Poorer OPEC nations reeling hardest from oil price slide OPEC’s biannual meeting has come and gone, but the group’s objective remains the same: defend market share. While some talks may be underway to set a new production ceiling of 32-32.5 MMBOPD, OPEC’s poorer members have to simply grin and bear the consequences of low oil prices. Despite oil’s move in
From Yahoo Finance Many traders are waiting for oil prices to crash again, as a rally triggered by the falling value of the U.S. dollar fizzles. They could be waiting a long time. “You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investor T. Boone Pickens tells Yahoo Finance in the video above. “Supply
Harold Hamm is the Chairman and Chief Executive Officer of Continental Resources (ticker: CLR), one of the largest exploration and production companies in North America. He has also become the nominal leader of United States shale in the faceoff with Saudi Arabia, campaigning against the kingdom’s tactics and repeatedly stressing that an oil price recovery is on the horizon. The
The Brent/WTI spread disappears Last Friday, Dec. 18, the United States Senate adopted the Omnibus Appropriations Act by a vote of 65-33 as did the House of Representatives by a 316-113 vote. Later that day, President Obama then signed into law the $1.1 trillion funding bill. Those actions brought an end to the 40 year old law that had banned exporting
Revises Price Assumptions Down in the Interim A Moody’s Investors Service report out today has lowered pricing assumptions for Brent and WTI and examines how a sustained period of lower oil prices would affect certain industries in producing and non-producing countries. Moody’s revised its crude oil spot pricing assumptions as follows: The report sums up the situation as follows: “Ongoing
Congress expected to vote to lift crude oil export ban; economists worry about low inflation An end to the more than 40-year old crude oil export ban could soon be approaching. Members of Senate this week are expected to include a provision that will lift the export ban as part of the fiscal 2016 spending bill, aides from both parties
“Production from the North Slope of Alaska and the North Sea of Europe, burgeoning oil regions 20 years ago, is in decline. Unrest in Venezuela and Nigeria threatens the flow of oil. The Middle East remains the mother lode of crude, but war and instability underscore the perils of depending on that region.” The points above came from an archived
Forecast Pushed Back in 2016 Earnings season is underway, but you’d have a hard time believing we’re in the first week of quarterlies judging from a headline from Bloomberg this morning. It reads, “$6.5 Billion in Energy Writedowns and We’re Just Getting Started.” Investors and executives in search of good news didn’t get any from the industry’s two oil service
WTI closed higher for the first time in five sessions yesterday The front month West Texas Intermediate contract is up $1.25 from yesterday’s close of $47.98 per barrel. The 2.3% increase in WTI front month contracts marked the first time in five sessions that the price of the U.S. crude benchmark finished the day strong than when it started. The
Oil prices break the 100-day moving average Both Brent crude and West Texas Intermediate (WTI) saw a sharp fall on July 6, 2015, resulting from a variety of negative factors. WTI closed at $52.71, a 7.5% drop, while Brent tumbled 8.5% to $56.81. Both the international and U.S. benchmarks broke below the 100-day moving averages. The WTI drop is the
Baker Hughes (ticker: BHI) released its weekly rig count tally on Thursday, July 2 – one day earlier than normal in consideration of the July 4th Independence Day holiday. The United States added three rigs to its fleet in the latest report and now has 862 total. A total of 12 oil-focused rigs joined the fleet, breaking a 29-week decline
OPEC expects basket price to fall for third straight week The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information released by OPEC. OPEC’s crude oil basket has been trending downward since the beginning of the month when it reached
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