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Category: OilPrice

End of Oil Glut Seen Nigh as World's Use Set to Top Production

May 29, 2015 Posted by Chris Wysong

Experts are predicting oil demand to outpace supply by 1.5 million bpd by the end of this year, marking the end of the glut that drove prices to six-year lows. End of Oil Glut Seen Nigh as Worlds Use Set to Top Production By: Aaron Clark (Bloomberg) (Bloomberg) -- Make the most of abundant oil because by the end of the year the world may be consuming more than it pumps. The global crude market will shift into a deepening deficit in the fourth quarter amid a draw down in U.S. stockpiles, according to Standard Chartered Plc. While Qatars former oil minister says theres currently a surplus of 2 million barrels a day, Sanford C. Bernstein Ltd. sees demand outpacing supply by 1.5 million a day by the fourth quarter. Oil has recovered almost 40 percent since January on signs that a slowdown in U.S. drilling will alleviate the glut that drove prices to the lowest in six years. U.S. crude inventories probably shrank for a fourth week through May 22 after surging to the highest in 85 years,

Posted in Oil, OilSupply, OilPrice, OilProduction

Oil Hits 2015 Highs As Libya Output Slows, Saudis Raise Prices

May 06, 2015 Posted by Chris Wysong

Several significant factors have contributed to the years highest oil prices but some remain unconvinced that these levels will hold. Oil Hits 2015 Highs As Libya Output Slows, Saudis Raise Prices By: Barani Krishnan (Reuters) NEW YORK, May 5 (Reuters) - Oil prices hit their highest for the year on Tuesday, aided by a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices. Since Aprils price rally of between 20 and 25 percent, oil bulls have been pushing the market up on the notion that a supply glut was easing from tightening world production despite continuous builds in U.S. crude stockpiles. U.S. crude settled up $1.47 at $60.40 a barrel, after hitting a 2015 high of $61.10. Brent, a more widely-used oil benchmark, settled up$1.07 to $67.52, after scaling the years peak at $68.40. Still, some were not convinced the recent price gains would have much staying power. I think the market is getting ahead

Posted in OilPrice, Oil

Oil Prices Hold Gains After Data on Drilling Activity

April 14, 2015 Posted by Chris Wysong

Oil prices are rising as rig counts continue to fall which is a signal that production is close to a plateau. Prices rose 5.1% last week, continuing four straight weeks of gains. Oil Prices Hold Gains After Data on Drilling Activity By: Nicole Friedman (Fox Business) Oil prices rose for the fourth straight week on expectations that production will soon plateau and amid uncertainty about Iranian nuclear negotiations. Light, sweet crude for May delivery settled up 85 cents, or 1.7%, to $51.64 a barrel Friday on the New York Mercantile Exchange. Prices rose 5.1% in the week. Brent, the global benchmark, rose $1.30, or 2.3%, to $57.87 a barrel on ICE Futures Europe, posting a 5.3% weekly gain. The moves capped a volatile week of trading, as investors continued to assess the global glut of oil that sent prices plunging in 2014. The market is currently oversupplied by between one and two million barrels of oil a day, analysts estimate, but many expect production to begin falling this

Posted in OilPrice, Oil, RigCount

MARKET WATCH: NYMEX, Brent crude oil prices surge

April 08, 2015 Posted by Chris Wysong

Paula Dittrick of OGJ reports on encouraging market signs from the past week including crude price spikes and a supply drawdown. MARKET WATCH: NYMEX, Brent crude oil prices surge By: Paula Dittrick (OGJ) Crude oil prices for May delivery spiked to close $3/bbl higher on the New York market Apr. 6, marking the biggest one-day gain since Feb. 3. Analysts said the $52.14/bbl Apr. 6 settlement for light, sweet crude was the highest since Feb. 17. Brent prices for May delivery were up $3.17/bbl on the London market. The rally followed the long Easter holiday weekend in which Saudi Arabia raised its crude price for delivery to Asian buyers while the dollar fell in value, making dollar-based crude oil less expensive to buyers using foreign currencies. US and European futures markets were closed Apr. 3 in observance of Good Friday. Genscape Inc. told the Wall Street Journal that supplies in Cushing, Okla., fell by nearly 300,000 bbl during Mar. 31 to Apr. 3, marking the first draw in supplies

Posted in Crude, Brent, Oil, OilPrice, Energy

MARKET WATCH: NYMEX crude oil prices have short rally

March 23, 2015 Posted by Chris Wysong

The Fed announced that it would not immediately raise interest rates, resulting in a short rise in sweet crude prices. MARKET WATCH: NYMEX crude oil prices have short rally By: Paula Dittrick (OGJ) US light, sweet crude prices rose more than $1/bbl on Mar. 18 after the US Federal Reserve said it was in no rush to raise interest rates. But crude futures quickly gave up that one-day gain in early Mar. 19 trading with renewed concerns about ample oil supplies. The US Energy Information Administration said the estimated weekly oil inventory as of Mar. 13 was 458.5 million bbl, which marked a gain of 9.6 million bbl. The latest petroleum status report said US refinery inputs averaged more than 15.4 million b/d, which was an estimated 136,000 b/d more than the previous weeks average. Refineries operated at 88.1% of capacity last week. Gasoline production increased last week, averaging about 9.8 million b/d. In the separate gas storage report released Mar. 19, EIA estimated working gas

