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I have been looking at many charts that depict the current oil prices and even created one for my own website/blog using the weekly oil price data since 1987, from the EIA, the US Energy Information Administration.
Despite all that, sensing the trend, upward or downward, on weekly basis is as ridiculous as betting on the foot that a centipede will put ward in order to shorten its crooked path.
I am sure this must be the nightmare of every chartist who lurches on the uncertainty of cru
Maersk Drilling has been awarded a one-well contract by CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp, for the semi-submersible rig Maersk Discoverer to perform exploration drilling in the Corentyne Block offshore Guyana. View the full article
China’s quick recovery from Covid-19 means that its demand for oil and gas has fully recovered from the pandemic-induced swoon of early 2020, and President Xi Jinping continues to make energy security a top priority. View the full article
The Joint Ministerial Monitoring Committee, JMMC, meeting of the OPEC+ that took place in the form of a virtual conference on Wednesday, finally managed to provide the markets with much needed sense of direction.
The oil price shot up, having been in decline for days. Brent oil hit above $58, the highest so far during the turbulent period.
The meeting was unusually short, yet managed to reach an agreement with most members seeing eye to eye on the main issue: maintaining the crude
While Noia is currently reviewing the government's Oil and Gas Industry Recovery Task Force Report recommendations, the association is initially pleased with the recommendations and the approach of the task force to deal with current challenges and prepare for the future. View the full article
The stage is set for an epic show; the battle lines are drawn. People across the world, some of who have never been bothered about stock markets or investors for that matter, are watching the duel between the hedge funds and the WallStreetBets, the Reddit group that grabs headlines this week, for variety of reasons.
In the profile picture of the WallStreeBets, a gentleman resembling President Trump, is making coded gestures, perhaps in the form of a rallying cry, while remaining in charter
The substantial fall of US crude oil stockpiles has not excited the oil price yet, buckling the familiar trend.
The positive news has been overshadowed by a myriad of factors, according to seasoned market watchers.
Some of the key reasons are as follows:
· The Federal Reserve makes it known the inevitability of its continuing support to revive the battered economy
· The outbreak of Covid-19 clusters again in China in the middle of winter
· The rel
The oil demand picture remains uneven across various regions, with Indian fuel sales falling in February amid higher pump prices, while demand is climbing in America and the UK. View the full article
Oil surge continues as investors feel that the demand is back on track and it’s finally irreversible regardless of the bad news on the Coronavirus front with the discovery of new variants.
Investors seem to be particularly buoyed by the projected increase in demand by two leading developing countries in Asia, India and China, as the respective economies show healthy signs of recovery.
Although activities in the South China Sea involving the world’s two biggest economies is a concern, t
In practical terms, the oil sands revision clipped Exxon’s future growth prospects until oil prices rise, costs slide or technological advances make it profitable to drill those fields. View the full article
The Railroad Commission of Texas issued a total of 798 original drilling permits in March 2021 compared to 744 in March 2020. The March 2021 total includes 682 permits to drill new oil or gas wells, 13 to re-enter plugged well bores, and 99 for re-completions of existing well bores. View the full article
The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabia’s decision to extend voluntary curbs, has stunned the global energy market. Prices surged again on Friday, with West Texas Intermediate topping $65 a barrel, and Brent climbing above $68. View the full article
Oil industry officials have encouraged the administration to seek methane reductions across the economy, including from agriculture. While some independent oil producers oppose new methane-cutting mandates, the trade group American Petroleum Institute supports explicit regulation of methane. View the full article
Airlines, one of the hardest hit sectors by the pandemic, anticipate man-conceived headwinds when they finally get back to normal business in the post-pandemic world.
The airline sector feels that they will have to come up with long-term strategies to reduce greenhouse gases at their sources – the engines that spew thousands of tons of carbon dioxide, in this case.
This is a sector that lost almost 75% of its passenger numbers due to the pandemic and on a soul searching mission to get
Jennifer Granholm was confirmed as Secretary of Energy, putting the former Michigan Governor at the head of agency that will play a key role in implementing President Joe Biden’s ambitious climate agenda. View the full article
Providing more detail on Exxon’s recently-announced efforts to commercialize low-carbon technologies, CEO Darren Woods stressed that partnering with outside investors would be a key objective. It would also mean Exxon would not need to fund large projects solely with its own cash. View the full article
Pulitzer-prize winner, respected author, and leading energy expert, Dr. Daniel Yergin, is being recognised for his “exceptional contribution to the oil, gas and energy industry” with the highest honor of the World Petroleum Council, the Dewhurst Award. View the full article
Oil price that has been rising for the past few weeks, judging by the above chart, shows signs of becoming static – finally.
Neither the cut in output by the OPEC+ nor the significant drop in crude oil stockpiles moved the price up, buckling the widely-anticipated trend.
Do the investors know something that is not depicted by these charts that we do not know? It remains to be seen.
Of course, the Coronavirus infections show no sign of abating; there is no heighted alarm among the
Optimism has also been buoyed by expectations that global crude supplies won’t grow fast enough to satisfy demand as Covid-19 vaccinations proliferate and economies that shut down for the better part of a year begin reopening. View the full article
Seen from Moscow, the melting of the polar ice cap is as much economic opportunity as natural disaster, opening the Northern Sea Route from Asia to Europe for shipping and creating access to potentially vast new reserves of minerals, oil and gas. View the full article
Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic. View the full article
“All of the missiles and drones that came into Saudi are Iranian-manufactured or Iranian-supplied,” Adel Al-Jubeir, minister of state for foreign affairs, said in an interview with Arab News published Friday afternoon. “Several of them, as we’ve said, came from the north; several came from the sea.” View the full article
State oil producer Saudi Aramco raised prices for all crude oil grades sold to customers in the U.S. and Europe. View the full article
The Chamber of Commerce embraced market-based policies to limit emissions in January, and several of API’s largest members, including Exxon Mobil, ConocoPhillips, BP and Royal Dutch Shell already support a carbon tax-and-rebate plan. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
