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Petronas expects LNG market to remain oversupplied until 2023

Petronas expects LNG market to remain oversupplied until 2023

LNG market swamped by US, Australian production The chief executive of Malaysia’s state-owned energy company, Petronas, says he expects the global LNG market to remain oversupplied until as late as 2023. With increased supply from Australia and the United States, prices have fallen; Asian spot LNG prices are now down by about 70 per cent […]

By August 15, 2017 0 Comments Read More →
Column: Hedge funds gamble for a third time on oil rebalancing

Column: Hedge funds gamble for a third time on oil rebalancing

Hedge funds managers hopeful, but cautious By John Kemp LONDON, Aug 14 – “If at first you don’t succeed, try, try, try again,” goes the proverb used to encourage students. Hedge fund managers are becoming bullish towards crude oil and refined fuels for the third time this year and must be hoping the signs of […]

By August 14, 2017 0 Comments Read More →
Coal falls as gas rises: World energy balances in 2016 – IEA

Coal falls as gas rises: World energy balances in 2016 – IEA

Oil remains most used fuel (mainly for transport), then coal (mainly for electricity) Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in World Energy Balances, the IEA’s comprehensive picture of energy statistics. These data are drawn from official national data submissions to […]

By August 11, 2017 0 Comments Read More →
US oil rig count falls by one last week: Baker Hughes

US oil rig count falls by one last week: Baker Hughes

Rig count down in Canada by three On Friday, Baker Hughes released its weekly rig count. In the week ending August 11, the number of rigs drilling for oil in the US was 765, down by 1 compared to the previous week. According to the oilfield services giant, the number of operational oil rigs sat […]

By August 11, 2017 0 Comments Read More →
Higher 2018 oil demand, global oversupply eases: OPEC

Higher 2018 oil demand, global oversupply eases: OPEC

Global oil demand up to 32.42 million b/d in 2018: OPEC report In its monthly report, OPEC forecast an increase in oil demand next year, and argued the oil market was strengthening, partly due to the cartel’s production cut. According to the report, the world’s consumption of crude will grow to 32.42 million barrels per […]

By August 10, 2017 0 Comments Read More →
Oil market marches on towards rebalancing…and eventually higher prices

Oil market marches on towards rebalancing…and eventually higher prices

Traders convinced oil market will rebalance in the coming year By John Kemp LONDON, Aug 10 (Reuters) – Oil traders are increasingly convinced the market will rebalance over the next year with a major drawdown in crude and products stocks. Conviction about market rebalancing is showing in a big rise in the calendar spreads for […]

By August 10, 2017 0 Comments Read More →
Column: OPEC’s continued failure — A note on the price of oil

Column: OPEC’s continued failure — A note on the price of oil

Global glut, increased US production impact price of oil By Ed Hirs No one is fooled by the illusion of OPEC production cuts, but it is worse than most think. The price of oil, which has fallen in nominal terms during 2017, has fallen even more in real terms, since oil trades in dollars and […]

By August 9, 2017 0 Comments Read More →
BP Mancos Shale gas discovery could be groundbreaking discovery

BP Mancos Shale gas discovery could be groundbreaking discovery

Mancos Shale second largest to Marcellus field In 2015, BP bought acreage in a little-known area in northern New Mexico where not a single gas well was located.  A year later, a report from the US Geological Survey showed the site, known as the Mancos Shale, could be home to the second largest shale play […]

By August 9, 2017 0 Comments Read More →
Column: US shale breakeven price revealed around $50

Column: US shale breakeven price revealed around $50

US shale producers have reduced losses by cost cutting, improved efficiency By John Kemp LONDON, Aug 9 – US shale producers need a WTI oil price around $50 per barrel to break even, according to an analysis of financial statements for the second quarter. Fifteen of the largest shale oil and gas producers reported total […]

By August 9, 2017 0 Comments Read More →
Opinion: Hedge funds get bullish again on oil (third time lucky?)

Opinion: Hedge funds get bullish again on oil (third time lucky?)

Hedge funds raised combined net long positions across the five major futures By John Kemp LONDON, Aug 7 (Reuters) – Hedge funds and other money managers are becoming bullish again about oil prices, for the third time this year, as investors conclude the market is showing clear signs of rebalancing. Hedge funds raised their combined net long […]

By August 8, 2017 0 Comments Read More →