Private explorers to drive N. American O&G spending dip
North American oil producers' capital expenditures are expected to fall by 1% in 2024, led by a 4% decline...
North American oil producers' capital expenditures are expected to fall by 1% in 2024, led by a 4% decline in spending by private oil and natural gas explorers, according to Barclays' annual global spending survey. The contraction follows this year's 15% increase in private explorers' expenditures and is likely tied to the shrinking inventory of premium drilling locations.
The energy sector is off to a mixed start, pressured by weakness in the...
The energy sector is off to a mixed start, pressured by weakness in the crude complex but supported by strength in the major equity futures which bounced higher this morning following yesterday’s late-day selloff.
After three consecutive days of strong gains, WTI and Brent crude oil futures turned lower and were down over 1.5% in early trading. Reports showing higher inventories and record output in the United States weighed on prices and overshadowed lingering concerns over global trade disruptions in the Red Sea. In their latest inventory report, the EIA said that U.S. crude inventories rose by 2.9 million barrels last week, compared with analysts' expectations for a 2.3 million barrel draw and that U.S. crude output rose to a record 13.3 million bpd last week, up from the previous all-time high of 13.2 million bpd. Investors continue to worry about trade disruptions as major maritime carriers choose to steer clear of the Red Sea route, with longer voyages increasing transport and insurance costs.
Natural gas futures turned higher this morning following yesterday’s 1.8% drop, boosted by updated cooler weather forecasts in key consuming regions but gains were capped ahead of the weekly storage report.Analysts expect the EIA data to show a draw of (80) Bcf last week vs the 5-year average of (107) Bcf.
The first day of winter in the Northern Hemisphere is marked...
The first day of winter in the Northern Hemisphere is marked by the winter solstice, which occurs on Thursday, December 21, 2023, at 10:27 P.M. EST.
For the northern half of Earth (the Northern Hemisphere), the winter solstice occurs annually on December 21 or 22. (The Southern Hemisphere’s winter solstice occurs in June.) The winter solstice is the day with the fewest hours of sunlight throughout the year, making it the “shortest day” of the year. Thankfully, after we reach the winter solstice, the days begin to grow longer and longer again until we reach the summer solstice—the first day of summer 🌞 and the longest day of the year.
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US oil boom alters Goldman's 2024 Brent price outlook
Goldman Sachs has revised down its Brent crude price forecast for 2024 from...
Goldman Sachs has revised down its Brent crude price forecast for 2024 from $92 per barrel to $81 per barrel on average, attributing the change to strong US oil production. However, the bank expects factors such as OPEC+ supply cuts, moderate US recession risk and a potential economic recovery in China to limit downward pressure on oil prices.
