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Category: OilSupply

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

As U.S. oil tanks swell at record rate, traders ask: for how long?

February 18, 2015 Posted by Chris Wysong

U.S. oil tanks are quickly filling and if the trend continues, it could further pressure global prices that have recently stabilized. As U.S. oil tanks swell at record rate, traders ask: for how long? By: Catherine Ngai (Reuters) (Reuters) - Oil is flooding into U.S. storage tanks at an unprecedented rate, leading traders to wonder how long the hub in Cushing, Oklahoma, can keep absorbing its share of the global supply glut. About half the surplus crude accumulating in tanks across the United States is flowing into Cushing. If the build-up continues at the same rate, some industry officials and sources said, the tanks could reach maximum capacity by early April. Others suggest the flow might continue until July before it tests the limits of the dozens of steel-hulled storage tanks clustered in mid-Oklahoma. Traders have been scrambling to secure space at Cushing so they can store oil purchased at current low prices and sell it in a year at a profit exceeding $11 a barrel because

Posted in Oil, OilSupply, OilPrices

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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