Open interest reaches new highs Bets that crude oil prices would fall below $25 per barrel in March reached an all-time high today. It is impossible to say exactly where oil prices will be two months from now, but if the open interest, or the amount of total contracts outstanding, for puts on West Texas Intermediate is any indication, the
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
Certain crude grades from around the globe are already at or below $20 per barrel Oil and gas prices for the U.S. crude benchmark WTI, and international crude benchmark Brent, closed below $30 per barrel today, but some producers are already seeing less for their oil. The price for some grades of crude oil is already below $20 per barrel
The United States crude export ban was lifted less than two weeks ago, and domestic companies are wasting no time transporting American oil abroad. On December 30, 2015, ConocoPhillips (ticker: COP) and NuStar Energy (ticker: NS) announced its first cargo is expected to complete the loading phase by December 31. The shipment is expected to be the first U.S. crude
Production forecast says NatGas will be down by 365 MMcf/d in Jan The Energy Information Administration (EIA) forecasts that next month. Despite the trend of more efficient wells, the EIA said it anticipates lower production in all major oil producing regions except the Permian and the Utica in January. The most substantial drop in production is expected to come from
“Production from the North Slope of Alaska and the North Sea of Europe, burgeoning oil regions 20 years ago, is in decline. Unrest in Venezuela and Nigeria threatens the flow of oil. The Middle East remains the mother lode of crude, but war and instability underscore the perils of depending on that region.” The points above came from an archived
Total rig count falls to 757 as oil rigs resume trend downward The United States total rig count fell again this week, continuing a trend started last year when OPEC announced it would not defend oil prices. The total rig count fell by 10 this week to 757, with all of the last rigs coming from the oil patch, according
The IEA’s monthly report places demand growth down from its five-year 2015 high The International Energy Agency (IEA) released its monthly report today, saying it expects global demand growth for oil to slow to 1.2 million barrels of oil per day in 2016. Demand growth in 2015 reached a five-year high of 1.8 MMBOPD, but momentum will ease towards its
$40 Oil Prices Coming into View Once Again An inventory build of 4.2 million barrels (MMBO) pushed down the price of West Texas Intermediate (WTI) by nearly 3% in Thursday trading, increasing the United States’ crude stockpile to more than 487 MMBO overall. Crude oil inventories have now increased on a weekly basis for the last seven reporting periods, adding
Short-term prices likely to remain low Both the Energy Information Administration (EIA) and International Energy Agency (IEA) released their most recent pricing outlooks for the energy markets today, giving a glimpse into what two of the most widely followed energy agencies see as the future of energy markets. The EIA’s Short Term Energy Outlook (STEO) forecasts prices out through 2016,
Size and timing of production rollover will depend on OPEC output The Canadian Imperial Bank of Commerce (CIBC) released its Oil View today, making some changes to its price forecasts from its previous release in August. CIBC’s new call on WTI for 2015/2016 is $51.75/$61.25, down from $54.00/$62.50 in its previous report. CIBC also lowered its price forecast for European
The price of U.S. benchmark WTI crude is becoming increasingly volatile The price of U.S. crude oil benchmark West Texas Intermediate (WTI) has been increasingly volatile since November of last year, following the decision by OPEC to maintain production over defending oil prices. The chart above shows the number of days the price of oil changed by a certain percentage
