Oil Prices Soar Amid Rumors Of New Commodities Supercycle
Just days after one of our favorite macro strategists, Dylan Grice, predicted that the stage is set for ” a bull market in oil “, and JPM quant Marko Kolanovic Continue Reading
Permian Kept Spewing Methane Despite Drilling Slowdown, EDF Says – Bloomberg
A sharp drilling slowdown in the Permian Basin last year failed to improve the shale play’s record on methane emissions, according to a report by the Environmental Defense Fund. One in 10 Continue Reading
Historic cold overwhelms Western US gas markets, driving price to record highs
Natural gas prices across much of the Western US surged to record highs in Feb. 12 trading as arctic weather fueled extreme localized demand, pushing supply and deliverability to their Continue Reading
Crude Storage Levels Are Falling Across the Americas
Oil storage locations across the Americas are emptying as the remarkable rally in crude prices undermines the need to buy and stockpile barrels. Tank owners were one of the few Continue Reading
American Oil Demand Is Emerging After Months of Covid Paralysis
U.S. oil demand is finally starting to emerge from the grips of pandemic after months with Asia serving as the lone bright spot in the global market market. American refiners are Continue Reading
Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market
Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may Continue Reading
Major energy institutions downgrade oil demand outlooks amid fragile rebalancing
Major energy institutions are adopting a cautionary tone over oil demand in 2021, with the International Energy Agency and OPEC on Feb. 11 joining the US Energy Information Administration in Continue Reading
How Bad Is Big Oil’s Earning Season?
The five integrated oil super majors closed their financial books for 2020 and their numbers looked dreadful. However it could have been worse. Their revenues fell an incredible 36%, from Continue Reading
IEA: OPEC+ To Further Ease Cuts Amid Quickly Drawing Oil Stocks
While the oil market rebalancing looks fragile in the first quarter of 2021, global oil stocks are expected to rapidly draw down in the second half of this year as Continue Reading
OPEC revises up 2021 oil demand forecast with more growth seen in H2
OPEC raised its estimate of 2021 global oil demand from last month, saying growth especially for industrial fuels in the second half will be led by positive economic developments supported Continue Reading
US working natural gas volumes in underground storage decline 171 Bcf: EIA
Last week’s draw from US working natural gas in storage proved strong enough to reduce the year-on-year surplus to a deficit while the possibility for the largest weekly draw ever Continue Reading
Midcontinent, US gas prices set records as frigid weather tightens supply
The Midcontinent led the surge in US gas prices in Feb. 11 trading as a sharp rise in heating demand met with regional production freeze-offs, significantly tightening balances across the Continue Reading
Oil Extends Longest Rally in 2 Years With U.S. Supplies Dropping
Oil futures rose for an eighth straight day in New York as a decline in U.S. crude inventories further highlighted depleting global supplies. The rally of about 0.6% extended the Continue Reading
JPMorgan Says Commodities May Have Just Begun a New Supercycle
With agricultural prices soaring, metal prices hitting the highest in years and oil well above $50 a barrel, JPMorgan Chase & Co. is calling it: Commodities appear to have begun Continue Reading
EIA Lifts Oil Price Outlook, Sees WTI Averaging $50 This Year
WTI Crude spot prices are expected to average $50.21 per barrel this year and $51.56 next year, the Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook (STEO) Continue Reading
OPEC+ Won’t Raise Output For Another Month
OPEC+ will meet again on March 4, but the group will likely agree to keep the same level of oil production through April 2021, Iraqi Oil Minister Ihsan Abdul-Jabbar said Continue Reading
IEA sees tighter oil market despite demand caution, modest supply optimism
Highlights IEA sees US, Canada posting oil supply gains in 2021 IEA predicts oil demand to grow 5.4 mil b/d this year IEA sees ‘rapid stock draw’ in H2 London Continue Reading
Shale Rig Owner Touts New Price Model as Drilling Speeds Up
The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue. Rigs are typically rented out Continue Reading
Texas Oil Group Vows to Limit Flaring as State Signals Crackdown
A coalition of Texas oil industry groups is pledging to end routine flaring of natural gas from wells and other facilities by 2030 amid signs that state regulators may crack Continue Reading
Permian Kept Spewing Methane Despite Drilling Slowdown, EDF Says – Bloomberg
A sharp drilling slowdown in the Permian Basin last year failed to improve the shale play’s record on methane emissions, according to a report by the Environmental Defense Fund. One in 10 Continue Reading
Oil Major Total Sees 10 Million Bpd Supply Gap In 2025
France’s supermajor Total is warning that the world could find itself with a shortfall of supply of 10 million barrels per day (bpd) between now and 2025, due to continued Continue Reading
Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless
The average energy investor is by now well aware of the sector’s monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip Continue Reading
The Rapid Rise Of National Oil Companies
The world oil markets are facing a perfect storm which eventually could lead to structural economic and geopolitical changes. While Covid-19 has decimated markets and slashed profits, climate awareness and Continue Reading
FUJAIRAH DATA: Stocks of oil products hit 2-month low as all categories shrink
Oil products stockpiles at the Port of Fujairah outside of the Strait of Hormuz in the Persian Gulf dropped to a two-month low, with some traders forced to buy marine Continue Reading
Short-Term Energy Outlook
Forecast Highlights The February Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused Continue Reading
EIA lifts forecasts for US gas production, trims 2021 price estimates
