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Tag Archives: crude oil
Crude Down Record 11th Day
Crude Down Record 11th Day Crude is down 22% since the early October high. Comments from Trump negated expectations that OPEC would cut production. Please consider Oil Falls in Longest Losing Streak on Record. Oil prices notched their longest losing streak on record Monday, as comments from President Trump negated expectations that the global oil […]
Hurricane Michael Shuts In 40% Of Gulf Of Mexico Oil Production
Hurricane Michael Shuts In 40% Of Gulf Of Mexico Oil Production Roughly 40 percent of the Gulf of Mexico’s oil production and 28 percent of its natural gas production was shut down as of Tuesday, as the region braced for a powerful hurricane to make landfall. At least 75 platforms were evacuated, according to Reuters, […]
Chinese Imports Of US Crude Have “Totally Stopped” As Tariff Threats Persist
Chinese Imports Of US Crude Have “Totally Stopped” As Tariff Threats Persist It has been roughly two months since China threatened to impose a 25% tariff on US energy imports (it eventually went back on those threats), and less than two weeks since the latest round of tariffs has been implemented. But even as China […]
What happened to crude oil production after the first peak in 2005?
What happened to crude oil production after the first peak in 2005? The IEA (in Paris) proudly announced in its latest September 2018 Monthly Oil Market Report that global supplies (of liquids) have reached 100 mb/d in August, an impressive figure. What matters, however, is crude oil production, something the IEA does not show in […]
Turkey Defies Trump, Will Keep Importing Iranian Crude
Turkey Defies Trump, Will Keep Importing Iranian Crude Defying the Trump administration, Turkey said it would ignore the State Department’s call on US allies to stop importing Iranian crude oil by November 4, when the latest sanctions against Iran are set to kick in. Earlier this week, the State Department called on all US allies […]
Why Oil Prices Could Dive
Why Oil Prices Could Dive WTI briefly touched $65 per barrel after the EIA reported a surprise drawdown in inventories — the highest price since late 2014. Although the rally hit some stumbling blocks in recent days, prices remain at multi-year highs. However, absent further bullish news, the downside risk looms large. One of the […]
Russia Boosts 2017 Crude Oil Production To 30-Year High
Russia Boosts 2017 Crude Oil Production To 30-Year High OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal. The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey […]
Does the IEA try to hide the conventional crude oil peak in its 2017 World Energy Outlook?
Does the IEA try to hide the conventional crude oil peak in its 2017 World Energy Outlook? In this post we look at crude oil production in the World Energy Outlook released in November 2017 Fig 1: WEO 2017 oil supply Note that the 5 year interval table omits 2005 and 2010. Is this to conceal […]
OPEC Reports 151Kbpd Drop In October Crude Output; Raises Demand Forecast For 2018
OPEC Reports 151Kbpd Drop In October Crude Output; Raises Demand Forecast For 2018 True to its perpetually optimistic form, OPEC, which only last week for the first time conceded the threat posed by rising US shale production… … sharply raised its demand forecast for cartel oil in 2018, ahead of a key meeting of the […]
The World’s New Reserve Currency? Everything You Need To Know About PetroYuan
The World’s New Reserve Currency? Everything You Need To Know About PetroYuan Earlier this week, we pointed out that the ‘PetroYuan’ is on the verge of becoming reality with Graticule’s Adam Levinson noting that the birth of a yuan-denominated oil contract will be a “huge story” in the fourth quarter, and will be a “wake […]
China Takes Aim At The Petrodollar
China Takes Aim At The Petrodollar China continues to pursue its ambitious plan to make its currency—the yuan—more international. The world’s top crude oil importer and key oil demand growth driver is now determined to get as many oil exporters as possible on board with accepting yuan payments for their oil. China is now trying […]
Oil Back Below $50: End of Inflationary Jump?
Oil Back Below $50: End of Inflationary Jump? Crude oil is back below $50 and production is up. Hedge funds are reducing positions. Is this the end of an inflationary jump? Crude Weekly Chart Oil’s Stint Above $50 Ends Bloomberg reports Oil’s Stint Above $50 Ends. I do not know where Bloomberg got that caption from. Crude […]
