Tag: oil

November 18, 2019

Based on preliminary data and model estimates, EIA (US Energy Information Agency) estimates that the United States exported 140,000 b/d more total crude oil and petroleum products in September than it imported; total exports exceeded imports by 550,000 b/d in […]

November 15, 2019

Global oil demand in the third quarter of 2019 grew by 1.1 million barrels a day, more than double the 435,000 barrels a day in the previous quarter, according to the latest report from the International Energy Agency (IEA). China […]

November 14, 2019

Along with slower global demand growth, surging U.S. oil production has been the primary bearish factor in the oil market. Per U.S. Department of Energy numbers, domestic crude output is at all-time records of 12.6 million b/d, some 80% of […]

November 13, 2019

Think back only a few years to 2015 – oil prices were at similar levels to today. The oil majors’ upstream financial performance was poor, but their downstream businesses saved the day for overall corporate results. The benefits of the […]

October 23, 2019

International benchmark Brent crude is likely to continue trading at around $60 a barrel next year, Goldman Sachs said on Wednesday, in the absence of any “meaningful” energy market shocks. The U.S. investment bank said Brent crude futures had been […]

October 18, 2019

The massive 20%-spike in oil prices following the Abqaiq-Khurais attacks on Saudi Arabia’s oil production facilities has since completely evaporated. Brent crude peaked at $71.95 per barrel when markets reopened on Monday, September 16, but prices have now plummeted to […]

October 15, 2019

Turmoil in the oil market is nothing new, and recent events in the Middle East, including the missile attack on Abqaiq and the apparent attack on an Iranian tanker, have overshadowed developments in the oil market fundamentals, but further out […]

October 11, 2019

Oil prices rose sharply on Friday morning after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea. Brent crude futures were up 1.4% at $59.93 a barrel, with West Texas Intermediate (WTI) […]

October 10, 2019

OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas. The move is likely to add to […]

October 10, 2019

An October 8 CNN story about gasoline prices carried this headline: “California gas prices soar above $4, reaching the highest price in five years.” One can only wonder if most Californians understand that that is all part of their state […]

October 9, 2019

Topline: In the wake of last month’s attack on Saudi Aramco oil facilities, the state oil giant has quickly recovered, aiming to restore full production and forging ahead with its plans for what would be the world’s largest-ever IPO later […]

October 8, 2019

In a famous scene from the 1971 film “Big Jake,” Richard Boone’s character, John Fain, responds to being shot by John Wayne’s character, Jacob McCandles, by saying, “I thought you were dead.” To which McCandles responds, “Not hardly.” It’s a […]

October 7, 2019

Talk about losing energy. Now the only S&P 500 sector in the red for 2019, energy has had a difficult week, falling more than 4% as soft economic data reignited fears around slowing global growth and the impact of intercontinental […]

September 30, 2019

DUBAI — Saudi Arabia’s Crown Prince Mohammed bin Salman has warned of astronomical oil prices in the event that tensions escalate in the Persian Gulf, two weeks after his country was hit by a drone and cruise missile attack that […]

September 27, 2019

Saudi Arabia is moving quickly to restore the 5.7 million barrels a day of oil production knocked out in the September 14 drone and missile attacks on its Abqaiq processing facility. But even if the kingdom can return output of […]