More Economics & Oil Market News

MARKET WATCH: NYMEX oil price soars to 2015 high

Crude oil prices for May delivery soared by more than $3/bbl on the New York market Apr. 15 to close above $56/bbl, a high for 2015, while the Brent contract for May delivery closed on the London market at above $60/bbl.

IEA forecasts higher 2015 global oil demand

In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum.

MARKET WATCH: Oil prices rise on IEA demand forecast

Crude oil prices rose on the New York and London markets Apr. 14 for a fourth consecutive day after the International Energy Agency forecast oil demand will rise by 1.1 million b/d this year compared with 2014 demand growth of 700,000 b/d.

More witnesses urge Congress to repeal US crude oil export ban

The US crude oil export ban is a 1970s anachronism that could hobble US production growth and restrict economic improvement if it is not repealed, three witnesses told a House Foreign Affairs Subcommittee’s hearing on the matter. A fourth witness, however, warned that ending the export ban would lead to a hazardous US production increase that would then possibly lead to greater greenhouse gas (GHG) emissions and threats to public safety.

AEO2015: US on track to eliminate net energy imports by 2030

Continued growth in oil and natural gas production, growth in the use of renewables, and the application of demand-side efficiencies show the potential to eliminate net US energy imports in the 2020 to 2030 timeframe, according to projections in the Annual Energy Outlook 2015 (AEO2015), released by the US Energy Information Administration. The US has been a net importer of energy since the 1950s.

MARKET WATCH: Crude oil prices climbing on New York, London markets

Crude oil prices continued their recent upward momentum on the New York and London markets Apr. 13 on expectations that US oil production might start falling in coming weeks, although analysts suggested the anticipated drop will not be enough to balance an oversupplied world oil market.

WoodMac: Industry cash flow breakevens down by $20/bbl with rapid strategic response

Rapid and aggressive strategic response by oil and gas companies to low oil prices has driven industry cash flow breakevens down by $20/bbl to $72/bbl, according to a recent analysis of Wood Mackenzie. If oil prices remain at current levels, further cuts would be required to achieve cash flow neutrality, WoodMac said. For some companies, this will mean selling assets, others may suspend or limit dividend and buyback programs.

Report highlights UKCS profitability slide

The slumping profitability of oil and gas work offshore the UK is evident in a new government report.

MARKET WATCH: NYMEX oil prices rise but analysts advise caution

US light, sweet crude oil prices climbed on the New York market Apr. 10 but analysts warned that market fundamentals still lack a strong trend that would indicate a near-term oil-price recovery.

IHS: Eagle Ford completions pending

US oil producers operating in the Eagle Ford shale in South Texas built an inventory of nearly 1,400 drilled but uncompleted (DUC) wells, said an analysis from IHS, which noted that the most promising of these wells belong to a few operators.

In Texas, the mood about jobs is not all that's blue

To a loyal resident, the only time Texas looks better in the rearview mirror is when oil prices have crashed.

EIA: Global oil inventories continue to build

Global oil production continues to exceed demand, resulting in inventory builds, according to the US Energy Information Administration's most recent Short-Term Energy Outlook (STEO).

Southern Mid-Atlantic US senators petition for OCS revenue sharing

US senators from four southern Mid-Atlantic coastal states asked Energy and Natural Resources Committee leaders to consider comparable federal Outer Continental Shelf revenue sharing for oil and gas activity off their shores to what four US Gulf Coast states now receive.

MARKET WATCH: Crude oil prices rebound on volatile New York, London markets

US light, sweet crude oil prices and Brent crude oil prices regained some strength Apr. 9 after both plunged by more than $3.50/bbl the previous day on a volatile market for the week while many traders anticipate a recovery for crude oil although the timing of the recovery is uncertain.

MARKET WATCH: Crude oil prices plunge on robust US inventory, record Saudi output

US light, sweet crude oil prices and Brent crude oil prices both plunged by more than $3.50/bbl for front-month delivery on the New York and London markets, which analysts attributed to robust US oil inventories and also reports of record Saudi oil production.

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