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Oil market fundamentals continue to weaken as Glencore buys

Global oil traders are having lots of fun as oil market volatility ramps up. Earlier this month, for example, Reuters reported that 'Glencore have got big positions all over the place' in North Sea oil markets: They spotted that N Sea production would be sharply reduced in June due to maintenance on...
» Written by Paul Hodges on Thursday, May 26, 2016

Oil price, Falcon Oil & Gas, Sundry-Amec FW-Savannah- And finally...

Oil price Brent has climbed through $50 this morning and WTI is not far behind it. The big question is, will this encourage producers, particularly in the US to open up their DUC's and start producing again? Yesterday was all about the inventory stats from the EIA which to a certain extent mirrored...
» Written by Malcolm Graham-Wood on Thursday, May 26, 2016

The Two Most Important Questions Right Now

Canadian natural gas prices on the spot market hit an intraday low of $0.05/mcf earlier this month—that's FIVE CENTS per thousand cubic feet. That was a result of the massive forest fires around the oilsands hub city of Fort MacMurray, which has taken 1 MM bopd of heavy oil offline, and reduce...
» Written by Keith Schaefer on Wednesday, May 25, 2016

Oil price, IGas, Sundry-Range Resources-Exxon-Woodside-Sound- And finally...

Oil prices The first up day for a while and that was before the API inventory number came out after the close. Trying to pick the bones out of those numbers is more difficult than it first seems, the crude number, showing a draw of 5.1m barrels roughly double expectations, is quite bullish although...
» Written by Malcolm Graham-Wood on Wednesday, May 25, 2016


Oil price, Sound Energy, Sundry-Faroe-Xcite- And finally...

Oil price Another quiet day in the market, the greenback remains firm exerting downward pressure on crude and I suspect that the inventory stats may provide most of the excitement for the week. Reuters findings are for a draw of 2.5m barrels in crude, 1.3m in gasoline and 1m in distillates, we shal...
» Written by Malcolm Graham-Wood on Tuesday, May 24, 2016

Porter's Five Forces Model for the Oil & Gas Industry

Porter's Five Forces framework is one useful strategic tool to evaluate potential opportunities and threats/risks for the oil and gas industry. The five key factors of this model are: Competitive rivalry Threat of New Entrants Threat of Substitutes Bargaining Power of Buyers Bargaining Power of Supp...
» Written by Athanasios Pitatzis on Monday, May 23, 2016

Oil price, Andes Energia, Europa/Union Jack, Sundry-Petroceltic-Lansdowne-And finally...

Oil price It's not just because oil didnt break $50 last week but at these prices it certainly seems that some sort of equilibrium has been reached, at least in the short term. Last week was another up week for crude, WTI rose 3.3% whilst Brent only gained 1.7% as the outage number so far in May re...
» Written by Malcolm Graham-Wood on Monday, May 23, 2016

Saudi Arabia is planning for the post-oil era, why not the United States?

The world's largest exporter of crude oil, the Kingdom of Saudi Arabia, recently announced a plan for its post-oil future. If a country almost synonymous with the oil economy can see the need for such a plan, how can the rest of the world, particularly the United States, the world's largest consumer...
» Written by Kurt Cobb on Monday, May 23, 2016

Oil price, Circle Oil, Sundry-AEP-GKP-Oil Search- And finally...

Oil price The oil price will end up on the week but with a whimper not a bang. Yesterday the continued strength of the greenback kept the wrappers on the price although continued bad news on production, particularly from Nigeria made for a late in the day rally. Interestingly a lot of the company ...
» Written by Malcolm Graham-Wood on Friday, May 20, 2016

A tale of two oil and gas boomtowns - a boost to the economy, a tricky landing

Over roughly the past 10 years, the United States has experienced remarkable growth in the production of natural gas and oil. This growth has taken place across dozens of regions, from the scrub of west Texas to the plains of North Dakota to the pastoral hills of Appalachia. It has sparked economic ...
» Written by Daniel Raimi & Richard G. Newell on Thursday, May 19, 2016

Oil price, Cairn/Far, EnQuest, Sundry-BP-Technip/FMC- And finally...

Oil price More of a technical day for the oil price yesterday, the Fed April minutes came out and left the options open for a rate rise in June which made for a very strong greenback which left the oil price flat on its back. Data and news was very mixed, in Canada the blaze increased devastation b...
» Written by Malcolm Graham-Wood on Thursday, May 19, 2016

Oil price, Hurricane Energy, ConocoPhillips-Sundry-BP-Sea Energy- And finally...

Oil price All a bit mixed at the moment but definitely bullish for choice, the situation in Canada appears to be getting worse and with all the outages elsewhere it can only take that extra stock off the market. The inventory stats will be crucial, last night the API numbers were mixed with a draw ...
» Written by Malcolm Graham-Wood on Wednesday, May 18, 2016

Cyclical Oil Prices - Is it a Necessary Condition to Balance Global Oil Supply/Demand?

During the past 50 years global oil demand increased from 30.8 million barrels per day (MMBD) in 1965 to 92.03 MMBD in 2014 - an increase of 61.28 MMBD. In contrast, global oil production increased by 56.87 MMBD during the same period (BP-Statistical Energy Review June 2015). That is on an average a...
» Written by Dr Salman Ghouri and Dr Amjad Ansari on Wednesday, May 18, 2016

Returning To Market Balance: How High Must Prices Be To Save The Oil Industry?

The global oil market is returning to balance based on the latest data from the EIA. That should mean higher oil prices but how high must prices be to save the industry? Data suggests that oil producers need prices in the $70-80 range to survive. That is unlikely in the next year or so. Without mor...
» Written by Art Berman on Tuesday, May 17, 2016

Top 10 Offshore Inefficiencies

The low oil price has destabilised the business models of some of the oil and gas industry's most established players, forcing them to cut costs to ensure their long-term survival. Inevitably, the drive to reduce overheads and to stay profitable has led to mass layoffs, numerous asset disposals and ...
» Written by David Delvin on Tuesday, May 17, 2016

Oil price, Rockhopper, Range Resources, Pantheon, Circle Oil, And finally...

Oil price Things are becoming a bit clearer in the oil market as I have been discussing in recent days. My scenario that oil will be supported later this year and into the next three years, primarily as $500bn + of capex has been withdrawn from the market by the short-term behaviour of the majors, ...
» Written by Malcolm Graham-Wood on Tuesday, May 17, 2016

Movement in the Middle East

The Middle East has been a relative bright spot for upstream activity during the oil price downturn. International land rig contractors, such as Saipem, are actively focusing their strategy and drilling campaigns on the region in the attempt to limit the negative impact of low oil prices. Looking a...
» Written by Kathryn Symes on Monday, May 16, 2016

Oil price, Ithaca Energy, Falcon Oil & Gas, Sound Energy, And finally...

Oil price Friday ended oil's week slightly down, partly due to the strong dollar but also as the April Opec production number was 32.44m fueled by the Saudis and Iran belting out crude ahead of the June 2nd meeting. On the more positive side, outages remain high (3.75m b/d) with all the usual susp...
» Written by Malcolm Graham-Wood on Monday, May 16, 2016

Not a single FDP so far

Crikey, we are half way through May, that's half way through the second quarter of 2016, and so far this year there hasn't been a single new field development plan approved by the OGA. In fact there hasn't been an FDP approved since Scolty & Crathes in October last year, over six months ago. Don't ...
» Written by Steve Brown on Monday, May 16, 2016
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