The price of West Texas Intermediate (WTI) exceeded Brent for the first time since July 2013 today, before closing at $48.63 – just $0.14 below its spot price counterpart. In an interview with Bloomberg, John Kilduff, a partner at Again Capital LLC, said, “Strong refinery utilization here is giving WTI support, while Brent is tied to the oversupplied European market.”
Short Term Oversupply, Permian in the Pole Position Oil & Gas 360® interviewed Stephens Inc. Senior Vice President E&P Research, Will Green, and Vice President E&P Research, Ben Wyatt, this week, in pursuit of their view of the current commodities cycle and related effect on the E&P space, looking at 2015 and beyond. Green joined Stephens in 2007 as
Effects from the oil price slide are being celebrated by the average American consumer. AAA reports Americans may save as much as $75 billion in fuel costs in 2015, or $550 per household, which amounts to the lowest in more than a decade. Oxford Economics projects United States GDP will increase by roughly 0.7% in the new oil environment, while
The oil and gas industry wasn’t given much of a respite following the unofficial ending to the holiday season. Oil prices continued their plunge on Monday, January 5, 2015, with West Texas Intermediate (WTI) and Brent prices closing at $49.78 and $53.12, respectively. The sub-$4.00 differential first appeared in December 2014. The last time the market saw a sub-$4.00 differential
President Putin says the economic downturn will reverse, even as the ruble continues to slide During his annual press conference, which lasted three hours this year, President Putin offered reassurances that Russia’s economic downturn would be remedied, even as the exchange rate on the ruble continued to drop. The ruble has fallen about 45% against the dollar this year, with
Oil Price Volatility May Become Commonplace Already, another day has dawned bringing more volatility in oil prices. WTI is trading at about $55.25 following an early low of $53.60; and Brent, which had traded as low as $58.55 this morning, is trading at $59.50. What do the experts think? Late yesterday, CIBC World Markets’ Macro Strategy Research team sent out its research report entitled
Dropping Oil Prices = Changing Landscape for E&Ps, Midstream, OilService Companies At last week’s 2014 Energy Symposium hosted by Wells Fargo Securities at the Waldorf Astoria, the sentiment expressed by the energy companies was far different from what had been coming out of similar meetings before a global oil price slide which began in the summer of 2014. Midstream companies presenting at
CIBC’s Katherine Spector Lays Out a Few Scenarios Head of Commodities Strategy for CIBC World Markets, Katherine Spector, hosted a conference call for CIBC clients on Wednesday morning in advance of both the U.S. Thanksgiving Day holiday and tomorrow’s much anticipated OPEC meeting and then spoke to Oil&Gas360® after the call in an exclusive interview about oil prices and OPEC.
The West Texas Intermediate (WTI) spot price sank to a four year low on November 25, 2014, closing at $73.86. The Brent price settled at $78.17. The drops for both benchmark prices wiped out gains made in recent days and added more speculation on the highly anticipated OPEC meeting, scheduled for Thursday, November 27. Four countries met in Vienna today,
In November’s “Energy Industry Data and Trends,” EnerCom Consulting’s monthly report to subscribers that was issued Nov. 14, the analysts looked closely at well economics as management and directors of oil and gas companies across the industry prepare for board meetings. No question, the season’s hottest topic is what to do with capital budgets for the coming year. The EnerCom
MS Executive Director Jeremy Friesen Sees Prices Unsustainably Low, As Both Demand And Supply Will Move At These Levels At the November meeting of the Energy Finance Discussion Group in Denver on Nov. 11, Jeremy Friesen, Commodity Strategist for Morgan Stanley’s Commodity Trading Group, gave a presentation that looked at global economic trends and movements of oil supply and demand.
Falling oil prices have helped sell a lot of Rolaids lately, particularly in places like Houston where U.S. E&Ps are trying to plan their future drilling commitments, based on uncertain commodities prices in 2015. On Monday, some NYMEX options traders said they viewed $80 as a bottom, even on the heels of Goldman’s revised bearish oil forecast it released over the
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