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Why oil predictions are so wild right now–from $42 to $100 a barrel

Predictions range from a 20-percent reduction (to roughly $42 a barrel) to an exuberant 100-percent increase ($100) by next year. It’s enigmatic that perceptions of market experts are so enormously divergent with regard to the price of any commodity. It is doubly disconcerting given the disproportionate impact energy prices have on economies — especially economies in desperate need of fuel-injection themselves. While securing a solid grip on future oil prices is not a new dilemma, the current diversity and disparity of opinion is. It’s a situation exacerbated by President Donald ...

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Shale oil ‘a form of non-Opec competition’, says al-Attiyah

Shale oil is “a form of non-Opec competition just as any other non-Opec oil producer is”, said HE Abdullah bin Hamad al-Attiyah, former Deputy Prime Minister and Minister of Energy and Industry. On a global liquids supply level of around 95mn barrels a day, shale (tight crude and unconventional NGL) represents around 7%, al-Attiyah said at the ‘Abu Dhabi Roundtable’ hosted by New York University (NYU) Abu Dhabi Institute in collaboration with the University of Oslo. The chairman of Abdullah Bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development ...

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Expert: Oil prices can reach $60-65 per barrel

Dmitry Marunich, Co-Chair of the Energy Strategies Foundation expected the crude prices to reach $60-65 per barrel by the end of the year. Marunich told Trend that most of the participants in the negotiations on the limitation of oil production will most likely support the extension of the agreement. The expert is sure that the deal on oil output cut can be extended in case there is no demarche of any of the largest producers. The OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output ...

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Mexico Seeks New Home for Oil Amid Weak Gulf Coast Demand

Shipments of crude to the U.S. from Mexico fell to a new low last week, extending a trend that goes back to when the Energy Information Administration began compiling preliminary weekly import data in June 2010. Imports totaled 290,000 barrels a day, a 43 percent weekly drop, amid weather-related closings at Mexico’s key export ports between April 5 and April 7, according to Mexico’s state-owned oil company, Pemex. Volumes returned to normal levels the following week, indicating that the fall was due to port closures, said a Pemex spokesman who ...

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Oman storage deal with Iraq boosts oil-trading strategy

Oman is set to sign a strategic oil storage deal with Iraq this week, part of the sultanate’s broader aim to expand as an oil-trading hub with easy access to Asian trade routes. The memorandum of understanding will not specifically commit Iraq’s state oil company to any commercial terms but it adds another element to Oman’s plan, set out in last year’s royal decree, to expand the Duqm special economic zone by 15 per cent to 2,000 square kilometres, including storage facilities at the Ras Markaz Crude Oil Park and ...

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Russia Reduces Oil Production by 250,000 Barrels Daily in April – Novak

The Russian energy minister said that Russia had cut down its oil price production by 250,000 barrels daily in April as compared to its October output. Russia has cut down its oil price production by 250,000 barrels daily in April as compared to its October output, Russian Energy Minister Alexander Novak said. “We have reached the level of oil production reduction of 250,000 barrels daily to date. According to the plan, we shall reach the level of 300,000 barrels by end of April,” he told reporters. Novak added that Russia ...

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API: Petroleum Demand Last Month Highest For March Since 2008

Total petroleum deliveries in March moved up 0.2 percent from March 2016 to average nearly 19.7 million barrels per day. These were the highest March deliveries in nine years, since 2008. For the first quarter of 2017, total domestic petroleum deliveries, a measure of U.S. petroleum demand, were up 0.4 percent compared with the first quarter of 2016 to average 19.5 million barrels per day. These were the highest first quarter deliveries since 2008. According to the U.S. Bureau of Labor Statistics (BLS) April 7, 2017 report, the U.S. added ...

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Canada’s oil sands acquisition pool dwindles as global firms flee

As international energy companies retreat from the Canadian oil sands sector because of depressed oil prices, a fast-shrinking universe of potential buyers may leave some stranded in the high-cost, capital-intensive sector. Global producers are bailing on their oil sands investments due to higher development costs, limited export pipeline capacity to get crude to market and concerns about high carbon emissions in the sector. International companies once drawn by the long-life assets that can produce for up to 50 years during the oil sector boom are discovering the economics do not ...

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Will Shale Keep the Lid on Oil Prices?

When OPEC agreed to cut production to help start reducing the global glut of crude oil, the markets cheered and prices started to stabilize around $50 a barrel. But the decision also spurred U.S. shale-oil producers to start drilling again, and drilling they have been. Data from Baker Hughes showed that at the beginning of April, the U.S. oil rig count rose 683 units. This is the highest level since April 2015, according to Commerzbank. While the International Energy Agency estimates the global crude market is close to balance, the ...

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U.S. drillers add oil rigs for 14th week in a row -Baker Hughes

U.S. drillers added oil rigs for a 14th week in a row, extending an 11-month recovery that is expected to boost U.S. shale production in May in the biggest monthly increase in more than two years. Drillers added five oil rigs in the week to April 21, bringing the total count up to 688, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 343 active oil rigs. U.S. crude futures ...

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Next Opec meet crucial for oil market stability

The global energy industry has its eyes set on the next month’s crucial meeting between Opec and oil producers outside the organisation, as a global pact to cut production is very much on the cards. The Organisation of the Petroleum Exporting Countries (Opec), Russia and other producers agreed to cut production by 1.8mn barrels per day (bpd) for six months from January 1 this year to support the market. However, an Opec and non-Opec technical committee is believed to have recommended that producers extend a global deal to cut oil ...

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Speculators boost U.S. natgas net longs to most since April 2014 -CFTC

U.S. natural gas speculators this week boosted net longs for a seventh week in a row to the most since April 2014, betting prices would keep rising on the possibility there would be less gas in storage at the start of next winter than usual due to low production and rising exports. Speculators in four major New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) markets added to bullish bets by 19,294 contracts to 388,708 in the week to April 18, the U.S. Commodity Futures Trading Commission said on Friday. ...

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GLOBAL LNG-South Korean tender stirs up market

Asian spot LNG prices jumped this week, buoyed by hopes Korea Gas Corp’s new tender would match past buying sprees and by emerging demand from China and Japan. Spot prices for June delivery rose to $5.70 per million British thermal units (mmBtu), a 20 cent jump over last week, but traders cited sharply divergent views on pricing, saying the disagreements contributed to market inertia. Still, Korea Gas Corp’s Thursday tender for June and July supply – set to close on April 26 – immediately stirred up bullish offers, rescuing an ...

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Falling Margins May Hurt Refiners; Explorers To Gain From Higher Crude Prices

Falling margins may hurt oil refiners while a rise in crude prices is expected to help oil and gas explorers post better earnings in the January-March quarter of the financial year 2016-17. The Singapore gross refining margins (GRMs), the Asian benchmark of profitability for refining companies, fell in the quarter-ended March over the previous three months. This will result in lower margins and inventory losses for downstream and oil marketing companies like Reliance Industries Ltd., (RIL) Indian Oil Corporation Ltd., (IOC) and Bharat Petroleum Corporation Ltd. (BPCL). Brent crude, which ...

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Natural gas inventories end heating season above five-year average

Working natural gas in storage as of March 31, the traditional end of the heating season, totaled 2,051 billion cubic feet (Bcf), or almost 15% above the five-year average according to EIA’s Weekly Natural Gas Storage Report. The total inventory of U.S. natural gas in storage tends to follow seasonal patterns of injections through the summer and withdrawals during the winter. Unlike the 2015–2016 heating season’s extremely high levels of natural gas inventories due to mild weather, inventories during the 2016–2017 heating season closely tracked the five-year average (2012-2016) until ...

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