CIBC’s Katherine Spector: “In the very short-term, while there may be a few more dollars of downside in the crude price, increasingly lopsided futures market positioning suggests that an end is probably near.” The world will need more oil from OPEC, but not as much as they are producing The most recent oil market outlook released by Canadian Imperial Bank
Wells Fargo sees market balance in 2016 A recent note from Wells Fargo Equity Research highlights the continued unresponsiveness of production in the face of low oil prices, but the analysts say they expect the market to rebalance in 2016. “Given OPEC’s continued focus on market share and the lack of production response thus far to lower drilling/spending from non-OPEC,
“The industry is set for a second straight year of painful austerity” Overall, WTI has declined roughly 25% just from the end of June, when prices were hovering around $60. The uneasiness plaguing the oil and gas sector have been compounded with the release of Q2’15 earnings results, as more companies announced project curtailments, budget adjustments and more layoffs. In
Oil rig counts climb for third straight week The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of rigs drilling for oil rose for the third straight week to 670 while rigs drilling for gas increased by four
Rig count for the week ended July 31, 2015 The total number of rigs actively drilling for oil or natural gas in the United States declined this week to 874, down two from last week. The number of rigs drilling for oil increased again this week, while the number looking for gas slipped for a second week in a row,
OPEC sees higher demand balancing markets OPEC Secretary General Abdalla Salem El-Badri said the organization does not expect prices to fall any lower as demand picks up in 2016 and continues to grow through the end of the decade. “The balance of supply and demand must be brought into line by the market,” said a joint statement from El-Badri and
Partnership with Native Son Holdings set to build refinery in North Dakota Quantum Energy (ticker: QEGY) and Native Son Holdings announced that they plan to form a joint venture in order to construct and operate a 40,000 barrel per day (BOPD) refinery in Berthold, North Dakota. According to a press release from the companies, the JV will be known as
WTI sub-$50 first time since April Oil prices closed below the $50 per barrel mark Wednesday for the first time since April. West Texas Intermediate finished the day at $49.19 per barrel on July 22, 2015. The last time prices were below the $50 mark was April 2 of this year, when WTI was $49.14 per barrel, according to information
Historical oil price data shows one day price drops of 7.7% or higher are relatively rare Last Monday saw the largest drop in oil prices for West Texas Intermediate (WTI) in four months, when the U.S. crude benchmark shed 7.7% of its value in a single day of trading. Concerns over the Greek debt crisis, weakness in the Chinese stock
The Russian oil and gas industry sees prices remaining stable at ~$60-$65 per barrel During the St. Petersburg International Economic Forum, Lukoil (ticker: LKOH) CEO Vagit Alekperov said that he expects oil prices to remain relatively stable moving forward. When asked where he saw oil prices going by the end of 2015 he said, “I think it will range from
Extraction pricing feeling the most pressure The decision by E&P companies to cut capital expenditures and increase efficiencies following the dramatic fall in oil prices put downward pressure on other sectors of the oil and gas industry. The Bureau of Labor Statistics (BLS) tracks the rates oil and natural gas service companies are receiving for goods and services through its
Cushing, Oklahoma, is the delivery point for United States West Texas Intermediate crude oil (WTI) traded on the New York Mercantile Exchange (NYMEX) and plays a large part in setting the price of crude oil in the U.S. Storage at the facilities in Oklahoma represent about 60% of all crude oil working storage capacity in the Midwest and about 19%
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