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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 […]
Shale Oil’s “Dirty Little Secret” Has Been Exposed
Shale Oil’s “Dirty Little Secret” Has Been Exposed On Friday, on the way to diving into Goldman’s $20 crude call, we recapped our characterization of low crude prices as a battle between the Fed and the Saudis, a battle which is now manifesting itself in budget troubles in Riyadh and a concurrent FX reserve burn. […]
Why Saudi Arabia’s Pursuit Of Market Share Is Self-Defeating
Why Saudi Arabia’s Pursuit Of Market Share Is Self-Defeating The Saudis are on track to sacrifice ~$100 billion in crude export revenues in 2015, or 45 percent of 2014’s ~$219 billion in crude export revenues, in pursuit of market share, the measure of success Saudi Oil Minister Ali bin Ibrahim Al-Naimi announced at the November […]
Oil Production Boom Is Not What It Seems As Future Investments Are Uncertain
Oil Production Boom Is Not What It Seems As Future Investments Are Uncertain Amid a holiday-dappled week, we barrel in to Wednesday without the presence of the weekly oil inventory report; we will have to wait until tomorrow at 11am (EDT) for that. We do, however, get the API report after market close, although the […]
How Fracking Changed the Economics of Oil Production Around the World
How Fracking Changed the Economics of Oil Production Around the World James Meadway, chief economist at the New Economics Foundation, explains the interrelated economics behind China’s ‘Black Monday’ stock market crash, Middle Eastern oil and US fracking. The ‘fracking revolution’ has transformed the economics of oil production globally, with the US becoming a bigger producer than Saudi Arabia and […]
Why Did Oil Prices Just Jump By 27 Percent In 3 Days?
Why Did Oil Prices Just Jump By 27 Percent In 3 Days? 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 speculativemovements by traders to take and cover their […]
WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months
WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months After the worst day since last November’s OPEC meeting, WTI crude is falling further tonight as API reported a huge 7.6 million barrel inventory build. This is the biggest build (compared to DOE data) since early April! WTI Crude is now down 9.85% on the […]
OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?
OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy? “If you are the world’s leading energy economy, you produce energy, that’s what you do.” “A government can stay irrational longer than it can stay solvent.” “Even in the short term, you’re dead, if you commit suicide.” The first quote modifies a GEICO commercial describing a free-range chicken […]
Did The Fed Intentionally Spark A Commodity Sell-off?
Did The Fed Intentionally Spark A Commodity Sell-off? The intention here is the bring facts to light so the public can decide. I’m not quite sure what to believe on how and why oil prices remain more than 50 percent below free cash flow break even for most independent E&P companies. I know for sure […]
Why Saudi Arabia Won’t Cut Oil Production
Why Saudi Arabia Won’t Cut Oil Production Nine months after OPEC decided to leave its production target unchanged and pursue market share instead of trying to prop up prices, the group is facing a set of complex problems and decisions going forward. At first blush, the collapse of oil prices and the resiliency of U.S. […]
Market Meltdown Means More Pain for Oil Producers
Market Meltdown Means More Pain for Oil Producers Supply-side downward price pressure has been the story of global energy prices over the past year: newfound supply from the Shale Revolution, OPEC’s gambit of market-share grabbing inundation, and new supply coming online from Iraq and soon Iran. The result was a plunge in oil prices from […]
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 […]
TSX and Dow plunge again on fears of China-led slowdown
TSX and Dow plunge again on fears of China-led slowdown Dow in correction territory as investors hit ‘sell’ button North American stock markets closed sharply lower again today, ending what was a dismal week for equities as fears about the global economy and falling oil prices had many investors selling. The main benchmark index of […]
