This document provides a summary of fuel market research and an outlook for the remainder of 2009. It notes that after a shaky start, crude oil prices have rallied over 78% in the first half of 2009, with Brent crude poised to challenge resistance levels. European product prices have not shown a similar rebound and remain at historic lows due to weak demand, particularly in the transportation sector. Looking ahead, global energy demand will remain below 2008 levels for the rest of the year as many industries have concluded 2009 will be a lost year.
New base 21 december 2017 energy news issue 1117 by khaled al awadiKhaled Al Awadi
Drydocks World was awarded a contract by SBM Offshore to construct the Turret Mooring System for Statoil's Johan Castberg Floating Production Storage and Offloading vessel in Norway. This is Drydocks World's third turret contract from SBM Offshore, and they have extensive experience delivering large, complex projects on time. Gazprom plans to significantly increase spending on pipelines to Europe and China in 2018 to ensure key export projects are completed. India has significantly increased its imports of Russian crude oil since acquiring a Russian refinery last year.
The document summarizes recent developments in the lithium battery market and their implications. While oil prices fell in 2009, average prices and volatility over the past 12 years remained above historical averages, supporting continued investment in electric vehicles. Technological progress includes improved lithium-ion batteries using different materials as well as promising new battery types like lithium-air that could significantly increase energy density compared to gasoline.
An analysis of the impacts of New Pipeline projects on the Canadian Energy Se...GE 94
This document analyzes the impacts of new oil pipeline projects on the Canadian energy sector using a TIMES energy model for Canada. It discusses Canada's significant oil resources and production, and need to increase export capacity to reach projected production levels. It outlines three key export market opportunities: central and south USA markets via existing pipelines; western North American coasts and Asia via proposed pipelines like Keystone XL and Trans Mountain; and eastern Canada and USA markets. The analysis will use scenarios examining different pipeline capacity expansion options to determine impacts on Canadian oil production and overall energy demand.
The document summarizes the performance of chemical companies in North America, Europe, and Asia in 2013 based on an analysis by ICIS Chemical Business.
In North America, the top 10 chemical companies benefited from continued economic recovery in the US and low shale gas prices. Companies like PPG Industries and Ecolab saw double-digit sales and earnings growth through acquisitions. Looking ahead, companies are pursuing both growth through M&A and portfolio optimization through divestitures.
In Europe, economic challenges slowed sales for most top companies. Major players are focusing on commodity consolidation to improve competitiveness against low-cost US shale gas. INEOS and others are planning US ethane import terminals to access cheaper feedstocks.
1) The April Bord Gáis Energy Index rose 8% month-over-month as Brent crude oil prices increased nearly $12 per barrel due to geopolitical tensions and supply disruptions.
2) Robert Smithson argues that US tight oil production is more resilient to low prices than expected and that production costs are decreasing, suggesting oil prices may remain lower for longer.
3) Multiple factors including outages, declining spare capacity, and Middle East tensions supported higher oil prices in April, though stockpiles remain elevated and demand growth is expected to be modest.
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
Oil prices have remained stable between $60-72 per barrel as OECD stocks and oil production have increased slightly since June. This stability implies continued small growth in OECD oil consumption, though world production increased just 330,000 barrels per day from June to August.
The document discusses the growing global demand for natural gas and the emergence of the international liquefied natural gas (LNG) market. Key points:
1) Natural gas consumption in the US and worldwide is projected to increase significantly by 2025 due to its role in power generation, manufacturing, and transportation. However, domestic production may not keep up with rising demand.
2) One way to help meet rising demand is to increase imports of LNG, which allows natural gas from remote locations to be transported globally by converting it to liquid form.
3) The international LNG market first emerged in the 1960s and is now a major way that countries trade natural gas between regions. Japan is currently the largest
New base 21 december 2017 energy news issue 1117 by khaled al awadiKhaled Al Awadi
Drydocks World was awarded a contract by SBM Offshore to construct the Turret Mooring System for Statoil's Johan Castberg Floating Production Storage and Offloading vessel in Norway. This is Drydocks World's third turret contract from SBM Offshore, and they have extensive experience delivering large, complex projects on time. Gazprom plans to significantly increase spending on pipelines to Europe and China in 2018 to ensure key export projects are completed. India has significantly increased its imports of Russian crude oil since acquiring a Russian refinery last year.
The document summarizes recent developments in the lithium battery market and their implications. While oil prices fell in 2009, average prices and volatility over the past 12 years remained above historical averages, supporting continued investment in electric vehicles. Technological progress includes improved lithium-ion batteries using different materials as well as promising new battery types like lithium-air that could significantly increase energy density compared to gasoline.
An analysis of the impacts of New Pipeline projects on the Canadian Energy Se...GE 94
This document analyzes the impacts of new oil pipeline projects on the Canadian energy sector using a TIMES energy model for Canada. It discusses Canada's significant oil resources and production, and need to increase export capacity to reach projected production levels. It outlines three key export market opportunities: central and south USA markets via existing pipelines; western North American coasts and Asia via proposed pipelines like Keystone XL and Trans Mountain; and eastern Canada and USA markets. The analysis will use scenarios examining different pipeline capacity expansion options to determine impacts on Canadian oil production and overall energy demand.
The document summarizes the performance of chemical companies in North America, Europe, and Asia in 2013 based on an analysis by ICIS Chemical Business.
