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May 29, 2015

Forecast & Analysis

The Tanker Market Is Sending a Big Warning to Oil Bulls

by Naomi Christie and Bill Lehane May 28, 2015 Four months into oil’s rebound from a six-year low, the tanker market is sending a clear signal that the rally is under threat... Full Story

A Relic of California’s Oil Past Haunts State With Sea Spill

by Lynn Doan May 28, 2015 A pipeline the oil market had all but forgotten resurfaced like a painful memory last week, spilling 500 barrels of heavy oil into the Pacific Ocean. Line 901. A quarter century ago, it was a pipeline full of promise. Today, it’s full of -- not much, really... Full Story

Analysts Forecast 1.1 Million-Barrel Fall in Crude Stocks

By Timothy Puko U.S. crude-oil stocks are expected to ease in weekly data due Thursday from the Department of Energy, according to a survey of analysts by The Wall Street Journal. Estimates from 11 analysts and traders surveyed showed that U.S... Full Story

Oil Markets Ripe For Correction- Barclays -- Market Talk

[Dow Jones]--While U.S. oil stocks have declined in recent weeks, nothing else has changed fundamentally on the global oil market and prices might be in for a correction, Barclays says... Full Story

Europe's Big, Low Cost Oil Fields Slowly Declining -- Market Talk

[Dow Jones]--The big, low cost oil fields that have sustained Europe's biggest oil companies for years are slowly declining, but that shouldn't put off investors, says Bernstein... Full Story

Oil Seen by JPMorgan Bottoming as Goldman Sachs Still Bearish

by Claudia Carpenter May 27, 2015 Oil has bottomed with global economic growth and increased demand leading to higher prices than previously expected, according to JPMorgan Chase & Co. Goldman Sachs Group Inc. is still bearish... Full Story

Top News Stories

U.S. Crude Oil Stocks Fall More Than Expected; Gasoline Stocks Drop

By Mary deWet U.S. crude stockpiles fell more than expected in the week ended May 22, according to data released Thursday by the U.S. Energy Information Administration. Crude-oil stockpiles decreased by 2.8 million barrels to 479.4 million barrels, the EIA said... Full Story

Oil Lobby Group Puts Case Forward for Arctic Exploration -- Market Talk

Exploring for oil and gas in the Arctic "safely and responsibly...will strengthen America's economy and national security," the American Petroleum Institute says in comments to U.S. government agencies overseeing the drafting of regulations for operations offshore of Alaska... Full Story

Sage-Grouse Plan Said to Bar Drilling on Some U.S. Land

By Mark Drajem May 27, 2015 A flamboyant bird will get new protections Thursday when federal regulators announce a plan to limit oil and gas drilling on its sprawling western U.S. habitat, which may stave off declaring the greater sage-grouse as endangered... Full Story

Oil Slump Has Calgary Awash in Vacant Office Space

By Rita Trichur and Chester Dawson CALGARY, Alberta--When Mayor Naheed Nenshi broke ground on Brookfield Place, this city's signature skyscraper project, he said the energy capital was "well into an arms race" of tall-building construction... Full Story

Iran Sanctions at Risk If Congress Stops a Deal, EU Envoys Say

by Indira Lakshmanan May 26, 2015 Sanctions against Iran’s economy are likely to erode if talks to curb Iran’s nuclear program fail or U.S. lawmakers try to block an international agreement, according to the U.K. and German envoys to Washington... Full Story

Commodities’ Biggest Drop of 2015 Underscores Goldman Bear View

by Agnieszka De Sousa May 26, 2015 Commodities fell, heading for the biggest two-day selloff since November, as speculation over rising U.S. interest rates fueled a rally in the dollar. The Bloomberg Commodity Index slid 1.9 percent as of 1:20 p.m... Full Story

Financial

Natural Gas Sells Off Sharply as Supply Growth Surges

By Christian Berthelsen Natural gas futures sold off sharply Thursday after U.S. stockpiles grew more than expected. The market was already trading lower as heat wave forecasts faded and expectations for gas-fired cooling demand weakened. But the losses deepened after the U.S... Full Story

Natural Gas Extends Losses as Cooling Demand Outlook Fades

By Christian Berthelsen Natural gas futures were on track for their fourth straight losing session on Thursday, as heat wave forecasts faded and expectations for gas-fired cooling demand weakened. Natural gas for the new front-month July contract was down 3.4 cents, or 1.2%, at $2... Full Story

