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Hurricane Irma Could Destroy Oil Demand
Hurricane Irma Could Destroy Oil Demand About half of the shuttered refining capacity along the Gulf Coast could be back up and running by Thursday, assuaging concerns about the possibility of acute gasoline shortages in much of the U.S. The disruptions of more than 4 million barrels per day of refining capacity have been cut […]
How EIA Guestimates Keep Oil Prices Subdued
How EIA Guestimates Keep Oil Prices Subdued The EIA has once again undercut its previous estimates for U.S. oil production, offering further evidence that the U.S. shale industry is not producing as much as everyone thinks. The monthly EIA oil production figures tend to be more accurate than the weekly estimates, although they are published […]
Looming Gas Shortage: “Imports Can’t Make Up For This”
Looming Gas Shortage: “Imports Can’t Make Up For This” The East Coast will start feeling the effects of Hurricane Harvey as the gasoline supplied from the Gulf Coast starts to dry up. One of the most important pipelines that ships refined products to the Eastern Seaboard shut down on Thursday, which means that the U.S. […]
Hurricane Harvey Is A Disaster For OPEC
Hurricane Harvey Is A Disaster For OPEC The skies are clearing over Houston, but the damage from the remaining elements of Hurricane Harvey has spread east to Port Arthur and Lake Charles along the Texas-Louisiana border. That has knocked more refineries offline, including the largest refinery in the United States. In the aftermath of the […]
The Latest Red Flag For U.S. Shale
The Latest Red Flag For U.S. Shale The U.S. shale industry has had a rough few weeks, with a growing number of reports suggesting that the industry is facing much more financial trouble than many analysts had expected. Now, a new report adds further evidence to the notion that shale is losing its luster in […]
Will Central Banks Derail The Shale Boom?
Will Central Banks Derail The Shale Boom? The U.S. Federal Reserve has already increased interest rates several times, most recently in June, with promises to do much more. Rate hikes pose a problem for the oil industry, which has used debt to underpin a drilling boom across the U.S. shale patch. Higher rates could raise […]
Oil Industry To Waste Trillions As Peak Demand Looms
Oil Industry To Waste Trillions As Peak Demand Looms ExxonMobil and its peers risk blowing $2.3 trillion on oil projects that will not be needed if the world hits peak demand in the next decade. A new report from The Carbon Tracker Initiative analyzed what would happen if the oil market saw demand peak by […]
Worst Hurricane Season In A Decade Threatens Gulf Coast Production
Worst Hurricane Season In A Decade Threatens Gulf Coast Production 2017 could be an “above-normal” year for large hurricanes, according to the National Oceanic and Atmospheric Administration (NOAA), a potential problem for Gulf Coast oil drillers and refiners. NOAA puts the odds of an “above-normal” season for hurricanes at 45 percent, while the chances of […]
Not OPEC, China Dictates The Oil Prices
Not OPEC, China Dictates The Oil Prices The OPEC deal will lead to an ongoing tightening of the crude oil market, putting a floor beneath crude prices in the $50s per barrel in the second half of 2017, according to Helima Croft of RBC Capital Markets. She said that prices should ultimately “grind higher into […]
Venezuela’s Oil Production On The Brink Of Collapse
Venezuela’s Oil Production On The Brink Of Collapse Desperation is spreading in Venezuela as violent protests continue to paralyze the country, further damaging the country’s shattered economy. Venezuela’s already-decrepit oil industry is deteriorating by the day, and an outright implosion is no longer out of the question. The inflation rate, according to the IMF, will […]
Wall Street Is Pouring Money Back Into Shale
Wall Street Is Pouring Money Back Into Shale With oil prices seemingly on firm footing, Wall Street is pouring money back into the shale sector, expecting profits even at $50 per barrel. The private equity industry raised an estimated $19.8 billion in funds for energy investment in the first quarter of this year, or about […]
Venezuela In Dire Straits As Oil Production Falls Further
Venezuela In Dire Straits As Oil Production Falls Further Venezuela’s economic crisis continues to deepen. The South American OPEC member is thought to be sitting on nearly 300 billion barrels of oil, far more than any other country in the world, including Saudi Arabia (estimated at 268 billion barrels). But the economy has been in freefall for […]
Biggest Gasoline Glut In 27 Years Could Crash Oil Markets
Biggest Gasoline Glut In 27 Years Could Crash Oil Markets Oil prices are stuck in a holding pattern, waiting for more definitive data on what comes next. OPEC compliance is helping keep prices afloat, but rising U.S. oil production is acting as a counterweight. A new problem that has suddenly emerged is the record levels […]
As Oil Markets Tighten, Geopolitical Events Matter Again
As Oil Markets Tighten, Geopolitical Events Matter Again Oil prices jumped on Thursday as surprise outages came from Canada and Libya, reversing several days of losses. WTI and Brent surged by more than 4 percent in early trading on May 5. The hellish wildfires sweeping swathes of Alberta near Fort McMurray forced the evacuation of tens of […]
Unfolding The World’s Biggest Oil Bribery Scandal
Unfolding The World’s Biggest Oil Bribery Scandal Last week, a sweeping investigative report published by The Huffington Post and Fairfax Media put a little known Monaco-based company, Unaoil, at the center of a wide-ranging bribery scandal that involved dozens of corporate giants from around the world. The article calls it the “world’s biggest bribe scandal.” After spending […]
