Oil Price Scenarios for 2016
Every year I have a bet with a good friend on where the Brent oil price will be in December the following year. Last year I estimated $56.50, my friend Continue Reading
Islamic State Routed in Iraq Battle, U.S. Officials Say
Islamic State mounted a major offensive Wednesday, striking multiple sites in northern Iraq, but Kurdish Peshmerga forces backed by U.S. and coalition air support were able to rout the group Continue Reading
Iraq passes 2016 budget
Iraq’s Parliament ratified the 2016 budget Tuesday, outlining a level of state spending that many legislators characterized as unrealistic given the country’s financial crisis.”The figures in the budget are not Continue Reading
Israel, Turkey reach preliminary agreement to restore diplomatic ties
Israel and Turkey have reached a preliminary agreement to normalize relations, including the return of one another’s ambassadors to both countries, an Israeli official said Thursday. The deal comes five Continue Reading
Nigeria: Crude Oil Production Hits 2.2MBpd
THE Federal Government has put the country’s crude oil production for October at 2.2 million barrels per day (mbpd). This represents an increase of 4.16 per cent relative to August Continue Reading
Oil Price Architect Marshals More Crude Supply After China Spree
Gheit: Oil Will Hit $60, But It Will Hurt When you determine the price of most of the world’s oil, you need to keep up with the times. That’s why Continue Reading
As China’s demand wanes, the golden age of coal comes to an end: IEA
China faces peak coal demand for the first time as a cooling economy and shifts in industry hit consumption, paving the way for a decline in global use even as Continue Reading
Beijing issues 2nd smog red alert
Authorities warned people in northern China of heavy incoming smog; Beijing issued second red alert starting Saturday China warned residents across a large part of northern China on Friday to Continue Reading
Analysis: China’s price move signals discomfort with oil plunge
The Chinese government Tuesday refrained from adjusting retail oil product prices in line with global crude oil fluctuations for the first time in nearly three years, sending a strong signal Continue Reading
Report: Eagle Ford Shale Has Peaked, Lifting of Oil Export Ban Could Drain Field More Quickly
A new report published by the Post Carbon Institute concludes that Texas’ Eagle Ford Shale basin, the most prolific shale oil basin in the U.S., has peaked and reached terminal Continue Reading
Induced Earthquakes Remain Challenge for Oil, Gas Operations
Oklahoma earthquakes linked to disposal well injection activity show remaining challenge for oil and gas industry in addressing induced seismic activity. Earthquake activity in Oklahoma, believed to have been triggered Continue Reading
Obama expected to sign off on ending oil export ban
President Obama is expected to sign a bill that would lift a crude oil export ban because it’s balanced by renewable energy incentives, a research note said. After several legislative Continue Reading
Barnett shale gas estimate doubles
The U.S. Geological Survey said its review of the Barnett shale basin in north-central Texas led it to double the estimated reserve potential. “We decided to reassess the Barnett Shale Continue Reading
Trudeau says sensitive rain forest no place for an oil pipeline
Canadian Prime Minister Justin Trudeau reiterated his opposition to advancing with crude oil pipelines that have riled some members of the activist community. Trudeau came to power in October, touting Continue Reading
U.S. Oil Is Too Good, Too Pricey and Too Far for Asia Buyers
In the world’s biggest oil market, buyers have better options than U.S. crude. As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a Continue Reading
West Coast gasoline prices surge amid refinery upsets, Mexican demand
Prompt Los Angeles CARBOB differentials rose roughly 18 cents to trade at a high of a 52-cents a gallon premium to the January NYMEX RBOB contract on Thursday amid increased Continue Reading
Russia says not mulling any coordination with OPEC on oil
Russia’s Energy Minister Alexander Novak arrives at the European Commission headquarters in Brussels ahead of a meeting with EU officials March 2, 2015. Russian Energy Minister Alexander Novak said on Continue Reading
