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Keyword: crude

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  • Liberals are Prudes – Who Knew?

    10/08/2016 6:12:40 AM PDT · by Sean_Anthony · 9 replies
    Canada Free Press ^ | 10/08/16 | Jim O'Neill
    I’ll take Trump with his rough edges and sharp elbows, warts and all, over any of the oh-so-refined thoroughly corrupt bought-and-paid-for globalists being shoved down our throats Recently much ado has been made of some crude comments that Donald Trump made some years back. Media mavens are all aflutter with outraged disgust. I do not know what convent these shocked sisters came from, but I have heard similar male braggadocio my entire adult life. Perhaps they need to get out more.
  • The Biggest Threat To Oil Prices Is The Dollar, Not A Supply Glut

    07/28/2016 9:14:52 AM PDT · by bananaman22 · 5 replies
    The glut of gasoline and other refined products has taken center stage for the oil markets, threatening to initiate a new bear market and push oil prices down below $40 per barrel for the first time in months. But while a surplus of refined products is weighing on crude prices, there could be another culprit that does not get as much publicity. Goldman Sachs says that a strong dollar deserves more blame for an oil price downturn, and further strengthening of the greenback looms as a much larger threat to prices than the gasoline glut. The U.S. Federal Reserve could...
  • IEA: Gasoline Glut Could Cause Oil Price Rout

    07/13/2016 9:39:07 AM PDT · by bananaman22 · 7 replies ^ | 13-07-2016 | IEA
    Oil prices have been crushed over the past two years because of a glut of production. With supplies falling off, particularly in the U.S. shale patch, prices have begun to firm up. But another glut that has built up and has stubbornly refused to fall threatens another oil price downturn. In its July Oil Market Report, the International Energy Agency warned about shockingly high levels of refined products sitting in storage. Gasoline, diesel and heating oil are built up to such high levels in so many parts of the world, that a sharp rise in crude oil prices is unlikely...
  • Crude Rebounds Spectacularly On Weaker Dollar

    07/12/2016 1:24:34 PM PDT · by bananaman22 · 3 replies ^ | 12-07-2016 | Len
    Oil prices showed weakness on Monday once again after a brutal few days last week. But WTI and Brent moved up in early trading hours on Tuesday. Several news items overnight pushed oil up on Tuesday, including a falling U.S. dollar, a ruling from an international court on the South China Sea (more below), news that an ExxonMobil well was attacked in the Niger Delta (something which Exxon denies), and reports that some oil exports were delayed from Iraq because of a pipeline leak. The markets are awaiting crude inventory estimates from API later today, which could move prices.
  • Why An Oil Price Crash Remains Unlikely

    07/06/2016 10:20:46 AM PDT · by bananaman22 · 4 replies ^ | 06-07-2016 | Mike
    There has been a lot of optimism returning to the energy markets of late as oil prices have climbed to the $50 a barrel region. Ironically, while a few years ago $50 a barrel would have been seen as an unthinkably low oil price, today it is regarded as much needed relief from prices that ran in the $25 a barrel region earlier this year. Yet with the climb in prices, analysts are now starting to forecast prices per barrel of as much as $80 in the next year. That view is not the mainstream though. Instead most analysts are...
  • U.S. Crude Exports Hit 96 Year High

    06/06/2016 9:42:03 AM PDT · by bananaman22 · 12 replies ^ | 06-06-2016 | Zain
    U.S. crude oil exports rose to 591,000 barrels per day in April, up 83,000 barrels from March, according to new data from the U.S. Census Bureau on Friday. The total figures are the highest since at least 1920, Rigzone reports. A majority of the crude - 324,000 bpd of it - went to Canada, 90,000 more went to Curacao and 36,000 others went to the Bahamas. The figures come almost six months after the U.S. government lifted restrictions on crude exports.
  • 500,000 Barrels And $1 Billion In Losses: The True Cost Of Canada’s Wildfire

    05/05/2016 12:58:18 PM PDT · by bananaman22 · 9 replies ^ | 05-05-2016 | Wildfire
    It took the market over a day to appreciate the fallout from the devastating Canadian wildfire which has led to a state of emergency in Alberta, the evacuation of over 80,000 people in the oil sands gateway city of Fort McMurray, and the destruction of over 1,600 structures. According to insurance industry reports, losses from the fire are approaching $1 billion, and will likely set records for the country. The average cost of a single-family home in the community was recently around CAD$627,000 ($487,000), Aon said, citing data from the local real estate industry, and cited by CNBC. That would...
  • Oil Prices Jump To Six-Month High

    04/28/2016 11:55:35 AM PDT · by bananaman22 · 10 replies ^ | 28-04-2016 | Chemokuurtje
    Oil prices surged to their highest levels in six months on Wednesday as the Fed left interest rates unchanged. WTI jumped by 2.8 percent to $45.29 per barrel and Brent climbed by 3.17 percent to $47.19 per barrel. Those are the highest prices so far in 2016 and the oil markets continue to bet on rising momentum for crude. The Federal Reserve added strength to oil when it announced its decision to leave interest rates unchanged, a move that caused the dollar to weaken and oil prices to rise. The Fed also softened its language regarding its concerns over the...
  • Half Of Kuwaiti Oil Production Offline After Massive Strike

    04/18/2016 9:22:28 AM PDT · by bananaman22 · 5 replies ^ | 18-04-2016 | Ali
    While everyone is talking about the failure of the Doha negotiations, Kuwait has more than made up for OPEC’s failure all on its own. Kuwait’s oil workers walked off the job this weekend, flexing their muscles over a pay dispute. The state-owned Kuwait Oil Company took to Twitter to report the damage done by the workers strike, announcing that oil production fell to 1.1 million barrels per day on Sunday, a catastrophic development considering it normally produces nearly 3 mb/d. Also, Kuwait Petroleum Corp., the state-owned refining company, said that its production of refined products dropped from 930,000 to 520,000...
  • Crude Congestion

    04/13/2016 7:47:58 AM PDT · by mac_truck · 16 replies
    Reuters ^ | 4/13/2016 | Graphics Dept
    Huge traffic jams of tankers have formed around the world with some 200 million barrels of oil either waiting to be loaded or delivered as ports struggle to cope with record volumes in perhaps the most visible sign of the global oil glut. Almost all of the over 660 Very Large Crude Carriers (VLCCs), the largest tankers in use to transport seaborne oil, are used to ship crude between the Middle East and Asia’s consumption hubs around India and the Far East. The map above shows all of these super tankers in operation on April 11. The icon on the...
  • Oil Inventories Drop Unexpectedly, Sending Futures Higher

    04/07/2016 1:24:05 AM PDT · by Mr Apple · 26 replies
    Bloomberg News ^ | April 6, 2016 | Investor's Business Daily
    Oil climbed after U.S. crude inventories unexpectedly dropped from the highest level in more than eight decades.
  • Oil Fundamentals Could Cause Oil Prices To Fall, Fast.

    03/08/2016 1:53:07 PM PST · by bananaman22 · 5 replies ^ | 08-03-2016 | Free Republican
    Oil prices should fall, possibly hard, in coming weeks. That is because fundamentals do not support the present price. Prices should fall to around $30 once the empty nature of an OPEC-plus-Russia production freeze is understood. A return to the grim reality of over-supply and the weakness of the world economy could push prices well into the $20s. A Production Freeze Will Not Reduce The Supply Surplus An OPEC-plus-Russia production cut would be a great step toward re-establishing oil-market balance. I believe that will happen later in 2016 but is not on the table today.
  • 40 Reasons Not To Vote For Donald Trump

    02/27/2016 5:33:45 AM PST · by Kaslin · 143 replies ^ | February 27, 2016 | John Hawkins
    1) Trump has favorability ratings that make him unelectable: The American public is very familiar with Donald Trump and people hate his guts. Trump's current favorable/unfavorable rating is 34/58. Just as a point of comparison, the two biggest landslides in history were against Jimmy Carter (33/58) and Walter Mondale (34/40). Trump is so unpopular with the general electorate that we might as well be running Jared Fogle or Bill Cosby.2) Trump consistently loses to Hillary Clinton in head-to-head polls: Given that so many people know Trump and already dislike him, it's hard to understand why anyone thinks he'll win in...
  • In Spite Of Its Vast Oil Reserves, Cuba Fails To Woo Investors

