The TRAN seems to be confirming the turn around in Oil. We shall see.
Tran.jpg
Oil back at $95 — but it will take 24 years: OPEC
By Holly Ellyatt 5 hours ago
Oil prices will take decades to recover and will still not reach the peak seen in recent years, according to the latest World Oil Outlook (WOO) from OPEC.
In the group's latest outlook on supply, demand and prices to 2020 and 2040, OPEC predicted that a barrel of oil would cost (in real terms) around $70 by 2020 and $95 by 2040, a far cry from a high point of $114 a barrel last seen in June 2014 before prices began to plunge on oversupply. On Wednesday, a barrel of benchmark Brent crude cost $36.51, a shade above WTI at $36.47.
Price declines were exacerbated by the decision last year by OPEC, the 12-member producer group led by Saudi Arabia, not to cut production. Still, OPEC's Secretary General Abdalla Salem El-Badri said OPEC had been a bastion of stability amid volatile times for the oil industry.
Oil back at $95
The TRAN seems to be confirming the turn around in Oil. We shall see.
Tran.jpg
Last edited by nnuut; 12-23-2015 at 10:30 AM.
Oil Companies Rush To Exploit End Of US Crude Export Ban
by Reuters
|
Catherine Ngai & Valerie Volcovici
|
Wednesday, December 23, 2015
- See more at: NEWS | Oil Companies Rush To Exploit End Of US Crude Export Ban | RigzoneAbrupt End
On Friday, Congress passed and President Barack Obama signed into law a $1.8 trillion government spending and tax relief bill that included repealing the four-decade-old export ban, which barred shipments to countries other than Canada. The Department of Commerce issued an official notice on Tuesday saying companies no longer need to apply for licenses to export crude.
In the coming weeks, companies are likely to "stress test" where export opportunities will be, said George Baker, executive director of the Producers for American Crude Oil Exports, which led the successful lobbying effort in Washington to lift the ban.
Pressure from oil producers to scrap the restrictions intensified over recent years, as U.S. crude oil prices plunged to as much as $25 a barrel below global prices due to a build-up of swelling U.S. shale production caused by infrastructure bottlenecks as well as the export ban.
But that gap has vanished in recent weeks amid growing evidence that U.S. production has shifted into reverse this year as plummeting prices caused drilling to dry up, while output overseas is still swelling, with Iran poised to increase sales as sanctions are lifted next year.
On Wednesday, U.S. oil futures were trading at a premium to global Brent all the way to June.
Jacob Dweck, an attorney with law firm Sutherland that represents oil producers, said some producers and shippers "are interested in flying the flag of exports ... They want to create the new reality of exports."
But analysts said even if a handful of companies announce deals in coming weeks, it does not signal a bigger trend.
"It's universally agreed in the short term that we won't see a flood of ships leaving for foreign ports because the economics aren't right," said Sandy Fielden, director of energy analytics at RBN Energy.
E10 from $1.73 to $1.99 a gallon in Boiled Peanut GA!
Nnut
three things- 1 Merry x-mas
2 any guesses/thoughts on oil in relation to equities up/down next week and
3 how tasty are boiled peanuts??
1. A Merry Christmas and a great New Year to you!!!
2. I wish I knew, but lower cost of Transportation should be good for the economy.
3. Very tasty and the flavor can be modified with addition of Spices, Ham, Sausage and other things, I love them. It's a Southern thing.
Boiled Peanuts pot.jpg
U.S. stocks slump as oil retreats
Published: Dec 28, 2015 10:30 a.m. ET
U.S. stocks slump as oil retreats - MarketWatch
U.S. stocks open higher as oil prices rebound
Published: Dec 29, 2015 9:44 a.m. ET
U.S. stocks open higher as oil prices rebound - MarketWatch
Economic Calendar - Bloomberg
EIA Petroleum Status Report
Released On 12/30/2015 10:30:00 AM For wk12/25, 2015
Prior Actual Crude oil inventories (weekly change) -5.9 M barrels 2.6 M barrels Gasoline (weekly change) 1.1 M barrels 0.9 M barrels Distillates (weekly change) -0.7 M barrels 1.8 M barrels Highlights
Oil inventories rebounded in the December 25 week, up 2.6 million barrels to 487.4 million. Gasoline inventories rose 0.9 million barrels while distillate stocks jumped 1.8 million. Refineries operated at 92.6 percent of capacity. U.S. crude oil imports averaged 7.9 million barrels per day last week, up by 566,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 4.7 percent above the same four-week period last year.
After 40 years, first U.S. crude exports about to ship
Let the era of U.S. oil exports begin.
ConocoPhillips Co. COP, +0.65% and NuStar Energy LP NS, +2.64% on Thursday plan to finish loading what will be the first tanker of freely traded U.S. crude oil in 40 years.
Published: Dec 30, 2015 8:26 p.m. ET
The companies have jumped ahead of Enterprise Products Partners LP, which said last week that it would load the first cargo of American crude in Houston during the first week of January.
It has been less than two weeks since President Barack Obama signed legislation lifting the long-standing ban on exporting U.S. oil., which was put into place during the 1970s.
The first shipment of U.S. crude could sail from NuStar’s dock in Corpus Christi, Texas, as early as New Year’s Eve. ConocoPhillips pumped the oil from the Eagle Ford Shale formation in South Texas.[more]
After 40 years, first U.S. crude exports about to ship - MarketWatch
First U.S. Oil Export Leaves Port, Marking End of 40-Year Ban
Source: Bloomberg
December 31, 2015 — 5:26 PM EST
The first U.S. shipment of crude oil to an overseas buyer departed a Texas port on Thursday, just weeks after a 40-year ban on most such exports was lifted.
The Theo T tanker has left NuStar Energy LP’s dockside facility in Corpus Christi, Texas, along the western shore of the Gulf of Mexico, Mary Rose Brown, a spokeswoman for NuStar, said in an e-mail. The ship is carrying a cargo of oil and condensate from ConocoPhillips’s wells in south Texas that was sold to Swiss trading house Vitol Group.
A campaign by oil explorers including Continental Resources Inc., Chevron Corp. and Exxon Mobil Corp. to lift the 1970s-era export prohibition culminated in a Dec. 18 congressional decision to end the ban.
Vitol, which owns stakes in refineries from northern Europe to Australia, has a second cargo of U.S.-sourced crude scheduled to depart a Houston port within days.
Read more: First U.S. Oil Export Leaves Port; Marks End to 40-Year Ban - Bloomberg Business
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