$70 Oil Could Be Right Around The Corner

Oil markets have always been cyclical, and now even more so with advanced electronic trading, more speculation (which often results in wider oil price swings) and more producers, including the resurgence of U.S. oil production, now reaching over 11 million barrels per day. Added to the cocktail of uncertainty are also a myriad of geopolitical and economic factors, including ongoing U.S.-China trade tensions, angst of U.S. Federal Reserve policy, and wars in Syria, Yemen and elsewhere, which make it increasingly difficult to forecast the direction…

Source: Oilprice.com

Data For 12/31/18


Summary Excerpt:

Regular Gasoline Retail Price
(Dollars per Gallon)
2.266 .. U.S.
2.251 ... East Coast
2.422 .... New England
2.420 .... Central Atlantic
2.097 .... Lower Atlantic
2.005 ... Midwest
1.926 ... Gulf Coast
2.429 ... Rocky Mountain
3.053 ... West Coast
2.851 ... West Coast less California

States
3.219 .... California
2.236 .... Colorado
2.140 .... Florida
2.483 .... Massachusetts
2.083 .... Minnesota
2.513 .... New York
1.866 .... Ohio
1.901 .... Texas
2.989 .... Washington

Cities
2.512 .... Boston
2.125 .... Chicago
1.941 .... Cleveland
2.174 .... Denver
1.954 .... Houston
3.211 .... Los Angeles
2.239 .... Miami
2.409 .... New York City
3.376 .... San Francisco
3.146 .... Seattle


On-Highway Diesel Fuel Retail Price
(Dollars per Gallon)
3.048 .. U.S.
3.110 ... East Coast
3.234 .... New England
3.286 .... Central Atlantic
2.965 .... Lower Atlantic
2.907 ... Midwest
2.841 ... Gulf Coast
3.071 ... Rocky Mountain
3.562 ... West Coast
3.246 ... West Coast less California
3.813 .... California

SPI Energy Co., Ltd. Announces filing of Form 6-K with Unaudited and Unreviewed Six Month Financial Results for June 30, 2018

HONG KONG and SANTA CLARA, Calif., Dec. 31, 2018 (GLOBE NEWSWIRE) — SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ: SPI), a global provider of renewable energy solutions and crypto-miner hosting services for residential, commercial and utility customers, today announced that it has filed a Report of Foreign Private Issuer on Form 6-K [Read more]

Source: BOE Report

Tortoise Power and Energy Infrastructure Fund, Inc. Provides Section 19(a) Notice

LEAWOOD, Kan.–(BUSINESS WIRE)–This notice provides stockholders of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with information regarding the distribution paid on Dec. 31, 2018 and cumulative distributions paid fiscal year-to-date. The following table sets forth the estimated amounts of the current distribution, payable Dec. 31, 2018, and the cumulative distributions paid this fiscal [Read more]

Source: BOE Report

Arab Energy Firms Set To Boost Borrowing After Oil Prices Crashed

Energy companies in the Arab countries in the Persian Gulf may resume issuing more debt and borrowing more money for expansion plans after oil prices plunged by 40 percent from the four-year highs that hit just three months ago. The oil and gas firms in the Gulf Cooperation Council (GCC) had issued record debt in 2017 to finance expansion plans, but the rise in oil prices in 2018 eased the gaps in the Gulf Arab countries’ budgets, and total energy company bond issues and loans in the region declined this year compared to 2017. Yet, as oil…

Source: Oilprice.com

Arab Energy Firms Set To Boost Borrowing After Oil Prices Crashed

Energy companies in the Arab countries in the Persian Gulf may resume issuing more debt and borrowing more money for expansion plans after oil prices plunged by 40 percent from the four-year highs that hit just three months ago. The oil and gas firms in the Gulf Cooperation Council (GCC) had issued record debt in 2017 to finance expansion plans, but the rise in oil prices in 2018 eased the gaps in the Gulf Arab countries’ budgets, and total energy company bond issues and loans in the region declined this year compared to 2017. Yet, as oil…

Source: Oilprice.com

U.S. Shale Challenges OPEC’s Oil Dominance In Asia

The explosive growth of U.S. shale production has capped gains of international and U.S. oil prices, offsetting OPEC’s production cuts in the first half of the year and contributing to an emerging oil glut in the latter half in 2018.   OPEC has now forged a new pact with its Russia-led non-OPEC allies to contain the oil price decline to $50 a barrel Brent—a price that is not enough to balance any budget of a Middle Eastern oil producer. But the consequences of rising U.S. light oil production from the shale fields have also rippled…

