Washington Post (March 21)
“The aim of setting the cap on Russian crude at $60, roughly 20 percent below the main international benchmark price, was to whittle away at Russia’s cash hoard while still providing it with sufficient incentive to maintain exports and keep global oil markets stable. It is now time to lower the Western cap further, in increments, to $40 per barrel or less.”
Tags: $40, $60, Aim, Barrel, Benchmark, Cap, Crude, Exports, Incentive, Oil markets, Russia, Stable, Sufficient, Western
Reuters (June 12)
“Oil’s 2020 roller coaster is on a new downward section of track. After respectively falling below $20 a barrel and turning negative in April, Brent and U.S. crude prices recovered to $40 a barrel amid coordinated supply cuts. Fresh falls in recent days make that level look more like a ceiling.”
Tags: Barrel, Brent, Ceiling, Crude, Downward, Oil, Recovered, Roller coaster, Supply cuts, U.S.
Reuters (September 16)
“The last thing the slowing world economy needs is a big and unexpected disruption in oil output.” The drone attacks “took out roughly half of Saudi Arabia’s crude output appear to fit that bill. But even fragile global growth can probably withstand this first cut.” However, if “sustained disruptions to Middle Eastern oil supply–or anything that heightens the risk of them–will buoy crude. That will deliver the deepest cut to growth.”
Tags: Crude, Crude output, Disruption, Drone attacks, Economy, Fragile, Growth, Middle East, Oil, Output, Risk, Saudi Arabia, Supply, Unexpected
Reuters (March 27)
Oil prices are holding firm, “supported by concerns that tensions in the Middle East could lead to supply disruptions, although further rises expected in U.S. crude output loomed over markets.”
Tags: Crude, Firm, Middle East, Oil, Output, Prices, Supply disruptions, Tensions, U.S.
The Economist (December 10)
“For the first time since oil prices plunged in 2014, Big Oil is putting its head above the parapet to seek substantial new sources of crude that will tide it through the 2020s.” While this signals renewed confidence, the players remain extremely cost conscious, with the aim of staying lean to maintain profitability even if oil stays stuck around $50 per barrel.
Tags: Big oil, Confidence, Cost conscious, Crude, Lean, Oil, Plunge, Prices, Profitability
Bloomberg (May 2)
“Money managers turned the most bullish since May as West Texas Intermediate crude climbed to a five-month high on optimism that falling U.S. production and rising fuel demand will trim the global glut.” Their optimism may be both short-sighted and short-lived as OPEC just “boosted production by 484,000 barrels a day to 33.217 million in April, the most in monthly data going back to 1989.”
Tags: Bullish, Crude, Demand, Money managers, OPEC, Optimism, Production, U.S., West Texas Intermediate
USA Today (March 29)
“We thought the race for president couldn’t get any cruder or more embarrassing…. that was not the case.” Trump and Cruz have moved standards lower and lower. “Today’s grade-school political repartee makes us long for the days when candidates were classy instead of crude.” The majority of Republicans “are embarrassed by their party’s race for the White House.” But “it’s not just Republicans—Americans are embarrassed. If only the candidates were.”
Tags: Candidates, Crude, Cruz, Embarrassing, President, Republicans, Trump, U.S.
Bloomberg (November 25)
“Surging U.S. crude stockpiles that have filled storage tanks near capacity are widening the discount on immediate oil deliveries.” Known as contango, this discount may reach the stage of “supercontango” and is unlikely to go away soon.
Tags: Contango, Crude, Discount, Immediate deliveries, Oil, Stockpiles, Storage, U.S.
Wall Street Journal (July 7)
Amid a North American oil boom, “shipments of crude by rail have shot up sharply, as producers race to get all their new oil to market and as pipeline companies scramble to build new lines or reconfigure old ones to handle the growing volumes.” This may change. “The deadly weekend explosion of a runaway crude-carrying train in Quebec threatens to ratchet up scrutiny of rising crude-by-rail shipments on both sides of the U.S.-Canada border.”
Tags: Boom, Canada, Crude, Explosion, North America, Oil, Pipeline, Producers, Quebec, Rail, Scrutiny, U.S.