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BNO

The United States Brent Oil ETF, LP

5/25/2013, 5:41 PM ET

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Tuesday, January 29, 10:28 AM A review by Oxford Institute for Energy Studies suggests OPEC has less power to maintain high oil prices than it does to prevent low oil prices. If OPEC really wants to defend its current price level - all indications are that it is happy with oil ~$110/bbl - then it likely will need to accept a large reduction in its market share, the report concludes. 1 Comment [Energy, Global & FX]
Friday, January 25, 12:03 PM Ned Davis Research strategists John LaForge and Warren Pies argue oil will hit record highs in 2013, even as many see oil’s price bobbing around more or less where it is today at $90-$100. What the U.S. is gaining in production, the rest of the developed world is losing, they say. But prices already aren’t far off on an inflation-adjusted basis, and not when considering pricier Brent crude. 1 Comment [Commodities, Energy, Global & FX]
Friday, January 25, 8:16 AM A main driver of the U.K.'s GDP contraction was the 10.2% Y/Y drop in mining and energy output due to the extended outage at the Buzzard oil field, the North Sea's largest. But the Elgin gas field, which has been out for almost a year after a leak, could be back up within days or weeks. And the helicopter fleet used to ferry workers to the remote offshore rigs should return to service by April. Comment! [Energy, Global & FX]
Friday, January 18, 10:58 AM "Around 60" foreigners reportedly continue to be held hostage at the Algerian gas plant, with ~650 people free from the standoff, but information remains sketchy. BP says there “a small number” of employees whose current location and situation remain uncertain. Meanwhile, the crisis is a serious threat to Algeria, the no. 3 gas supplier to the EU and the main source of revenue to the country. 4 Comments [Energy, Global & FX]
Friday, January 18, 9:35 AM Goldman Sachs commodities strategist Jeff Currie causes a stir by saying he wouldn't be surprised “if we woke up in summer and oil cost $150" a barrel. In December, the firm's official forecast for 2013 was ~$100/bbl. Currie says that despite the boom in U.S. shale gas, the oil price remains high, which he attributes primarily to sanction-related supply disruptions in Iran. 3 Comments [Energy, Global & FX]
Thursday, January 17, 3:53 PM The Algerian press agency reports the assault by the Algerian army to free the hostages at the Amenas gas plant has ended. Some hostages were killed during the raid but a full account of casualties is not yet available. 10 Comments [Breaking News, Energy, Global & FX]
Thursday, January 17, 3:08 PM Nymex crude oil rose $1.25 to finish at a four-month high $95.49/bbl after a steady advance on bullish economic data (I, II) and supply concerns stemming from the hostage situation at the Algerian gas facility. Prices rose as high as $96.04 in afternoon action and settled with a 1.3% gain. Governments continue to scramble for information about the fate of their citizens in Algeria. 2 Comments [Energy, Commodities]
Thursday, January 17, 7:57 AM As many as 20 hostages, including several Americans, reportedly have escaped their captors at an Algerian gas pumping station taken over by Islamic militants. Algeria's government was in talks throughout the night with the U.S. and France over whether they could help against the militants. Crude oil pushes moderately higher: Brent +0.5% to $110.28, WTI +0.5% to $94.75. 3 Comments [Energy, Global & FX]
Wednesday, January 16, 3:05 PM The spread between WTI and Brent crude narrows to $16.10/bbl, its tightest margin in four months, on expectations the expanded Seaway pipeline carrying oil to the Gulf coast will help ease the glut at the critical Cushing, Okla., delivery hub. Brent prices, up only slightly, failed to react to a shutdown of a North Sea pipeline network or the terrorist attack at a gas field in Algeria. Comment! [Energy, Commodities, Global & FX]
Tuesday, January 15, 3:10 PM The Brent pipeline system is closed following a leak at the Cormorant Alpha platform which houses the pump station for the system, leading to the closure of eight other platforms; 27 fields are affected. The system transports ~100K bbl/day of benchmark Brent crude (BNO -1.1%) from North Sea fields to the export terminal at Sullom Voe. Brent -1.4% to $110.29. Comment! [Energy, Commodities, Global & FX]
Tuesday, January 8, 2:42 PM The world’s oil market should eventually see a glut of crude oil and a fall in prices given non-OPEC growth in production, especially from unconventional and deepwater North American sources, and steady demand growth, Global Hunter says. As for natural gas, the overabundance in supplies has led to a "severe cratering of prices on the one hand, but has set in motion a variety of longer-term demand drivers on the other." Comment! [Energy, Global & FX]
Tuesday, January 8, 8:59 AM Deutsche Bank (DB) slashes its forecast for WTI crude by 10% to $90/barrel, with the key being increased supply from U.S. shale production. Toss in minimal OPEC production curbs and slowish economies, and "implied inventory builds ... could be sizable." 1 Comment [Commodities]
Monday, January 7, 4:31 PM The price gap between the WTI and Brent crude oil benchmarks closes at its narrowest in more than three months. The spread has shrunk by 6.4% YTD, much of it on news from Enterprise Products Partners (EPD) and Enbridge (ENB) that 400K bbl/day of oil will begin to flow through their Seaway Pipeline by the end of this week, and some traders expect the expansion will continue to narrow the gap. Comment! [Energy, Commodities]
Friday, January 4, 4:49 PM If Hugo Chavez dies, oil markets could rally in the short-term "given the instability it would cause, especially as Venezuela is a key oil exporter,” but the long-term move would be slight since the country's oil industry has deteriorated under Chavez, Schneider Electric's Matt Smith says. Venezuela produces ~2.2M bbl/day of crude vs. ~3.5M when Chavez took over in 1999. 4 Comments [Energy, Global & FX]
Monday, December 31, 2012, 5:04 AM Opec's oil revenues this year are set to grow 2.5% to an all-time high of $1.05T, boosted by a record average daily price for Brent oil of $111.50 a barrel and strong output in H1. Opec's income in 2012 is over five times the $200B that the cartel earned a decade ago and is a record even when adjusted for inflation, topping the peaks seen during the oil crises of 1973-74 and 1979-81. Comment! [Energy, Top Stories]
Monday, December 17, 2012, 4:56 PM Enterprise Products Partners (EPD) says it and partner Enbridge (ENB) will expand the Seaway pipeline, a 150K bbl/day line that was reversed earlier this year to ship crude from Cushing, Okla., to Houston, to run 400K bbl/day as of next month, and a further expansion to 850K bbl/day is planned for Q1 2014. The move is credited with helping narrow the discount of U.S. crude to Brent by $1 today. Comment! [Energy]