Oil nears 11-year low on oversupply, strong dollar
Oil slipped toward an 11-year low on Thursday, dented further by a seemingly relentless build in oversupply, and as the dollar strengthened after the U.S. Federal Reserve raised interest rates Continue Reading
Supply growth pushes oil near seven-year low
Oil fell back towards a seven-year low on Wednesday as more evidence of swelling global supplies weighed on the market and as the US Congress agreed a deal that could Continue Reading
Oil Prices Fall Further as Inventories Rise to Record
Oil prices fell to new multiyear lows Wednesday as U.S. commercial crude and refined-product inventories rose to a record. U.S. oil has fallen 15% this month on concerns that the Continue Reading
NYMEX January gas futures settle 3.2 cents lower at $1.79/MMBtu
The NYMEX January natural gas futures contract settled 3.2 cents lower Wednesday at $1.79/MMBtu on continued mild weather around the US. The January 2016 contract has been partying like it’s Continue Reading
Analysts See 41 Billion-Cubic Feet Fall in U.S. Natural-Gas Inventories
Analysts expect government data scheduled for release Thursday to show natural-gas inventories last week fell far less than the average amount for this time of year. The U.S. Energy Information Continue Reading
Falling knives and dead cats: When will the oil slump end?
As oil traders have learned time and again, picking a bottom in today’s glutted global market can be a fool’s game: just when prices start to rebound, as they have Continue Reading
Something Strange Is Taking Place In The Middle Of The Atlantic Ocean
Early last month, we noted that something very strange was happening off the coast of Galveston, Texas. As FT reported, “the amount of oil [now] at sea is at least Continue Reading
$100 Billion Evaporates as World’s Worst Oil Major Plunges 90%
Citi’s Ed Morse Sees WTI Crude at $55 by End of 2016 Colombia is nursing paper losses of more than $100 billion after its oil boom fell short of expectations, Continue Reading
Saudi Arabia resumes diplomatic relations in Iraq after 25 years
Another Saudi consolate is expected to open in Erbil, according to reports. (Zawya) Saudi Arabia has reopened its embassy in Iraq, a quarter of a century after Riyadh broke off Continue Reading
Iraq passes 2016 budget
Iraq’s Parliament ratified the 2016 budget Tuesday, outlining a level of state spending that many legislators characterized as unrealistic given the country’s financial crisis.”The figures in the budget are not Continue Reading
Algeria to Boost 2016 Oil Output, Offer Rights Amid Global Glut
Algeria’s state oil producer Sonatrach Group plans to raise crude output by 5 percent next year and offer energy-exploration rights to foreign companies by the end of March, steps that Continue Reading
OPEC producers bearish on oil in 2016 as oversupply persists
OPEC producers see little chance of significantly higher oil prices in 2016 as extra Iranian production could add to surplus supplies and the prospect of voluntary output restraint remains remote. Continue Reading
Turkey shuts key Kurdistan border crossing
The main border crossing between Turkey and the Iraqi Kurdistan region remains closed for a second day, as Turkey ramps up a military offensive apparently aimed at Kurdish militants in Continue Reading
Russian airstrikes restore Syrian military balance of power
Weeks of Russian airstrikes in Syria appear to have restored enough momentum to the government side to convince President Bashar Assad’s foes and the world community that even if he Continue Reading
Rouhani: U.N.’s closure of probe into Iran’s nuclear past is political victory
Iranian President Hassan Rouhani speaks after returning from the annual United Nations General Assembly, in Tehran September 29, 2015. President Hassan Rouhani said on Wednesday a U.N. watchdog’s closure of Continue Reading
Mexico’s Onshore Oil, Gas Bidding Round a Success
Mexico’s onshore oil and gas bidding round beat initial expectations as the nation’s government seeks to grow the diversity of players in Mexico’s oil and gas industry. Mexico’s onshore oil Continue Reading
Mexico Plans Deep-Water Oil Auction Next Year