In North America, the top 10 chemical companies benefited from continued economic recovery in the US and low shale gas prices. Companies like PPG Industries and Ecolab saw double-digit sales and earnings growth through acquisitions. Looking ahead, companies are pursuing both growth through M&A and portfolio optimization through divestitures.
In Europe, economic challenges slowed sales for most top companies. Major players are focusing on commodity consolidation to improve competitiveness against low-cost US shale gas. INEOS and others are planning US ethane import terminals to access cheaper feedstocks.
1) The April Bord Gáis Energy Index rose 8% month-over-month as Brent crude oil prices increased nearly $12 per barrel due to geopolitical tensions and supply disruptions.
2) Robert Smithson argues that US tight oil production is more resilient to low prices than expected and that production costs are decreasing, suggesting oil prices may remain lower for longer.
3) Multiple factors including outages, declining spare capacity, and Middle East tensions supported higher oil prices in April, though stockpiles remain elevated and demand growth is expected to be modest.
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
Oil prices have remained stable between $60-72 per barrel as OECD stocks and oil production have increased slightly since June. This stability implies continued small growth in OECD oil consumption, though world production increased just 330,000 barrels per day from June to August.
The document discusses the growing global demand for natural gas and the emergence of the international liquefied natural gas (LNG) market. Key points:
1) Natural gas consumption in the US and worldwide is projected to increase significantly by 2025 due to its role in power generation, manufacturing, and transportation. However, domestic production may not keep up with rising demand.
2) One way to help meet rising demand is to increase imports of LNG, which allows natural gas from remote locations to be transported globally by converting it to liquid form.
3) The international LNG market first emerged in the 1960s and is now a major way that countries trade natural gas between regions. Japan is currently the largest
1) Conventional crude oil production is nearing a new high, with March 2010 production estimated at 73.7 million barrels per day.
2) The global economic recovery is driving increased oil demand, particularly from China, pushing conventional crude production higher.
3) The record for highest monthly conventional crude production of 74.73 million bpd set in July 2008 may be broken within the next six months.
This document summarizes trends in energy production and transportation along the Gulf of Mexico region. It discusses how the growth of petroleum, natural gas, and coal production has impacted ports and terminals in the Gulf. Specifically, it outlines how the shale boom has increased domestic oil and gas production, reducing imports. However, liquefied natural gas exports from the Gulf are expected to rise as new export terminals are approved and the expanded Panama Canal allows larger tankers. The document provides statistics on production volumes and refining capacity in Gulf states to support its analysis of changing energy flows.
Saudi Aramco and Sinopec have started test runs at their new 400,000 barrel per day Yanbu refinery in Saudi Arabia, which is scheduled to begin commercial exports in October or November. The startup of new refining capacity in Saudi Arabia adds to oversupply concerns and downward pressure on oil prices from increased competition in refined fuel markets. Asian refiners are struggling with weak margins due to disappointing demand growth and excess refined product supply from the Middle East. Saudi Aramco cut its October crude prices for Asian customers more than expected in response to weak Asian demand and falling price spreads between Brent and Dubai crude benchmarks. Global oil inventories have risen sharply in recent months as benchmark crude prices have fallen, indicating over
This document provides a market summary and outlook for the global shipping industry in 2015. It discusses trends in key shipping sectors such as containerships, oil and gas tankers, and bulk carriers. Specifically for containerships, it notes that liner companies increased cooperation through new alliances in 2014 and expects further consolidation. It also predicts continued growth of ultra-large containerships over 18,000 TEU as alliances seek economies of scale. Overall container trade is forecast to grow 6.5-7% in 2015 while the container ship fleet is expected to expand 7-7.5%, which could put pressure on freight rates if not balanced with other measures.
Energy equipment & services monthly report – september finalCapstone Headwaters
Crude prices have moderated somewhat after reaching the upper $40
range
–– Prices weakened by rising exports from Iran, elevated inventories, and
weak refinery demand
• US Rig counts continue to improve moderately
–– Since August 12, the US onshore market has added 25 rigs, bringing the
total rig count to 506
–– International rig counts rose slightly by 66 in August
• Refining utilization decreased mildly since last month, and more
substantial declines are expected going forward
–– 300k bbl/d capacity expected to be down for routine maintenance at
times during fourth quarter, excluding economic run cuts or unplanned
downtime
• In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixedtilt
and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc
and $1.30/Wdc, respectively.
• Continued elevated temperatures led to record power demand across
the country, including an
This report discusses the recent decline in oil prices and the battle between OPEC and the United States for control of the oil market. Oil prices fell from over $110 per barrel in 2014 to under $50 per barrel in early 2015 due to increased production from the U.S. and other non-OPEC countries. While lower prices benefited consumers and some economies, they hurt oil-producing countries. The U.S. has significantly increased oil production in recent years through fracking and other methods. As a result, OPEC is losing its dominance over the oil market and control over prices. The oversupply of oil from both OPEC and non-OPEC producers means prices are expected to remain low
Arctic Oil and Gas Resource Development: Current Situation and ProspectsRussian Council
The decline in global oil prices that began in the summer of 2014 carries with it a number of risks in assembling a whole range of major oil and gas projects, including shale gas extraction projects, deep-water offshore projects and projects in the Arctic shelf.
In these conditions, despite the ongoing surplus of global oil production in relation to consumption, the question nevertheless arises: how can we maintain current production levels in the medium and long term and ensure growth in order to meet world demand?
