Monday, December 2, 2024

Geopolitical Problems Drive WTI to $64

Fighting breaks out in Libya By Richard Rostad, analyst, Oil & Gas 360 Oil prices rose today, as geopolitical risk threatening supply instability once again asserted itself in the markets. WTI prices rose by 2.16% today, finishing the day at $64.44. Brent, meanwhile, rose by 1.07% to $71.09. Instability in Libya has once again imperiled the country’s output, as rival

‘Really Smart Guys’ Push to Make Biggest Oilfield Even Bigger

From Bloomberg Standing at the center of the prolific Permian Basin, Scott Hodges explains how the future of the world’s largest oil field may very well depend on what he calls jokingly calls the “really smart guys.” Hodges, a 57-year-old manager with Occidental Petroleum Corp., runs a cluster of installations at the Hobbs oil field, where dozens of wells don’t pump

OPEC prepares for its 171st meeting to decide on production cuts

Aramco Order Book at $60 Billion for Dollar-Bond Sale

From Bloomberg Saudi Aramco, the world’s largest oil company, has received $60 billion in orders for its debut bond sale, kickstarting an offering with yields likely to fall in line or below Saudi Arabia’s sovereign debt. It’s rare for bonds of a state-owned company to yield less than the sovereign debt and the demand reflects intense investor appetite for high-quality

Low Storage, Prices Equals Bad News for U.S. Gas Producers

From The Wall Street Journal A trillion certainly sounds like a lot. In all but the most depreciated currency, it would be a tremendous fortune. Even before the fracking boom transformed the American energy landscape in the last decade, though, a trillion cubic feet of natural gas laying ready to send to customers wasn’t all that much. This week saw