Posted in CrudeOil, OilPrice, Policy

Oil tops $60 for first time in 2015; oversupply persists

February 18, 2015 Posted by Chris Wysong

As oil rises above $60 for the first time this year, analysts still point out a significant surplus that remains in global supply. Oil tops $60 for first time in 2015; oversupply persists By: Reuters NEW YORK: Oil hit its highest level for the year on Friday with Brent crude rising above $60 a barrel, as euro zone economic growth exceeded expectations and market bulls priced in another drop in the US oil rig count. The rise in prices was also fueled by bets that cuts in energy firms exploration budgets will help mop up some of the excess oil in the world market. Many analysts and traders believe there is a global oversupply of nearly two million barrels per day in crude oil. They say little has changed fundamentally to explain the rally of the past two weeks. Brent rose about 3 per cent in Fridays session and was on track to a 6 per cent on the week and 15 per cent on the month. Gains heightened after its front-month contract switched on Thursday at a premium. Brent had collapsed

Posted in Oil, Supply, OilPrice

IEA: North American cuts to bolster crude price

February 13, 2015 Posted by Chris Wysong

The decrease in North American shale spending and activity could lead to an increase in global crude prices. Collin Eaton of FuelFix reports. IEA: North American cuts to bolster crude price By: Collin Eaton (FuelFix) HOUSTON The worlds foremost seers of future oil prices are adjusting their calculations to include this years brutal cost-cutting in North Americas shale plays. In a forecast Tuesday, the Paris-based International Energy Agency said upstream budget cuts and a shrinking number of active U.S. land rigs could bolster the price of oil by inciting greater global demand and choking off the rapid expansion of crude supplies in North America and elsewhere outside the Organization of the Petroleum Exporting Countries. These oil fields from Texas to North Dakota have been the biggest sources of a global glut in crude supplies, which has cut petroleum prices in half since June. Barring any unexpected supply disruption or major, energy-related change in policy, the market rebalancing

Posted in Shale, Spending, OilPrice

Midland: Weathering the Downturn in Crude Oil Prices

February 09, 2015 Posted by Chris Wysong

In a Texas city where oil is the lifeblood, Midlands economy has endured the oil price slump and some sectors have even thrived. Midland: Weathering the Downturn in Crude Oil Prices By: Gene Lockard (Rigzone) With crude oil prices at their lowest levels in years, municipalities that depend primarily on the oil and gas industry for their economic vitality are suddenly at risk of seeing drastic slowdowns in the local economy, and possibly some red ink. One such city is Midland, Texas, an oil and gas town like few others. Oil is its lifeblood, and throughout its history, the Tall City has experienced many up-and-down cycles in the energy industry. So, how is it weathering the current one? The short answer is that months after oil prices first began to slump, the city itself is doing fine so far. In fact, a relatively short-term slowdown would not be completely unwelcomed, since it would allow the city to catch its breath, Midland Texas Chamber of Commerce Executive Vice President of

Posted in Oil, OilPrice, Economy

Q and A: Oil Price Slump Temporary and Changing Supply Dynamics

February 02, 2015 Posted by Chris Wysong

Rigzone sits down with Rice professor Bill Arnold to discuss the factors that led to declining oil prices and what to expect in the future. Q A: Oil Price Slump Temporary and Changing Supply Dynamics By: Gene Lockard (Rigzone) The crude oil price erosion that began in the summer of 2014 is generating a variety of perspectives from analysts following the industry, including two Rice University analysts who talked to Rigzone about the dynamics behind the dizzying drop in prices, and what lies ahead. While it is impossible to know where crude oil prices will eventually end up, many in the industry will probably be satisfied if prices rebound to $70/barrel in 2015, Bill Arnold, professor in the practice of energy management at Rice Universitys Jones Graduate School of Business and formerly Royal Dutch Shells Washington director of International Government Relations and senior counsel for the Middle East, Latin America and North Africa, said. Whether they get back to that level is unclear,

Posted in Oil, OilPrice

Oil Servicers Say Tumbling Crude Hasn't Changed Outlook

October 20, 2014 Posted by Chris Wysong

Rising North American output and falling demand forecasts have driven down crude prices in recent days. However, executives from two of the worlds largest oil servicers are not flinching in their expectation of growth for the market. Oil Servicers Say Tumbling Crude Hasnt Changed Outlook By: David Wethe The recent tumble in crude oil prices hasnt shaken the faith of two of the worlds biggest providers of drilling and production services. Baker Hughes Inc. (BHI) said yesterday that oil would have to continue falling to $75 a barrel and stay there for a few months before energy companies will cut back spending. Schlumberger Ltd. (SLB) described the drop as fear of short-term oversupply and said it wasnt changing a long-term view that it will almost double earnings from last years level by 2017. Booming North American output and reduced demand forecasts from the International Energy Agency sank oil prices in recent days. West Texas Intermediate, a U.S. benchmark, rebounded today after

Posted in Oil, Crude, OilPrice

Dearth of oil finds threatens long-term supplies, price

August 28, 2014 Posted by Chris Wysong

In parts of Europe and West Africa, oil discoveries hit new lows in 2013 and 2014. This has caused oil firms to cut spending, including exploration, which could hit oil price with a lag. Dearth of oil finds threatens long-term supplies, price By: Balazs Koranyi and Joachim Dagenborg STAVANGER, Norway, Aug 27 (Reuters) - The rate of oil discoveries continues to disappoint after a record low last year and firms could even cut their exploration budgets to save on costs, a risk to long-term supplies and prices, industry executives said. Explorers are finding so little oil, many are retreating from high-risk frontier areas to safer bets like North American shale, executives at a major Norway oil conference said. This will likely force them to buy expensive discoveries once investor sentiment shifts focus to reserves from cash flow. If you look back on 2013, it was a record low year in terms of discovering new resources, Helge Lund, the CEO of Norways Statoil, said. And year to date

Posted in Europe, Africa, OilPrice, OilSupply
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