Section » Current Developments
Production and Prices
Crude prices gyrated within a dollar or two of $70 a barrel last week as weaker equity prices and sluggish economies trumped unrest in lran and damaging insurgent attacks in Nigeria. There seems to be a growing sentiment that hints of an economic recovery someday have already been priced into the oil market, which has doubled in the last six months,
More Articles
In the Congress
By a narrow vote of 219 to 212 the 1200-page Waxman-Markey climate change legislation passed through the House of Representatives on a largely party-line vote. Only eight Republicans voted for the bill while 44 conservative, mostly rural Democrats voted against it. The bill reaches into nearly every
Energy Fact of the Week
In 2000, Saudi Aramco had just one offshore drilling rig active. By early 2009, the Saudi offshore drilling fleet, either owned or contracted, reached a high of 29. (6/24, #15)
Production and Prices
Oil prices hovered around $71 a barrel last week with most movement linked to the climbing or falling dollar. The usual concerns about inflation and hopes for an economic recovery were the major factors in last week’s moves. Even a week of widespread rioting in Iran and three new production-cutting
Iraq
In the last few months, Iraqi oil exports have been hitting post-invasion highs as oil has begun flowing from northern oil fields to the export terminal in Turkey. However, the next few weeks are likely to mark a turning point for Iraqi oil production as US forces pull out of Iraqi cities and service
Natural Gas
The US’s supply of natural gas has been much in the news lately as prices have fallen to $4 /mbtu and a steady stream of announcements and articles have touted the potential of shale gas. In the short term, falling industrial production has reduced the demand for natural gas and electricity generated
US Imports
In recent years, the US has been importing roughly 400 million barrels of oil and products each month. The monthly totals have ranged between 450 million barrels and 340 million depending on shipping schedules, demand, and weather - particularly hurricanes. Roughly half of these 400 million barrels have
Production and Prices
Starting the week at $68 a barrel, oil traded as high as $73 before closing out the week at $72.04. Once again the increase was mostly based on financial developments - a falling dollar, fears of inflation, and hopes for an economic rebound. However, the IEA did reduce its estimate of how much demand
China
While the OECD’s economies continue to stagnate, the situation in China is less clear. Chinese exports, which had been the mainstay of the economy, are now down by 26 percent from last year. To counter this drop, the government has launched a 1-year $700 billion stimulus package that is aimed at
Production and Prices
Oil prices opened and closed the week around $68 a barrel. At one point they fell below $65 on news of a build in US crude stocks and later touched a high of over $70 on hopes that US unemployment was bottoming out. Oil’s connection to the dollar, equity markets, and hopes for an economic recovery
