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How Oil Prices Could Go To $100
How Oil Prices Could Go To $100 “We’re in a deflationary moment that surpasses anything seen in most people’s lifetimes,” proclaimed a New York Times byline on Tuesday, the morning after oil prices went negative. The West Texas Crude Intermediate benchmark plummeted to previously unimaginable depths, closing the day at negative $37.63 per barrel. The novel coronavirus has […]
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all major shale basins in the country. The Permian is set to lose 76,000 bpd between April […]
Oil Price War Claims Another Victim
Oil Price War Claims Another Victim The oil price war has already claimed its first victim. Whiting Petroleum Corp. (NYSE: WLL), once the largest oil and gas producer in North Dakota’s Bakken Shale, has filed for Chapter 11 bankruptcy becoming the first major shale producer to do so in the current year. Whiting has cited the “severe […]
The OPEC Meeting Could Send Oil Prices Crashing Below $10
The OPEC Meeting Could Send Oil Prices Crashing Below $10 The current optimism of analysts and the media that an end to the ongoing OPEC+ oil price spat is near is entirely unjustified. The ongoing oil market volatility, the battle between leading producers for market share, the logistical impossibility of enforcing U.S. production cuts, and […]
Unprecedented Demand Destruction Marks The Return Of The Super Contango
Unprecedented Demand Destruction Marks The Return Of The Super Contango These days, every corner of the oil market is “unprecedented”—from the demand destruction to the supply surge and the resulting glut. The oil futures curve is no exception and is also in a state never seen before. This is the super contango, the market situation in […]
What Happens If Oil Prices Go Negative?
What Happens If Oil Prices Go Negative? Various reports hit the news feeds today quoting a deliberately headline-grabbing statement by Paul Sankey, managing director at Mizuho Securities, in which he is reported as saying, “Oil prices can go negative.” That is, they could as a combination of Saudi Arabia (and Russia) flooding the market with increased […]
The Inevitable Outcome Of The Oil Price War
The Inevitable Outcome Of The Oil Price War One might reasonably posit that when Crown Prince Mohammed bin Salman (MbS) signalled that Saudi Arabia was once again going to produce oil to the maximum to crash oil prices in a full-scale oil price war, Russian President Vladimir Putin probably fell off the horse he was […]
Only 5 Shale Drillers Are Still Profitable At $31 Oil
Only 5 Shale Drillers Are Still Profitable At $31 Oil Most shale oil wells drilled in the United States are unprofitable at current oil prices, Rystad Energy has warned. The Norwegian consultancy said, as quoted by Bloomberg, that drilling new wells would be loss-making for more than 100 companies. Just five shale drillers—Exxon, Chevron, Occidental, and Crownquest—can […]
The Race For Arctic Oil Is Heating Up
The Race For Arctic Oil Is Heating Up Despite climate concerns and environmentalist backlash against exploration for oil and gas in pristine sensitive regions of the Arctic, companies continue to explore for hydrocarbon resources in the Arctic Circle, in Russia and Norway in particular. The largest Russian energy companies are looking to explore more Arctic […]
“Gasmaggedon” Sweeps Over Global Gas Market
“Gasmaggedon” Sweeps Over Global Gas Market China’s state-owned gas importers are considering declaring force majeure on LNG imports, which would amplify the turmoil in global gas markets. LNG prices have already plunged to their lowest levels in a decade in Asia as the ramp up of supply in 2019 came at a time when demand has slowed. […]
The Oil Industry’s Radioactive Secret
The Oil Industry’s Radioactive Secret “All oil-field workers are radiation workers.” That quote comes from a blockbuster investigation by Justin Nobel writing in Rolling Stone, who has spent more than a year and a half researching and reporting on radioactivity in fracking waste. When a well is drilled, it produces a ton of brine, a salty substance that […]
Can Europe’s Largest Economy Survive Without Coal?
Can Europe’s Largest Economy Survive Without Coal? One of the greatest moral dilemmas that has been creeping into the everyday activities of specialists working with coal, oil and in some cases even gas (despite its being perceived a natural bridge to a low-carbon future) could be phrased in the following way: how do you stop […]
Burning Trees For Heating Won’t Help With Climate Change: UK Think Tank
Burning Trees For Heating Won’t Help With Climate Change: UK Think Tank A suggestion by the UK Committee on Climate Change to burn more wood and plant replacement trees as a sustainable alternative to fossil fuels has drawn criticism from think tank Chatham House, which says this is hardly the best approach to reducing emissions. “Expanding forest cover […]
The “Twin Threats” Facing Big Oil
The “Twin Threats” Facing Big Oil The global oil and gas industry is facing the “twin threats” of the loss of profitability and the loss of social acceptability as the climate crisis continues to worsen. The industry is not adequately responding to either of those threats, according to a new report from the International Energy […]
Russia Bets Big On The World’s Least Explored Oil Frontier
Russia Bets Big On The World’s Least Explored Oil Frontier When the inaugural Russia-Africa summit was held in October 2019, most industry observers believed that the majority of projects under discussion would not get past the FID stage – in no small part because of their varied economic prospects. As well as wheat exports, nuclear technologies, […]
