Tag: supply
Column: OPEC’s focus on oil stocks risks prices overshooting
Oil stocks overhang compared to 5-yr average has narrowed significantly By John Kemp LONDON – The Organization of the Petroleum Exporting Countries (OPEC) is sticking doggedly to its plan to cut commercial oil inventories down to the five-year average to rebalance the oil market. But in doing so, the organization risks tightening the market too […]
Global gas demand rising to 2022 as US drives transformation – IEA
Intense competition loosening pricing and contractual rigidities that characterize long-distance gas trade The global natural gas market is undergoing a major transformation driven by new supplies coming from the United States to meet growing demand in developing economies and industry surpasses the power sector as the largest source of gas demand growth, according to the […]
OPEC supply cut participants reach 106 per cent compliance in May
OPEC supply cut deal undercut by increased US, Libyan, Nigerian production Participants in the OPEC supply cut pact reached 106 per cent compliance with their pledges, according to Reuters’ sources familiar with the matter. OPEC members taking part in the agreement complied 108 per cent with their commitments while non-OPEC participants’ compliance was at 100 […]
Pre-OPEC short covering left oil prices poised to fall
Oil prices fell sharply following OPEC meeting last Thursday By John Kemp LONDON, May 30 (Reuters) – Hedge fund managers had already closed out many of their bearish short positions in crude oil before OPEC and non-OPEC ministers met in Vienna on May 25, according to data from regulators and exchanges. The bout of short-covering […]
OPEC supply cuts expected to be expanded into 2018
OPEC supply cuts extension pushed by Saudi Arabia Ministers and delegates attending the meeting of the Organization of Petroleum Exporting Countries in Vienna this week say the OPEC supply cuts agreement is likely to be extended and sources say the group will also discuss how to tackle the stubborn global crude glut. Top producer Saudi Arabia […]
Opinion: Oil bulls draw hope from fall in US crude stocks
US crude stocks down over past five weeks By John Kemp LONDON, May 11 (Reuters) – US crude stocks have shown a sustained decline over the last five weeks, giving oil bulls new inspiration that the market is rebalancing. Commercial crude inventories have fallen by 13 million barrels since the end of March, according to […]
Surge in oil hedging could worsen US supply glut
$55USD/b for 2018 needed to “organically fund” significant tight-oil production growth Those hoping that recent oil-price weakness will prompt US producers to pull back drilling activity and ease the glut of oil supply may need to keep waiting. Wood Mackenzie’s latest analysis of oil and gas hedging activity shows a recent surge in oil hedges. “Recent […]
All participating countries committed to OPEC deal: Secretary-general
Iran, Libya and Nigeria excluded from OPEC deal Feb 27 (Reuters) – OPEC-led oil production cuts have been well supported by all participating countries despite some teething troubles for non-OPEC members, the cartel’s secretary-general, Mohammed Barkindo, said on Monday. Barkindo also said OPEC remained optimistic that the “worst was over” for the oil market, almost […]
OPEC supply surge has left oil market nursing a hangover: Kemp
OPEC’s overproduction end of 2016 delayed eventual draw down in crude stocks By John Kemp OPEC members have reportedly achieved a high level of compliance with the production cuts announced in Nov. but their efforts to ramp up output ahead of the accord have left the market with a nasty hangover from 2016. Compliance has […]
Railroad Commissioner Christian says coal important to Texas energy supply
Wayne Christian was elected to join the Railroad Commission of Texas in Nov. 2016 Railroad Commissioner Wayne Christian this week toured Luminant Mining Co., LLC.’s Three Oaks Mine and Alcoa Inc.’s Sandow mine reclamation area in Bastrop, Lee and Milam counties. This was Commissioner Christian’s first site visit since taking office in early Jan. “Texas […]
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