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Tag Archives: oil price
How our energy problem leads to a debt collapse problem
How our energy problem leads to a debt collapse problem Usually, we don’t stop to think about how the whole economy works together. A major reason is that we have been lacking data to see long-term relationships. In this post, I show some longer-term time series relating to energy growth, GDP growth, and debt growth–going back […]
Oil Price Increase Will Not Come Fast Enough To Save Alberta
Oil Price Increase Will Not Come Fast Enough To Save Alberta “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 […]
Goldman Sachs downgrades oil forecast, says $20 per barrel is possible
Goldman Sachs downgrades oil forecast, says $20 per barrel is possible Investment bank predicts average price of $45 a barrel next year, but lower isn’t implausible Goldman Sachs has bad news for anyone banking on the oil price rebounding any time soon, saying in a report that the price of crude could fall to $20 […]
Financial Sector To Cut Credit Supply Lines For Oil And Gas Industry
Financial Sector To Cut Credit Supply Lines For Oil And Gas Industry More U.S. oil and gas companies could come under financial distress in the coming months as crucial hedging protection begins to expire. Many companies had locked in high prices for their oil sales last year, allowing them a degree of protection as oil […]
Does Arctic Drilling Have A Future With Sub $50 Oil?
Does Arctic Drilling Have A Future With Sub $50 Oil? Italian oil group ENI is expected to begin production from the Goliat Field off Norway in a few short weeks. The project, which has cost $5.6 billion, is expected to produce 34 million barrels of oil per year by the second year of production. Yet […]
Why the $20 Oil Predictions are Wrong
Why the $20 Oil Predictions are Wrong Deja Vu As the price of West Texas Intermediate (WTI) retests the $40 per barrel (bbl) mark, some pundits are again calling for WTI to fall to $15 or $20/bbl. The same thing happened earlier in the year when crude prices tested $40. Lots of people predicted $20, […]
Saudi Arabia Faces Another “Very Scary Moment” As Economy, FX Regime Face Crude Reality
Saudi Arabia Faces Another “Very Scary Moment” As Economy, FX Regime Face Crude Reality “They are working for their market share, not for the price,” Kazakh Prime Minister Karim Massimov told Bloomberg on Saturday, during the same interview in which he predicted that sooner or later, dollar pegs in Saudi Arabia and the UAE would […]
Saudis Could Face An Open Revolt At Next OPEC Meeting
Saudis Could Face An Open Revolt At Next OPEC Meeting 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 […]
Low Oil Prices Could Break The “Fragile Five” Producing Nations
Low Oil Prices Could Break The “Fragile Five” Producing Nations Persistently low oil prices have already inflicted economic pain on oil-producing countries. But with crude sticking near six-year lows, the risk of political turmoil is starting to rise. There are several countries in which the risks are the greatest – Algeria, Iraq, Libya, Nigeria, and […]
What is the price of oil telling us?
What is the price of oil telling us? Market fundamentalists tell us that prices convey information. Yet, while our barbers and hairdressers might be able to give us an extended account of why their prices have changed in the last few years, commodities such as oil–which reached a six-year low last week–stand mute. To fill […]
China Provides Another Threat to Oil Prices
China Provides Another Threat to Oil Prices First it was a stock market meltdown, now it’s a weakening currency. China continues to present significant risks to the oil market. On August 11, China decided to devalue its currency in an effort to keep its export-driven economy competitive. The yuan fell 1.9 percent on Tuesday, the […]
Crude Surges After Surprise Inventory Draw, Biggest Production Decline Since 2013
Crude Surges After Surprise Inventory Draw, Biggest Production Decline Since 2013 Total US crude production slumped over 1.5% last week – the biggest decline since October 2013. Add to that a considerable inventory draw of over 4.2mm barrels (against expectations of a build)… and crude prices are surging. Charts: Bloomberg
Saudis Expand Price War Downstream
Saudis Expand Price War Downstream The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. As if being the world’s biggest exporter of oil was not enough, the […]
Oil prices are down, gasoline prices are not. What gives?
Oil prices are down, gasoline prices are not. What gives? It’s a good summer to be selling gasoline, not a great one to be buying it In mid-February, the price of oil hovered around $50 US a barrel, and a litre of gasoline cost, on average, $1.01 Cdn. This week, the price of oil is hovering around […]
Oil Price Rebound Looking Unlikely
Oil Price Rebound Looking Unlikely Oil prices may have firmed up a bit this spring, but we could be heading into another protracted period of weak prices. First there are the demand risks. The Chinese stock market turmoil raises serious concerns over a potential financial crisis, which, needless to say, would be negative for oil prices. The […]
