(Oil Price) – Back in June, we reported that Singapore-based oil and commodities trading powerhouse Trafigura Group was still dealing with the fallout of a massive nickel scam that rocked global metal markets in 2023, as well as the effects of past corruption scandals. Trafigura has grown into one of the biggest diversified commodities traders in the world: last year, the firm traded an average
Yahoo Finance LONDON-Oil prices dipped about 2% on Friday after strong U.S. jobs data diminished the odds of interest rate cuts in the short term, setting up both benchmarks for a weekly loss given China’s faltering economy and persistent geopolitical tensions. Brent crude futures were down $1.40, or 1.8%, at $77.30 a barrel by 1453 GMT and U.S. West Texas
By Tyler Losier, Energy Reporter, Oil & Gas 360 Actually, it’s been a rough few weeks for crude oil. West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year, closing out yesterday at $53.25. And by the look of today’s NYMEX chart, it seems as though the rollercoaster ride
EIA forecasts 9.9 MMBOPD production in 2018; predicts Brent to average $54 in 2017, $57 in 2018 In its April 11, 2017 “Short Term Energy Outlook,” the EIA said that U.S. crude oil production averaged an estimated 8.9 million barrels per day in 2016. U.S crude oil production is forecast to average 9.2 million b/d in 2017 and 9.9 million
Survey of Energy Industry Executives and Investment Professionals Focused on the Oil & Gas Industry In December, Oil & Gas 360® conducted a survey of industry executives and investors. We asked respondents to predict commodities pricing for 2016, as well as U.S. CapEx, global demand and U.S. production for the year ahead. Who are the respondents? 50% are executives from E&P,
Bank Looks for Commodities Prices to Rebound on “Broad Front” by 2017, Examines 2015 OPEC/Saudi Actions Scotiabank Economics released its annual commodities outlook today, saying near term WTI could be US$30, based on post-Dec. 4 OPEC oil trading below US$35 already, “and could drop to US$30 near-term.” Scotiabank reviewed Saudi Arabia’s Fall 2015 actions as “apparently willing to implement a series of output
Bridging the budget gap Lower commodity prices have hurt the economies of all of OPEC’s members considerably, with many of them needing to borrow money to bridge the budget gap. Libya, in particular, is expected to need large loans through the rest of the decade, with its borrowing as a percent of GDP reaching 68.15% this year, and an expectation
Short-term prices likely to remain low Both the Energy Information Administration (EIA) and International Energy Agency (IEA) released their most recent pricing outlooks for the energy markets today, giving a glimpse into what two of the most widely followed energy agencies see as the future of energy markets. The EIA’s Short Term Energy Outlook (STEO) forecasts prices out through 2016,
Who’s searching? An exclusive conversation with David Preng David Preng isn’t worried about the timing of an oil price recovery, as he knows it is coming. “We have to drive cars; we have to use trucks and trains to get goods to market; we still fly planes—we need motor fuels. In April natural gas overtook coal for generating electrical power. We are going to
Economic indicators positive, sideways and negative Yellen says she expects FED will raise rates in 2015 if employment grows Bill Gross criticizes the FED’s zero policy U.S. Bank Chief Investment Officer John De Clue, in a presentation to Denver area businesses, called for oil prices to eventually settle back at $60 per barrel. De Clue pointed to the lingering global oversupply and
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