• 3 hours UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 7 hours LNG Glut To Continue Into 2020s, IEA Says
  • 9 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 12 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 14 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 15 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 4 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 5 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 5 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 6 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 days VW Fails To Secure Critical Commodity For EVs
  • 7 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
Alt Text

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

Alt Text

The U.S. Shale Play To Watch In 2018

The original U.S. shale gas…

Alt Text

Brazil Sees Oil Exports Soar

Latin America has seen significant…

Matt Smith

Matt Smith

Taking a voyage across the world of energy with ClipperData’s Director of Commodity Research. Follow on Twitter @ClipperData, @mattvsmith01

More Info

Oil Prices See Biggest Weekly Loss In Six Weeks

Israel offshore gas rig

Despite a weaker dollar, oil prices are limping lower into the weekend, set for a first weekly decline in six. Next week we get a new month, and an onslaught of new economic data to distract from ongoing OPEC rhetoric; for now, hark, here are five things to consider in oil markets today:

1) A combination of factors explain why we are seeing much lower West African imports to the U.S. East coast in our ClipperData: the wider WTI-Brent spread in recent months, depleted crude export loadings from Nigeria, less demand due to refinery maintenance in the U.S., and higher Asian demand of late.

Regardless, U.S. East coast imports of Angolan and Nigerian grades have dropped by nearly half from their peak for the year in July. Nigerian grades this month are at their slowest pace since January. Nonetheless, volumes have still quadrupled through the first nine months of the year compared to year-ago levels.

(Click to enlarge)

2) Chart of the day award (oh, go on, chart of the week), goes to the below. For 2016 has seen a record amount of equity issuances this year, despite lower oil prices. $27.5 billion has been raised so far this year, and as the chart below illustrates, these companies have rampantly rallied, especially the ones who issued equity in the first quarter - when oil prices were at their lowest ebb:

(Click to enlarge)

3) China may be the biggest destination for OPEC crude exports, with deliveries averaging over 3.8 million barrels per day this year, but it is India who has seen the biggest rise in volumes over the last few years. Our CliperData show that Indian crude imports reached a record last month at 4.3 million barrels per day; OPEC accounted for 90 percent of these deliveries.

Through the first nine months of this year, exports to the emerging market from Saudi Arabia, Iran and Iraq have risen by nearly a third, accounting for nearly half of all Indian crude imports:

(Click to enlarge)

4) While on the topic of Iraq, the disparity betwixt primary and secondary sources in their production is niftily highlighted in the chart below. The Iraqi government says its production is at 4.775 million barrels per day, some 320,000 bpd higher than secondary, independent sources. Related: U.S. Oil Rig Count Falls For The First Time In 4 Months

All the while, the Iraqi oil ministry admits that it does not have access to official production figures for oil fields controlled by the Kurdistan Regional Government in the Kurdistan and Kirkuk regions; it is instead estimating these numbers.

(Click to enlarge)

5) Finally, the chart below shows consumption in the U.S. of renewable energy. According to EIA, 4.7 percent of electricity generation came from wind, while just 0.6 percent came from large solar farms.

Power generation from renewable energy would be higher if it weren't for federal permitting and environmental reviews that delay installations on federal land. The Bureau of Land Management (BLM) is looking to issue a new rule in the coming weeks in an effort to streamline the process, which is hoped to dramatically increase renewable energy generated on federal land.

(Click to enlarge)

By Matt Smith

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Mark Taylor on October 28 2016 said:
    Oil is down because everything but Gold and Silver are down after the news on Hillary.

Leave a comment




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