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26 июля, 01:12

Shortage Of Fracking Crews Slows The Shale Boom

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The resurgence in shale drilling and production could be bumping up against some limits, with output expected to fall far short of market expectations for this year and next, according to a new study. Some of the constraints that shale companies will run into are on the access to oilfield services (OFS), including rigs, equipment and personnel, according to Kayrros, a French research firm backed by the former CEO of OFS giant Schlumberger, and reported on by the FT. Over the past three years, the oil market downturn led to sharp cutbacks in drilling…

26 июля, 00:50

Electric Car Industry Faces A Looming Supply Shortage

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“Lithium is the new oil,” goes the saying in electric vehicle (EV) circles. If you haven’t heard the catchy maxim, it means that new-age batteries made from elemental lithium are the energy world’s “in-thing.” By extension, a tank of gasoline containing a cocktail of carbon and hydrogen atoms is passé. Think back to the early 1900s: It’s like an oilman wearing spats and a fedora walking into a cowboy bar saying, “Oil is the new horse hay.” Fast forward to today: I’m a believer that…

26 июля, 00:28

Will The UAE Further Boost Its OPEC Compliance?

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Following Saudi Arabia’s pledge to do the same, the United Arab Emirates announced on Tuesday its plans to reduce oil exports beginning in September of this year. The announcement was delivered on Twitter from UAE’s Minister of Energy, Suhail Mohamed Al Mazrouei, reiterating its commitment to “share in OPEC production cut.” (Click to enlarge) As for the UAE’s oil customers, we’re talking about mostly Japan, who receives 62 percent of the UAE’s crude oil exports, according to the UAE Embassy website. Saudi…

25 июля, 23:52

Oil Prices Leap Higher After API Reports Huge Crude Draw

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The American Petroleum Institute (API) reported a huge draw of 10.23 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected a draw of only 2.5 million barrels for the week ending July 21. Gasoline inventories, on the other hand, bucked analyst traditions with a 1.903-million-barrel build for the week ending July 21, compared to analyst expectations that inventories for the fuel would fall by 1.25 million barrels. Crude prices were up over 3 percent on Tuesday afternoon on expectations…

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25 июля, 22:15

Why U.S. Shale Drillers Can’t Sell Their Gas

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Natural gas output from the U.S. shale formations is at a record high. So are recoverable gas reserves, according to the Potential Gas Committee. This sounds like good news for everyone except producers: there just are not enough pipelines to transport the gas, which is already uncomfortably cheap because of the abundant supply. As natural gas prices recovered from the lows they hit last year on oversupply, shale producers became bolder and started ramping up, just like oil drillers did. As a result, according to Bloomberg data from June, output…

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25 июля, 22:10

New Regulations May Come As A Rude Awakening For Oil Companies

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An agency little-known outside accounting circles recently issued draft rules to change the standards which govern the verification of the year-end oil and gas reserves of public companies. The change would increase the burden of an audit, but the agency sees the need to tighten the scrutiny of such estimates. If they are right, then some companies will see downward revisions of reserves, their single greatest asset, as the rules become effective over about the next two years. The Public Company Accounting Oversight Board (PCAOB) governs the auditors…

25 июля, 21:50

Saudi Arabia Regains Influence Over Oil Markets

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Oil prices have spiked at the start of this week, with Brent breaking through the $50 mark in response to Saudi Arabia's promises to cut more oil and its determination to get compliance rates under control.  (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) • Electricity prices on the California grid are rising for morning and evening hours, and falling at midday. • This is a reflection of a surge in solar installations, which has significantly cut into the need for peak midday generation. • A rush of…

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25 июля, 21:25

China’s Demand For Imported Crude Set To Rise By 400,000 Bpd In 2017

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Lower domestic production and continued low oil prices will lead to China’s demand for crude oil imports rising by around 400,000 bpd in 2017, according to a senior manager at Sinopec. Chinese crude oil imports are expected to exceed 400 million tons this year, and to further rise next year, Zhang Haichao, vice president of Sinopec Group, told Reuters on Tuesday. The estimate provided by Zhang means that Chinese demand for foreign crude would rise by 400,000 bpd, and for the first time ever, rising imports could make China the world’s…

25 июля, 20:08

Nigeria’s Oil Output Drops 150,000 BPD After Shell Pipeline Closure

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The Nigerian unit of Shell has shut its Trans Niger Pipeline due to a leak, while the managing director of the Nigerian National Petroleum Corporation (NNPC) said on Monday that the pipeline was attacked, effectively shutting in 150,000 bpd of crude oil output. Shell’s Nigeria subsidiary, Shell Petroleum Development Company (SPDC), said that it had shut the pipeline last Friday following a leak that had occurred in Ogoniland. The company was investigating the cause of the leak, it has said, as reported by Reuters. Trans Niger Pipeline is…

25 июля, 19:46

Oil Prices Spike In Spite Of Bearish EIA Forecast

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Oil prices have faced increased pressure in 2017; if it’s not Nigeria and Libya output, it’s US shale. If it’s not US shale, it’s predictions of weakening demand. If it’s not predictions of weakening demand, it’s Iraq’s pledges to boost capacity despite production cut promises. If it’s not Iraq’s eager production plans, it’s OPEC’s failure to live up to expectations. And today, the Energy Information Administration is the one dealing the latest blow to oil prices, which had finally…

25 июля, 18:57

Kuwait Petroleum In Talks To Set Up Trading Joint Venture

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Kuwait’s state-run Kuwait Petroleum Corp (KPC) is discussing a joint venture with commodities traders or international oil companies to start trading refined oil products, Bloomberg reports, citing an official at KPC. The Kuwaiti company is in talks with BP, Shell, and Total, as well as with commodity trading giants Vitol and Glencore regarding a possible joint venture. According to the KPC official, the energy trade joint venture would market fuel from refineries that KPC is building, including the 230,000-bpd Duqm Refinery and Petrochemical…

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25 июля, 18:26

Anadarko Blinks First In The Shale Standoff

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It appears that Horseman Global's Russell Clark may have been spot on with his bearish take on the US shale sector. As a reminder, in his latest letter to investors, Clark said that "the rising decline rates of major US shale basins, and the increasing incidents of frac hits (also a cause of rising decline rates) have convinced me that US shale producers are not only losing competitiveness against other oil drillers, but they will find it hard to make money.... at some point debt investors start to worry that they will not get their capital back…