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Oil at 2015 highs after first stock draw in 5 months at US hub

by charlie on April 30, 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 at 2015 highs after first stock draw in 5 months at US hub
Oil prices hit their highest for this year on Wednesday after the first crude stock draw in five months at the U.S. Cushing, Oklahoma hub suggested an oil glut may be starting to ease. Government data showing a smaller-than-expected rise last week in crude inventories throughout the United States also aided sentiment, although some traders felt the market was ignoring bearish elements like higher production. read more

BP must remain British says Whitehall
Downing Street has discreetly let it be known in the City that it would oppose any takeover of BP,” the Financial Times reported on Sunday. The prime minister’s office has signalled it would make life difficult for any bidder, although no bid has been mooted yet, the newspaper said (“UK ministers make Gallic gesture to keep the British in BP”.

Company News

Time, and oil prices ticking for Shell-BG deal
Rising oil prices are putting Royal Dutch Shell under pressure to execute its landmark $70 billion deal to buy rival BG as soon as possible before investors in BG start to take a more critical look at the terms. read more…

Halliburton-Baker Hughes announce first $3.5 Billion of divestiture with more to follow
Earlier this month, Halliburton (ticker: HAL) announced that it would divest $3.5 billion in assets in the first round of divestitures to satisfy antitrust concerns in its $35 billion acquisition of Baker Hughes (ticker: BHI). HAL will be separately marketing for sale the company’s Fixed Cutter and Roller Cone Drill Bits, Directional Drilling and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD) business, according to a company press release. read more

Market News

Traders seem to be mis-pricing oil as spending slump signals crunch
Oil traders are mis-pricing crude futures for later this decade because they’re underestimating how a collapse in spending will affect supplies, according to consultants who advise energy producers and analysts. more

IEA: Global growth to underpin oil demand
Forecasters estimate that the world economy will grow by between 2.8% and 3.8% this year—about one percentage point lower than last year’s consensus forecasts. Yet as monitors of the global economy lower their expectations for 2015, executives are increasingly focusing on opportunities presented by diverging growth rates among regions, countries, and even sectors. Having bottomed out in the second quarter of 2014, global oil demand growth has since steadily risen, with year-on-year gains estimated at around 0.9m barrels per day (mb/d) for the final quarter of last year and 1.0mb/d for the current quarter, the International Energy Agency’s (IEA) March Oil Market Report revealed. continue

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