Insight and inspiration in turbulent times.
It has been a volatile week for oil with prices settling Wednesday at $38.32 in New York and $39.85 in London. Some traders still seem to be fascinated by the upcoming meeting in Doha on April 17th to “freeze prices.”
A mid-week update. Oil prices continued to fall on Monday of this week, pushing Brent prices to lows not seen since 2004 and West Texas Intermediate to below $34 a barrel for the first time since 2009.
You want $40 oil? Yes, please. But according to the World Energy Outlook 2015 of the International Energy Agency, recently released in London, that would mean 3 mb/d less US tight (shale) oil by 2020.
After nearly 30 years of inaction, will 2015 be seen as the year that the “war on climate change” started in earnest?
If oil prices remain low Iraq will not get out of its current budget deficit. That will worsen all other problems this country is already suffering from.
“Oversupply” continues to be the word-of-the-day with OPEC continuing to pump out about 2 million b/d more than is being consumed and the global economy continuing to slide.
A weekly update, including: -Quote of the Week -Oil and the Global Economy, -The Middle East and North Africa, -China, -Russia/Ukraine, -The Briefs
Whatever happened to “peak oil” – the assertion that the rate at which oil is extracted from the Earth is nearing a maximum or peak level?
Oil prices closed Wednesday near the bottom of the trading range that has been in place since the beginning of September.
America’s energy future is largely determined by the assumptions and expectations we have today.
The US Secretary of Commerce noted last week that interest in acquiring new drilling rights in the Gulf of Mexico is dropping due to low oil prices.
It seems that a lot of traders believe the oil glut thesis has been oversold and that a big price rebound is coming any day now.
