Prices – Page 3 – Oil & Gas 360

EIA forecasts U.S. crude oil production to decline because of low oil prices – STEO foretasted below $45 per barrel through 2021

April 15, 2020

EIA In the April 2020 update of its Short-Term Energy Outlook (STEO), released on April 7, and before a recently announced agreement by oil producing countries to limit production, the U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil production will average 11.8 million barrels per day (b/d) in 2020, a 4% decline from the 2019 production levels. Crude oil production

OPEC shift to maintain market share will cause global inventory increases and lower prices

March 16, 2020

EIA Markets for oil, as well as other commodities and equities, have experienced significant volatility and price declines since the final week in February amid concerns over the economic effects of the 2019 novel coronavirus disease (COVID-19). More recently, markets fell after the Organization of the Petroleum Exporting Countries (OPEC) and partners failed to reach an agreement to continue crude

Saudi Arabia, Russia oil dispute is about the ‘restructuring of supply,’ says a strategist

March 11, 2020

CNBC The oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday. The oil markets tanked Monday, plunging over 20% following a disagreement on production cuts between OPEC and its allies. Russia declined to lower output last week, and Saudi Arabia announced Saturday that it will offer discounts to its official selling

Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, Oil & Gas 360

Saudis to Limit Oil Exports in September to Stabilize Market

August 8, 2019

From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of

Oil Rises More Than 2% on Firm Yuan, Expectations of More OPEC Cuts

August 8, 2019

From Reuters Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions. Brent crude LCOc1 ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of

Oil Prices Could Crash by $30 if China Buys Iranian Crude: BofA

August 5, 2019

From CNBC Crude oil prices could sink by as much as $30 a barrel if China decides to buy Iranian crude oil in retaliation to the latest U.S. tariff measures, according to Bank of America Merrill Lynch. “While we retain our $60 a barrel Brent forecast for next year, we admit that a Chinese decision to reinitiate Iran crude purchases

Brent Oil Retreats as Trump Tweets, Sanctions Muddy Iran Policy

June 24, 2019

From Bloomberg WTI futures gain, as some see demand rising for U.S. barrels, why protect key Persian Gulf transit point, president asks? Oil investors delivered a split decision Monday that reflected the muddy outlook for the U.S.-Iran confrontation, with global benchmark Brent crude retreating while U.S. futures gained for the third straight day. Brent closed down 0.5% while U.S. West

Crude Leaps as OPEC+ Eyes Meeting Date, Europe Talks Stimulus

June 18, 2019

From Bloomberg Oil cartel proposes early July gathering as stalemate eases, WTI extends gains further after API sees declining stockpiles Oil surged to its biggest gain in five months as OPEC and its allies moved closer to a meeting to extend supply cuts while the European Central Bank raised hopes of a new stimulus to pump up demand. Futures in

Oil Spikes After ‘Suspicious’ Tanker Attacks in Middle East

June 13, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:

Oil & Gas 360 Feature Article Oil Prices

Oil Rallies on Expectations of Supply Reduction

February 12, 2019

Oil rallies on expectations about supply reduction

OPEC’s Abu Dhabi Meeting: We Will Need “New Strategies to Balance the Market” in 2019 - Oil & Gas 360

Brit Research Group Revises Oil Price Forecast Upward through Mid-2020s

December 10, 2018

What the new OPEC with Russia and without Qatar means for energy prices: Cebr Britain’s Centre for Economics and Business Research (Cebr) has revised its oil price forecast based on higher demand for oil and natural gas from non-OECD countries. The Cebr put out a note Monday reflecting the revisions in conjunction with last week’s OPEC/non-OPEC production cut agreement. From

Massive Nor’easter Pushes Gas Prices, Consumption to Record Levels

January 4, 2018

New York spot prices reaching $46.50/MMBTU A heavy winter storm roared through New England today, bringing high winds and snowfall to the region. Morning forecasts predicted New York could see snow accumulations of nine inches, and even higher snowfalls in many other major cities. This storm follows several weeks of cold weather throughout the U.S., which fueled massive natural gas

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