The Drilling Productivity Report, released monthly by the Energy Information Administration, expects production in all seven listed regions to rise in February even though companies are laying down rigs and reducing operations. The two respective giants of the oil and gas plays are leading the charge, with the Permian projected to increase its output to 1,929 MBOPD and the Marcellus
Barclays’ coverage initiation on the oilservice sector last week could very well be summed up in two words: budget cuts. The London-based banking company says approximately 90% of the oilservice group is historically correlated to oil prices, and the dropping price will result in reduced budgets for E&Ps in the upcoming year. With less available capital for E&Ps, the oilservice
Hell no, I do not want to relive 1986! Yesterday a client said, “It feels like 1986.” We haven’t heard that since 1986, and that year was a pivotal one. The United Kingdom and France announced plans to construct the Channel Tunnel The Space Shuttle Challenger disintegrated shortly after launch Halley’s Comet made its second visit to our solar system
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
What a difference a year makes. When Oil & Gas 360® released its year in review piece exactly 365 days ago, the Energy Information Administration (EIA) was projecting oil volumes to rise through 2016 and natural gas volumes to continue their climb through 2040. What the EIA could not project was a debatable glut in the market, first seen in
OPEC Cuts Demand Forecast OPEC cut demand forecast for its crude oil to a 12-year low, sending oil prices, energy shares and the overall stock market into a dive on Wednesday. West Texas Intermediate (WTI) traded at a day low of $60.43. On top of the OPEC demand cut, U.S. inventories increased on a day when expectations were for a
Oil prices slid sharply in Monday trading, dropping by more than 4% to close at a five-year low of $63.02. Brent prices fell in similar fashion, ending the day below the $66.00 mark. Spot prices for WTI have dropped by 18.6% in the last month alone. The continuous price drop occurred the same day as three separate oil companies announced
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,
On November 27, the nation’s attention will descend on the heart of Texas for another classic NFL Thanksgiving matchup between the Dallas Cowboys and Philadelphia Eagles. Cheap seats on StubHub are currently selling for $150 and up. Also on Thanksgiving Day, but on the other side of the world, the oil industry’s attention will descend on Vienna, Italy, for the
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.
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