• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 2 hours Kalifornistan, CO2, clueless politicians, climate hustle
  • 4 hours Something wicked this way comes
  • 5 mins JP Morgan Christyan Malek, report this Summer .. . We are at beginning of oil Super Cycle and will see $190 bbl Brent by 2025. LOL
  • 3 hours Tesla Battery Day (announcements on technology)
  • 1 day US after 4 more years of Trump?
  • 6 hours Why NG falling n crude up?
  • 1 day Ten Years of Plunging Solar Prices
  • 2 days Famine, Economic Collapse of China on the Horizon?
  • 2 days .
  • 3 days Natural Gas Saves Southern California From Blackouts
Will Libya Really Flood The Market With Oil?

Will Libya Really Flood The Market With Oil?

While there has been much…

Bullish Sentiment Extinguished By Demand Fears

Bullish Sentiment Extinguished By Demand Fears

Oil prices have fallen below…

California To Ban Sales Of Gasoline Cars By 2035

California To Ban Sales Of Gasoline Cars By 2035

California’s Governor, Gavin Newsom, signed…

Editorial Dept

Editorial Dept

More Info

Premium Content

Is The U.S. Really Insulated From A Middle East Oil Outage?

Friday, January 10, 2020

1. Oil and gold fall on Iran de-escalation

- Both crude oil and gold fell sharply after the U.S. and Iran seemed to back away from the brink of war.

- Gold fell by $70/troy ounce on Wednesday. The de-escalation “led to higher risk appetite among market participants and sparked profit-taking in gold,” Commerzbank said in a note. “This is evident for example in an ETF outflow of eight tons.”

- Brent fell 4 percent on Wednesday, and actually declined by $9 per barrel between the intraday high and the close.

- “This is understandable from a purely fundamental perspective: if there are no supply outages, the oil market will be amply supplied,” Commerzbank said.

2. Brazil ramps up oil production

- The U.S. is no longer the only non-OPEC oil producer adding lots of new supply. Brazil’s pre-salt oil fields are years in the making, but are finally beginning to pay off.

- “The offshore bonanza [in Brazil] continued with another 125,000 b/d m-o-m jump, bringing y-o-y growth to more than 500,000 b/d and total crude supply past 3 million b/d for the first time,” JBC Energy said in a report. “This strong trajectory is something we expect to be maintained for some time yet.”

- The oil is mostly medium-sweet, which will come in handy in a tight medium and heavy oil market.

- Brazil joins the U.S., Guyana, Canada and Norway as…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News