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Oil Flirts With $70 After The OPEC+ Surprise

March 6, 2021

Oil Flirts With $70 After The OPEC+ Surprise

Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online.

In this week’s Global Energy Alert, our trading team delves into how an inflationary environment will impact oil stocks. Sign up today to get breaking news, expert analysis, and trading tips.

Friday, March 5th, 2021

Oil skyrocketed on Thursday after OPEC+ decided to hold off on easing production cuts for another month, surprising the oil market. WTI and Brent shot up more than 4%. During early trading on Friday, Brent surpassed $69 per barrel,

OPEC+ extends cuts, surprising market. OPEC+ extended the cuts through April, aside from a slight increase allowed for Russia and Kazakhstan, due to seasonal consumption patterns. Even Saudi Arabia decided to keep its 1 mb/d of voluntary cuts in place. The surprise news led to a price surge. “One of the reasons the market is continuing to react positively today could be that OPEC’s own balances suggest very steep draws,” Rystad Energy said in a statement.

Oil majors expect record cash flow. Big Oil is looking at 2021 with increased optimism, mostly because oil prices have rallied in recent weeks. Moreover, the ultra-conservative capital spending plans and the huge cost cuts have allowed international oil companies (IOCs) to materially lower their cash flow breakevens. These factors are set to result in a record cash flow for the biggest oil firms this year if oil prices average $55 per barrel, Wood Mackenzie said in new research.

Oil majors going green? Speaking from the annual CERAWeek by IHS Markit energy conference, Big Oil chief executives from Exxon Mobil (NYSE:XOM), Chevron Corp.(NYSE:CVX), Occidental Petroleum (NYSE:OXY) and ConocoPhillips (NYSE:COP)have all spoken about the industry’s transition to a lower-carbon world, with OXY even branding itself a ‘carbon management’ company that wants to set the industry standard for the production of net-zero carbon oil…

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The Net Zero Emissions Lie

September 13, 2020

The Net Zero Emissions Lie

Cutting carbon emissions has become a central focus of countries and companies alike in the past decade. The oil majors are racing to ‘go green, Microsoft has pledged to go ‘carbon negative’, and over 20 nations have either committed to or achieved net-zero carbon targets. For public companies, the incentives to go green are clear, with a recent boom in ESG investing, the continued threat of activist divestment, and a growing body of government regulation. Meanwhile, for governments, the environment is becoming an increasingly important electoral issue and political parties are eager to be seen as being proactive on the issue. But just as the ESG investment boom has led to an increase in the phenomenon of ‘greenwashing’, countries who are eager to make grand statements about being carbon zero within a decade or two may be overselling exactly what it is that they are doing.

Climate change is, by its very nature, a global problem. With that in mind, it is possible for one country to reduce its carbon emissions to zero without any reduction in the level of carbon emitted worldwide. As long as that same country continues to trade and consume, the carbon-reliant products it needs will simply be imported from a nation without any limits on carbon emissions. To claim ‘real’ net-zero emissions, countries would have to go significantly further.

That isn’t to say that the net-zero initiatives are entirely without merit. Increasing renewable energy usage, building more energy-efficient homes, and electrifying transportation would all have a tangible effect on decreasing global carbon emissions. But, as economist Dieter Helm points out in his recent book, if an individual state wants to truly become a net-zero carbon emitter, then it would need to have a carbon tax at its border as well as reducing its production of carbon domestically.

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