Oil Pares Its Losses as U.S. Crude Inventories Decline for Fourth Straight Week

by Mark Shenk May 28, 2015 Oil pared losses after a government report showed U.S. crude stockpiles declined a fourth week. Crude inventories dropped 2.8 million barrels last week as refineries processed more of into fuels, an Energy Information Administration report showed... Full Story

Natural Gas Divided Between Oversupply and Speculators' Maneuvering

By Timothy Puko Natural gas prices fell slightly Wednesday in seesaw trading divided between oversupply concerns and speculators maneuvering around the June contract's expiration. Prices for the front-month June contract lost 0.7 cent, or 0.2%, to $2... Full Story

Oil Prices Fall, Taking Cues From Dollar

By Timothy Puko and Georgi Kantchev Oil prices fell Wednesday as losses continue to mount from trading connected to a strong dollar. Light, sweet crude for July delivery settled down 52 cents, or 0.9%, to $57.51 a barrel on the New York Mercantile Exchange. The losses extended U.S... Full Story

Oil Prices Divided, Taking Cues From Dollar

By Georgi Kantchev and Timothy Puko U.S. oil prices have rebounded and global prices pared losses Wednesday morning in up-and-down trading strongly connected to the dollar. Light, sweet crude for July delivery recently traded up 15 cents, or 0.3%, to $58... Full Story

Releases

Eni at 80% Capacity in Libya -- Market Talk

Eni is producing at 80% capacity in Libya, says chief executive Claudio Descalzi. A recent gas discovery in Libya is particularly important for the company because it is near existing installations and is offshore, says Mr. Descalzi on the margins of a conference near Milan... Full Story

Seadrill Drops as Rig Market Gloom Seen Lasting Into 2016

by Mikael Holter May 28, 2015 Seadrill Ltd. fell in Oslo trading as the offshore driller controlled by billionaire John Fredriksen sees the rig market remaining challenging until next year after a collapse in oil prices. Seadrill fell as much as 5... Full Story

Premier Opens New Oil Zone Off Falkland Islands, Boosting Shares

by Rakteem Katakey May 28, 2015 Premier struck oil at the Isobel Deep well, about 30 kilometers (19 miles) from its Sea Lion discovery, the company said Thursday in a statement. Its stock jumped the most in two weeks, while partner Rockhopper Exploration Plc gained as much as 7 percent... Full Story

ONGC Quarterly Net Falls, Missing Estimates, on Oil Slump

by Debjit Chakraborty and Rajesh Kumar Singh May 28, 2015 Oil & Natural Gas Corp., India’s biggest energy explorer, reported a third consecutive quarterly profit decline after it sold crude oil at lower prices. Net income fell to 39.4 billion rupees ($617 million), or 4... Full Story

SandRidge Said to Plan $1 Billion Notes Sale to Pay Credit Line

by Michelle Davis May 28, 2015 SandRidge Energy Inc. is planning to sell $1 billion in five-year secured notes to repay borrowings under its credit line, according to people with knowledge of the matter... Full Story

Oil Billionaire Makes $450 Million Bid on Russian Solar Ramp-Up

by Stephen Bierman May 27, 2015 Billionaire Viktor Vekselberg is out to prove that solar has a place in Russia, the world’s largest exporter of oil and gas. Hevel Solar, a venture between Vekselberg’s Renova and OAO Rusnano, plans 22... Full Story

Weather

NOAA Forecasters Say El Nino Weakens Atlantic Hurricane Outlook

by Brian K Sullivan May 27, 2015 The Atlantic hurricane season will be less active than usual, producing six to 11 named storms through Nov. 30, as moderate sea-surface temperatures and an El Nino weather pattern limit storm development, government forecasters said Wednesday... Full Story

Tropical storm warning issued for parts of the Carolinas

MIAMI (AP) — A tropical storm warning was issued Friday for parts of North and South Carolina as Ana approached the U.S. coast, kicking up rough surf and rip currents ahead of what was forecast to be a rainy weekend... Full Story

Atlantic Hurricane Season Threatens Early Start as Storm Brews

by Brian K Sullivan May 5, 2015 The Atlantic hurricane season officially begins June 1, but nature often ignores humanity’s best attempts to corral it with the calendar. There’s a 40 percent chance the Atlantic may churn out the season’s first storm along the U.S... Full Story

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NATURAL GAS STORAGE*
EIA report for week ending 5-22-2015 Our prediction for week ending 5-15-2015
2101 1996
Weekly change
+112up +99upest

Commodity Prices ($)

Natural Gas4.167
Crude Oil93.64
Heating Oil2.9017
RBOB Gas2.8118
Coal59.03