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[bountyhunter] 23/11/2018 14:01

this is the problem with the oil price:



"Earlier this week, Donald Trump thanked Saudi Arabia, the de facto leader of Opec, for pumping more and bringing down the price, but the US president said he wanted to see it lower still."

what actually happens at the forthcoming Opec meeting is yet to be seen

[waldron] 23/11/2018 12:05

Total
48.595 -0.95%


BP
523 -0.42%


Shell A
2,342 -1.74%


Shell B
2,378 -1.96%


Brent Crude Oil NYMEX 61.03 -2.54%
Gasoline NYMEX 1.43 -3.06%
Natural Gas NYMEX 4.31 +1.79%


WHATA BLACK DAY OR JUST VARIOUS SHADES OF GREY

[waldron] 23/11/2018 06:20

BP PLC (BP.LN) said Friday that it has achieved first oil production from the Clair Ridge project in the West of Shetland region in the U.K. North Sea.

The Clair Field was discovered in 1977. The development is the sixth new upstream project to be brought online by BP this year. It will target reserves of 640 million barrels of oil, with a peak production rate of 120,000 barrels of oil a day

Bernard Looney, the chief executive of the company's upstream business, said the Clair Ridge project is "a culmination of decades of persistence" as access to the available oil proved difficult.

BP is the operator of the Clair field where it holds a 28.6% interest. Royal Dutch Shell PLC (RDSB.LN) has a 28% interest, while Chevron North Sea Ltd.--a subsidiary of Chevron Corp. (CVX)--holds a 19.4% interest.

ConocoPhillips (COP) currently holds a 24% interest in the Clair field. However in July BP agreed to buy a ConocoPhillips subsidiary which holds a 16.5% interest in the field. Once the deal completes, BP's interest will be 45.1% and ConocoPhillips will hold a 7.5% stake.

BP said Clair Ridge is the first offshore use of its LoSal technology, which has the potential to increase oil recovery by injecting water of a lower salinity into reservoirs. The company expects its technology to result in an additional 40 million barrels of oil being recovered in a cost-effective manner over the project's lifetime.



Write to Oliver Griffin at [e-mail]; @OliGGriffin



(END) Dow Jones Newswires

November 22, 2018 19:15 ET (00:15 GMT)

[waldron] 23/11/2018 06:09

JP Morgan gives its prediction for Brent crude in 2019
Published Thu, Nov 22 2018 • 2:19 AM EST | Updated Thu, Nov 22 2018 • 2:53 AM EST
Huileng Tan
@huileng_tan




Key Points

JP Morgan has cut its outlook for oil, predicting that Brent crude prices will average $73 a barrel in 2019 — down from the investment bank’s previous forecast of $83.50 a barrel.
Scott Darling, head of Asia-Pacific oil and gas at JP Morgan told CNBC demand growth will weigh, particularly after the Organization of the Petroleum Exporting Countries (OPEC) agreed to ramp up production earlier this year.
Slowing demand growth will weigh on prices in 2019 and 2020.

GP: Oil crude pump
A heavy crude oil pump.
Jsmes Hall | EyeEm | Getty Images

JP Morgan has cut its outlook for oil, predicting that Brent crude prices will average $73 a barrel in 2019 — down from the investment bank’s previous forecast of $83.50 a barrel.

Scott Darling, head of Asia-Pacific oil and gas at JP Morgan told CNBC that the investment bank recently revised its outlook in part due to North American supply ramping up in the second half of next year. JP Morgan expects the price of Brent, the international benchmark for oil, to go toward $64 in 2020.

In Asian trade on Thursday, Brent crude was trading at around $63.45 a barrel while U.S. West Texas Intermediate was around $54.61 a barrel.

Demand growth will weigh, particularly after the Organization of the Petroleum Exporting Countries (OPEC) agreed to ramp up production earlier this year, he said.

The market is now focused on the group’s next meeting on December 6 for guidance. Darling said OPEC needs to cut oil production by 1.2 million barrels a day for the whole of next year to balance the oil market.

Crude oil prices have seen ups-and-downs this year, with prices spiking to multi-year highs in October due to Trump’s decision to reimpose sanctions on Iran. Sanctions on the third-biggest producer in OPEC has put upward pressure on oil prices throughout much of the year.

Major crude oil benchmarks spiked to four-year highs one month before the sanctions went into force, but that rally has since unwound spectacularly. Oil prices have plunged 30 percent since early October, dragged lower by a broader market sell-off and growing consensus that supply will outstrip demand next year.

“U.S. politics has played a part ...(but) it’s still been supply-demand driven, ” said Darling.

His comments came after President Donald Trump on Wednesday doubled down on his defense of Saudi Arabia, thanking the kingdom for helping to keep a lid on oil prices, even amid bipartisan criticism for his support for Riyadh after the killing of journalist Jamal Khashoggi.

The Trump administration has relied on Saudi Arabia to hike output — and convince other producers to pump more oil — in order to offset the inflationary impact of its hawkish Iran policy.

— CNBC’s Tom DiChristopher contributed to this report.

[waldron] 22/11/2018 17:15

Total
49.06 -0.71%


Engie
12.145 -1.42%

Orange
14.645 -0.20%

FTSE 100
6,960.32 -1.28%
Dow Jones
24,464.69 +0.00%
CAC 40
4,938.14 -0.75%


THANKSGIVING NOT A NORMAL DAY OR WEEK


Brent Crude Oil NYMEX 62.77 -1.12%
Gasoline NYMEX 1.47 -1.70%
Natural Gas NYMEX 4.21 -5.48%



BP
525.2 -1.04%


Shell A
2,383.5 -1.12%


Shell B
2,425.5 -1.00%

[waldron] 22/11/2018 17:14

Total
49.06 -0.71%


Engie
12.145 -1.42%

Orange
14.645 -0.20%

FTSE 100
6,960.32 -1.28%
Dow Jones
24,464.69 +0.00%
CAC 40
4,938.14 -0.75%


THANKSGIVING NOT A NORMAL DAY OR WEEK


Brent Crude Oil NYMEX 62.77 -1.12%
Gasoline NYMEX 1.47 -1.70%
Natural Gas NYMEX 4.21 -5.48%



BP
525.2 -1.04%


Shell A
2,383.5 -1.12%


Shell B
2,425.5 -1.00%

[bountyhunter] 22/11/2018 13:06

#2984 great article Adrian

as I have an interest in HUR I've reposted on the HUR thread

[waldron] 21/11/2018 16:59

Total
49.41 +1.12%


Engie
12.32 +1.32%

Orange
14.675 +0.96%

FTSE 100
7,050.23 +1.47%
Dow Jones
24,631.4 +0.68%
CAC 40
4,975.5 +1.03%


Brent Crude Oil NYMEX 64.01 +2.37%
Gasoline NYMEX 1.52 +2.48%
Natural Gas NYMEX 4.51 -0.20%


BP
530.7 +2.25%


Shell A
2,410.5 +2.27%



Shell B
2,450 +2.34%

[ny boy] 20/11/2018 19:22

Be wary of CEO’s talking nice round no’s!

Total CEO says oil price could hit $100 'in coming months'
Published May 17, 2018 10:32pm