Market fundamentals driving oil for now, analysis finds
(UPI) Tensions between Iran and Saudi Arabia pale in comparison to market fundamentals, leaving crude oil prices less exposed to crises in the Middle East, analysis from Wood Mackenzie finds.
The Last Time Oil Was This Cheap, It Was Expensive
(Wall Street Journal) Oil prices have slumped to 12-year lows , shocking even the most bearish forecasters. But back in February 2004, the last time the U.S. benchmark settled below $33.50 a barrel, oil at these prices was considered pricey.
China’s Demand for Crude is Showing Signs of Cracking
(Bloomberg) When looking for the prime culprit behind widespread weakness in commodity prices, fingers often point squarely at China.
U.S. sees no relief from swelling oil glut until late 2017
(Reuters) The global oil glut will swell until late 2017, the U.S. government forecast on Tuesday in an outlook that offered little hope of near-term relief for energy producers reeling from the collapse of crude prices to 12-year lows around $30 a barrel.
The Odd Consequences of the Oil Price Crash
(The National Interest) In the middle of 2014, oil traded for more than $100 a barrel . Today, it is below $35. Traditionally, there would be numerous positives from low oil prices, but many of these have yet to materialize or may no longer be relevant at all.
Saudi economic shake-up shows it is planning for cheap oil
(CNBC) Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices.
The Crude Oil Export Ban–What, Me Worry About Peak Oil?
(Forbes) Congress ended the U.S. crude oil export ban last week. There is apparently no longer a strategic reason to conserve oil because shale production has made American great again. At least, that’s narrative that reality-averse politicians and their bases prefer.
Saudi Arabia is killing the Russian economy in its fight to control oil prices
(Business Insider) A year ago, Saudi Oil Minister Ali Naimi made it plain that he didn’t care what happened to Russia if oil-producing countries failed to cooperate with Saudi-dominated OPEC on keeping prices high by restricting production.
All Roads Lead To Peak Oil
(Seeking Alpha) I follow the JODI World Oil Database primarily because it is now four months ahead of the EIA international database. I make some adjustments however. I use the OPEC MOMR “secondary sources” for all OPEC data, where JODI also uses the MOMR but uses their “direct communication” data instead.
The Fallacy Of Peak Oil Demand
(Forbes) I have seen the handwriting on the wall for the coal industry for more than a decade. Not only is coal the most carbon-intensive of the fossil fuels, it is also the fuel that has the greatest number of potential replacements. Renewables may ultimately scale to displace a substantial fraction of our coal consumption, but it’s natural gas and nuclear power that spell the beginning of coal’s demise.