    02/18/2016 3:28:14 PM PST · by bananaman22 · 12 replies ^ | 18-02-2016 | Cuba Libre
    With the end of the 54-year U.S. trade embargo on Cuba, and Cuban government moves to encourage foreign investors, Cuba is a suddenly attractive venue that is sitting on an estimated 4.6 billion barrels of oil and promising tantalizingly low production costs that defy low oil prices. In December 2014, the U.S. lifted the trade embargo, and earlier that year—banking on an end to the embargo—Cuba began to lay the foundation for attracting foreign investment by offering corporate tax credits. It sounds great—but there has been no rush onto this playing field.
  • Gas Drops Below $1.50 in Some Areas, and We Haven't Hit Bottom Yet

    02/02/2016 7:28:32 AM PST · by thackney · 49 replies
    NBC News ^ | FEB 2 2016 | MARTHA C. WHITE
    American drivers are now enjoying gasoline prices that haven't been this low since January 2009. Data from the AAA shows that the average annual price for a gallon of gas has been below $2 a gallon for about a month now. Just within the past week, the national average gas price ticked below $1.80 for a gallon of regular gas, a drop of 20 cents just since the beginning of 2016. "I think you have probably another three to four weeks of prices in this area - I think we could drop another nickel or so," said Denton Cinquegrana, chief...
  • After 40-year ban, U.S. starts exporting crude oil

    01/31/2016 3:19:31 AM PST · by Enlightened1 · 46 replies
    CNN ^ | 01/29/16 | Matt Egan
    America is wasting little time getting back into the oil exporting business. Just weeks after Congress lifted a 40-year ban on exporting oil, the first shipments of the black stuff left U.S. ports for Europe. The first freely-traded shipments of U.S. crude are symbolic of the country's newfound role as a leading producer of oil. America's entry into the world market can also be viewed with relief by those worried about potential supply disruptions. After all, many big oil producers are located in volatile parts of the world susceptible to geopolitical shocks. "The fact that producers have free access to...
  • LiLimit Crude Imports: Perhaps Eisenhower Was On To Something

    01/25/2016 9:07:12 PM PST · by Rabin · 29 replies
    rigzone ^ | Monday, January 25, 2016 | Deon Daugherty
    So what would happen if a modern-day president took the Eisenhower model and, ceased crude imports. The price shock to the energy markets could take domestic crude to $140 before it broke the back of our World Crude Oil Cartel.
  • Citigroup: Oil Is The “Trade Of The Year”

    01/22/2016 10:31:17 AM PST · by bananaman22 · 2 replies ^ | 22-01-2016 | citi
    Oil prices surged on Thursday and Friday, staging a 14 percent rally to push oil back above $31 per barrel. A combination of factors worked together to stop the bleeding for WTI and Brent. Hopes rose for fresh monetary stimulus from the European Central Bank on Thursday when its President Mario Draghi hinted that more action could be forthcoming. Also, Japan’s central bank could also engage in QE-style asset purchasing to boost the economy. At the same time, a monster snow storm hitting the east coast of the U.S. brought speculation that colder weather could boost demand.
  • Oil Sold for -$0.50 per Barrel. A Negative Price!

