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Tag Archives: oil glut

WSJ: Why Canada and Brazil hurting market balancing efforts

goodrich files bankruptcy

No one really thinks about how the “little guys” affect the effort to rebalance the oil market. Today, the Wall Street Journal reported that a “wave of new petroleum production from countries like Canada and Brazil is adding a new problem for oil traders.” The WSJ notes that the two countries are the seventh and 10th largest oil suppliers, and production ...

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Rig count increases for 17th week in a row

oil rig, rig count, Baker Hughes

According to the May 12 Baker Hughes rig count, drillers added 8 rigs for a total of 885 total rigs exploring for oil and gas. It’s the 17th straight week of increases. The count is up 479 from last year at this time. Oil rigs increased by nine, while the total rigs exploring for gas dropped by one. It’s no surprise ...

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U.S. oil poised as next swing producer – INTERVIEW

energy market, oil swing producer

Oil prices have taken a wild ride in recent years, and nobody knows exactly where they will settle. Some market analysts, though, have a better idea than others. Brent Berarducci of Blacklion Capital Management, namely, is one unique to the oil and gas financial market. His boots have been on the ground (as well as 30,000+ feet in the air) ...

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High supplies seen capping oil prices until early 2017

High supplies seen capping oil price until early 2017

PARIS (AP) — A glut of oil will keep prices from rebounding until next year, much later than previously forecast, experts at the International Energy Agency said Monday. A year ago, the IEA, a Paris-based organization of 29 major oil importing nations, had forecast a “relatively swift” recovery. Instead, oil prices have continued to fall, reaching a level below $30 ...

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Oil prices edge up amid ongoing commodity downturn

SINGAPORE – Crude prices found at least temporary support early on Wednesday after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time. U.S. crude futures were at $38.11 per barrel at 0048 GMT (7:48 a.m. EST), up 60 cents from their last settlement. Traders said the ...

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Cheaper oil buoys consumers, hammers producers

DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil ...

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