Markets

US oil production is rising, but that doesn’t mean prices will fall

Both the number of US oil rigs and undrilled wells are at multi-year highs. But CBA analyst Vivek Dhar says limited pipeline infrastructure will continue to constrain US supply. A common point of discussion in oil markets is that as prices rise, more US shale oil producers will be attracted […]
US oil production is rising, but that doesn’t mean prices will fall
Markets

OPEC’s plan to boost oil prices is in trouble

OPEC and its allies have capped crude oil production since late 2016 to help reduce global inventory levels and underpin prices. OPEC is forecasting that supply growth from non-OPEC producers will now outstrip demand growth this year. Improved productivity and higher prices is contributing an increase in US crude supply. […]
OPEC’s plan to boost oil prices is in trouble
Markets

A key measure of US shale oil production just hit a 10-month high

Oil prices are at a three-year high above $US70 a barrel, but Commonwealth Bank’s commodities team expects increased supply to weigh on prices later this year. Last week, the bank forecast prices to fall to $US53 a barrel by Q4 2018 as US shale oil producers take advantage of increased […]
A key measure of US shale oil production just hit a 10-month high
Markets

JP Morgan says crude prices are going substantially lower

Oil prices may have recovered over the past 15 months but that’s unlikely to last, says JP Morgan’s global commodity research team. In a note released following the decision from OPEC and non-OPEC members to extend production cuts last week, the bank argues that prices are likely to weaken once […]
JP Morgan says crude prices are going substantially lower
Markets

CHART: Crude prices are climbing again

Oil is back above $50 and has now hit its 100-day moving average. The 100-day average is technically considered a level of support, although crude has struggled to stay above that mark this year as this chart shows. The last time oil reached the level was April 19 and before […]
CHART: Crude prices are climbing again
Markets

CBA: Crude will trade between $35 to $55 per barrel until 2020

Don’t look for a sharp recovery in the crude oil price any time soon, it’s likely to oscillate between $35 to $55 per barrel for the remainder of the decade. That’s that the view of Vivek Dhar, mining and energy commodities analyst at the CBA, who suggests that unless OPEC […]
CBA: Crude will trade between $35 to $55 per barrel until 2020
Markets

CHARTS: Here are the world’s largest crude oil producers

After a horrendous 2015, it’s been a a wild ride for the crude oil price so far in 2016. In the first 12 trading sessions of the year, front month US WTI futures tanked, falling by nearly $11 per barrel, or close to 30%. However, as quickly as the move […]
CHARTS: Here are the world’s largest crude oil producers