    01/18/2016 3:54:46 PM PST · by bananaman22 · 18 replies ^ | 18-01-2016 | northdakoterrrr
    The oil markets are on edge with oil sinking into the $20s per barrel. And last week we reported on one place where oil is already trading in the single-digits. Canada’s bitumen is selling for just $8 per barrel. But even that rock bottom price is higher than what one oil seller earned for a shipment recently. In a bizarre turn of events, Bloomberg reported that Flint Hill Resources, a refining unit owned by the Koch brothers, said that they would purchase sour crude from North Dakota for $-0.50 per barrel. That’s right: a negative price. Oil has become so...
  • Negative Oil Prices Arrive: Koch Brothers' Refinery "Pays" -$0.50 For North Dakota Crude

    01/18/2016 10:55:19 AM PST · by Freelance Warrior · 34 replies
    ZeroHedge ^ | 01/18/2016 | Tyler Durden
    The Koch brothers are actually charging $0.50/bbl to take low grade oil at their Flint Hills Resources refining arm./ North Dakota Sour is a high-sulfur grade of crude and "is a small portion of the state's production, with less than 15,000 barrels a day coming out of the ground," Bloomberg notes, citing John Auers, executive vice president at Turner Mason & Co. in Dallas.
  • Four Oil Tanks Now on Fire at Libyan Ports after Clashes

    01/06/2016 8:56:55 PM PST · by fella · 4 replies
    Rig Zone ^ | 6 JAN 2016 | Ayman al-Warfalli
    BENGHAZI, Libya, Jan 6 (Reuters) – Fires caused by clashes between Islamic State militants and guards near Libya's biggest oil ports have spread to four oil storage tanks that were still burning on Wednesday, a guards spokesman said. Ali al-Hassi said the Petroleum Facilities Guards were in control of Es Sider and Ras Lanuf ports, but that skirmishes continued. At least nine guards were killed and more than 40 injured in fighting around the perimeter of the area on Monday and Tuesday. Hassi said guards had recovered bodies of 30 Islamic State fighters, and had also captured two military tanks...
  • Professional Pandering -- Desperate Cruz, Dependent on Iowa, Flip-Flops on Ethanol Subsidies...

    01/06/2016 5:30:43 PM PST · by Greetings_Puny_Humans · 330 replies
    Conservative Treehouse ^ | 1/06/2015 | Sundance
    Professional Pandering -- Desperate Cruz, Dependent on Iowa, Flip-Flops on Ethanol Subsidies... Posted on January 6, 2016 by sundance In what can only be noted as "typically Cruzian" the Senator who sponsored the "Renewable Fuel Standard Repeal Act", which would have immediately repealed the ethanol mandate, has now reversed course and claims to support continued Iowa Corn Subsidies. The pandering flip-flop becomes "brutally Cruzian" when the campaign for Ted Cruz denies the current change in position by pointing to a prior change in position; saying, in effect: when Senator Ted Cruz decided to run for President he changed his position,...
  • Senator Ted Cruz listens to Iowa farmers, supports Renewable Fuel Standard (Ethanol) through 2022

    01/06/2016 11:23:15 AM PST · by springwater13 · 291 replies
    SIOUX CENTER - During a bus tour stop in Sioux Center, Iowa last night, Senator Ted Cruz expressed support for the Renewable Fuel Standard (RFS) through 2022. Responding to a question from an ethanol investor from Iowa about whether he would allow the landmark energy program to continue through its current expiration in 2022, Sen. Cruz responded by expressing support for the RFS through 2022. Senator Cruz also expressed passionate support for breaking through the so-called "blendwall." That "blendwall" makes it illegal for ethanol to expand its market penetration, and I intend to eliminate the EPA blendwall to get rid...
  • Saudi Arabia vs Iran: The oil war that isn't coming

    01/05/2016 4:46:00 AM PST · by thackney · 3 replies
    CNBC ^ | 1/4/2016 | Everett Rosenfeld
    Armchair analysts have been predicting an oil price war between Saudi Arabia and Iran for a while now, and escalating tensions between the countries would seem to portend a major market disruption. But that war may never come. Saudi Arabia announced Monday that it will sever all commercial ties with Iran, a day after the kingdom said it would cut diplomatic relations with Iran. Protesters stormed the Saudi embassy in Tehran earlier Sunday, and the country's supreme leader, Ayatollah Ali Khamenei, predicted "divine vengeance" for the Saudi execution of a major Shiite cleric. Saudi Arabia is predominantly Sunni and home...
  • BP’s CEO Finally Sees Oil Prices Bottoming Out

