Prices
There has been little production news in the past few days so oil prices have been taking their cues from the equity markets and economic developments. The NY Times ran Continue Reading
Curbing Emissions and Consumption
The White House has instructed the Environmental Protection Agency to reconsider whether to grant California a waiver to regulate automobile tailpipe emissions linked to global warming. If these standards are Continue Reading
Week of January 19, 2009
1. Last Week 2. The Year Closes 3. Quote of the Week 4. Briefs January 19, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe
World Production
The first part of last week was dominated by concern over the sagging world economy and the expiration of the February futures contract which at one point sent oil below Continue Reading
OPEC still cutting
For the first time since OPEC began cutting production last fall, analysts are beginning to wonder if global production finally might be falling faster than demand. Tanker loads of oil Continue Reading
Obama’s first week
Shortly after being sworn in, President Obama issued an order halting the implementation of pending orders issued by the outgoing administration. Among these was the directive to expand off-shore drilling Continue Reading
Briefs January 26, 2009
China boosted crude oil production by 2.3 percent in 2008 while natural-gas output gained 12 percent even as the economy expanded at the slowest pace in seven years. (1/22, #12) Continue Reading
Quote of the Week
“The recent years of increased exploration and production spending have not been sufficient to substantially improve the supply situation. The age of the production base, accelerating decline rates and the Continue Reading
Contango
Oil prices fell into the upper $30s early last week and stayed there. As it has for many weeks, the drumbeat of bad economic news and rising stockpiles competed with Continue Reading
OPEC’s progress
Raising prices by cutting back on global oil production is turning out to be more difficult than many imagined. Gone are the days when even a hint of a production Continue Reading
Quote of the Week
“I do not believe low commodity prices and rig counts will be here for long. Simply put, our industry rises and falls with the price of oil and gas, Continue Reading
Forecasts
As the global recession deepens, the agencies which prognosticate about future demand for oil are starting to back off on optimistic projections for 2009. The IEA which had been predicting Continue Reading
Briefs January 19, 2009
An Israeli company announced that it has discovered what may be a deposit of over 3 trillion cubic feet of natural gas off of Israel’s Mediterranean coast. (1/18, #8) Continue Reading
Prices continue to slip
Oil prices continue to fall this week as US commercial inventories increased by 8 million barrels, the flow of bad economic news continued, and OPEC production cuts failed to keep Continue Reading
OPEC keeps trying
The Saudis are continuing to take the lead in efforts to cut OPEC’s production still further. Oil Minister al-Naimi told reporters that Saudi production is currently 8 million b/d and Continue Reading
OPEC Cuts Production
The Organization of Petroleum Exporting Countries said on December 17th that it would reduce its output target to 24.845 million barrels a day, a 4.2 million b/d cut from September Continue Reading
The Volatility Continues
Gaza, OPEC production cuts, and the gas shutoff to Europe competing with an avalanche of bad economic news for control of oil prices. At the end, the bad economic news Continue Reading
Gaza
A call by an Iranian military commander to cut oil exports to Israel’s supporters last week made little headway with conservative Arab governments who are completely focused on dealing with Continue Reading
Briefs January 12, 2009
Investment banks want to hire 10 supertankers to store crude oil at sea, seeking to profit as futures contracts get more expensive later in the year. The cost of storing Continue Reading
Quote of the Week
“Dwindling prices could also shake the very foundations of oil allies like Mexico, Nigeria, and Saudi Arabia, which could experience internal unrest as oil revenues, and so state expenditures, decline.” Continue Reading
Market volatility continues
On Monday and Tuesday oil prices continued a five-day climb — at one point touching above $50 a barrel on rising stock markets, the Russian gas shutoff, the Gaza fighting, Continue Reading
Russia and the EU
On Wednesday Russia raised the stakes in its standoff with Ukraine by cutting natural gas flows still further. Moscow maintains that Ukraine is diverting gas intended for other customers to Continue Reading
The Year Closes
Oil prices rose by nearly 8 percent on Monday, touching $44 a barrel, after Israel launched airstrikes on Hamas facilities in the Gaza strip and made preparations for a land Continue Reading
Last Week
It was yet another wild ride for oil prices last week as the markets continued to balance unsettling economic news, Israel’s attack on Hamas in Gaza, and the pace of Continue Reading
US Oil Consumption
On Monday the EIA released revised figures for US oil consumption in October showing that demand had only fallen by 833,000 b/d from a year earlier rather than the 1.4 Continue Reading