According to the Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) estimates, by 2040 energy demand will be 40–60 per cent greater than in 2010. Oil will continue to play a leading role in the global energy balance, accounting for 25–27 per cent of the total supply, with gas making up 24–26 per cent (compared to 35 per cent and 26 per cent, respectively, today).1 A large proportion of oil and gas production by 2040 will take place at deposits that have not yet been explored.
Under these circumstances, taking the projected volume of the Arctic shelf’s undiscovered oil and gas reserves into account, the estimated 90 billion barrels of oil and 47 trillion cubic metres of natural gas,2 offshore oil and gas resources in the Arctic could, in the medium and long term, play significant role both in maintaining current oil and gas production levels and in ensuring growth in the future.
- The Covid-19 outbreak and collapse of the OPEC+ alliance have created a perfect storm in the oil markets, with both a reduction in demand due to the economic slowdown and a coming oversupply as Saudi Arabia and Russia increase production.
- Oil prices have collapsed to around $36 per barrel and could fall further, pressuring the budgets of oil producing countries who need higher prices. This will weaken the economies of Russia, Saudi Arabia, and other OPEC members.
- The renewable energy sector may also see delays and slower growth as supply chains are disrupted and economic difficulties reduce investment and subsidies. Gas markets will remain oversupplied and depressed.
- The European Green Deal faces challenges
Statoil 2011 positioned for long term growthderrick_anitha
Statoil expects to increase its production from 1.9 million barrels of oil equivalents per day in 2010 to above 2.5 million barrels per day by 2020 through a portfolio of projects. This represents a compound annual growth rate of around 3% over the next decade. A series of project waves will help boost production, including new discoveries in Brazil and Norway. Statoil also plans to establish positions in 3-5 additional offshore regions and increase its shale gas and liquids production globally by 2020 to continue delivering strong shareholder returns through long term growth.
Spot LNG prices in Asia dropped to their lowest level since 2010, averaging $12.49/mmbtu for December delivery according to Platts. The price fell over 29% year-over-year and showed the most volatility in the marker's history, dropping from $14.925/mmbtu to close at $10.50/mmbtu in November. Saudi Arabia will see 1.2 million bpd of new refining capacity by 2020 from projects including Satorp and Yasref, increasing diesel exports but still requiring some imports of gasoline and diesel due to strong domestic demand growth. Saudi crude oil exports edged up slightly to 6.72 million bpd in September while domestic refinery runs remained
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
Mercer Capital's Value Focus: Refining | 2Q16 Mercer Capital
The refining industry faces uncertainty due to commodity prices determining both input costs and product prices. Refiners previously benefited from low crude prices but now face tighter margins as product prices rise slower than crude. M&A activity in refining has slowed as investors wait for long-term impacts of the crude export lifting to be understood. Public refiner valuations remain inflated due to recent margin compression, viewed as temporary.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
Uncertainty is Clouding the Energy Trading OutlookCTRM Center
As the United States continues to rapidly grow its production of oil and gas from shale, and Canada increases production from its oil-rich tar sands, these new volumes are helping to support world oil markets as crude production outside the US declines due to increasing conflict in the Middle East and North Africa. Should these conflicts widen, the global markets will be increasingly volatile as supply disruptions outpace the growth in North American production.
Though US natural gas production has not yet impacted the global market space via LNG exports, there is no doubt that those exports will happen. While the impact on US prices is unclear at this time, these exports will be yet another variable with which to content in a US market already unsettled by increasing regulations that will, by design, reshape the US energy mix.
Dealing with this uncertainty will require increasing market vigilance, with a constant view on both the near and longterm energy outlook, and supported by a commodity trading and risk management solution that facilitates analytics, market visibility and regulatory compliance, such as Eka Energy.
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
EY Price Point: global oil and gas market outlook, Q319EY
The theme for this quarter is consistency: in the significant trends impacting prices, at least. The forces that impacted oil prices in the second quarter were the same as those that have impacted prices quarter after quarter for the past several years. Surging North American production counterbalanced by OPEC+ production cuts has kept prices in a fairly narrow range. The market has become remarkably resilient. For some time now, long-dated oil futures have traded at a price very close to the market’s view of the break-even price of unconventional oil in North America.
The document discusses trends in the US natural gas market, including:
- US natural gas demand is increasingly served by domestic shale gas production rather than imports.
- Natural gas use for electricity generation is expected to increase due to low prices and coal plant retirements.
- Exports of liquefied natural gas and pipeline exports are expected to grow as US production increases and prices remain low relative to global markets, making the US a net exporter of natural gas.
Quarterly analyst themes of oil and gas earningsEY
As it almost always is, oil and gas profitability was driven by crude oil, refined product and natural gas market conditions in Q2 2019. Oil prices seesawed, rising steadily during the first half of the quarter, falling during most of the second half of the quarter, before rising again at the end.
Microsoft word mmx earnings release 2 q12 versão final - inglesmmxriweb
- MMX Mineração e Metálicos S.A. released its results for the 2nd quarter of 2012, showing signs of recovery after weak 1Q12 results due to heavy rains. Key highlights included obtaining an installation license for the Serra Azul expansion and resuming iron ore shipments from Corumbá.