    01/05/2016 11:59:31 AM PST · by bananaman22 · 5 replies ^ | 05-01-2015 | dudley
    Since last summer, Bob Dudley, the CEO of the British oil giant BP, has been cautioning that he expects oil prices to stay “lower for longer.” Now he believes he’s determined how much longer those prices may decline, and when they may start rising again. “A low point could be in the first quarter [of 2016],” Dudley said in an interview broadcast Saturday by the BBC. “But 2016’s third and fourth quarters could witness a more natural balance between supply and demand, after which stock levels could start to wear off.”
  • Iran’s Oil Revival Springs a Leak

    12/03/2015 4:48:40 AM PST · by thackney · 2 replies
    Wall Street Journal ^ | Dec. 2, 2015 | BENOĂŽT FAUCON
    Iran's energy industry is plagued by a host of challenges--from leaking pipelines to skeptical western oil investors--as it attempts to throttle up crude output next year when western sanctions are expected to be lifted. Iran's aging infrastructure is in disrepair after several years without the expertise of the world's largest oil companies, western and Iranian officials say. The country is likely to be selling as much as 500,000 new barrels of oil into an already saturated market for crude exports, setting up logistical hurdles. And the Islamic Republic is more divided politically over the return of western companies than expected,...
  • How Turkey Exports ISIS Oil To The World: The Scientific Evidence

    11/28/2015 8:38:21 AM PST · by amorphous · 4 replies
    Zero Hedge ^ | 28 Nov 2015 | Tyler
    Over the course of the last four or so weeks, the media has paid quite a bit of attention to Islamic State’s lucrative trade in "stolen" crude. On November 16, in a highly publicized effort, US warplanes destroyed 116 ISIS oil trucks in Syria. 45 minutes prior, leaflets were dropped advising drivers (who Washington is absolutely sure are not ISIS members themselves) to "get out of [their] trucks and run away." The peculiar thing about the US strikes is that it took The Pentagon nearly 14 months to figure out that the most effective way to cripple Islamic State’s oil...
  • Goldman eyes $20 oil as glut overwhelms storage sites

    11/20/2015 4:46:01 AM PST · by GonzoII · 25 replies
    The Telegraph ^ | GMT 19 Nov 2015 | Ambrose Evans-Pritchard
    "The world is floating in oil. The numbers we are facing now are dreadful," said David Hufton from PVM Group The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned. Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called 'cash cost' that forces drillers to...
  • Obama Buddy Buffett Doubles BNDF investment due to Keystone Decision

    11/09/2015 7:44:39 AM PST · by raptor22 · 12 replies
    American Thinker ^ | November 9, 2015 | Daniel John Sobieski
    When President Obama announced he was killing the Keystone XL pipeline, he said he was agreeing with the State Department’s assessment that the pipeline from Canada “would not serve the national interests of the United States.” The fact is that it would not have benefitted the personal financial interests of friend and economic mentor, Warren Buffett, who can rest assured that oil from Canada and the nearby Bakken formation in North Dakota will continue to be transported by a railroad he owns. As Investor’s Business Daily noted in a 2011 editorial: Killing the Keystone XL pipeline may help one of...
  • COMPILATION: The Jacki Daily Show: Crude Oil Exports and their importance to America

    11/05/2015 5:26:45 PM PST · by RaceBannon · 1 replies
    The Jacki Daily Show ^ | The Jacki Daily Show
    The host of the Jacki Daily show has had an impressive career in energy, law, and politics. Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as a corporate litigator, and as an Assistant Vice President for a national bank. She entered...
  • Saudi Arabia Oil Update 2015: Russia Beats OPEC Giant In Crude Sales To China

    10/23/2015 6:40:54 AM PDT · by Enlightened1 · 4 replies
    International Business Times ^ | 10/21/15 | Jess McHugh
    Russia topped Saudi Arabia in sales of crude oil to China for the second time this year, Reuters reported Wednesday. But Saudi Arabia will still finish the year with more sales to China than Russia overall, as the two producers continue to compete for dominance in the emerging market. China, with the largest economy in Asia and the second-largest in the world, is also the world's largest importer of crude oil, surpassing the United States in May. China bought a record 4.04 million metric tons, or approximately 988,000 barrels daily, from Russia in September, Bloomberg reported, up 42 percent from...
  • Future Of Iraq’s Oil Industry Under Threat

