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OilPrice.com 09/20/2020 11:00
The British government has set a goal to reach net zero emissions by 2050. Electrification of oil and gas platforms on the UK continental shelf (UKCS) should play an important role in efforts to achieve this target, as a Rystad Energy analysis shows that UK oil and gas production will remain significant for decades to come. After a small decline over the next several years, output forecast to rebound to approximately 2 million barrels of oil equivalent per day by around 2035. UK emissions from oil and gas production in the North Sea are the highest…
OilPrice.com 09/19/2020 17:00
Much ink has been spilled about the downfall and dubious recovery of the United States shale oil sector. The West Texas Intermediate (WTI) crude benchmark’s dramatic rock bottom in April, which saw oil prices plunge to nearly $40 dollars below zero in a jaw-dropping first, a flurry of think pieces about the sector’s future poured forth and has never fully stopped. While the Brent international crude benchmark never went negative, it also suffered, and there have been no shortage of headlines about OPEC and their ill-planned actions…
OilPrice.com 09/19/2020 15:00
Last week’s article focused on the nine key elements of Joe Biden’s plan for a Clean Energy Revolution and Environmental Justice. Today, I want to focus more narrowly on Biden’s goal to decarbonize the U.S. power sector by 2035. Although some of the “big picture” elements are laid out on Biden’s website, many of the details are lacking. However, Biden has discussed some of those details in campaign speeches. In a July campaign speech in Delaware, Biden discussed decarbonizing the transportation sector. He said…
OilPrice.com 09/19/2020 13:00
The latest FOMC statement and economic projections signal are that the interest rates will stay at zero until the end of 2023. This is excellent for gold. On Wednesday, the Federal Reserve issued a statement regarding the FOMC meeting, which was held from September 15-16. The US central bank kept the interest rates and the conditions of its quantitative easing unchanged. The chart below shows the levels of effective federal funds rate and the Fed’s balance sheet. Nevertheless, the statement is changed significantly from the July…
OilPrice.com 09/19/2020 11:00
As the price of oil begins to falter, Saudi Arabia has stepped up its rhetoric, even going as far as to warn short sellers not to bet against the price of the commodity. Saudi Energy Minister Prince Abdulaziz bin Salman gave "clear hints" on Thursday that there could be a change of direction in production policy forthcoming as the price of oil continues its slide, according to Bloomberg.He said Thursday: “We will never leave this market unattended. I want the guys in the trading floors to be as jumpy as possible. I’m going…
OilPrice.com 09/18/2020 18:00
China’s imports of crude oil have been trending much lower in September than in the past four months, while the rest of Asia is also significantly slowing imports this month with demand still under pressure, IHS Markit said on Friday. Crude oil discharged at Chinese ports in the last two weeks were below 8 million barrels per day (bpd), at levels similar to what China imported in March and April, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade, at IHS Markit, said in an analysis. So far in the third quarter, China’s…
OilPrice.com 09/18/2020 15:00
It's been a busy month for oil markets, with a build-up of bearish news sending oil prices crashing at the start of the month, only for prices to rally again this week. A combination of outages from Hurricane Sally, a drawdown in oil storage, and high compliance from OPEC is responsible for the rebound.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you…
OilPrice.com 09/18/2020 13:20
Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 1 to 179. The total number of active oil and gas rigs increased for the week by 1, with oil rigs falling by 1 and gas rigs increasing by 2. Total oil and gas rigs in the United States are now down by 613 compared to this time last year. The EIA’s estimate for oil production in the United States rose for the week ending September 11—the last week for which there is data, to 10.9 million barrels of oil per day, up from 10.0 million bpd in the week…
OilPrice.com 09/18/2020 13:00
