FROM THE OIL PATCH
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
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.
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
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
The oil market looks drastically different today than it did when Russia invaded Ukraine
The oil market looks drastically different today than it did a year ago, when Russia invaded Ukraine. “It is the most significant set of market dislocations and distortions in energy markets generally speaking that I ever recall,” Ed Morse, global head of commodity research at Citi, told Yahoo Finance. Prior
Oil Falls on Demand Fears as Federal Reserve Nears ‘Make or Break Moment’
Oil prices slipped on Monday as investors focused on short-term demand concerns ahead of key U.S. inflation data. Brent crude futures LCOc1 were down 76 cents, or 0.8%, to $85.63 a barrel at 1446 GMT after a 2.2% gain on Friday. U.S. West Texas Intermediate crude CLc1 was down 69
CRUDE OIL WEEKLY UPDATE (Week Ending 03-17-23)
Crude Oil Summary (EIA): U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending March 10, 2023 which was 430
NATURAL GAS WEEKLY UPDATE (Week Ending 03-17-23)
In the News (EIA): Europe was the main destination for U.S. LNG exports in 2022: U.S. exports of liquefied natural gas (LNG) averaged 10.6 billion
Zekelman Industries Steel Snapshot for February 2023
(by Mike Mechley, Executive VP of Strategic Procurement, www.ZekelmanIndustries.com) Platts February HR Coil $820 up $100 from Jan. Mills have announced four price increases since
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
Pipe Logix Line Pipe Report – February 2023
(by Kurt Minnich, www.pipe-logix.com) US line pipe prices decreased by 2.6% in February with domestic prices down by 2.3% and import prices down by 2.9%.
AISI Press Release on Latest U.S. Imports of Steel Products – February 2023
(American Iron and Steel Institute, www.steel.org (02-08-23) Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and
