Posts by: Phil Flynn

Doubling Down. The Energy Report 01/22/18

On January 22, 2018 - 10:57 AM By

Despite speculation that a rise in shale output would test the resolve of the OPEC/Non-OPEC accord, the two players that matter, Saudi Arabia and Russia, appear ready to double down on their production cut strategy. Saudi Energy Minister Khalid Al-Falih and Russian Oil Minister Alexander Novak, in an interview with Bloomberg News, both say that […]

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Explosive. The Energy Report 01/19/18

On January 19, 2018 - 8:37 AM By

The International Energy Agency came out with an “explosive” report talking about “explosive” production growth as the United States will become the undisputed leader in global oil production. Take that Saudi Arabia and Russia! The agency that is known by traders as the agency that has way under estimated, is now proclaiming the U.S. as the […]

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Now you see it. Now you don’t. Presto, change-o the U.S. oil glut has disappeared. Low oil prices and a booming global economy has caused the biggest oil glut in history to disappear before your very eyes. The American Petroleum Institute reported another massive 5.121 million barrels drop in U.S. crude supply dragging stockpiles back to […]

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[Myra P. Saefong, MarketWatch] Oil prices finished lower Tuesday, pulling back from three-year highs as traders awaited data due later this week on U.S. crude supplies and production. February West Texas Intermediate crude CLG8, -0.20%  fell 57 cents, or 0.9%, to settle at $63.73 a barrel On the New York Mercantile Exchange. Prices had settled Friday at $64.30, the highest […]

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The Energy Information Administration(EIA) releases another EIA Drilling Activity report that raises its estimates for shale oil production without considering the realities on the ground. According to the report, EIA says that U.S. shale oil production will increase by 111,000 barrels a day to 6.55 million barrels a day in February next month and that production […]

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Brent Crude crashed through $70 a barrel and WTI just shy of $65, shattering another glass ceiling many oil bears said was impossible to ever see. This came as OPEC said it has no intentions to relent on production cuts and overshadowed rising rig counts. Even as the market gets a little turn around Tuesday […]

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Oil prices pulled back after Brent Crude hit its $70 objective and Chinese crude oil imports hit a record high but was a bit shy of expectations, but still strong as global demand is surging, global supply is falling and then there is the dollar. The dollar index hit the lowest level since September and […]

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The oil glut that many said would never go away is officially gone. For the first time since June of 2015 oil supplies are back in the average range and not above average. This is happening as U.S demand is above average, and that in part explains why the supply of oil continues to drain […]

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Oil prices traded at the highest level since OPEC declared a production war on Shale and laughed off an estimate of record U.S. oil production from the Energy Information Administration (EIA). The reason why the oil bears got it wrong was because they underestimated demand and over estimated production. The Bears failed to see that […]

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Oil Price Rise. The Energy Report 01/09/18

On January 9, 2018 - 7:45 AM By

WTI crude prices pulled back from a critical technical level after coming within a couple of ticks of the 6258-high hit in May of 2015. Back then oil topped before a collapse in price as three bearish factors caused oil to fall. The first was worries about the future of the European Union. Fears that […]

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More evidence that the oil super cycle is underway, oil prices are on the rise as global demand and underinvestment in new oil projects are starting to take their toll on global oil supply. There is talk of new sanctions on Iran and Platt’s is reporting that Venezuela’s production hit its lowest since its oil […]

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Where did all the oil go? Long time passing! A 7.06 million-barrel drop, the seventh drop in a row in a crude adding oil supply drawdown of historic proportions. Record refinery runs operating at 96.7% of their operable capacity last week running 17.6 million barrels of crude oil per day. This comes against a back […]

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