Economics/Statistics
News
January 20, 2021
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February.
News
January 14, 2021
Over the long-term, the impacts of behavioral shifts due to COVID-19 are minor compared to “known” long-term shifts such as decreasing car ownership, growing fuel efficiencies and a trend towards electric vehicles, whose impact is estimated to be three-to-nine times higher than the pandemic’s by 2050.
News
January 13, 2021
U.S. exports of diesel, mostly to Latin America, last week fell 518,000 barrels a day to 714,000 for the lowest level since September 2017, data from the Energy Information Administration show.
News
January 13, 2021
Global oil use dropped by 9 million barrels a day last year but should recoup more than 6 million in 2021, said Mike Muller, head of trader Vitol SA’s operations in Asia.
News
January 12, 2021
The U.S. Energy Information Administration said that recent crude price increases and rig additions will help production in the Lower 48 states begin to rise in the second quarter of this year, with total output nearing 11.5 MMbpd in 2022.
News
January 11, 2021
Bullish factors have struck the LNG shipping market: robust Asian spot gas demand in a cold winter, record-high exports from U.S. projects and -- perhaps most importantly -- delays to traverse the Panama Canal.
News
January 11, 2021
The publisher of Petroleum Economist, the leading global information service for the full hydrocarbon value chain, is bringing the same analytical depth and rigorous editorial standards to two rapidly-evolving sectors, the energy transition and the emerging hydrogen economy.
News
January 11, 2021
“The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure.
News
January 08, 2021
Democratic wins in elections in Georgia mean the party is poised to take control of the Senate, House and presidency, spurring a broad move higher in financial markets. That came after Saudi Arabia pledged earlier in the week to cut production by 1 million barrels a day in February and March.
News
January 08, 2021
“Opening the shale revolution to the world through the export ban lifting helped shift the global oil market psychology from supply scarcity to abundance,” said Karim Fawaz, director of research and analysis for energy at IHS Markit. “It unshackled the U.S. industry to keep growing past its domestic refining limitations.”
News
January 07, 2021
“I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Devon Energy CEO Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.”
News
January 06, 2021
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he announced Saudi's production cut on Tuesday, preserving the OPEC+ deal and sending oil prices to 10-month highs. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself.
News
January 06, 2021
Market conditions that might have triggered U.S. oil explorers to raise output and grab market share in recent years are, this time around, more an opportunity for them to pay down debt or boost dividends.
News
January 05, 2021
Exxon has come under pressure from activist investors in recent weeks for its poor returns and environmental record. The company said last month that it would set new, more ambitious targets to reduce emissions per barrel of crude.
News
January 05, 2021
The “fair access” rule proposed by the Office of the Comptroller of the Currency on Nov. 20 would create undue burdens for lenders and could threaten their business models, banking industry groups said in comment letters to the agency.
News
January 05, 2021
Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.
News
January 04, 2021
Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.
News
January 04, 2021
The difference of opinion between Saudi Arabia and Russia, the two de-facto leaders of OPEC+, could make for another tricky meeting. While Russia appeared to be outnumbered, the group typically requires a consensus among all members before concluding talks.
News
January 04, 2021
“At the risk of being seen as a killjoy in the proceedings, I want to urge caution,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of the group’s video conference on Monday. “The new variant of the virus is a worrying and unpredictable development.”
News
January 04, 2021
A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation.
News
January 01, 2021
Venezuela has managed to defy sweeping U.S. sanctions against state-owned producer PDVSA and keep shipping some crude abroad, mainly to China. But Washington has intensified the crackdown on companies that break the restrictions, and PDVSA has struggled to sell its barrels in Asia.