Source: Oilprice.com

Arab Energy Firms Set To Boost Borrowing After Oil Prices Crashed

Energy companies in the Arab countries in the Persian Gulf may resume issuing more debt and borrowing more money for expansion plans after oil prices plunged by 40 percent from the four-year highs that hit just three months ago. The oil and gas firms in the Gulf Cooperation Council (GCC) had issued record debt in 2017 to finance expansion plans, but the rise in oil prices in 2018 eased the gaps in the Gulf Arab countries’ budgets, and total energy company bond issues and loans in the region declined this year compared to 2017. Yet, as oil…

Source: Oilprice.com

OG&E seeks to recover costs for federally mandated emissions compliance plan

OKLAHOMA CITY, Dec. 31, 2018 /PRNewswire/ — Oklahoma Gas and Electric, a subsidiary of Oklahoma City-based OGE Energy Corp. (NYSE: OGE), announced today that it has asked the Oklahoma Corporation Commission to review the company’s request to recover its approximately $534 million investment in the Sooner Power Plant (Sooner) and its approximately $75 million investment in [Read more]

Source: BOE Report

Equitrans Midstream Completes Private Purchases of EQGP Common Units and Closes $600 Million Term Loan B

Exercises the EQGP Limited Call Right to Purchase Remaining Common Units PITTSBURGH–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/EQGP?src=hash” target=”_blank”gt;#EQGPlt;/agt;–Equitrans Midstream Corporation (NYSE: ETRN) today announced that it has closed the previously announced private purchases of common units (EQGP Common Units) in EQGP Holdings, LP (NYSE: EQGP) for $20.00 per unit in cash (Private Purchases). As a result of the [Read more]

Source: BOE Report

The Week Ahead For Crude Oil, Gas and NGLs Markets – Dec. 31, 2018

CRUDE OIL

  • US crude oil inventories showed no gain for the week, according to the weekly EIA report. Gasoline inventories increased 3.0 MMBbl, while distillates inventories remained the same. Total petroleum inventories showed a decrease of 2.0 MMBbl. US crude oil production increased 100 MBbl/d last week. Crude oil imports were up 233 MBbl/d to an average of 7.7 MMBbl/d versus the week prior.
  • The holiday-shortened week provided few new headlines as the market continues to digest the positive and negative elements of the market. The Iranian reductions, Venezuelan production declines, quota reductions from OPEC and non-OPEC suppliers, government reduction of crude production by Canada, and short-term reductions from Libya have provided a positive spin for the market during most of 2018.
  • Negative elements driving prices down include the waivers provided to some countries against Iranian sanctions, tariff disputes between the US and China, lack of clarity regarding adherence to the quota reductions, the fears of declining global demand as well as a declining US economy, and the continued growth of US producers.
  • Prices in WTI had a remarkable semblance to the action in equities last week. The S&P suffered one of its worst declines on Monday, while WTI lost $3.00, setting the low for the week at $42.36. This action was countered by both markets on Wednesday, with the S&P gaining over 100 points while WTI gained over $4.00 and set the week’s high at $47.00. While the equities continued to show strength later in the week, the WTI prices started to retrace some of the week’s gains.
  • While the brief rally in crude mitigated the oversold bias in the near term, the long-term bias continues to be oversold and will need additional gains, or a period of narrow range trade, to relieve the extreme levels.
  • WTI has needed a counter trend rally for the past couple of weeks, and last week it received one. It is likely not to be the last counter bounce to occur. Continued declines in the coming week will leave prices two standard deviations below the 20-week average and may test the $42 area again. Rebounds off the lows will likely test the $50 area and potentially move prices to the high of two weeks ago at $51.87.
  • Drillinginfo continues to believe the long-term range for prices will occur between $60 and $65 after the market fully digests the global supply and demand profile for 2019. Getting to that fundamental understanding will take an extended period of time. The near-term range must be adjusted to reflect the breakdown of recent weeks, which has taken the range to between $42 and $57.