- Total iron ore sales were 1.7 million tons, up 22% from 1Q12. However, global economic uncertainties and lower Chinese demand negatively impacted iron ore prices.
- EBITDA was R$13.9 million, up 231% from 1Q12 but down 82% from 2Q11. The company expects global steel production to remain stable in 2012 and resume
The Bord Gáis Energy Index fell 1% in December due to lower Irish wholesale electricity prices as a result of higher wind volumes which reduced costs. Brent crude oil prices were steady in December due to ongoing conflicts and supply disruptions in Libya and other regions. Natural gas and coal prices in Europe rose slightly over the month while the euro remained steady against the US dollar and British pound.
The document provides an overview of the energy and marine insurance industry presented by Arya Insurance Brokerage. It discusses factors such as the economic downturn impacting oil prices and offshore energy markets. It also summarizes that while losses impacted some insurers, overall the energy insurance portfolio remained profitable in 2010. Looking ahead, it notes increased offshore exploration creating opportunities for industry growth despite current overcapacity challenges faced by insurers.
The September 2015 Bord Gáis Energy Index fell 6% due to excess global oil supplies weighing on oil prices, with Brent crude falling to its lowest point since March 2009 of $48.37 per barrel. The index stood at 91 in September, a new record low. The document also discusses the Volkswagen emissions scandal casting doubt on the future of diesel engines in Europe. While diesel demand has surged in Europe due to tax policies and fuel efficiency, the scandal uncovered that diesel vehicles were emitting nitrogen oxide at levels seven times the legal limit. Continued low oil prices are driven by a global supply glut as US frackers and OPEC countries like Saudi Arabia and Iraq maintain high production levels.
1) Conventional crude oil production is nearing a new high, with March 2010 production estimated at 73.7 million barrels per day.
2) The global economic recovery is driving increased oil demand, particularly from China, pushing conventional crude production higher.
3) The record for highest monthly conventional crude production of 74.73 million bpd set in July 2008 may be broken within the next six months.
This document summarizes trends in energy production and transportation along the Gulf of Mexico region. It discusses how the growth of petroleum, natural gas, and coal production has impacted ports and terminals in the Gulf. Specifically, it outlines how the shale boom has increased domestic oil and gas production, reducing imports. However, liquefied natural gas exports from the Gulf are expected to rise as new export terminals are approved and the expanded Panama Canal allows larger tankers. The document provides statistics on production volumes and refining capacity in Gulf states to support its analysis of changing energy flows.
Saudi Aramco and Sinopec have started test runs at their new 400,000 barrel per day Yanbu refinery in Saudi Arabia, which is scheduled to begin commercial exports in October or November. The startup of new refining capacity in Saudi Arabia adds to oversupply concerns and downward pressure on oil prices from increased competition in refined fuel markets. Asian refiners are struggling with weak margins due to disappointing demand growth and excess refined product supply from the Middle East. Saudi Aramco cut its October crude prices for Asian customers more than expected in response to weak Asian demand and falling price spreads between Brent and Dubai crude benchmarks. Global oil inventories have risen sharply in recent months as benchmark crude prices have fallen, indicating over
This document provides a market summary and outlook for the global shipping industry in 2015. It discusses trends in key shipping sectors such as containerships, oil and gas tankers, and bulk carriers. Specifically for containerships, it notes that liner companies increased cooperation through new alliances in 2014 and expects further consolidation. It also predicts continued growth of ultra-large containerships over 18,000 TEU as alliances seek economies of scale. Overall container trade is forecast to grow 6.5-7% in 2015 while the container ship fleet is expected to expand 7-7.5%, which could put pressure on freight rates if not balanced with other measures.
Energy equipment & services monthly report – september finalCapstone Headwaters
Crude prices have moderated somewhat after reaching the upper $40
range
–– Prices weakened by rising exports from Iran, elevated inventories, and
weak refinery demand
• US Rig counts continue to improve moderately
–– Since August 12, the US onshore market has added 25 rigs, bringing the
total rig count to 506
–– International rig counts rose slightly by 66 in August
• Refining utilization decreased mildly since last month, and more
substantial declines are expected going forward
–– 300k bbl/d capacity expected to be down for routine maintenance at
times during fourth quarter, excluding economic run cuts or unplanned
downtime
• In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixedtilt
and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc
and $1.30/Wdc, respectively.
• Continued elevated temperatures led to record power demand across
the country, including an
This report discusses the recent decline in oil prices and the battle between OPEC and the United States for control of the oil market. Oil prices fell from over $110 per barrel in 2014 to under $50 per barrel in early 2015 due to increased production from the U.S. and other non-OPEC countries. While lower prices benefited consumers and some economies, they hurt oil-producing countries. The U.S. has significantly increased oil production in recent years through fracking and other methods. As a result, OPEC is losing its dominance over the oil market and control over prices. The oversupply of oil from both OPEC and non-OPEC producers means prices are expected to remain low
Arctic Oil and Gas Resource Development: Current Situation and ProspectsRussian Council
The decline in global oil prices that began in the summer of 2014 carries with it a number of risks in assembling a whole range of major oil and gas projects, including shale gas extraction projects, deep-water offshore projects and projects in the Arctic shelf.
In these conditions, despite the ongoing surplus of global oil production in relation to consumption, the question nevertheless arises: how can we maintain current production levels in the medium and long term and ensure growth in order to meet world demand?
