more »" />

Oil extends gain rising above $62 as US supply gut seems to be easing

by charlie on May 11, 2015

This weekly news column is for the growing number of private investors wishing to keep their finger on the pulse of the ever changing energy business, and is provided as a free informational service.

Industry News

Oil hits 2015 highs as Libyan output slows, Saudis raise prices
Oil prices hit their highest for the year on Tuesday, aided by a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices.Since April’s price rally of between 20 and 25 percent, oil bulls have been pushing the market up on the notion that a supply glut was easing from tightening world production despite continuous builds in U.S. crude stockpiles. continue reading

What would lifting Iranian sanctions do to the global oil balance?
With the US working toward a nuclear deal with Iran, lifting Iranian sanctions could have a significant impact on the global oil balance. If sanctions are lifted, as much as 1 million more barrels of oil per day could enter the global supply by the end of 2016. With supply levels from Saudi Arabia unlikely to decrease during that period, Thomson Reuters Oil Research & Forecasts predicts a 13% drop in the average Brent spot price in 2016 if Iranian oil re-enters the market. continue reading


Company News

Shale giants see growth again after 40% price increase
EOG Resources Inc. and Pioneer Natural Resources Co., two of the largest shale-oil producers, are preparing to boost drilling again after oil prices climbed 40 percent in the past seven weeks. EOG Chairman and Chief Executive Officer William Thomas said Tuesday his company will increase drilling as soon as oil prices, which closed above $60 a barrel for the first time this year, stabilize at $65. Pioneer is planning to add drilling rigs starting in July, subject to oil price movements and the sale of other assets. continue reading

Rolls Royce and Weir Oil and Gas, join forces to develop fracking power system
Weir Oil and Gas and the Rolls-Royce Power Systems company MTU are forming a new joint venture company to oversee the development of their new power system, which is designed to make hydraulic fracturing operations more efficient. The new joint venture company, which will be named at a later date, is expected to be in operation by the beginning of 2016. continue reading


Market News

OTC 2015:Leaders discuss investment opportunities in energy hotspots
Global energy leaders at a 2015 Offshore Technology Conference session believe that opportunities abound in six energy hot spots around the globe. The panel of leaders shared opportunities as well as potential challenges that lie in the world’s ripest countries for energy. Leaders from the countries of Brazil, Canada, Indonesia, Mexico, the United States and Vietnam shared their respective countries’ recent stories of success, policy changes and investment possibilities. continue reading

Oil extends gain rising above $62 as US supply gut seems to be easing
Oil extended its advance to trade above $62 a barrel on signs the U.S. supply glut is easing. Futures gained as much as 2.7 percent in New York, rising from the highest close since December. Crude inventories fell by 1.5 million barrels through May 1, the first drop in industry data in eight weeks, the American Petroleum Institute was said to have reported Tuesday. An increase of 1.5 million is forecast in a Bloomberg survey before a separate government report Wednesday. The dollar declined against the euro and other currencies, increasing the appeal for commodities priced in the U.S. currency. continue reading


Disclaimer

All data and information provided on this site is for informational purposes only. USOilinvestment.com and its Newsletter makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.This is a personal publication; the opinions expressed here represent my own and not those of my employer.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: