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Emerging Market Contagion Threatens Oil Market
Emerging Market Contagion Threatens Oil Market The emerging market currency crisis is not over yet, and could yet morph into a broader contagion that threatens to drag down oil demand. Last week, Argentina’s peso fell by around 20 percent in just a few days, taking year-to-date losses over 50 percent. The central bank frantically hiked […]
The Biggest Threat To The Oil And Gas Indust
The Biggest Threat To The Oil And Gas Industry Trump’s trade war is taking a toll on the oil and gas industry. There has been some eleventh-hour drama over the renegotiation of NAFTA, but the energy industry is likely going to dodge a bullet on that front, with the most contentious issues revolving around agriculture […]
Canadian Court Deals Blow To Trans Mountain Expansion
Canadian Court Deals Blow To Trans Mountain Expansion In a devastating blow to the prospects of the Trans Mountain expansion pipeline – and thus, to the entire Canadian oil sands industry – a Canadian court ruled that the federal government failed to adequately consult with First Nations affected by the project. The ruling throws the […]
Economic Crisis Looms In Iran As Sanctions Bite
Economic Crisis Looms In Iran As Sanctions Bite In a little over two months, painful U.S. sanctions on Iran’s oil sector will take effect, but the Iranian economy is already showing signs of strain. Iran’s currency, the rial, has fallen by more than half since the start of the year. There is now a thriving […]
Rising Supply Will Keep Oil Prices Rangebound
Rising Supply Will Keep Oil Prices Rangebound Rising oil production from various parts of the globe could keep oil prices “range-bound” for the rest of this year. During the second quarter, fears of supply shortages began to mount, as OPEC disruptions combined with strong demand and shrinking inventories to push prices up significantly. More recently, […]
Why The Saudis Are Still Dominating Oil Markets
Why The Saudis Are Still Dominating Oil Markets Saudi Arabia is still clearly in control of the oil market. The narrative that decisively took hold over the oil market in August was one of cracks in emerging market demand, concerns over the health of the global economy and fears over the fallout from the U.S.-China […]
Energy Is A Breaking Point In NAFTA Deal
Energy Is A Breaking Point In NAFTA Deal Oil and gas is proving to be a sticking point in the NAFTA renegotiations, with the incoming Mexican president hoping to exclude the chapter on energy from the trade deal. To be sure there have been a series of issues that have divided the three countries. Many […]
Spending Boost Fails To Raise Production In The Permian
Spending Boost Fails To Raise Production In The Permian The U.S. shale industry is gearing up to spend more this year, despite assurances to maintain capital discipline. In the second quarter, shale companies signaled their intention to lift capex. Part of the reason is that costs are on the rise, so some drillers have to […]
The “Weakest” EIA Report In Years
The “Weakest” EIA Report In Years The EIA just published one of the “weakest” weekly oil reports in years, which suggests troubled waters ahead for the global oil market. The timing of the report is not ideal, coming amidst a currency crisis in Turkey, which has raised fears of financial contagion in other emerging markets. […]
The Productivity Problem In The Permian
The Productivity Problem In The Permian The multi-year campaign to boost efficiency and productivity in the U.S. shale patch could be nearing its limits. Output in the Permian basin is already starting to slowdown, largely due to pipeline constraints. However, there is also a series of other data points that suggests that shale drillers are […]
EIA: U.S. Oil Production Growth Is Slowing
EIA: U.S. Oil Production Growth Is Slowing The EIA just revised down its forecast for U.S. oil production growth for 2018, an acknowledgement that pipeline constraints are slowing output gains in the Permian basin. The EIA believes the U.S. will average 10.68 million barrels per day (mb/d) this year, down 0.11 mb/d from last month’s […]
The U.S. Oil Production “Mirage”
The U.S. Oil Production “Mirage” Some of the surge in U.S. oil production this past spring might have been “a mirage.” On July 31, the EIA released monthly data on U.S. oil production, which revealed a decline in U.S. output of 30,000 bpd in May, compared to a month earlier. The dip is a surprise, […]
Is A Supply Crunch In Oil Markets Inevitable?
Is A Supply Crunch In Oil Markets Inevitable? The oil industry is more profitable than at any time in years, yet the industry could fail to supply enough oil to meet global demand in just a few years’ time. A series of second quarter earnings reports over the past two weeks has revealed surging profits […]
Oil Prices Unlikely To Breakout Or Collapse
Oil Prices Unlikely To Breakout Or Collapse Oil prices took a breather in the second half of July, but the price correction may have been a temporary reprieve rather than the start of another downturn. On Monday, WTI breached $70 per barrel for the first time in over two weeks, rising once again on fears […]