According to the Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) estimates, by 2040 energy demand will be 40–60 per cent greater than in 2010. Oil will continue to play a leading role in the global energy balance, accounting for 25–27 per cent of the total supply, with gas making up 24–26 per cent (compared to 35 per cent and 26 per cent, respectively, today).1 A large proportion of oil and gas production by 2040 will take place at deposits that have not yet been explored.
Under these circumstances, taking the projected volume of the Arctic shelf’s undiscovered oil and gas reserves into account, the estimated 90 billion barrels of oil and 47 trillion cubic metres of natural gas,2 offshore oil and gas resources in the Arctic could, in the medium and long term, play significant role both in maintaining current oil and gas production levels and in ensuring growth in the future.
- The Covid-19 outbreak and collapse of the OPEC+ alliance have created a perfect storm in the oil markets, with both a reduction in demand due to the economic slowdown and a coming oversupply as Saudi Arabia and Russia increase production.
- Oil prices have collapsed to around $36 per barrel and could fall further, pressuring the budgets of oil producing countries who need higher prices. This will weaken the economies of Russia, Saudi Arabia, and other OPEC members.
- The renewable energy sector may also see delays and slower growth as supply chains are disrupted and economic difficulties reduce investment and subsidies. Gas markets will remain oversupplied and depressed.
- The European Green Deal faces challenges
Statoil 2011 positioned for long term growthderrick_anitha
Statoil expects to increase its production from 1.9 million barrels of oil equivalents per day in 2010 to above 2.5 million barrels per day by 2020 through a portfolio of projects. This represents a compound annual growth rate of around 3% over the next decade. A series of project waves will help boost production, including new discoveries in Brazil and Norway. Statoil also plans to establish positions in 3-5 additional offshore regions and increase its shale gas and liquids production globally by 2020 to continue delivering strong shareholder returns through long term growth.
Spot LNG prices in Asia dropped to their lowest level since 2010, averaging $12.49/mmbtu for December delivery according to Platts. The price fell over 29% year-over-year and showed the most volatility in the marker's history, dropping from $14.925/mmbtu to close at $10.50/mmbtu in November. Saudi Arabia will see 1.2 million bpd of new refining capacity by 2020 from projects including Satorp and Yasref, increasing diesel exports but still requiring some imports of gasoline and diesel due to strong domestic demand growth. Saudi crude oil exports edged up slightly to 6.72 million bpd in September while domestic refinery runs remained
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
Mercer Capital's Value Focus: Refining | 2Q16 Mercer Capital
The refining industry faces uncertainty due to commodity prices determining both input costs and product prices. Refiners previously benefited from low crude prices but now face tighter margins as product prices rise slower than crude. M&A activity in refining has slowed as investors wait for long-term impacts of the crude export lifting to be understood. Public refiner valuations remain inflated due to recent margin compression, viewed as temporary.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
Uncertainty is Clouding the Energy Trading OutlookCTRM Center
As the United States continues to rapidly grow its production of oil and gas from shale, and Canada increases production from its oil-rich tar sands, these new volumes are helping to support world oil markets as crude production outside the US declines due to increasing conflict in the Middle East and North Africa. Should these conflicts widen, the global markets will be increasingly volatile as supply disruptions outpace the growth in North American production.
Though US natural gas production has not yet impacted the global market space via LNG exports, there is no doubt that those exports will happen. While the impact on US prices is unclear at this time, these exports will be yet another variable with which to content in a US market already unsettled by increasing regulations that will, by design, reshape the US energy mix.
Dealing with this uncertainty will require increasing market vigilance, with a constant view on both the near and longterm energy outlook, and supported by a commodity trading and risk management solution that facilitates analytics, market visibility and regulatory compliance, such as Eka Energy.
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
EY Price Point: global oil and gas market outlook, Q319EY
The theme for this quarter is consistency: in the significant trends impacting prices, at least. The forces that impacted oil prices in the second quarter were the same as those that have impacted prices quarter after quarter for the past several years. Surging North American production counterbalanced by OPEC+ production cuts has kept prices in a fairly narrow range. The market has become remarkably resilient. For some time now, long-dated oil futures have traded at a price very close to the market’s view of the break-even price of unconventional oil in North America.
The document discusses trends in the US natural gas market, including:
- US natural gas demand is increasingly served by domestic shale gas production rather than imports.
- Natural gas use for electricity generation is expected to increase due to low prices and coal plant retirements.
- Exports of liquefied natural gas and pipeline exports are expected to grow as US production increases and prices remain low relative to global markets, making the US a net exporter of natural gas.
Quarterly analyst themes of oil and gas earningsEY
As it almost always is, oil and gas profitability was driven by crude oil, refined product and natural gas market conditions in Q2 2019. Oil prices seesawed, rising steadily during the first half of the quarter, falling during most of the second half of the quarter, before rising again at the end.
Microsoft word mmx earnings release 2 q12 versão final - inglesmmxriweb
- MMX Mineração e Metálicos S.A. released its results for the 2nd quarter of 2012, showing signs of recovery after weak 1Q12 results due to heavy rains. Key highlights included obtaining an installation license for the Serra Azul expansion and resuming iron ore shipments from Corumbá.
- Total iron ore sales were 1.7 million tons, up 22% from 1Q12. However, global economic uncertainties and lower Chinese demand negatively impacted iron ore prices.
- EBITDA was R$13.9 million, up 231% from 1Q12 but down 82% from 2Q11. The company expects global steel production to remain stable in 2012 and resume
The Bord Gáis Energy Index fell 1% in December due to lower Irish wholesale electricity prices as a result of higher wind volumes which reduced costs. Brent crude oil prices were steady in December due to ongoing conflicts and supply disruptions in Libya and other regions. Natural gas and coal prices in Europe rose slightly over the month while the euro remained steady against the US dollar and British pound.
The document provides an overview of the energy and marine insurance industry presented by Arya Insurance Brokerage. It discusses factors such as the economic downturn impacting oil prices and offshore energy markets. It also summarizes that while losses impacted some insurers, overall the energy insurance portfolio remained profitable in 2010. Looking ahead, it notes increased offshore exploration creating opportunities for industry growth despite current overcapacity challenges faced by insurers.
The September 2015 Bord Gáis Energy Index fell 6% due to excess global oil supplies weighing on oil prices, with Brent crude falling to its lowest point since March 2009 of $48.37 per barrel. The index stood at 91 in September, a new record low. The document also discusses the Volkswagen emissions scandal casting doubt on the future of diesel engines in Europe. While diesel demand has surged in Europe due to tax policies and fuel efficiency, the scandal uncovered that diesel vehicles were emitting nitrogen oxide at levels seven times the legal limit. Continued low oil prices are driven by a global supply glut as US frackers and OPEC countries like Saudi Arabia and Iraq maintain high production levels.
This document provides a market summary and outlook for the global shipping industry in mid-2015. It discusses trends in key shipping segments including containerships, tankers, bulk carriers and offshore vessels. For containerships, demand is expected to remain high for large vessels above 12,000 TEU due to cost savings. Newbuilding contracting is forecast to reach 1.9 million TEU in 2015 with a focus on vessels over 16,000 TEU. Overall containership fleet growth is projected to be around 7% in 2015 and 5.5% in 2016.
- Global oil demand growth is weak in the short term due to a slowdown in projections but is expected to recover in the longer term. OPEC production capacity continues to grow significantly which will keep prices stable.
- The viability of new gas-to-liquids (GTL) projects, which convert natural gas to diesel and other fuels, is uncertain and depends on oil and gas prices. GTL projects may not be viable in Asia given higher regional gas costs and potential low premiums for the cleaner-burning diesel they produce.
- Over the next decade, fuel specifications in Asia, Europe and the US will converge and become more similar, allowing for global trade in refined products between regions based on
The document summarizes a speech given by David Greer, CEO of Regal Petroleum, about challenges facing the oil and gas industry in the coming decade. It discusses how the 2008 financial crisis impacted both "Drillers" (E&P companies) and "Dealers" (bankers), forcing them to adjust business models. It also examines uncertainties around the economic recovery, future oil and gas demand and supply, and ensuring adequate skilled labor in the industry. The outlook for Drillers and Dealers remains uncertain as they must adapt to new challenges in seeking to meet global energy needs over the long term.
The Executive Summary for the IEA's 2015 Annual Medium-Term Gas Market Report. This year's report predicts global demand for natural gas will slightly decrease to 2% per year, down from 2014's prediction of 2.3% per year. Why? Asia's demand for natgas will decrease over the next five years. Implication: Some U.S. LNG export facilities will get delayed or even canceled.
Mercer Capital's Value Focus: Exploration and Production | Q1 2016Mercer Capital
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Mercer Capital's Value Focus: Energy Industry | 3Q 2015 | Segment: Explorati...Mercer Capital
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A study released by the analysts at consulting firm Deloitte that looks at the top issues facing the oil and gas sector. The study finds that within the next 5-6 years surging shale oil and natural gas production in the U.S. will "cut deeply" into OPEC's influence on setting world oil prices.
This presentation provides an overview of Top Ships Inc., including its history and fleet, revenue visibility through existing contracts, growth strategy, management team, and favorable market fundamentals in the petroleum shipping industry. The company has acquired 6 newbuild, eco-designed product tankers with long-term charters in place. It sees opportunities to grow its fleet through additional newbuild orders or secondhand vessel acquisitions.
Renewable energy investment is growing due to increasing energy demand and concerns over climate change. The renewable energy market has grown exponentially in recent years and is projected to require $450 billion in investment by 2012. Wind, solar and biofuels have seen the highest levels of investment due to technological maturity and government incentives. Carbon trading markets have also grown significantly and are an important mechanism for mitigating climate change through emissions reductions.
Aranca views - Shale Gas - the Next Cradle of Energy?Aranca
As of 2013, recoverable shale gas resources account for nearly one third of the total gas energy resources of the world. The article highlights US, Europe, China, Canada & GCC region's shale gas statistics, impacts & consumption.
The Bord Gáis Energy Index fell 9% in November 2014 to its lowest level in over four years as global oil prices continued to plunge. The document discusses factors contributing to declining oil prices such as increased North American oil production, OPEC's decision not to cut production, and geopolitical issues. It also summarizes trends in natural gas and coal markets, noting prices declines there as well driven by oversupply and weaker demand.
- While falling oil prices and the economic impact of COVID-19 may seem to threaten electric vehicle adoption, EV sales are expected to continue growing in 2020, mainly driven by fleet purchases.
- Lower oil prices provide less incentive for individual consumers to purchase EVs but large corporate and government fleets are still expected to meet CO2 regulations by purchasing more EVs.
