Is An Oil Price Spike Imminent?

As the U.S. market begins its recovery from the double whammy served up by hurricanes Harvey and Irma, my earlier projections of where crude oil prices are headed have come true. Just a little quicker than anticipated. As I am writing this, WTI (West Texas Intermediate, the benchmark crude rate for futures contracts written in New York) …

Old Oil Is New Again

Source: Wall Street Journal From California’s Central Valley to the Native American lands of Oklahoma, more small- and mid-sized oil firms—many backed by private equity—are forgoing expensive shale drilling projects and opting for old-school wells instead. As crude prices languish under $50 a barrel, and with increasing costs for land, labor and infrastructure, some shale …

Oil trading ‘god’ Andy Hall says he’s met his match in robots

Astenbeck Capital Management founder Andy Hall is so highly regarded in the oil trading business that he earned the nickname “god.” But Hall has admitted that the value of his analysis has diminished in an age of automated trading. The rise of machine-based algorithmic trading is injecting so much volatility into oil markets, it’s now difficult …

BP profits hit by Angola write-off; CEO says it’s preparing for ‘new oil price environment’

BP beat analyst expectations on Tuesday, despite profits more than halving from the first three months of the year after a hefty charge from an unsuccessful project in Angola. Here are some of the highlights from the earnings: Underlying replacement cost profit, used as a proxy for net profit, $684 million in the second quarter …

OPEC Agreement Adds To ‘Trump Rally’

Oil prices soared nearly 10% on news that OPEC has reached a much anticipated agreement to reduce output by 1.2M barrels per day, bringing the total daily production to 32.5M bpd. The agreement, which was announced Wednesday at 11:00am EST, is contingent on a reduction of production by 600,000 bpd from non-OPEC countries, with Russia …

This Oil Company Goes Old-School, Shuns Shale

In an era of shale, Petro River Oil (PTRC) is going old-school. The shale revolution has been the driving force behind America’s resurgence as a leading oil producer. However, given the costly nature of shale projects, Petro River has shunned them. Instead, the New York-based company targets conventional oil that can turn a profit no …