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Bakken Oil Production Rises As Oil Prices Jump

November 8, 2017 Irina Slav 0

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts. Helms identified as the biggest challenges growing production in the Permian as well as a hypothetical ending of the OPEC production cut agreement. While the first challenge is very real, with the Permian still being the star of the shale patch, the latter challenge is more likely than…

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Google Gets There First: Autonomous Cars On The Road

November 8, 2017 Irina Slav 0

Google’s self-driving car project, Waymo, has become the first to launch completely autonomous cars, free of humans behind the wheel, on the road. Waymo’s CEO, John Krafcik said yesterday at a conference in Portugal that the company had been testing the driverless vehicles on Arizona roads for the last couple weeks and will soon start offering taxi services using these cars. These cars will drive subscribers to Waymo’s Early Rider program within a 100-square-mile area in Chandler, a Phoenix suburb, and there will be a Waymo employee…

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5 Stocks To Watch In The $6 Trillion Cyber War

November 6, 2017 Charles Kennedy 0

Cyber security is a megatrend that’s got horns just as big as the crypto currency bull. They’re both revolutionary elements of the digital era, and they both play a role in what is no less than World War III, unfolding in our cyber space. Nothing can hold tech back right now, and precisely because of that, cyber security is becoming an even bigger bull. That’s because business is under assault across every industry, everywhere in the world. What we’re seeing right now is a redistribution of wealth—and one of the biggest…

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Can WTI Hit $70 In 2018?

November 6, 2017 Arthur Berman 0

Comparative inventory (C.I.) has been dramatically reduced in 2017. Levels have fallen 159 mmb since February and are now approaching the 5-year average for the first time in nearly 3 years (Figure 1). (Click to enlarge)Figure 1. The U.S. Over-Supply of Oil is Ending. Source: EIA and Labyrinth Consulting Services, Inc. An interpreted yield curve that correlates C.I. and WTI price is developed by cross plotting the same data without the time dimension (Figure 2). The yield curve may provide price solutions to inventory reduction assumptions…

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Did Oil Markets Overreact To The Saudi Purge?

November 6, 2017 Nick Cunningham 0

Saudi Arabia’s powerful crown prince led a massive purge over the weekend, ousting around a dozen royal cousins in a bid to consolidate power. The removal and detentions of so many members of the royal family were ostensibly the outgrowth of an anti-corruption campaign, but the actions put the top security institutions under the control of the king and the crown prince after having been distributed among different family factions for decades. In essence, Crown Prince Mohammed bin Salman (aka, MBS) has ended decades of tradition and has consolidated…

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Is A Venezuelan Default Inevitable?

November 6, 2017 Tsvetana Paraskova 0

Bondholders, creditors, and any company with operations in Venezuela are all agog for news from Caracas after President Nicolas Maduro announced Venezuela will look to restructure its US$89 billion worth of debt to be able to continue servicing it. Forecasts about what will happen next are all pessimistic, and that’s no wonder. By the end of next year, the government and state-owned PDVSA must repay debt obligations to the tune of US$13 billion, and foreign currency reserves are less than that already, at US$10 billion. What’s more,…

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Nigeria To Back OPEC Extension If Conditions Are Favorable

November 6, 2017 Zainab Calcuttawala 0

Nigeria would back an extension of OPEC’s production cut deal to the end of 2018 “as long as the right terms are on the table” relative to Abuja’s planned economic recovery, Oil Minister Emmanuel Ibe Kachikwu said, according to a report by Reuters. “There isn’t any reason to change what is a winning formula,” Kachikwu said, adding “there is a consensus to extend. The issue will be the duration.” So far, the bloc and ten other producers have agreed to extend the agreement through next March.…

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Why Saudi Arabia’s Crackdown Sent Oil Prices Soaring

November 6, 2017 Gregory Brew 0

A power-play by the most powerful man in Saudi Arabia took place over the weekend, with big repercussions for the future of the country that is OPEC’s de factor leader and the world’s second-largest oil producer. Mohammed bin Salman, Crown Prince and heir to King Salman, was granted control over a wide-ranging anti-corruption committee last week, and immediately used his new power to consolidate his position. Eleven former ministers and dozens of Saudi princes were arrested or detained on charges of corruption, graft or financial malfeasance.…

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Ignore The Hype: Oil Is Still In A Bear Market

November 6, 2017 Tsvetana Paraskova 0

Oil prices hit two-year-highs on Monday amid signs of continuously tightening markets and strong signals from Saudi Arabia and Russia that they are willing to extend their production cut deal beyond March 2018. The sentiment in the oil market has not been this bullish in more than two years, with oil demand growth expected to be strong along with OPEC’s rhetoric that it would do “whatever it takes” to rebalance the oil market. Brent has been trading above $60 a barrel for several consecutive days and its futures curve has been…

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Saudi Crackdown Was A “Classic Head Fake” For Oil Prices

November 6, 2017 OilPrice.com 0

Overnight, following the recent Saudi turmoil, prices in the crude complex jumped to the highest levels in over two years, amid speculation that Saudi Arabia is more likely to back output curbs following this weekend’s crackdown by Crown Prince Mohammed bin Salman. “It creates some hope that the current policy by the Saudis will be continued after March,” said ABN Amro senior energy economist Hans van Cleef. “We’re still in the longer-term upswing, the uptrend is still intact”, and indeed Dec. WTI rose +31c to $55.95/bbl after…

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