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What Kinder Morgan is Keeping Secret About its Trans Mountain Spill Response Plans
What Kinder Morgan is Keeping Secret About its Trans Mountain Spill Response Plans Kinder Morgan, the company currently seeking permission to nearly triple the capacity of the Trans Mountain pipeline to carry Albertan crude to the west coast, has engaged in a protracted fight with the province of British Columbia in an effort to keep its […]
Oil Plunge Hits Office Market, But “So Far” No Apocalypse
Oil Plunge Hits Office Market, But “So Far” No Apocalypse “Here in Houston a number of projects have been canceled. Engineers are put on ‘hold.’ There have been some contract engineers laid off, and hiring has been suspended. Everyone is waiting for the other shoe to drop.” That’s how an engineer in the energy sector […]
Why We Won’t See An Oil Price Rebound Yet
Why We Won’t See An Oil Price Rebound Yet The front page of The Wall Street Journal on Tuesday, February 10 proclaimed “Oil-Price Rebound Predicted” according to the IEA (International Energy Agency). Not true. The February 10 IEA Oil Market Report states that some “market participants are seeing light at the end of the tunnel” based on oil company […]
Cheaper oil will not boost global growth, says Moody’s
Cheaper oil will not boost global growth, says Moody’s Lower oil prices will fail to give a “significant boost” to global growth in the next two years, Moody’s has said. The ratings agency said any boost from cheaper oil would be offset by the eurozone’s economic woes as well as slowdowns in China, Japan and […]
Oil slips below $56 on expectations oversupply to linger
Oil slips below $56 on expectations oversupply to linger (Reuters) – Oil slipped below $56 a barrel on Wednesday, pressured by expectations that oversupply in world markets would persist and an industry report saying U.S. crude stocks rose from a record high. The American Petroleum Institute said on Tuesday crude stocks increased by 1.6 million barrels last week. […]
Christophe McGlade on who gets left with the unburnable carbon
Christophe McGlade on who gets left with the unburnable carbon Christophe McGlade is a research associate in energy materials modelling at the UCL Institute for Sustainable Resources. He recently co-authored, with Paul Ekins, a paper called “The geographical distribution of fossil fuels unused when limiting global warming to 2°C”, a paper whose stark call to leave the […]
Wall Street Has a Dream About the Price of Oil
Wall Street Has a Dream About the Price of Oil The price of oil has bounced 20% since January 29 when the benchmark West Texas Intermediate had dipped below $44 a barrel, but according to Edward Morse, Citigroup’s global head of commodity research, that dizzying bounce is a “head-fake.” Because the fundamentals are still terrible. Oil production […]
Union says U.S. refinery strike widened; cites unfair labor practices
Union says U.S. refinery strike widened; cites unfair labor practices (Reuters) – The United Steelworkers union said on Saturday the strike by U.S. refinery workers is expanding to two more plants early on Sunday due to unfair labor practices by oil companies. Walk-outs at BP Plc’s Whiting, Indiana, refinery and the company’s joint-venture refinery with […]
Bitter economic winds hasten oil industry’s retreat from the North Sea
Bitter economic winds hasten oil industry’s retreat from the North Sea Shell’s decision to begin dismantling operations in the famous Brent field is a striking example of the global impact of falling oil prices For one oil industry veteran, the dismantling of the Brent oil field in the North Sea prompts mixed feelings. There is […]
The Death Of The Petrodollar Was Finally Noticed
The Death Of The Petrodollar Was Finally Noticed Three months ago, we wrote “How The Petrodollar Quietly Died, And Nobody Noticed“, in which we explained in painful detail why far from the simple macroeconomic dogma which immediately prompted the macro tourists to scream that “oil prices dropping are good for US consumers“, the collapse in […]
Oil And Debt: The BIS Examines The Consequences Of Financialization
Oil And Debt: The BIS Examines The Consequences Of Financialization Since mid-2014, after remaining relatively stable for four years at close to $100, the price of crude oil has dropped by roughly 50% in US dollar terms. 1 Changes in production and consumption seem to fall short of a fully satisfactory explanation of the abrupt collapse […]
Arthur Berman: Why Today’s Shale Era Is The Retirement Party For Oil Production
Arthur Berman: Why Today’s Shale Era Is The Retirement Party For Oil Production A leading geologist delivers the hard facts As we’ve written about often here at PeakProsperity.com, much of what’s been ‘sold’ to us about the US shale oil revolution is massively over-hyped. The amount of commercially-recoverable shale oil is much less than touted, […]
Saudis Re-Unleash Oil Weapon, Slash Asia Prices By Most In 14 Years
Saudis Re-Unleash Oil Weapon, Slash Asia Prices By Most In 14 Years “This is further evidence that they are hellbent on protecting their market share in China,” warns one strategist as just when US talking-heads thought things were ‘stabilizing’ Saudi Aramco slashes its official selling price for Arab Light crude by 90 cents to $2.30 a […]
Oil Prices Most Volatile Since 2009
Oil Prices Most Volatile Since 2009 The nearly 20 percent rally in oil prices over the past week raised hopes in the oil industry that the financial bloodshed might be over. But hopes were quickly dashed on February 4 when prices erased much of their gains – March deliveries of WTI dropped by a whopping 8 percent in a […]