NATURAL GAS

  • Natural gas dry production increased 0.74 Bcf/d. Canadian imports increased 0.21 Bcf/d.
  • Seasonal temperatures throughout the nation caused Res/Com demand to increase, adding 2.59 Bcf/d. However, power demand dropped 2.62 Bcf/d, offsetting the demand gain in Res/Com. Industrial demand increased marginally by 0.05 Bcf/d. LNG exports increased 0.84 Bcf/d on the week, while Mexican exports decreased 0.46 Bcf/d. Totals for the week show the market gaining 0.94 Bcf/d in supply while demand increased 0.45 Bcf/d.
  • The storage report last week came in with a draw of 48 Bcf, well below historical averages for the same week. Prices continued the declines that had started before the release.
  • Prices followed the lead from the weather forecast changes that had temperatures moderating into early January. The CFTC report was not released due to the government shutdown, eliminating the identifying sources of the additional declines.
  • The extension downward in prices took them below the breakout area of late last fall. This should be considered a bearish event, and we would expect additional declines this week. The issue concerning the recent price move is the weak internals (low volume and open interest declines) as prices continued their declines. Just as bull runs based on short covering are subject to an abrupt end, the same is true of declines with weak internals, as the liquidation will come to an end.
  • The market seems to be saying winter is finished, but late January into early March is the key period. Continue to expect volatility from the light trade and weather forecasts.

NGLs

  • Last week’s Mont Belvieu ethane, normal butane, and isobutane prices were up 1.2%, 0.8%, and 0.6%, respectively, from the week prior. Propane and natural gasoline prices saw declines week-over-week, falling 1.9% and 7.1%, respectively.
  • US propane stocks decreased about 1 MMBbl in this past week’s inventories. Stocks now sit at 72.2 MMBbl, about 3.6 MMBbl higher than last year.

The post The Week Ahead For Crude Oil, Gas and NGLs Markets – Dec. 31, 2018 appeared first on Drillinginfo.

Canadian Rig Count Slumps At Year-End

Canada’s drilling rig count fell by 61 rigs in the last week of December from a week earlier, with the annual decline at 66 rigs, per the latest weekly rig count report by Baker Hughes. As Canadian drillers gear up for winter season, the rig count usually drops before the end of the year, this year, the figures add a more grim shade to the landscape of the Canadian oil industry, which this year suffered a major slump of the local benchmark, Western Canadian Select, to West Texas Intermediate, at one time dipping to a discount of over US$50…

Source: Oilprice.com

Oil And Gas Global Market Report 2019

NEW YORK, Dec. 31, 2018 /PRNewswire/ — Oil And Gas Market Global Report 2019 provides the strategists, marketers and senior management with the critical information they need to assess the global oil and gas market. Read the full report: https://www.reportlinker.com/p05312930 Description: Where is the largest and fastest growing market for the oil and gas? How [Read more]

Source: BOE Report

Shandong’s Crude Imports Hit New High In December

Shandong’s crude imports hit an all-time high in December, as some independent refiners tried to use up their quotas for 2018. About 12 million metric tonnes of imported crude reached Shandong in December, which doubled the province’s monthly import in the third quarter, JLC shipping schedules show. The biggest buyer was China National Chemical Corporation, taking in 1.40 million mt of crude oil. Dongming Petrochemical ranked second with about 1.3 million mt of imported crude in December, including two 260,000-mt cargoes of…

Source: Oilprice.com

Shandong’s Crude Imports Hit New High In December

Shandong’s crude imports hit an all-time high in December, as some independent refiners tried to use up their quotas for 2018. About 12 million metric tonnes of imported crude reached Shandong in December, which doubled the province’s monthly import in the third quarter, JLC shipping schedules show. The biggest buyer was China National Chemical Corporation, taking in 1.40 million mt of crude oil. Dongming Petrochemical ranked second with about 1.3 million mt of imported crude in December, including two 260,000-mt cargoes of…

Source: Oilprice.com

Shandong’s Crude Imports Hit New High In December

Shandong’s crude imports hit an all-time high in December, as some independent refiners tried to use up their quotas for 2018. About 12 million metric tonnes of imported crude reached Shandong in December, which doubled the province’s monthly import in the third quarter, JLC shipping schedules show. The biggest buyer was China National Chemical Corporation, taking in 1.40 million mt of crude oil. Dongming Petrochemical ranked second with about 1.3 million mt of imported crude in December, including two 260,000-mt cargoes of…

Source: Oilprice.com

KMI Mourns Passing of General Counsel

KMI Vice President, Deputy General Counsel and Corporate Secretary Adam Forman agrees to serve as Interim General Counsel HOUSTON–(BUSINESS WIRE)–Kinder Morgan Inc. (NYSE: KMI) announced today that its General Counsel, James Curtis “Curt” Moffatt, passed away on Friday, December 28th. Mr. Moffatt suffered a cardiac arrest while spending the holidays with his family. “Curt was [Read more]

Source: BOE Report