Texas Intermediate (WTI) oil prices have ranged from $57.26 to $60.93 for the entire month of May, offering the greatest sign of stability we have seen since November 2013. Analyst firms and oil companies are speaking with much
Sinopec announces FY 2014 results China’s Oil major Sinopec (ticker: SNP) released its full-year 2014 results over the weekend, showing lower revenues despite continued growth in production. According to the company’s release, this was due to the dramatic fall in oil prices seen in the second half of 2014. In accordance with the International Financial Reporting Standards (IFRS) 2014, the
The dust is settling on the first phase of the global oil market share war. Oil has been hovering around $50/barrel for nearly a week – a long-awaited relief to the industry which was wondering, exactly, where is rock bottom? The recent stabilization of oil prices has prompted some analysts to make the necessary adjustments to their respective models and
Oil traders experienced a moral victory today, witnessing West Texas Intermediate (WTI) close at $52.13 – the highest since January 5, 2015. The spot price has rebounded 17% in less than a week, dating back to the closing of $44.45 on Wednesday, January 27. A note published this morning by Stifel provided more bullish forecasts for investors, and even upgraded
The price of West Texas Intermediate (WTI) exceeded Brent for the first time since July 2013 today, before closing at $48.63 – just $0.14 below its spot price counterpart. In an interview with Bloomberg, John Kilduff, a partner at Again Capital LLC, said, “Strong refinery utilization here is giving WTI support, while Brent is tied to the oversupplied European market.”
$70-$100 per Barrel for the Coming 5-10 Years In its Oil Market Report sent to clients today, DNB Bank’s Oslo research team led by oil market analyst Torbjørn Kjus, said “we now believe prices have dropped to unsustainably low levels and our oil price forecast is now bullish vs the whole forward strip.” In its analysis, DNB sees the 20%-30% CapEx
Hell no, I do not want to relive 1986! Yesterday a client said, “It feels like 1986.” We haven’t heard that since 1986, and that year was a pivotal one. The United Kingdom and France announced plans to construct the Channel Tunnel The Space Shuttle Challenger disintegrated shortly after launch Halley’s Comet made its second visit to our solar system