The US Energy Information Administration on Feb. 9 substantially increased its forecast for natural gas production in 2021 and 2022 amid expectations of more associated gas production in the Permian Continue Reading
EIA revises crude price forecasts higher amid Saudi-tightened supply outlooks
The US Energy Information Administration revised its crude price forecast higher in its monthly Short-Term Energy Outlook released Feb. 9 amid tightened first quarter supply outlooks. The EIA now expects Continue Reading
U.S. Sees Shale Tapping New Oil Wells Again With Crude Above $50
American oil explorers will boost drilling and production later this year as crude prices are set to stay above $50 a barrel, according to a U.S. government report. Supply from new Continue Reading
Equinor sells loss-making shale assets in U.S. Bakken to Grayson Mill
Norway’s Equinor said on Wednesday it has agreed to sell its assets in the U.S. Bakken oil province after a decade plagued with billions of dollars of losses and criticism Continue Reading
Oil Sees Strongest January In 30 Years
Crescat’s Tavi Costa points out something remarkable which many may have missed amid the short squeeze and “growth” stock frenzy: oil, that “value” age relic, has had its best YTD Continue Reading
Oil market could take more Iran supply if US sanctions lifted: Iran’s OPEC gov
The oil market could absorb more crude oil from Iran if US sanctions are eased, according to Iran’s governor to OPEC. Receive daily email alerts, subscriber notes & personalize your Continue Reading
Crude Oil Wraps Up Bullish Week
Oil set a fresh one-year high in New York with continued producer supply curbs helping spur strength everywhere from physical markets to the futures curve. Futures gained 1.1% in New Continue Reading
Crude futures climb to one-year highs amid tightened fundamentals, weaker dollar
Crude futures settled higher Feb. 5 amid tightened supply outlooks, demand optimism and a weaker US dollar. NYMEX March WTI settled up 62 cents at $56.85/b and ICE April Brent Continue Reading
Oil rises 1%, hits highest in a year on growth hopes, OPEC+ output cuts
Oil prices rose about 1% on Friday, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by Continue Reading
Is There An Oil Price Correction Coming?
Even as Baker Hughes reported a rise in the number of active drilling rigs in the United States on Friday, oil prices continued to see gains on Friday afternoon. At Continue Reading
Optimism Overtakes Everything in Markets Even as Recovery Stalls
Look at the economy and there’s grounds for concern, particularly after Friday’s hiring report. But the picture in bonds, stocks and commodities is fast becoming one of near-unanimous optimism, as investors Continue Reading
Polar vortex spikes US spot gas prices across the country
Highlights Sub-zero temperatures forecast in Midwest, Canada Winter Storm System to reach Midwest on Feb. 6 Cash prices for Feb. 6-8 flows of natural gas surged across the US on Continue Reading
Brent Oil Within Sight of $60 on Expectations for Tight Supply
Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves. Futures in London climbed for a sixth day as they Continue Reading
Big Oil Earnings Show an Industry Still Living Beyond Its Means
The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives this week laid out deep spending cuts and plans to repay stubbornly-high debt even as Continue Reading
US working natural gas volumes in underground storage declines 192 Bcf: EIA
Denver — A string of massive weekly US natural gas storage withdrawals, starting with the 192 Bcf pull reported Feb. 4, have the potential to unravel recent forecasts, and prompt Continue Reading
Can Anything Help Restore Wall Street’s Confidence In U.S. Shale?
Rallying oil prices are testing once again the U.S. shale patch’s resolve to spend within their means and prioritize profitability over production growth. U.S oil prices above $55 a barrel Continue Reading
Oil Futures Surge on Assurance from OPEC+
Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories. Futures in New York surged Continue Reading
Oil Prices Inch Lower On EIA Crude Inventory Report
Crude oil prices fell slightly today after the Energy Information Administration reported a crude oil inventory draw of 1 million barrels for the last week of January. Fuel inventories were Continue Reading
Oil Prices Rally As OPEC+ Maintains Its Production Policy
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group wrapped up their monthly meeting on Wednesday in record time and, as widely expected, did not make any recommendation about Continue Reading
OPEC+ sounds an upbeat note, as Saudi Arabia’s extra cut bolsters oil prices
With Brent prices within spitting distance of $60/b and Saudi Arabia shouldering an extra load of production cuts, OPEC+ ministers concluded a speedy monitoring committee meeting Feb. 3 with an Continue Reading
Panama Canal sets new monthly record in January for LNG transits: operator
A new monthly record was set in January for LNG tanker transits of the Panama Canal, as US shipments to Asia surged, according to the operator of the Canal. Receive Continue Reading
Annual Energy Outlook 2021
Annual Energy Outlook 2021 The Annual Energy Outlook presents an assessment by the U.S. Energy Information Administration of the outlook for energy markets through 2050. The Annual Energy Outlook narrative Continue Reading
Did President Biden Really Ban Fracking?
In late 2019, as various candidates jockeyed to win the Democratic nomination for president, Elizabeth Warren made the statement that she would “ban fracking everywhere.” It was just the kind Continue Reading
U.S. Oil Exports Soar To Record High At Louisiana Port
Crude oil exports from the only deep-water port in the United States, Louisiana Offshore Oil Port, doubled in January from December to a record high, driven by robust demand from Continue Reading
US gasoline consumption to peaks by 2023 as domestic crude output keeps rising: EIA
US gasoline consumption will peak by 2023 in the aftermath of the coronavirus pandemic as increased fuel efficiency and electric vehicle sales take hold, but domestic crude oil production will Continue Reading