``despite Richard Fisher's claims that "everything is awesome" and low oil prices are a net positive for Texas - so it is perhaps not surprising that - with a backdrop of rig count collapses and oil price lows - February's data (delivered late) plunged-er to -11.2 (against expectations of -4 - 3rd miss in a row - well below every economist's estimates)''
With spending cutbacks already taking their toll on global upstream activity, oil companies are being forced to rethink their approach to Africa’s vulnerable high-risk, high-reward exploration frontiers. Low oil prices have only added to the mounting challenges for the host of companies which have pumped billions of dollars into African hotspots over the last decade. […]
Huge inventory losses brought on by the plunge in oil prices in the second half of last year prompted Japanese refiners, desperate to eke out margins, to switch away from some of their staple heavy crude imports from the Middle East in favor of spot barrels from Russia and even far-away Mexico. Japan has been […]
The President of one of Canada’s biggest oil and gas producers warned the oil sands industry that they must cut costs or face a “death spiral”. The drop in oil prices is an “opportunity” for every part of the industry to cut costs and eliminate inefficiencies that crept into the system during years of high prices. read more
It seems like oil analysts are in a race to call the lowest oil price. Which is a story that seems eerily familiar.
There's no reason to think OPEC won't keep the war against U.S. shale going for the foreseeable future.
In America, the amount of active oil rigs is falling dramatically, while the crude price has stabilized, suggesting a collapse in shale oil industry, similar to the ‘oil bust’ of 1986, is near. But then, why is oil production in the US is beating new records?
Signs of the oil bust abound. The price of West Texas Intermediate crude has fallen in half in the past six months. The search for oil, which fueled a gold-rush mentality in North Dakota and Texas, is abating. According to Baker Hughes, there were 1,140 rigs drilling for oil in the U.S. Show More Summary
Much has been made of the domestic light sweet crude flooding US markets, and we attempted to capture some key points about some of that oil in this infographic centered on one of Platts key price assessments: Light Houston Sweet. For a limited time, we’ll be sharing weekly LHS wraps in the Light Houston Sweet Analysis […]
By Tara Shirvani The recent drop in oil prices is a once-in-a-decade opportunity for the developing world to reform its economic structure for the betterment of its people. The lower cost in global fuel prices can provide a unique avenue...Show More Summary
The low price of oil is poised to hurt the Texas oil industry in the form of massive job cuts
Dealers weigh global supply glut, slow growth in world economy.
Global oil supply and demand forecasts for 2015 have changed significantly recently, but these changes have largely cancelled each other out: the outlook is still one of a market roughly in balance. However, this ignores the tectonic shifts taking place under the surface. US output growth is decelerating. If futures markets pre-empt this, as they […]
Reuters Has oil stabilized or is it just really volatile? Oil prices gave back some gains on Friday after Baker Hughes (BHI) reported that more rigs were taken offline last week. Oil futures on the New York Mercantile Exchange rose 1.7% to $49.03 a barrel in recent trading. Immediately after the report, prices dropped a [...]
With production and inventories at record levels despite the total collapse in rig counts, all eyes remain on Bake rHughes data for any signal the algos can use to mount a run. The total rig count fell for the 12th week, down 43 to 1267. Show More Summary
Submitted by Nick Cunningham via OilPrice.com, As the finances of Venezuela continue to deteriorate under the collapse of crude oil prices, the government of President Nicolas Maduro is becoming more paranoid and vindictive. Venezuela derives the vast majority of its export earnings from sending oil overseas. Show More Summary
Saudi minister had pushed through a plan to maintain oil production at 30 million barrels a day and cause a drop in the crude oil price
By Jennifer Ablan NEW YORK (Reuters) - Billionaire activist investor Carl Icahn's publicly traded investment fund posted its first annual loss since 2008 last year, undone by plummeting oil prices, the company said in a regulatory filing on Friday. Show More Summary
In their book Secular Cycles, Peter Turchin and Surgey Nefedof point out the important role falling wages of the common workers played in early collapses. I got to thinking that this might be an issue with our current situation as well, including the low level of oil prices. read more
, the billionaire investor who has helped usher in a new golden age of activist investing in the U.S. stock market, was stung last year by the plunge in the price of crude oil. His investment fund posted a loss of 7.4% in 2014, its first down year since the 2008 financial crisis. Icahn’s publicly-traded […]