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Posts Tagged ‘oil prices’

Parsley Energy next oil shale domino to fall

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 in talks to acquire Parsley Energy (PE), another Permian Basin producer. (After […]

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Saturday Night Quarterback #1 (on a Sunday) says, For the week ahead expect…

... 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 Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak.) Here's the challenge: Oil is […]

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Oil prices stall as Norway settles oil workers strike

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 strike and prevent an escalation to an […]

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Trick or trend: Oil prices took a beating last week; will they fall again this week on supply/demand worries?

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 a beating this past week. U.S. benchmark West Texas Intermediate for December delivery […]

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U.S. oil shale rig count continues to drop

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 drilling permits dropped last […]

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Oil inventories prove stubbornly high

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 demand for end products resulted in a drawn down of crude. And without a drop in crude inventories […]

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Oil rig count falls again

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. U.S. benchmark West Texas Intermediate gained […]

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Oil keeps on rallying–and takes market with it

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 it. Today the U.S. […]

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Two negative views of the oil market–and one’s from OPEC

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 about 100 million barrels a day prior to the pandemic plunged […]

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Oil plunges on futures market on panic over expiring May futures contract

Warning: This is going to be a little "insider baseball. As of 1:30 p.m. the quoted price on Bloomberg of U.S. benchmark West Texas Intermediate was 80.02% to $3.65 a barrel. On the other hand, international benchmark Brent crude was down"just" 5.80% to $26.45 a barrel. What? Remember that we're talking the price not of […]

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