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Mnuchin’s Bizarre Statement Rattles Markets
Mnuchin’s Bizarre Statement Rattles Markets If he thought it would inspire confidence in the markets, his bizarre announcement did just the opposite. Over the weekend, U.S. Treasury Secretary Steven Mnuchin issued a statement saying that he “conducted a series of calls today with the CEOS of the nations six largest banks,” which included Bank of […]
Interest Rate Hike Hits Oil Hard
Interest Rate Hike Hits Oil Hard Oil prices have been slammed over the past week, dragged down by a variety of forces, including soaring U.S. shale production, higher-than-expected output from Russia, and worries about global demand. On Wednesday, the U.S. Federal Reserve decided to pile on. The central bank hiked interest rates by a quarter-point […]
Shale Growth Could Slow On Oil Price Meltdown
Shale Growth Could Slow On Oil Price Meltdown Can the U.S. shale boom continue if WTI stays mired below $50 per barrel? Much has been made about the dramatic cost reductions that shale drillers have implemented over the past few years, with impressive breakeven prices that should ensure the drilling frenzy continues no matter where […]
What’s Behind The Crash In Crude?
What’s Behind The Crash In Crude? Oil prices crashed to new one-year lows on Tuesday, dragged down by a deepening sense of global economic gloom as well as fears of oversupply in the oil market itself. The reasons for the sudden meltdown were multiple. Rising crude oil inventories and expected increases in shale production weighed […]
Shale Under Pressure As Oil Falls Below $50
Shale Under Pressure As Oil Falls Below $50 The OPEC+ cuts still are not doing very much to boost oil prices, dashing hopes for many U.S. shale producers. With companies in the process of formulating their budgets for 2019, the prospect of $50 oil sticking around raises questions about the heady production figures expected from […]
U.S. Shale Struggles As Oil Prices Drop
U.S. Shale Struggles As Oil Prices Drop The explosive production growth in the U.S. shale patch has surprised even the most optimistic forecasters, but the huge jumps in output belies and obscures the financial state of the industry, which is a bit more complicated than the production figures might suggest. Shale companies scrambled to cut […]
Alberta Intervenes To Halt Canada’s Oil Crisis
Alberta Intervenes To Halt Canada’s Oil Crisis Oil prices rose on Monday, buoyed by coordinated production cuts – cuts that did not come from Vienna (although that too could occur later this week). Instead, the mandatory reductions were handed down by the provincial government of Alberta. “Perhaps OPEC should therefore consider inviting Canada to its […]
What Crashing Refining Margins Mean For Oil Markets
What Crashing Refining Margins Mean For Oil Markets Oil prices have plunged to one-year lows, but refiners in certain parts of the U.S. are not benefitting from cheaper crude. According to new data from the EIA, refining margins for motor gasoline have fallen to five-year lows. “Flattening year-over-year growth in gasoline demand in the United […]
How Much Oil Production Will The Saudis Cut?
How Much Oil Production Will The Saudis Cut? Donald Trump continues to take credit for lowering oil prices. Donald J. Trump ✔@realDonaldTrump So great that oil prices are falling (thank you President T). Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)! Trump’s […]
Trump And OPEC Face Off Over Production Cuts
Trump And OPEC Face Off Over Production Cuts “Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” President Trump tweeted a few days ago. Trump is a bit confused on the specific figures – perhaps […]
Does The U.S. Really Need Saudi Oil?
Does The U.S. Really Need Saudi Oil? “Saudi Arabia — if we broke with them, I think your oil prices would go through the roof. I’ve kept them down,” President Trump told reporters on Tuesday. “They’ve helped me keep them down. Right now we have low oil prices, or relatively. I’d like to see it […]
Economic Turmoil Could Send Oil Even Lower
Economic Turmoil Could Send Oil Even Lower Global financial markets are once again throwing up some warning signs, as the selloff in equities entirely erased the gains made in U.S. stock markets for 2018. The economic and financial turmoil could bleed over into a broader slowdown, which raises pitfalls for oil prices. The risks to […]
Oil Prices Tank As Supply Glut Fears Return
Oil Prices Tank As Supply Glut Fears Return Oil prices collapsed on Tuesday for the second time in a week. During midday trading, WTI fell below $55 per barrel and Brent dropped below $65 per barrel. Both benchmarks are off more than $20 per barrel from their October highs. “Oil prices are under pressure in […]
Natural Gas Markets Remain Ultra Tight
Natural Gas Markets Remain Ultra Tight Natural gas prices skyrocketed this week, shooting above $4.80 per MMBtu on Wednesday, a price last seen during the polar vortex of 2014. Low gas inventories are leaving the market on edge, and volatility has roared back to the market. In this column only a week ago, I marveled […]
Bakken Prices Crumble On Pipeline Woes
Bakken Prices Crumble On Pipeline Woes Oil production is growing so quickly in the Bakken that the region is starting to suffer from painful pipeline constraints. U.S. shale is not new to pipeline bottlenecks. The Permian basin has suffered from steep discounts this year, with WTI in Midland trading as much as $20 per barrel […]
