Category Archives: News Intelegence
China launches world’s largest oil exploration o...
Bluewhale 1, as tall as a 37-storey building, is designed ‘specifically for South China Sea’ HONG KONG • China has put into service the world’s largest and most advanced deepwater exploration platform, reported state media. The semi-submersible drilling platform Bluewhale 1 is able to drill to greater depths than any other similar facilities, China Central Television (CCTV) reported on Saturday. The US$700 million (S$986 …
Global Rig Count Suggests An Oil Price Rally Is Near
Like us humans, it seems that oil markets have two ears. Going in one ear, is the squeal of the resurgent U.S. oil industry. In the other ear, it’s loud chatter about whether or not OPEC and friends are complying with production cuts. In between the ears, in the minds of the traders, the price of a barrel of oil reacts to every …
Is The Oil Price Plunge A Turning Point?
WTI futures fell $2.86 from $53.14 to $50.28 per barrel, and Brent futures dropped $3.81 from $55.92 to $52.11 per barrel. WTI is trading below $49 and Brent below $52 per barrel at the time of writing. The apparent cause was a larger-than-expected 8.2 million-barrel (mmb) addition to U.S. crude oil inventories. Over-Reaction Based on history, we can see that this was an …
Oil is heading to $42 after speculators throw in the t...
Kilduff: Expect crude oil inventories to keep rising Thursday, 9 Mar 2017 | 12:06 PM ET | 06:06 U.S. crude is on a path to $42 a barrel as speculators give up their efforts to drive the commodity higher, according to John Kilduff, founding partner at energy hedge fund Again Capital. Kilduff, a longtime bear and skeptic of OPEC‘s deal to curb production, said …
Oil industry revives quest for deepwater reserves
By Ron Bousso | HOUSTON Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world’s top energy firms are restarting their search for giant oilfields under the ocean after a two-year lull. A recovery in oil prices to about $50 a barrel from a 12-year low in 2016 is reviving oil majors’ appetite for risk. Reductions in …
Oil bulls blink after months of attempts to push crude...
Oil bulls trying to push the crude market higher finally waved the white flag on Wednesday, triggering the biggest rout in a year, on concerns that stubbornly high inventory levels would persist despite supply cuts. Prices had been locked in the tightest trading range in over a decade as traders and speculators piled into bets that oil prices would rise after the world’s top …
Why $50 is more likely to be a ceiling than a floor fo...
OPEC’s production cut agreement is not yet succeeding in driving down supply, suggesting that $50 per barrel oil may turn out to be a market top, industry experts told CNBC on Thursday. The predictions follow Wednesday’s slump in oil prices when the benchmark WTI and Brent indices both tumbled over 5 percent to close the session at $50.28 and $53.11, respectively. For WTI, the …
Oil industry heading for next crisis if things donR...
Steadier oil prices have helped U.S. and global energy companies get back into the investing game, but experts warn there’s not enough money going into longer-term projects — and if things don’t change, oil prices could spike and supply could be short. “We have about $450 billion of investment in upstream (this year). This is about 25 percent below where it needs to be …
Oil lower for longer, with a lot of volatility ahead, ...
ConocoPhillips is betting on oil “lower for longer” and a lot of volatility ahead, its CEO told CNBC on Tuesday. That’s because it’s a “well-supplied world out there,” Ryan Lance said in an interview with “Power Lunch” from the CERAWeek by IHS Markit conference in Houston. “Demand has been pretty good, so we watch that pretty closely, but I think it is difficult to …
BP is assuming $55 to $60 oil for the next five years,...
BP CEO Bob Dudley said Tuesday he is not counting on oil prices rising much beyond their current levels for years to come. “We are not planning on an uptick in the prices. We’re going to plan on $55 to $60 … for the next five years, and we’re going to live within a strict capital diet,” he said during an interview on CNBC’s …
Oil little changed as growing U.S. supply offsets bull...
Oil prices ended little changed on Tuesday, as growing U.S. production expectations offset earlier gains after Saudi Arabia’s oil minister said market fundamentals were improving. The market, however, fell in post-settlement trade after data from industry group the American Petroleum Institute showed U.S. crude stocks last week rose 11.6 million barrels, or more than five times analysts’ forecast.[API/S] If the build is confirmed …
Big Oil Plans 15% Combined Output Growth By 2021
Oil supermajors are on the verge of reversing stalled production growth, planning a combined 15 percent increase in their total crude oil output by 2021, according to a Reuters analysis of their latest production and capital plans. Royal Dutch Shell, ExxonMobil, Chevron, BP, Total, Statoil, and Eni plan to lift their combined output by nearly 3 million bpd over the next five years, according …