- Some automakers may face financial difficulties due to plant closures and falling sales, but leading automakers like VW and BMW that are prepared for electrification may survive and help drive the market through new EV models.
- While falling oil prices and the COVID-19 pandemic may seem to threaten electric vehicle adoption, EV sales are expected to continue growing in 2020, mainly driven by fleet sales.
- Lower oil prices provide less incentive for individual consumers to purchase EVs but large corporate and government fleets are still expected to drive significant EV demand to help automakers meet strict 2021 EU emissions regulations.
- The automotive industry faces serious challenges from the pandemic as plants shut down, but leading automakers entered this crisis in better financial positions than 2008 and remain committed to investing in electrification.
Booms and bust cycles are very much a part of investing in the fossil
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experienced serious slumps, but oil and gas companies mostly kept
faith in their biggest asset: Oil and gas reserves buried deep in the
ground. But things are markedly different this time around.
The Oil Age has powered the world for well over a century. There have
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4)
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Fuel Market Research Jun09
1. Fuel Market Research
- Taking the “Recovery Position” -
Edited and published by United Energy Advisors Ltd 9 June 2009
As we approach the half way mark of 2009, we have taken a snapshot of the market to summarise the market
action seen in the first half and what we can expect from the transport fuels market during the remainder of
the year.
As the macro movements are based on crude, the broad movements of ICE Brent in the first half of the year
cannot be overlooked. Brent has risen in 14 out of 23 weeks so far, rallying over 78% in H109. The benchmark
has recovered over a quarter of the decline since its peak in July last year. On a weekly basis, the futures prices
look poised to tackle the $70 resistance as well as the 52 week moving average.
Despite the shaky start to the year, the crude oil market has clearly taken the new year as the cue to start the
recovery process. Q1 provided very little direction and most markets traded in a range bound fashion as the
OPEC production cuts started
to take effect. Also the
realisation that all assets had
been oversold (equities
bottomed out in early March,
and most commodities also
started their bull runs
around this time) has
contributed to the rally in
prices. The supply situation
was good, evidenced by the
steep contango and low
refining margins, making the
market upstream led, albeit
not though a lack of supplies.
The steep contango also
prompted oil companies to
store crude oil in offshore
storage to be sold at a higher
price later, as storage started becoming a viable alternative for anyone riding down the curve. The barrage of
weak economic data wrecked havoc in the FX markets too which quite frequently triggered large swings in oil
prices where the weaker dollar attracted bargain hunters. Amongst the various reasons offered by many
analysts, the principal factor and the continuing theme is the sudden blockage in the new investment to
explore and produce new oil. In order to replace maturing wells and to prepare for the eventual demand rise,
investment needed to continue and many fear the production crunch may materialise. Whatever happens, the
marginal cost of production has been jumping up and for a tight market in products the marginal barrel is
produced around the $90 /bbl mark. However the average cost of production has also been on the rise
(although recent reductions in rig rates and rig counts may have eased on the cost pressure temporarily). All
the above contributed to the very steep contango we have seen in last a few quarters.
Meanwhile, European products have not shown signs
of similar rebound. Most cracks remain close to, or at
historic lows as demand remains much weaker. In
particular, the general conditions affecting the
transportation industry, especially the airline industry,
which consumes about 12% of the fuel consumed
globally, seem to weigh heavily on middle distillate
prices. Refiners on both sides of the Atlantic have spent
the last few years gearing up for increased
United Energy Advisors Ltd | www.ueadvisors.com | info@ueadvisors.com
2. gasoil/diesel production to cope with anticipated increase in demand, particularly in Europe. While the
Europeans opted for more diesel operated cars, American cars remain almost entirely gasoline operated.
However with the new directives from the White House we expect this to change – however whether this will
spark a shift towards diesel or whether newer
technologies will be integrated into the US cars of the
future remains to be seen. In the past although US
refiners were running crude slates that yielded a
gasoline rich product slate in refineries where
gasoline production was the main objective, and
consequentially there was a constant flow of
overstock diesel from the US to tanks in ARA, and
surplus European gasoline blendstock was exported
to the US. Combined with reduced jet fuel
consumption and reduced diesel consumption, the
European middle distillate market has been over‐
supplied this year. This is evident from ARA diesel stock levels which have been growing steadily and even
though there is a notch down in Jet A1 the absolute stock levels remain high. In the US the state of the economy
can be seen reflected in the gasoline cracks as well. Reduced mileage driven had a notable impact on the crack
‐ prior to run reductions. The trend in refinery runs has
been down since late 2006 (seasonally adjusted for the
summer driving season). In the US, by September 2008,
the extremely pessimistic outlook prompted the
refineries to drastically cutback the gasoline
production pushing the inventory level to the lowest
levels since the record began in 1990. Despite the low
inventory levels, the gasoline crack against WTI took a
nosedive to negative figures and remained that way
until beginning of this year. The recovery from this
extreme condition added some spark in cracks market,
including European cracks. The fuel oil market, however, has found itself in a unique situation and has
remains firm compared to other products. Many modern refineries use fuel oil as major feedstock and many
are actually short of it. Some use a blend of crude and fuel oil as feedstock. As OPEC began cutting crude oil
production volume in 2008, the cutbacks started in the less profitable sour grade crudes which also added to
the increase in demand for fuel oil as the replacement feedstock.
