Trends
The Bulls' new clothes
1 October 2008
WITH crude oil futures continuing to weaken, the question now is at what point the sell-off will stop. The Brent November contract was down by $0.74/b at $76.72/b on Tuesday afternoon; November WTI futures were $0.82/b lower at $80.37. And, although it is just three months since WTI futures were changing hands at over $147/b, some analysts are even talking of $50/b as a realistic downside target.
The new prize
1 October 2008
CCS can deliver a significant portion of the emissions cuts needed over the next half-century.
Prices firmer as Opec considers cut
1 October 2008
THE PROSPECT of an Opec production cut helped firm oil prices, with December-delivery Brent trading just shy of $71.50/b on Tuesday morning in London. Better economic news from the US has also restored some confidence to the market
Smart metering: a piece in the climate puzzle
1 October 2008
In the world of electricity, few consumers understand what they are consuming, or where it is being consumed. Smart-metering technology provides a better way for people to understand and control their power consumption. By Doug Houseman, Cap Gemini
Oil price finds temporary floor as equities rebound
1 October 2008
The price of crude appeared to have found a floor, albeit perhaps a temporary one, as equity markets in Asia and Europe turned around after days of crippling losses that have dragged commodity prices down with them.
Back in the oil-price cycle
1 October 2008
OIL SOARED and the billions flowed to the producers. The sheikhs in the Middle East began building new skyscrapers and Russian oligarchs bought new boats. Meanwhile, high energy prices helped tip the world into recession. For consumers, it has been painful, so their Schadenfreude as oil prices sink and exporters start to panic is understandable.
Markets in turmoil
1 October 2008
US light, sweet crude oil futures were back above $90 a barrel on Tuesday, but, with the world's financial system still in turmoil, where prices go next is anyone's guess.
Opec cuts and the market shrugs
1 October 2008
The global economic downturn is eroding oil demand. Opec's cut last month – 1.5m b/d – might slow the fall in oil prices, but the outlook is bleak for producers
Global supply takes a hit
1 October 2008
A temporary reprieve
1 October 2008
Arctic: great potential and interest, but huge challenges
1 September 2008
Security of energy supply is high on the political agenda. Soaring energy prices and technological advances have made it possible to exploit petroleum resources in areas that were previously inaccessible. Policymakers are increasingly interested in the potential of the Arctic. By Morten Anker, advisor, and Eivind Magnus, director, The Petroleum Group, Econ Pöyry
Opec cuts and prices rise
1 September 2008
During Tuesday trading, Brent futures fell below $100 a barrel for the first time since April, as the dollar's gradual recovery and weaker global oil demand continued to depress prices. On Wednesday, however, following a surprise decision by Opec to cut crude production, Brent was back above that level, the October contract rising by $0.02/b to $100.36/b. WTI October futures, meanwhile, were up by $1.07/b at $104.33/b.
What goes up ...
1 September 2008
Oil prices fell by 5% today amid renewed turmoil on financial markets. With Lehman Brothers seeking bankruptcy protection, Merrill Lynch being sold to Bank of America, and concerns about the stability of insurer AIG mounting, Brent futures for November delivery were down by $4.55/b, at $89.69/b. WTI futures for October delivery were $4.35/b lower, at $91.36/b. Both Brent and WTI are at their lowest points since February.
The ever-deflating oil bubble
1 September 2008
A few months ago, the prospect of $100 a barrel oil was real and frightening. It is a real prospect once again, but this time it is a point that would be reached with relief, not trepidation. Last week, oil prices rose to almost $120/b as markets fretted about the threat Hurricane Gustav posed to US offshore oil infrastructure.
Caught short
1 September 2008
CRUDE oil prices surged on Monday as a squeeze on short positions in New York triggered an intra-day rise of $16/b. The spike in the afternoon session on Nymex was the largest dollar gain and second-highest percentage rise ever seen on the board, and left the front-month contract at almost $121/b. On Tuesday afternoon in London, Brent had softened to just over $103/b, while in the morning session in New York the price was around $107/b.
Highly volatile
1 September 2008
Oil prices started the week with a near 10% fall, as the prospect of a significant contraction in energy demand grew, following the US House of Representatives' shock rejection of the government's $0.7 trillion Wall Street rescue package.
Iraq: Two steps forward, one step back
1 September 2008
SHELL became the first western energy major to strike a significant post-war hydrocarbons deal with the country last month, following the cabinet's decision to approve a project to process and market all the associated gas that is flared in the Basra governorate, an area covering some 19,000 square km. That followed another cabinet decision to approve a deal with China National Petroleum Corporation (CNPC) that will lead to development of the Al-Ahdab oilfield.
Speculators in the frame as Wall Street shudders
1 September 2008
THE SEPTEMBER crisis on Wall Street coincided with a slump in oil prices to around $90 a barrel. That brought into question the claim of the US Commodity Futures Trading Commission (CFTC) that institutional investors' investment in energy futures was not the primary reason for the rise in oil prices in 2007 and the first half of 2008. Indeed, the fall in oil prices in the face of bullish physical fundamentals – with most US Gulf of Mexico oil production unavailable because of Hurricanes Gustav and Ike (see p12) – appears to support Opec's view that speculators are largely to blame for oil-price inflation.
Bears storm the market
1 September 2008
Fundamentals of the Global Oil & Gas Industry, 2008 - Intelligent Energy
5 August 2008
The oil and gas industry can learn from other global industries as it faces up to the challenge of meeting rising energy demand. Technological advances and human-resource development can bridge the gap between the vision and reality of intelligent energy. By Andrew Gould, chairman and chief executive, Schlumberger
Oil hits three-month low
5 August 2008
Crude futures have fallen to a three-month low as better news for oil prices outweighed the negative news. But views are split on whether the trend is set to continue or will reverse. On Monday, Nymex's light, sweet crude futures contract for September delivery fell by $3.69/b to $121.41/b, while, in London, August Brent was down by $3.50/b, at $120.68/b, on Ice. This means crude futures have fallen around $27/b, or 18%, since Brent hit a record high of $147.50 on 11 July.
The downward correction continues
1 August 2008
The market price of anything is always a case of balancing the positives and negatives. But with the added impetus that an oil price of near $150/b was never considered to be fundamentally sound, the continued trending down of the price of crude has come as little surprise to many analysts.