On the heels on this week’s successful auction of 25 onshore blocks with modest oil and gas resources, Mexico’s Energy Ministry on Wednesday announced plans for a highly anticipated tender Continue Reading
Beijing Probes Architects of Stock-Market Rescue
Having already investigated investors and brokerages in connection with a bungled summer stock-market rescue totaling more than $200 billion, Beijing is now probing the rescuers. Communist Party graft busters are Continue Reading
Wind, Solar Companies Get Boost From Tax-Credit Extension
Solar and wind companies scored a major victory when U.S. lawmakers voted to extend lucrative federal subsidies for renewable energy late Tuesday night. The tax credits for new power projects Continue Reading
U.S. Oil Companies Won’t See Immediate Benefit From Lift of Export Ban
Republican leaders and the Obama White House are both claiming victory in this week’s dramatic policy shift that allows the export of U.S. oil for the first time in 40 Continue Reading
The Irony of Ending the U.S. Oil Export Ban Is Imports May Rise
The lifting of the U.S. ban on oil exports might actually make imports more appealing. By allowing American oil to compete globally, the price for U.S. benchmark West Texas Intermediate Continue Reading
Shale Drillers Are Now Free to Export U.S. Oil Into Global Glut
U.S. shale drillers will soon be able to sell their oil all over the world. Too bad no one needs it right now. A congressional deal to lift the 1970s-era Continue Reading
Congressional Leaders Agree to Lift 40-Year Ban on Oil Exports
In a move considered unthinkable even a few months ago, congressional leaders have agreed to lift the nation’s 40-year-old ban on oil exports, a historic action that reflects political and Continue Reading
The Latest: Texas reminds Google self-driving cars welcome
The latest on the California Department of Motor Vehicles’ draft regulations that would allow consumers to get self-driving cars (all times local): 2 p.m. Texas is already reminding Google that Continue Reading
Emergency declaration for gas leak in Los Angeles County
Los Angeles County officials have declared a state of emergency over a leaking natural gas well above a neighborhood that has forced a utility company to relocate thousands of residents Continue Reading
Oil Refiners Shrug Off Deal to Remove U.S. Export Limits
Restrictions on U.S. crude exports may disappear. That doesn’t mean the sky is falling for refiners. A Bloomberg index of 11 U.S. independent refiners rose 2.1 percent at 2:59 p.m. Continue Reading
ConocoPhillips, 28 Energy Producers Face Ratings Cuts by Moody’s
ConocoPhillips and Anadarko Petroleum Corp. are among 29 U.S. oil and gas exploration and production companies whose ratings Moody’s Investors Service is reviewing for possible downgrades, spelling new trouble for Continue Reading
Moody’s Reviewing Canadian Oil-Producer Ratings After Price Drop
Moody’s Investors Service is reviewing the credit rating of seven Canadian exploration and production companies and their rated subsidiaries, including Suncor Energy Inc. and Encana Corp., for downgrade after the Continue Reading
Economists see next Fed rate increase in first quarter of 2016
Bollards help secure the entrance to the Federal Reserve in Washington, December 16, 2015. Wall Street’s top banks expect the Federal Reserve to next raise U.S. interest rates in the Continue Reading
Fed raises interest rates, citing ongoing U.S. recovery
The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 Continue Reading
Kiev ‘ready to pay price’ after Russia curbs trade ties over EU deal
Ukraine’s President Petro Poroshenko attends a joint news conference with European Council President Donald Tusk and European Commission President Jean-Claude Juncker (unseen) at the EU Council in Brussels, Belgium, December Continue Reading
Nord Stream 2 Pipeline Spat to Test EU Commitment
BRUSSELS—Thursday’s summit of European Union leaders will elevate to the highest political level a fight over a new Russian natural-gas pipeline that is supported by Germany but strongly opposed by Continue Reading
Russia says ready to meet for talks with OPEC
Russia, the world’s top oil producer, is ready to meet for talks with OPEC and has been awaiting an invitation, Russian Energy Minister Alexander Novak told reporters on Thursday. “We Continue Reading