(Bloomberg) — Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by the Organization of Petroleum Exporting Countries and its allies will be returned to the market in 2018 is… Read more »
Posts Categorized: Uncategorized
America’s Shale Natural Gas Production Is Taking Off – Sort Of
(Bloomberg) — America’s shale gas production is about to surge 12 percent. Sort of. The Energy Department issued a report Monday estimating that the nation’s prolific shale formations will yield 59.4 billion cubic feet a day in September, a massive jump from the roughly 53 billion projected for August. The difference: The agency began including the… Read more »
Venezuela Rebellion Could Send Oil To $80
Venezuela’s deteriorating crisis is “going to be the biggest geopolitical story to watch in the oil markets,” according to Helima Croft of RBC Capital Markets. The economic, political and security situation in Venezuela has been frightening for quite a while, but things continue to grow worse. The new “constituent assembly,” put together to rewrite the… Read more »
Saudi Oil Minister Just Did Something He Has Never Done Before
Gauging market sentiment before the 2018 Saudi Aramco IPO led Oil Minister Khalid al-Falih to personally meet with top hedge fund managers, according to a new report by Bloomberg. Riyadh has long considered hedge funds to be unhelpful speculators, so the sudden interest in their opinions seems abrupt. Anonymous sources who spoke to Bloomberg on… Read more »
Keystone Foes Duck Climate in Red State Oil Pipeline Battle
(Bloomberg) — You won’t hear the C-word coming from Keystone XL foes as they argue against TransCanada Corp.’s push to get the final state approval needed to build the pipeline. C, as in climate. Instead, even as the company seeks to limit objections, they’re spotlighting TransCanada’s use of eminent domain, which Republicans traditionally oppose in… Read more »
Kemp: Macroeconomic Risks For The Oil Industry
LONDON, Aug 4 (Reuters) – The global oil industry now appears to be in the early stages of a cyclical expansion which is likely to see prices rise over the next few years, slowly at first but then accelerating later. Deep and long cycles in oil prices have been the defining characteristic of the industry… Read more »
Big Oil Seen Vulnerable to Fresh Slump Despite Growth at $50
(Bloomberg) — Europe’s oil industry is once again generating cash even as crude languishes at half the price of three years ago. Yet companies remain vulnerable to a renewed downturn. The region’s top three — Royal Dutch Shell Plc, Total SA and BP Plc — can now cover spending from cash flow with oil at $50… Read more »
Who Are the Oil, Gas Industry’s Departed Workers?
Just as the tally on global oil and gas layoffs due to the industry downturn surpassed the 440,000 mark, Rigzone was hard at work developing a plan to reach those who had left the industry. With oil prices plummeting to historic lows in February 2016 and drilling activity stalled, many oil and gas professionals were… Read more »
European Oil Producers’ Weak Hedging Shows Bet on Price Rebound
LONDON, July 31 (Reuters) – Europe’s smaller oil producers are more optimistic about the market than they have been for the past couple of years as a significant reduction in hedging shows they are betting on higher prices. Oil producers typically sell ahead a sizeable part of future production to protect themselves against a sudden… Read more »
OPEC Oil Output Jumps To 2017 High On Further Libya Recovery
LONDON, July 31 (Reuters) – OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports… Read more »
