January 5, 2021 | Daily JAM |
Today, January 5, Saudi Arabia shocked OPEC+ with a voluntary 1-million-barrel-per-day output cut. The announcement came after OPEC and Russia agreed to allow a 75,000 barrels a day increase in total production from Russia and Kazakhstan in February and March. On the news U.S. benchmark West Texas Intermediate climbed 5.00% to $50 a barrel and international benchmark Brent gained 5.05% to $53.67 a barrel.
December 29, 2020 | Daily JAM |
Oil managed to close to the upside today, December 29, even though OPEC+ is set to add another 500,000 barrels a day to output starting in January.
November 16, 2020 | Daily JAM |
Maybe OPEC+ didn't get the memo--you know the one that says a coronavirus vaccine is just around the corner and growth in the global economy will be strong enough to spur higher demand for oil. Today, the Joint Technical Committee of OPEC+, OPEC plus Russia in general...
October 20, 2020 | Daily JAM, PE, Stock Alerts |
A day after ConocoPhilips (COP) announced it would buy big Permian Basin oil shale play Concho Resources (CXO) for $9.7 billion, the Wall Street Journal reported that Pioneer Natural Resources, by some measures the biggest oil shale operator in the Permian Basin, is...
October 18, 2020 | Daily JAM, Saturday Night Quarterback |
... OPEC's Monday meeting to roil oil markets. Even if the meeting doesn't make any decision on supply. (Likely at the cartel's December 1 meeting of oil ministers. Tomorrow's meeting is of the Joint Ministerial Monitoring Committee, chaired by Saudi Arabian Energy...
October 9, 2020 | Daily JAM, Short Term |
Even as Hurricane Delta bears down on the Gulf Coast, oil prices fell today on news that oil workers in Norway had settled a strike that had shut down about 8% of the country’s production. The settlement will restore production at six fields already shut down by the...
October 4, 2020 | Daily JAM, Friday Trick or Trend |
Our regular (or occasional or perhaps occasionally regular) Friday series (actually running Sunday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. Oil prices took...
August 14, 2020 | Daily JAM |
The number of active oil rigs in the United States fell by 4 to 172, Baker Hughes reported today. That's the lowest level since 2005 in the days before the U.S. oil shale boom. The news is likely to get worse for U.S. producers and oil service companies. The number of...
June 17, 2020 | Daily JAM, Morning Briefing |
Inventories of gasoline and distillates fell last week, as they should even in a coronavirus-impacted summer driving season, the U.S. Energy Information Administration reported today. But crude inventories remained stubbornly high, an indication that the rise in...
May 29, 2020 | Daily JAM |
Baker Hughes reported today that the number of rigs drilling for oil in the United States fell by another 15 to 222 this week. This is the 11th straight weekly decline. The total active rig count, which includes oil and natural gas drilling rigs, dropped by 17 to 301....
May 20, 2020 | Daily JAM, Morning Briefing |
Remember how back on April 20 West Texas Intermediate traded at a negative $40.32 a barrel on the futures market? Then the fears were that anyone who owned a forward future and who was forced to accept delivery of that oil would not be able to find a place to store...
May 13, 2020 | Daily JAM |
It will take more than a year, and perhaps several years, for oil demand to recover to what it was before the coronavirus pandemic, said Fatih Birol, executive director of the International Energy Agency ahead of Thursday's update on energy markets. Crude demand of...
