Oil continues climb Oil prices continued to climb today, following a trend from late last week. West Texas Intermediate for October 2015 was trading at $47.50 per barrel today, up about $10 from last Monday’s lows. Last week, better than expected economic data, improvements in the Chinese economy and an unexpected draw on crude oil led to both WTI and
Oil prices see the largest percent gain in six years The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one day since March 12, 2009. In dollar terms, it was the largest gain in three years. Global benchmark Brent crude
OPEC sees lower market share despite decision to maintain production In November 2014, OPEC, led by its largest producer Saudi Arabia, decided to cast off its traditional role as swing producer in the global oil market. The decision sent oil prices plummeting from over $115 per barrel for Brent crude in June, down to $42.69 per barrel, the closing price
On the final day of EnerCom’s The Oil & Gas Conference®, a number of energy experts shared their insight into energy market opportunities. James Constas, EnerCom Managing Director EnerCom Managing Director James Constas gave a presentation called “Saudi America: the Unexpected Swing Producer.” Constas made the case that three primary factors have determined a cartel’s pricing power: a physical commodity,
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,
With share prices halved along with oil prices, investing opportunities abound What’s coming in 2016? Institutional investors head to Denver Aug. 16-20 to listen to the oil & gas sector’s go-forward strategies Where is the industry today and where is it heading? After a lengthy pattern of producing and selling $90+ oil, the industry was jolted when OPEC announced its decision
Iranian Gas Engineering and Development Company says pipeline could be ready before the end of August Managing Director of the Iranian Gas Engineering and Development Company Alireza Gharibi said the company finished testing 100 kilometers (about 62 miles) of pipeline that will run from Iran to neighboring Iraq. Gharibi said the company hopes to export natural gas to Iraq in
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
P5+1 used financial isolation to force Iran to nuclear negotiation table A sanctions regime was put in place against Iran starting in 2005 when the international community found that the Middle Eastern country was not in compliance with its obligations regarding its nuclear program. The sanctions, which were spearheaded by the United States, United Nations and the European Union, sought
Saudi investment in U.S. shale continues in the down market, not interested in acquiring U.S. companies at this point Saudi Basic Industries Corp. (ticker: TADAWUL:2010), or Sabic, plans to expand investment in U.S. shale gas projects through joint ventures, according to acting CEO Yousef al Benyan. Sabic has signed an agreement with Houston-based Enterprise Products Partners (ticker: EPD) to obtain
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
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