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FROM THE OIL PATCH

HEADLINES OF INTEREST

Clarksons Research: Offshore oil and gas sector is “well set”

The latest semi-annual Offshore Review and Outlook report has been released by Clarksons Research, profiling continued improving activity, utilization and day rates across the offshore oil and gas market. Summarizing the latest report, Steve Gordon, Managing Director of Clarksons Research, commented, “Offshore markets continue to strengthen, with the Clarksons Offshore Index (covering Rig, OSV and subsea day rates) up 29% y-o-y to 89, the highest level since 2014 (2013: 102, 2017: 45). “Macroeconomic concerns aside, offshore oil & gas vessel markets seem “well set” for further positive gains against a backdrop of supportive energy prices, improved demand and limitations in

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Oil up 1% despite crude build, as dollar weakens ahead of Fed rate move

Oil prices rose about 1% to a one-week high on Wednesday despite a surprise weekly build in U.S. crude inventories, as the dollar slid to a six-week low ahead of the U.S. Federal Reserve’s decision on interest rates which could affect the fuel demand outlook. Brent futures rose 89 cents, or 1.2%, to $76.21 a barrel by 1:32 p.m. EDT (1732 GMT), while U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1.1%, to $70.44. That puts both crude benchmark on track for their highest close since March 14. The U.S. dollar fell to its lowest level since Feb.

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U.S oil exports may be rising but production isn’t

Exports of crude oil from the United States have surged since Russia invaded Ukraine last year, with Europe turning into the biggest buyer of U.S. crude. The story is pretty much the same as in gas. And so is the production side of this story. When gas prices plummeted in December amid

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Solving oil’s Goldilocks problem

A mystery facing C-suite execs and policymakers is how much oil and gas the world needs in the future — and therefore how much should be spent now to ensure enough flows. Why it matters: Call it the Goldilocks problem: Too little investment could bring a pricey and ugly supply crunch — one

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WEEKLY UPDATE
ANALISIS & INSIGHTS

Preston Pipe Report – February 2023

(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – A review of our forecast from the November issue left demand intact but shifted the

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