For the first time during my holiday baking, I added gingerbread men to the baking list.
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Resilience Is Key: Gingerbread And Oil Prices
By Melissa Lyon | Fox Rothschild LLPSign up and get Breaking Energy news in your inbox.
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Just recently, oil prices hit a two-year high – but now, this week they have started to head lower.
There are parties who feel oil is near it’s high point and within a few decades the sun will set on oil as an energy source. Some people who believe most strongly in alternative energy sources and electric vehicles argue that the future lies outside of oil.
With the nine-month extension of the OPEC led production cuts the consensus among traders is that oil will likely stay between $50-$60 a barrel this year. But beyond that there a number of different viewpoints as to where prices will go. Some parties feel the medium term future for oil has already been written by the lack of investments made upstream and within a few years the price of oil may nearly double.
The production cuts deal lead by OPEC and Russia have received a great deal of publicity lately, but in reality it is the Chinese economy that could make or break the oil markets this year. While these supply side players have promised to do “whatever it takes” to support the price of oil, in large part the rise or fall of the world’s most traded commodity lies with their largest customer.
With the day of the OPEC meeting approaching there appears to be a growing consensus among industry insiders that OPEC will be able to regain some degree of control over oil prices. Many experts now believe that the planned production cuts will be sufficient to consume the surplus and in 2018 the oil market will reach an equilibrium at somewhat higher commodity prices. This analysis often has an optimistic sounding ending. Oil prices ending up at levels everyone can live with and US shale picks up the growth in demand from the market.
This is the final segment in a three part series discussing the recent past and future of oil prices and the reasons why prices are where they are. Currently there is a glut in oil inventories worldwide. There are a number of factors contributing to this continuing situation as I have detailed in there previous two segments of this series but in the end it can all be summed up into one simple statement: All parties whether they are individuals, corporations, or nations tend to do what is in their own best interest.
The decision by the Trump Administration to launch missile strikes against Syria may affect oil markets. The Middle Eastern country broke international law established by the United Nations and the Geneva Conventions when it decided to use chemical weapons on rebels in the country – a banned form of artillery. The true outcome hinges on… Keep reading →
Here is a pretty crazy sequence of events that just went down in the Houston legal market.
Energy News Roundup: Sun Setting On Coal, Solar’s Job Growth & Oil Prices Plummeting
By Conor O'Sullivan
Barack Obama promised an overhaul of coal mining on public lands during his final Sate of the Union address, delivering a major blow to the ailing industry. [The Guardian] The solar industry added 35,000 jobs in 2015, up 20% from the previous year, according to the Solar Foundation, a nonprofit in Washington D.C. [CNN Money]… Keep reading →
