General Business
Art Berman: When Oil Longs Outnumber Shorts, It “Always Leads To A Correction”
Art Berman, a petroleum geologist ans Zero Hedge come together in a great article. The main focus in on how the legalization of US oil exports have “changed the game” for global oil exports, but old models like inverse correlation between inventories and prices still apply.Here’s a short excerpt: “For Berman believes that, even though the price of oil has nearly doubled since June, the commodity has a long way to climb as accelerating economic growth and coordinated production cuts more than offset the impact of US exports and the booming shale industry in the US and Canada.Berman explains, using slides from his latest chart deck, how OPEC’s response to the growing threat from the North American shale industry has been the dominating factor in energy...
Exxon plans major U.S. investments due to tax reform: CEO
Exxon Mobil Corp (XOM.N) plans to invest billions of dollars in the United States due in part to recently approved corporate tax rate cuts, the company’s chief executive said on Monday. Darren Woods, head of the world’s largest publicly traded oil producer, said in a blog post on the company’s website that Exxon expects to spend $50 billion in U.S. projects over the next five years. The company also is “actively evaluating” projects now in planning stages as a result of new tax and regulatory changes, he wrote. (exxonmobil.co/2DZKArF) More than $35 billion of that amount is for projects not previously announced, according to company spokesman Scott Silvestri… Read Full Article Here: https://www.reuters.com/article/us-usa-tax-exxon-mobil/exxon-plans-major-u-s-investments-due-to-tax-re...
World Bank to end financial support for oil and gas extraction
The World Bank will end its financial support for oil and gas extraction within the next two years in response to the growing threat posed by climate change. In a statement that delighted campaigners opposed to fossil fuels, the Bank used a conference in Paris to announce that it “will no longer finance upstream oil and gas” after 2019. The Bank ceased lending for coal-fired power stations in 2010 but has been under pressure from lobby groups also to halt the $1bn (£750m) a year it has been lending for oil and gas in developing countries. Read Full Article Here: https://www.theguardian.com/business/2017/dec/12/uk-banks-join-multinationals-pledge-come-clean-climate-change-risks-mark-carney
Brent Pipeline Closure Confuses Oil Markets | OilPrice.com
In one of the most significant unplanned crude shortages of the year, the Forties pipeline system was closed due to a crack, sending oil prices soaring The closure of one of the most important pipelines in the oil market sent Brent prices soaring on Monday, with one analyst claiming it was “one of the most significant unplanned crude oil shortages we have seen this year”. Oil prices have since lost those gains, with markets apparently recovering from the original price shock. Read Full Article Here: https://oilprice.com/Energy/Energy-General/Brent-Pipeline-Closure-Confuses-Oil-Markets.html
DUG Eagle Ford: Marathon Oil Leverages The Digital Oil Field
The company’s technology director discussed how digital technology and innovation acts as a competitive differentiator. Marathon has adopted video surveillance, real-time notifications and decision-making capabilities to its field operations. Suarez noted that once those new process improvements were added to the company’s control center, it was able to introduce a safer and more efficient way of operating. “Thanks to the digital oil field enhancements in our Eagle Ford assets we’re adding two to three barrels of production to every well per day, which could ultimately result in several thousands of additional barrels annually at virtually zero cost,” Suarez said. Read Full Article Here: https://www.ugcenter.com/dug-eagle-ford-marathon-oil-leverages-digital-oil-field-1671186
OPEC poised to extend oil production cuts to support prices
Benchmark crude prices are now close to $60 a barrel, up almost 20 percent since a year ago, when the Organization of the Petroleum Exporting Countries and their non-OPEC partners agreed to reduce supply by a daily 1.8 million barrels to push up prices. Even bitter rivals Saudi Arabia and Iran appeared on the same page going into Thursday’s meeting. “My preference is to go for a 9-month extension,” Khalid Al-Falih of Saudi Arabia told reporters, while Bijan Namdar Zanganeh, his Iranian counterpart, said the meeting will “reach agreement about rolling over” the supply cuts. Read Full Article Here: http://abcnews.go.com/International/wireStory/opec-oil-ministers-poised-extend-production-cuts-51479058
U.S. crude pares gains after stockpile data
BOSTON (Reuters) – Oil pared gains on Wednesday, retreating slightly from a more than two-year high after U.S. crude stockpiles fell less than an industry group suggested on Tuesday. Still, U.S. crude prices remained elevated near a $58 two-year high after sources said the Keystone pipeline will cut deliveries by 85 percent or more through the end of November.. Read Full Article Here: https://www.reuters.com/article/us-global-oil/u-s-crude-pares-gains-after-stockpile-data-idUSKBN1DM04O?il=0
Majors move out, minors move in to British North Sea
The sale of gas fields in the British North Sea could be a sign that bigger companies are losing interest in an area with a bit of a future, analysis finds. Read Full Article Here: https://www.upi.com/Energy-News/2017/11/21/Majors-move-out-minors-move-in-to-British-North-Sea/7131511272204/
New US gas pipelines fall short of
Shale oil production in Texas has increased steadily for more than a year and gains have spilled over into the broader economy, a federal reserve bank said. https://www.upi.com/Energy-News/2017/11/17/Texas-jobs-shale-production-increasing/3901510914821
Women in Energy Conference Highlights Growing Role of Women in Oil and Gas Workforce
https://www.albawaba.com/business/pr/women-energy-conference-highlights-growing-role-women-oil-and-gas-workforce-1049042 The closing day of ADIPEC has put the spotlight on the growing importance of women in the oil and gas workforce, with industry role models leading the Women in Energy conference. Held as part of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), more than 200 delegates attended Women in Energy, offering a full day of discussions aimed at promoting diversity and inclusion within the global oil and gas industry…
America’s oil and gas output could soar 25% by 2025
http://money.cnn.com/2017/11/14/news/economy/us-oil-gas-shale-iea/index.html The United States is on track to pump 30 million barrels of oil and gas a day by 2025, 50% more than any other country has ever managed. The dramatic shifts envisioned by the IEA in its World Energy Outlook would transform the U.S. from an energy importer into a major player in global markets capable of producing 30 million barrels of oil and gas a day by 2025. Paris-based IEA predicts that U.S. shale oil producers will boost their output by 8 million barrels a day between 2010 and 2025…
World’s Biggest Wealth Fund Wants Out of Oil and Gas
https://www.bloomberg.com/news/articles/2017-11-16/norway-s-1-trillion-wealth-fund-wants-out-of-oil-and-gas-stocks Norway’s trillion sovereign wealth fund proposed dumping about billion in oil and gas stocks, including Royal Dutch Shell Plc and Exxon Mobil Corp., to protect the economy of western Europe’s biggest petroleum producer.