Markets
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
What’s Affecting Oil Prices This Week (Dec. 4, 2017)?
For the upcoming week, Stratas Advisors expect prices to be range-bound at about .50/bbl with few factors for forward momentum present. For the upcoming week, Stratas Advisors expect prices to be range-bound at about $63.50/bbl with few factors for forward momentum present. Stratas Advisors also expects the Brent-West Texas Intermediate (WTI) differential to average $5.75/bbl. Read Full Article Here: https://www.oilandgasinvestor.com/videos/whats-affecting-oil-prices-week-dec-4-2017-1672336
Enter the ‘petro’: Venezuela to launch oil-backed cryptocurrency
Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!” “Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. The petro, he said, would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.” Read Full Article Her...
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
The $40 Billion Oil And Gas Shot ‘Heard Around The World’
If you own oil and gas stocks, you need to make yourself familiar with Norway’s sovereign wealth fund, because they are about to sell $40 billion worth. Seeking Alpha had a great take on why this decision is important and why it matters to everyone… Read Full Article Here: https://seekingalpha.com/article/4126342-40-billion-oil-gas-shot-heard-around-world
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.