One of the more reliable indicators for changes in global economic health are the freight indices which have
started to indicate some recovery in the anticipated movement of goods. This also offers an explanation to the
strong fuel oil crack. This index, as you can see, is
quite volatile as it indicates an almost 5 fold
recovery since January 09, following a huge
collapse to about 1/18th of the highs seen last
summer. The series of pirate attacks off Somalia
coast has forced some traffic to avoid the Suez
Canal and has prompted vessels to go around the
Cape of Good Hope, adding to the temporary
shortage of available tonnage and increased
consumption of fuel. Furthermore, as mentioned
earlier, some oil companies have taken advantage
of the steep contango by storing crude oil in any
storage they have access to, including large oil
tankers anchored off shore.
Looking ahead, global energy demand will remain well below last year for the remainder of the year as many
industries concluded 2009 a lost year long time ago. According to Mr Giovanni Bisighani, CEO of IATA at recent
annual general meeting in Kuala Lumpur, the air transport industry is in survival mode. They have estimated
the average traffic this year is about 20% down on the same time last year. As seen above, sea freight rate is on
United Energy Advisors Ltd | www.ueadvisors.com | info@ueadvisors.com
3. the mend but is still way below the average of past several years. To save costs, many goods will now be
transported by sea, where possible.
Crude oil inventories are expected to remain high as product cracks, especially in Europe will not entice
refiners to operate at rates we have seen last year. The recent pick‐up in front month deliveries in crude oil
futures have promoted some of the above mentioned oil companies with tanks full of crude oil to start off‐
loading. At the same time, OPEC members’ compliance with the production quota is softening, both adding
pressure on the oil prices to drop.
In recent years, the day‐to‐day crude oil price has been influenced by the fluctuation of the dollar to an ever
greater degree. Not only are we concerned with the energy consumption by US, which consumes about a
quarter of the global oil, the strength of the dollar has now become a crucial part in understanding the oil price
movements. Crude oil futures are increasingly used as protection against falling dollar in addition to
traditional commodities such as gold. This movement is countered by non‐dollar denominated traders who
would see weak dollar as an opportunity to buy crude oil at discount.
We have also seen a de‐coupling of the correlation between the US petroleum inventory report and the prices.
Implied demand published by the Department of Energy each week has often provided an important clue to
the energy demand of the world’s largest economy. Crude oil futures, however, has deviated away from this
relationship in last several weeks. This is partially due to the fact that it is hard to determine the whereabouts
of so called “floating storage” which could come in or out of the inventory volume during the week, and has
produced some unpredicted figures in last several months.
While there is no doubt that the world is still very much mired in a global recession, we think that it is fair to
say that we have already hit or will hit the bottom soon. Investors have concluded that not all banks will go
out of business and the massive infusions of liquidity have restored confidence in the banking system. Large
stimulus packages have been passed by the G7 governments and despite the fact that the banks are very much
not out the woods yet (operating profits are fine, but balance sheets still matter). The worrying amount of
sovereign debt some of the major economies will be laden with, together with increased savings rates will cast
doubt on medium to longer term real GDP growth potential and this may dampen or prolong the recovery.
H209 has been very much a story of recovering ground from panic selling, but whether the monetary and fiscal
actions and their ramifications will be sufficient to boost confidence back to the pre‐crisis levels is still up in
the air. In terms of the massive increase in Sovereign balance sheets the question of currency valuations
becomes timely. As the world has seen the sterling dive following the downturn in one of the key sectors of the
UK economy, commodity ETFs have seen reasonable inflows in the past months as investors have started
worrying about governments’ collective actions as soon as the economic outlook has strengthened. Since
increasing taxes may stall recovery governments may choose to set real rates to sub zero to encourage
spending and simultaneously inflate their way out of the new debt position. Printing presses may start running
in overly indebted economies.
While it will be difficult to determine the exact timing of this “bottoming out”, we have noticed that the traders’
attentions are increasingly focused on the positive news. This is manifested by more up‐beat sentiments
including the recent US Consumer Confidence index.
All this implies middle distillate prices remain weak but will be subject to short term spikes as refineries
continue to run at lower rates until we see all or most of G7 nations come out of recession which should then
lead the dependent nations out of recession. As we are now in middle of US driving season and entered the US
Hurricane Season, US petroleum product prices will add seasonal support and should see mid distillate prices
head for $600/MT mark. As for fuel oil, for those refineries that can crack it, it will remain a viable source of
cheaper feedstock compared to crude oil. When the sour grades of crude oil from OPEC nations start to flow
again, the relative strength of fuel oil price compared to other European products may begin to wane. This is
unlikely though, until confidence is restored in global economy with increased energy demand.
For crude oil, the story is more complex and gloomier. The biggest worry we have right now, which has been
with us since last year, is that the recent freeze on new investments into oil exploration and production means
we are now behind the curve in replacing maturing wells. Actual supply shortage has always been and will
continue to be the biggest fear factor in oil market. The sudden disappearance of investment as we have seen
in last year or so is expected to have a detrimental effect to the crude oil prices in next a few years. We also
recall the huge drive in US, promoted by George Bush to wean itself from Middle Eastern crude oil which
diverted major investments into “new fuels” and “green fuels”. The world was already screaming for more
United Energy Advisors Ltd | www.ueadvisors.com | info@ueadvisors.com