1. BP sees oil demand already at a peak- BP (NYSE: BP) made major headlines this week when it released its latest energy outlook, which laid out three scenarios, all of which show oil demand either already having peaked, or peaking in the next few years in the most optimistic scenario. - In BP’s middle-of-the-road scenario (“Rapid), oil demand falls by half by 2050 to under 55 mb/d, while a more ambitious climate-focused “Net Zero” scenario leads to an 80 percent decline in demand. “Demand for oil falls over the next…
OilPrice.com 09/18/2020 13:00
In spectacular fashion, crude oil traders went from discussing bearish factors such as storage containment issues to celebrating forecasts calling for supply shortages, in less than a week. U.S. West Texas Intermediate moved higher for a fourth session on Friday, putting it on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit. WTI crude oil is set for its strongest weekly performance since early June after Hurricane Sally cut U.S. production…
OilPrice.com 09/18/2020 13:00
Libya: A New Twist to Haftar’s Power Play Turkey would like the world to think that the resignation of the eastern government this week signifies the weakening of General Haftar. The opposite is true. This clears the way for Haftar and weakens Turkey’s power in the country. Protests that are engulfing Tobruk in eastern Libya—Haftar’s stronghold—may not be what they seem. This week has seen the resignation of the eastern interim government of Abdullah al-Thani. That resignation will make it impossible for…
OilPrice.com 09/18/2020 13:00
COVID Market Update Oil prices perked up this week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. This is startling given BP’s 2019 outlook that suggested oil demand would continue to rise for more than a decade. Undeterred by the news--or perhaps not persuaded by BP’s assessment--oil prices reclaimed lost ground, with WTI topping more than $41 per barrel. Citigroup’s forecast sees oil prices reaching…
OilPrice.com 09/18/2020 13:00
I don’t want to sound like I’m whining here, but my job is pretty difficult right now. I get paid to watch markets and give my opinion on them, something that a lot of people do for fun, but even though I know that makes me incredibly lucky, it isn’t always easy. Sometimes, and this has been the case recently, I struggle to understand what is going on and have no clear sense of the direction of the next move. When that is true, it is important that you aren’t afraid to admit it to yourself, and in my case to all of you too.…
OilPrice.com 09/18/2020 12:00
Oil prices were set for a weekly gain early on Friday, capping a week of several days of gains that saw both benchmarks rebound to above $40 a barrel. As of 10:11 a.m. EDT on Friday, WTI Crude was up 0.63 percent at $41.19 and Brent Crude was up 0.05 percent at $43.28. This week’s sentiment on the market has been more bullish than the previous week, when fears of waning demand recovery had overtaken the news cycle and a sell-off sent oil prices to below $40 a barrel. This week started with OPEC and the International Energy…
OilPrice.com 09/18/2020 11:00
Goldman Sachs is bullish on oil, expecting the market to be in a deficit of around 3 million barrels per day (bpd) by the fourth quarter and Brent Crude prices to recover to $49 a barrel by the end of this year, from $43 early on Friday. According to a new report from Goldman analysts, carried by Reuters, the recent floating storage of oil is more "transient inventory allocation dynamics" instead of a signal of a new glut. "We estimate that the oil market remains in deficit with speculative positioning now at too low levels," Goldman Sachs…
OilPrice.com 09/18/2020 10:00
Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview. "Reserves accumulated in the second quarter are gradually shrinking, and we see that July and August were the first two months when stocks declined gradually. The reduction roughly amounted to 45 mln barrels in August and 34 [mln barrels] in July," Novak told Rossiya-24. In more good news, Novak said that he expected oil demand to recover fully from the…
OilPrice.com 09/17/2020 19:00
Oil prices rose on Thursday in the third day of positive price movements for the commodity, as the market responds favorably to OPEC’s meeting chatter. WTI crude prices rose by more than 2% by 1:00 pm EDT on Thursday, reaching more than $41 per barrel. Brent Crude hit $43.39 by 1:00 pm EDT, a 2.77% jump on the day. The upward price movement is despite actions on the U.S. Gulf Coast as producers start to get back online after a devastating and slow-moving Hurricane Sally. The positive price movement can be attributed largely to OPEC’s…

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