Archives of “Energy” tag

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OPEC’s Barkindo reportedly confirms next OPEC+ meeting to be held in March

  
Analysis, Crude
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RIA reports, citing remarks by OPEC secretary general Barkindo

Barkindo

It appears that Barkindo has shot down rumours of the OPEC+ meeting potentially being postponed to June, with the headlines also saying that none of the OPEC+ members had asked for a different time for the meeting.

In any case, it’s only the end of January now. Two months is an extremely long time in OPEC world so just be mindful that they could still easily change their minds on this.

US natural gas falls below $2 for the first time since 2016

  
  Analysis
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Natural gas prices crater

Natural gas prices crater
Mild weather in the US and massive shale production in the US has led to an abundance of natural gas in the US. The aim is to one-day convert it into liquefied natural gas to export but with the wild overproduction in tight oil, there’s no way to liquefy it or transport it. Prices in and around production areas are much lower than $2.
A reckoning is coming to shale soon, and even sooner if crude falls below $50 this year.

EIA lowers US 2020 crude production estimate to 13.18 mbpd from 13.29 mbpd prior

  
Analysis, Crude
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EIA lowers 2020 supply outlook after OPEC

  • Sees supply for 2020 at 102.29 mbpd vs 102.58 mbpd prior
  • Demand seen at 102.14 mbpd vs 102.27 mbpd prior
  • EIA forecasts OPEC crude oil production will average 29.3 million b/d in 2020, down by 0.5 million b/d from 2019
  • Latest report
The swing producer in the world is now shale. In this report, the EIA said it expects total US crude oil and petroleum net exports to average 570,000 bpd in 2020 but that’s down from 750,000 bpd in last month’s estimate.
They continue to see a rise of 0.9 mbpd in US production this year, that’s slower than the 1.3 mbpd rise this year but still above private forecasts, which have fallen to 0.6 mbpd (and lower).

OPEC+ said to reach agreement to reduce output target by 500k bpd

  
Analysis, Crude
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OPEC+ ministers are said to have agreed to the deal

The closed session meeting is still taking place but as ever the case, the decision is already being leaked out. In any case, the 500k bpd additional cut here is what has been anticipated over the past two days.

But all this does is just bring the target level closer to actual production levels seen throughout the whole of this year. Oil stays slightly pressured with Brent near lows just above $63 and WTI likewise just above $58.

Global growth worries continue to weigh on oil

  
Analysis, Crude
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This selloff is getting ugly

This selloff is getting ugly
WTI crude is now down nearly 4% on the day as gloom about the global economy sets in.
The big news this week was OPEC but they did as much as could have been reasonably expected by extending cuts for 9 months. This may be a sell-the-fact trade but it looks more like the market is jittery about demand.
The US Treasury market is sending the same worrisome signals today, despite the China-US truce.
One worry is that Trump’s administration announced fresh European tariffs yesterday. The amount of goods overall is small but it’s moving in the wrong direction and a US-Europe trade war would sink growth expectations once again.
The chart doesn’t look great as we top out well-ahead of the previous highs.

Weekend oil news – Russia & Saudi Arabia agree to extend OPEC+ oil output curbs

  
Analysis, Crude
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Russian President Vladimir Putin, over the weekend, said Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output.

  • For 6 to 9 months
  • “We will support the extension, both Russia and Saudi Arabia. As far as the length of the extension is concerned, we have yet to decide whether it will be six or nine months. Maybe it will be nine months,”
Saudi Energy Minister Khalid al-Falih also said deal would likely be extended.
The output agreement is expected to be extended in its current form and with the same volumes.
OPEC plus (OPEC plus key oil producing allies) begin their meeting today, Monday 1 July
Russian President Vladimir Putin, over the weekend, said Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output.

19 Ways to boost your motivation and personal effectiveness

  
Analysis, Education
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1. Get an accountability buddy. Not only does having an accountability buddy help you stay on track to achieve the results you want, they are also a great source of motivation and keeping you effective too. To find out more about having an accountability buddy read 1o reasons to have an accountability buddy and How To Find An Accountability Buddy

2. Protect yourself from energy draining and toxic people. They will suck the life out of you and have a negative impact on your motivation and effectiveness.

3. Surround yourself with positive, constructive, solution focussed people who fuel your fire. It will give a tremendous boost to your energy levels which has a fairly hefty knock on effect to your motivation and effectiveness.

4. Create a powerful vision for your life, work and relationships. Keep focussed on it and visualise achieving it each and every day. It will help you keep motivation going when you experience setbacks, obstacles or when the brown stuff hits the fan.

5. Get fresh air – every day. Amazing the difference this makes. Try it.

6. Spend time in nature and the great outdoors. Fabulous stress buster and as stress is a motivation and effectiveness drainer this is worth doing.

7. De- clutter your mental and physical space.

8. Do more things that give you mental and physical energy. Do less of the things that drain your mental and physical energy. For a practical tip on how to do this read this.

9. Have a strong action plan and work that baby consistently! (more…)

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