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Nick Cunningham

Nick Cunningham

Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA.

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Bad News For Floating Storage As The Supply Glut Appears To Ease

 

Friday, March 25, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Canadian dollar rebounds against U.S. dollar

 

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- Currencies from oil-producing countries, including Canada, suffered substantial losses in value in 2015, touching lows earlier this year as the crash in crude prices deepened.
- Not only were the economies of oil exporters deteriorating, but the pending interest rate hikes from the U.S. Federal Reserve also pushed down international currencies relative to the U.S. dollar.
- Since oil prices bounced off of their January lows, however, currencies from commodity exporters have also rebounded. Oil prices surged by 50 percent since early February, lifting an array of currencies.
- Additionally, the Federal Reserve has taken a more dovish stance on interest rates recently, putting downward pressure on the U.S. dollar.
- The Canadian dollar rose to 77 cents to the greenback on March 17, the highest level since October.

2. U.S. oil increasingly comes from shale

 

 

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- The U.S. is quickly becoming a predominantly shale oil and gas producer, compared to production coming disproportionately…

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