    10/22/2015 9:32:08 AM PDT · by bananaman22 · 1 replies ^ | 22-10-2015 | Ibrahim
    Iraq is one of the major reasons why OPEC has been able to increase oil production over the past year, even as oil prices have dropped to six-year lows. The war-torn country averaged 3.2 million barrels per day (mb/d) of production in 2014. But despite the onslaught from ISIS and the collapse in oil prices, Iraq succeeded in achieving steady gains in output, surpassing 4.1 mbd in September. Along with Saudi Arabia’s increase of around 600,000 barrels per day since 2014, Iraq has accounted for a majority of OPEC’s production gains over the past year, allowing the cartel to produce...
  • Crude Oil Exports and our economy: Jacki Daily Show

    10/21/2015 2:46:42 PM PDT · by RaceBannon · 2 replies
    The Jacki Daily Show ^ | 8/2/2015 | The Jacki Daily Show
    On this week's Jacki Daily Show, Jacki talks with Toby Mack President of the Energy Equipment and Infrastructure Alliance, explains that lifting the crude export ban would reduce the debt, reduce the trade deficit, create jobs, lower gasoline prices and spur investment. She also talks with Greg Walcher, author of the book Smoking Them Out and he is Founder and President of the Natural Resources Group, a nationwide ad-hoc coalition of consultants with natural resources expertise. She is also joined by Coleman Alderson to discuss his new book Mountain Whispers: Days Without Sun. Toby Mack: Greg Walcher with the Heritage...
  • Current Oil Price Rally Will Fizzle Out Say Analysts

    10/15/2015 1:49:26 PM PDT · by bananaman22 · 12 replies ^ | 15-10-2015 | Nick Cunningham
    There is still very little clarity on the state of the oil markets, and the recent rally did nothing to dispel that fact. Still there is a bit of consensus around the notion that the rally will be short-lived. Just a few short weeks ago it appeared that oil had hit bottom. After briefly dipping below $40 per barrel, speculators began taking more bullish positions on oil, and prices leveled off in the mid-$40s for the month of September. As more and more data trickled in, pointing to a sharper slowdown in U.S. oil production, markets grew more confident that...
  • Is This The Bottom For Oil Prices?

    09/22/2015 9:21:11 AM PDT · by bananaman22 · 12 replies ^ | 22-09-2015 | They Hate Us Cause They Anus
    The worst could be over for oil prices, if the whims of a growing number of speculators are anything to go by. Hedge funds are taking their most bullish position on crude oil prices in two months. New data from the Commodity Futures Trading Commission shows that net-long positions on crude oil increased by 14,821 contracts, reaching a two-month high of 147,678 positions. These swings in investor sentiment can move the price of crude. In recent weeks, we had seen an inordinately pessimistic view of crude oil, with short positions hitting their highest levels in years. Short betting pushed WTI...
  • Dr. Ireland explains the benefits of lifting the decades-old ban on exporting U.S. crude oil.

    09/21/2015 2:39:57 AM PDT · by RaceBannon · 10 replies
    The Jacki Daily Show ^ | 8/19/14 | Dr Ed Ireland
    In Segment 1, Dr. Ireland explains the benefits of lifting the decades-old ban on exporting U.S. crude oil. In Segment 2, Dr. Ireland explains the benefits of building the Keystone XL pipeline.
  • Why we must lift the ban on exporting crude oil

    09/17/2015 5:04:27 PM PDT · by RaceBannon · 2 replies
    The Jacki Daily Show ^ | 7/6/2015 | Jacki Pick
    Economist Ed Ireland who Chairs the Barnett Shale Energy Education Council shares his expertise on hydraulic fracturing or “fracking” and why we should not fear that it is possible for the U.S. to run short on energy if we export. Exports would be a boom for job creation and wealth creation for the middle class.
  • Oil Price Increase Will Not Come Fast Enough To Save Alberta

