Mark the date on your calendars: Aug. 28, 2018. That’s when Saudi Arabia goes broke. Or at least that’s the date according to one model of the oil-rich nation’s reserves, crude production and the price of oil. If crude stays around $40, America’s Middle Eastern ally will run out of money on that date. Obviously,… Keep reading →
On August 14, 2015, the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) announced the approval of licenses for limited exchanges of crude oil between the U.S. and Mexico; namely, swapping Mexico’s heavy grade crude with lighter grade U.S. crude. The decision addresses the mismatch between the light sweet crude oil produced… Keep reading →
Comparisons are being made to the volatile markets of 1998 due to oil testing lows, the struggle of emerging markets and a strong a strong dollar that is threatening to knock over debt dominoes. [CNBC] The Australian region of Victoria is planning to fast-track the construction of 50 new wind turbines worth $200m, countering the fossil fuel friendly… Keep reading →
The EIA has lowered crude price forecasts in its Short-Term Energy Outlook (STEO), expecting West Texas Intermediate (WTI) crude oil prices to average $49 per barrel (b) in 2015 and $54/b in 2016. [EIA] New documents have revealed BP was part of an oil and gas lobby that successfully undermined EU renewable energy targets and subsidies… Keep reading →
A huge move for oil could be on tap Monday afternoon, when an unusually high level of activity in September options contracts could set the stage for a vicious rally. Options on the September crude oil futures contract expire Monday at the 2:30 p.m. ET settlement. And those derivative contracts have been very popular, with… Keep reading →
In her first major break with President Obama, Hillary Clinton has stated she opposed drilling in the Alaskan Arctic because it is too dangerous. [The Washington Post] Billionaire climate philanthropist George Soros has invested more than $2m in struggling coal giants Peabody Energy and Arch Coal in recent months, despite having once called the fuel “lethal”… Keep reading →
After almost two years of negotiations, the P5+1 and Iran reach a final comprehensive agreement regarding Iran’s nuclear program.
The prospect of oil prices falling below $40 receded earlier this year amid a crude rally, but with futures sliding again, investors shouldn’t rule out a three-handle, Again Capital founding partner John Kilduff said Thursday. “Christmas time we’ll probably be rebounding off new lows off of the mid to low 30s,” he told CNBC’s “Squawk… Keep reading →
BP has reported a $5.8 billion loss in the second quarter, mostly from the costly settlement over the 2010 Gulf of Mexico oil spill. [The NY Times] The Senate Energy and Natural Resources Committee began its debate over the broad bipartisan energy bill, with potential conflicts already emerging. [The Hill] The UAE will raise gasoline prices… Keep reading →
Presidential candidate Hillary Clinton has announced her plans to install more than half a billion solar panels across the U.S. by the end of her first term if elected, outlining an expansive clean energy strategy. [CBS] Energy Secretary Ernest Moniz has defended the Iran nuclear deal, stating that 24-day waiting periods for international inspectors would… Keep reading →
