Oil prices will remain below the psychologically important $100-a-barrel mark until at least 2025, according to a draft report by the Organization of the Petroleum Exporting Countries (OPEC), seen byThe Wall Street Journal. In its most optimistic scenario, OPEC, which represents 12 oil-producing countries, forecast that oil will sell for around $76 per barrel in… Keep reading →
Brent
Sign up and get Breaking Energy news in your inbox.
We will never sell or share your information without your consent. See our privacy policy.U.S. crude posted its first monthly gain since June on Friday, but one expert warned that storage in the United States is filling up quickly, and that could send oil lower. “We are really close,” said Bank of America Merrill Lynch’s Francisco Blanch, noting that storage could run out by the end of March or… Keep reading →
Bulging inventories are expected to continue to build at the biggest US oil-storage facility, putting more downward pressure on crude prices and adding to calls on the federal government to legalize exports, analysts said. The amount of oil stored at the Cushing Hub in Oklahoma rose to 48.18 million barrels in the week ending Feb.… Keep reading →
As global benchmark oil prices on Wednesday reached lows not seen since the wake of the economic crisis in 2009, Saudi Arabian oil minister Ali al-Naimi responded to reporters’ questions with some of his own. The world’s most important oil minister held his ground reiterating that the oil market will correct itself without Opec interference.… Keep reading →
Energy News Roundup: Can China Reduce Coal Use? Waste-to-Energy Tech Wins Award & Oil Prices Creep Lower
By Jared AndersonMany of China’s coal-fired power plants are equipped with air pollution scrubbers, but in some parts of the country they are seldom used. Scrubbers take energy to run which reduces total output and makes operating the equipment more expensive. The government often sends plant operators mixed messages that prioritize economic growth (which requires maximum power… Keep reading →
Energy News Roundup: News Outlets Fight Coal Case Gag Order, Canada Faces Climate Pressure & Oil Prices Rebound
By Jared AndersonFormer Massey Energy CEO Don Blankenship was criminally indicted for being responsible for the deaths of 29 coal miners in 2010 and in the interest of ensuring a fair trial U.S. District Judge Irene Berger sealed all court records. However, several major media organizations are challenging the gag order. “The news outlets could have good… Keep reading →
Energy Quote of the Day: ‘Lowest Price Heading Into a Thanksgiving Holiday Since 2009’
By Jared AndersonThe oil market is filled with winners and losers. When oil prices decline, refiners generally win as their feedstock is less expensive, but producers lose as they get less money for their product. This highlights the attraction of vertical integration – operating both upstream production and downstream refining – which can insulate companies from oil… Keep reading →
Benchmark oil prices took a nose dive today, with both WTI and Brent shedding their recent gains. Prompt-month WTI dipped into $75 per barrel territory on a combination of weak economic outlooks and supply/demand fundamentals. The other big news impacting WTI was Saudi Aramco’s price cut to the crude oil grades it exports into the… Keep reading →
Energy News Roundup: Credit Suisse Cuts Oil Price Forecast, Gazprom’s Gas Exports Down & Oklahoma Wind Power Controversy
By Jared AndersonAnalysts at investment bank Credit Suisse cut their 2015 benchmark global oil price expectations in the face of bearish fundamentals, forecasting Brent to average $97 per barrel and WTI to average $89/bbl. All eyes are on Saudi Arabian exports, which are currently at the lower end of the historical spectrum and could decrease further when… Keep reading →
Energy News Roundup: Writing on the Wall for Utilities, Big Week for House Energy Votes, Oil Price Plunge Continues
By Jared AndersonUsing Germany as an example, this article investigates the changing utility business model in the face of rapidly expanding renewable energy sources and other trends that are eating into utility company bottom lines. “A reckoning is at hand, and nowhere is that clearer than in Germany. Even as the country sets records nearly every month… Keep reading →