Oil Bears out in Force before the Weekend Oil prices and rig counts alike fell on Friday, with the former falling by about 2% and the latter reaching its lowest level in more than a decade. A handful of factors weighed into the commodity price drop, spurred by Goldman Sachs predicting oil prices still have (much) further to drop before
Oil prices see the largest percent gain in six years The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one day since March 12, 2009. In dollar terms, it was the largest gain in three years. Global benchmark Brent crude
OPEC sees lower market share despite decision to maintain production In November 2014, OPEC, led by its largest producer Saudi Arabia, decided to cast off its traditional role as swing producer in the global oil market. The decision sent oil prices plummeting from over $115 per barrel for Brent crude in June, down to $42.69 per barrel, the closing price
Wells Fargo sees market balance in 2016 A recent note from Wells Fargo Equity Research highlights the continued unresponsiveness of production in the face of low oil prices, but the analysts say they expect the market to rebalance in 2016. “Given OPEC’s continued focus on market share and the lack of production response thus far to lower drilling/spending from non-OPEC,
Saudi investment in U.S. shale continues in the down market, not interested in acquiring U.S. companies at this point Saudi Basic Industries Corp. (ticker: TADAWUL:2010), or Sabic, plans to expand investment in U.S. shale gas projects through joint ventures, according to acting CEO Yousef al Benyan. Sabic has signed an agreement with Houston-based Enterprise Products Partners (ticker: EPD) to obtain
OPEC sees ‘a more balanced market’ – a higher demand for its crude oil in 2016 The Organization of Petroleum Exporting Countries (OPEC) released its Oil Monthly Report (OMR) for July, predicting economic growth would continue to drive oil demand, even as the group revised world economic growth down. OPEC forecasts global GDP to grow by 3.2% in 2015, down
OPEC June production hits 31.60 MMBOPD on the back of increased Iraq output OPEC continued to produce well above its target of 30 MMBOPD in June, according to information compiled by Reuters. The information, based on shipping data and information from sources at oil companies, OPEC and consultants, suggest that OPEC produced 31.60 MMBOP in June, the highest output the
“If you are Saudi Arabia…you would go to full capacity” Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg. “If you are Saudi Arabia and you’re looking at the new oil order we live in, you would go to
Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the Energy Information Administration (EIA). Medium-grade crude imports fell to 0.8 MMBOPD in Q1’15 from 1.5 MMBOPD the year before. Almost
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill their respective end goals in the oil market. Brent oil prices at the time of the meeting are expected to
OPEC’s largest producer hit a 12-year production record last month Saudi Arabia increased oil production to 10.3 MMBOPD in March, setting a 12-year high for production in the country. Saudi Oil Minister Ali al-Naimi said the Kingdom will continue producing around 10 MMBOPD at a conference in Riyadh, reports Bloomberg. The March output is the highest since at least 2002,
EIA: U.S. remains the largest hydrocarbon producer for the third straight year The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2014, according to Energy Information Administration (EIA) estimates. U.S. petroleum production increased by 3 quadrillion Btu (1.6 MMBOPD) in 2014, while natural gas production increased by 5 quadrillion Btu (13.9 Bcf/d) over the
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