Intervale Capital’s Managing Partner Charles Cherington isn’t putting too much faith in the recent oil price rally. After five straight weeks of oil price gains, Cherington told CNBC’s Squawk Box on Monday, March 21 (when WTI was ~$40 per barrel) that he believed prices would go lower. Here’s why: Cherington said there’s a 17:1 ratio of underlying derivatives to the
$80 Oil + $4 NatGas + 1,300 Rigs Working After the news of the past few weeks, it felt like we were getting really close to the day when investors and oil industry spouses might be ready to throw in the towel. Then EnerCom’s 14th west coast investor conference unearthed something in the shadow of the Transamerica Building. By blending together a batch of
Production overhang beginning to slow, but “sustainable price recovery more likely a 2017 event”: Wells Fargo Oil prices continued their gains today as a report from the IEA indicated that prices may have finally bottomed out, and are beginning to recover. In the agency’s March Oil Market Report (OMR), the IEA noted that oil supplies decreased by 180 MBOPD in
WTI crude oil prices hold above $29 per barrel, while production remains steady Crude oil prices shot up over 12% last Friday, moving prices up from a 12-year low last week. Comments from The UAE’s Oil Minister Suhail bin Mohammed al-Mazrouei about OPEC being ready for production cuts excited trading, with many hoping OPEC might reprise its role as a
OPEC member Nigeria looking to fund power, transport and road infrastructure projects with cheap money Nigeria, an OPEC member and Africa’s largest economy, is looking to international institutions in order to fund its record-setting 2016 budget. With approximately 35% of GDP, 75% of government revenue and 90% of export earnings coming from oil, the continued low price of crude oil
WTI falls below $30 per barrel for the first time in 12 years The price of a barrel of West Texas Intermediate crude oil fell below the $30 mark for the first time since 2003 this week. Continued concerns over China’s market are curbing demand expectations as the global oil glut persists. WTI was trading at $29.45 at 2:15 EST
An expert on relations between the two countries weighs in on this week’s clash in an exclusive Oil & Gas 360® interview Relations continued to worsen this week between Iran and Saudi Arabia in the Middle East, with Iran claiming that Saudi Arabia intentionally struck its embassy in Yemen with an airstrike late Wednesday night. Yemen has served as a
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,
If you look at the number of jobs lost, company market value lost, and the growing numbers of oil patch bankruptcies, 2015’s continued commodities price fall led to a lot of bangs and bruises in the oil and gas industry. 2015 was also a year in which readers of Oil & Gas 360® kept up with industry developments, company news
$10 Trillion in global oil-related investment will be needed to Meet Demand: OPEC Supply: non-OPEC supply down 1 MMBOD by 2020; OPEC supply up 1 MMBOD by 2040 OPEC’s press release announcing the coming 2015 release of its annual World Oil Outlook tomorrow says “the dynamics of non-OPEC supply are currently clouded by uncertainties.” But the cartel said it feels good about its
First Lift Off in the History of U.S. Monetary Policy (Editor’s Note: Art Hogan, Wunderlich Securities, Inc. Director of Research & Chief Market Strategist, offered the following commentary about the Fed’s move this week to raise interest rates.) Seven years ago, the Federal Open Market Committee made the historically unprecedented move of targeting the zero bound for the federal funds
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
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