Oil & Energy

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Goldman Sachs raised it's oil price targets after the OPEC production meeting, raising Brent price forecast for next year to $62 a barrel and WTI to $57.50 a barrel. They added more bullish language to their forecast saying risks are skewed to the upside. Goldman has basically just called the price at current prices with risks higher, hardly groundbreaking and more atune to their reportedly record long book.

In a week where OPEC promised to extend production cuts for 2018 U.S. oil rigs rose with Permian rigs continuing to be addedBaker Hughes, a GE co. said. We will have to see if this is a trend back to increased driling activity and how long it takes drillers to respond to the higher prices.

Oil Producing cartel OPEC agreed on Thursday to extend oil output cuts with Non-OPEC nations including Russia until the end of 2018 as had been widely expected by oil markets. The current deal of cutting supply by about 1.8 million barrels per day (bpd) expires in March.

The EIA releases it's weekly natural gas storage report each Thursday at 10.30 ET, the key data point for natural gas traders outside of weather modelling. This week another build is expected.   

Shell cited in their 2017 Management Day presentation that they are expecting capital investments between 2018 and 2020 to average $25-30 billion per year reports Criterion Research. This is the upperband from 2017 spending of $25 billion.

Our TCOIL preview for this week's EIA DOE Weekly Petroleum Status Report highlights the key variables to watch out for. Crude oil markets are watching products and production after earnings with the all important import export trade.

Our TCOIL preview for this week's EIA DOE Weekly Petroleum Status Report highlights the key variables to watch out for. Crude oil markets are watching products and production after earnings with the all important import export trade.

U.S. oil rigs were flat this week after rising 9 last week, however Permian rigs continue to be added with 6 more this bast week Baker Hughes, a GE co. said. We will have to see if this is a trend back to increased driling activity and how long it takes drillers to respond to the higher prices.

The EIA releases it's weekly natural gas storage report each Thursday at 10.30 ET, the key data point for natural gas traders outside of weather modelling. This week another build is expected.   

Our TCOIL preview for this week's EIA DOE Weekly Petroleum Status Report highlights the key variables to watch out for. Crude oil markets are watching products and production after earnings with the all important import export trade.

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