    09/14/2015 2:44:09 PM PDT · by bananaman22 · 14 replies ^ | 14-09-2015 | tarsands
    “There’s just no cash.” That’s the Coles Notes from a senior banker describing the book of oil service loans he manages for one of Alberta’s leading lenders. There’s simply not enough cash flow to support current levels of debt. Bankers and borrowers have kicked the can down the road about as far as they can as more oilfield service (OFS) and exploration and production (E&P) companies default on their loans and seek more relief on lending covenants. While a significant oil price increase to lift all the sinking boats will surely come, it won’t happen soon enough. More of the...
  • The Mirage Of An Iranian Oil Bonanza

    09/03/2015 8:56:31 AM PDT · by bananaman22 · 1 replies ^ | 03-09-2015 | Willem van Oranje
    The P5+1 agreement with Iran on Iran’s nuclear program has generated (sometimes fevered) anticipation of an Iranian oil bonanza at the end of the nuclear agreement rainbow, both in terms of the increase in Iranian crude output and the business opportunities for foreign firms in driving the increase. The anticipation comes from several sources. Iran’s crude potential is one. According to the U.S. Energy Information Administration (EIA), Iran’s proven crude reserves, 158 billion barrels, are the world’s fourth largest (and among the cheapest to produce at $8-to-$17/barrel, depending on the source,). Iranian public statements expressing determination to increase crude output...
  • Why Did Oil Prices Just Jump By 27 Percent In 3 Days?

    09/02/2015 9:28:45 AM PDT · by bananaman22 · 13 replies ^ | 02-09-2015 | volatile
    Oil prices have posted their strongest rally in years, jumping an astounding 27 percent in the last three trading days of August. While much of the recent price movement defies reason and is enormously magnified by speculative movements by traders to take and cover their bets on oil, still, there were a series of rumors, events, and fresh data that helped contribute to the spike. For example, on August 31, the oil markets woke up to the news that Russian President Vladimir Putin will meet his counterpart from Venezuela to discuss “possible mutual steps” to stabilize oil prices. The meeting...
  • OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

    08/27/2015 4:24:05 PM PDT · by bananaman22 · 12 replies ^ | 27-08-2015 | Endree
    Despite low oil prices, Saudi Arabia is maintaining its investment in its oil industry. Saudi Aramco Chairman Khalid Al-Falih indicated in March that Saudi Aramco would not cut investment. James Crandell, a Cowen & Co. oil analyst cited in this article, who has tracked oil companies’ budgets for many years, estimates that Aramco and its Kuwaiti and UAE counterparts will increase their investment in oil exploration and production in 2015 by 4.5 percent to $38.1 billion. (If proportional to output, the Saudi share would be $24.5 billion). On it’s website, the Saudi Arabian General Investment Authority (SAGIA) identifies Saudi Arabia...
  • Saudis Could Face An Open Revolt At Next OPEC Meeting

    08/20/2015 4:22:13 PM PDT · by bananaman22 · 7 replies ^ | OPEC collapse
    OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil. Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and other oil producers, the Saudis have given no indication they plan to alter course. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial...
  • Crude oil is getting smoked (WTI bouncing below $43!)

    08/11/2015 10:30:17 AM PDT · by tcrlaf · 42 replies
    Business Insider ^ | 8-11-2015 | Akin Oyedele
    There goes crude oil again. On Tuesday morning, West Texas Intermediate crude futures in New York fell 4% to as low as $43.03 per barrel. Brent crude, the international benchmark, was also lower, near $50 per barrel, after on Monday having its biggest one-day jump in a month. We got OPEC's latest monthly production numbers Tuesday morning, and they showed that production surged to a three-year high in July. The 12-member oil cartel has overshot its production target for at least a year in a bid to maintain its market share. After what seemed like a recovery in prices around...
  • Bullish Bets On Oil Go Sour

    08/10/2015 8:43:45 AM PDT · by bananaman22 · 14 replies ^ | 10-08-2015 | oil bear
    Prominent hedge fund manager Andy Hall got burned in July after oil prices crashed. Heading up Astenbeck Capital Management, Hall has made very large bets that oil prices would rebound, citing the unsustainably low oil prices and the rise of demand across the world, particularly in Asia. But July was a brutal month for him. His hedge fund lost 17 percent of its value, or about $500 million. Bloomberg profiled him and another notable trader, Pierre Andurand, who has taken the opposite position, arguing that oil prices will remain low for the next two years. And while Hall’s hedge fund...
  • The Saudi Oil Price War Is Backfiring

    08/07/2015 10:49:54 AM PDT · by bananaman22 · 23 replies ^ | 08-07-2015 | Wet Towel
    Saudi Arabia has long enjoyed the status of being the top crude oil exporter in the world. With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have kept their production levels high since last year in order to drive other players (especially U.S. shale drillers) out of business. Equally clear is the fact that this strategy of maintaining the glut and driving out rivals hasn’t worked so far. Even when we look at the refining sector, we see that...
  • Former Exxon President On Mission To Clean Up Oil Sands

    07/30/2015 3:59:22 PM PDT · by bananaman22 · 4 replies ^ | 30-07-2015 | utah
    Canada has given oil sands a dirty reputation, but a breakthrough, commercially viable technology has caught the eye of a former Exxon Mobil president who is putting it to use to clean up Utah’s billions of barrels of oil sands. Imagine extracting high-quality oil out of the estimated 32 billion barrels buried in Utah’s oil sands, without creating the toxic wastelands that have resulted from oil sands projects in Western Canada. And imagine doing it at a cost that can still turn a profit in today’s oil price slump. That would be highly enticing to some of the large operators...
  • This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away

    07/24/2015 11:13:14 AM PDT · by bananaman22 · 12 replies ^ | 24-07-2015 | KingKurt
    The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn't be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil deposits which could not be profitable at these new lower oil prices. These wells were also known to have production declines that averaged 40 percent per year. Overall U.S. production, however, confounded the conventional logic and continued to rise--until early June when it stalled and then dropped slightly. Anyone who understood that U.S. drillers in shale plays had large...
  • Shale Industry May Need A Complete Rethink To Survive

    07/16/2015 11:30:32 AM PDT · by bananaman22 · 3 replies ^ | 16-07-2015 | shale overhaul
    Shale reservoirs have become an important part of North American oil and gas supply and their development has begun a new era of oil and gas production worldwide. Advances in well drilling and completion technologies supported the rapid development of shale resources which contributed to the almost overwhelming success of U.S. shale in recent years. Globally, Argentina’s Neuquén Basin and China’s Sichuan Basin are the two front-runners to emulate the successes of the United States, with Poland, Algeria, Australia, Colombia, Russia, and Mexico still in earlier phases of exploration and evaluation, while Saudi Arabia also has plans for domestic shale...
  • OPEC, Get Ready For The Second U.S. Oil Boom

    07/14/2015 9:46:17 AM PDT · by bananaman22 · 15 replies ^ | 14-07-2015 | shale 2.0
    What OPEC countries fear most is a follow-up technological revolution that will lead to a second oil boom in the U.S., and that fear is now being realized. A technological revolution spurred the U.S. oil boom that resulted in the greatest increase in domestic oil production in a century, and while that has stuttered in the face of a major oil price slump and an OPEC campaign to maintain a grip on market share, the American response could be another technological revolution that demonstrates that the first one was merely an impressive embryonic experiment. It’s not only about shale now—it’s...
  • Why We Should Get Used To Low Oil Prices

    07/13/2015 11:03:11 AM PDT · by bananaman22 · 34 replies ^ | 13-07-2015 | ABM
    The news from the IEA is not good. “World oil demand growth appears to have peaked in 1Q15 at 1.8 mb/d and will continue to ease throughout the rest of this year and into next as temporary support fades.” I don’t have great faith in forecasts but the data shows declining demand growth from late 2010 to the 2nd quarter of this year The weak global economy is the cause of low demand growth. The current debt crisis Greece and collapsing stock markets in China are the latest alarm signals.