08 November 2019
Canadian Oil Prices Set To Rise As Keystone Restarts
“This latest spill was no exception: prices sunk on the news and continue to be depressed as the pipeline remains offline, which, according to energy consultancy JBC Energy, could last up to two months.”
07 November 2019
Canadian Oil Prices Crash After Keystone Spill
“‘So far it remains unclear how long Keystone will remain shut in, but it could take up to a couple of months until flows are completely resumed,’ JBC Energy said in a note on November 1. ‘A similar incident in November 2017 led to a blow-out of WCS differentials from $10 per barrel to $30 per barrel, but this time more crude volumes are committed to rail transportation.’”
05 November 2019
Asia Fuel Oil-Front-month backwardation at 5-month low, crack sinks to new record
“Intercontinental Exchange (ICE) gasoil forwards have seen a marked downturn in fortune in recent days and the shift lower has been mirrored in spot cracks, said JBC Energy in a note on Tuesday.
‘This weakening sentiment is also consistent with our view that the MGO demand uptick from the upcoming IMO 2020 transition may well be smaller than many had originally assumed,’ said JBC.
The research consultancy added that this coincided with returning Saudi and Asian crude intake and a normalisation in freight rates opening up arbitrage opportunities from the East of Suez into Europe once more.”
04 November 2019
Oil Inches Lower After Friday Rally
“Brent crude oil is down 0.2% at $61.58 a barrel and WTI futures are down 0.3% at $56.06 a barrel, after both posted rallies late Friday in the wake of upbeat economic data out of the U.S. and China. JBC Energy also cites optimism over trade negotiations between the U.S. and China as a driver.”
The Wall Street Journal
01 November 2019
OPEC Output Rebounds on Saudi Arabia’s Recovery From Attacks
“The Organization of Petroleum Exporting Countries’ 14 members pumped an average of 29.7 million barrels of oil a day last month, an increase of 1.11 million barrels a day from September, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS, JBC Energy GmbH and Petro-logistics.”
01 November 2019
Oil Set for Weekly Drop on Rising Saudi Output and Trade Woes
“Saudi Arabia lifted daily production to about 9.8 million barrels just weeks after crippling missile attacks on crucial installations, consultant JBC Energy said.”
30 October 2019
Brazil looks to join Opec on back of rising production
“Consultancy JBC Energy said in a note on Tuesday that non-Opec producers other than the US that are not party to the ongoing pact are expected to drive supply higher next year.
‘We see steady crude and condensate production growth of around 1.5 million bpd from non-Opec [producers], excluding supply from non-Opec cut agreement participants,’ the note said.
Norway’s production ramp-up in Sverdrup, as well as Brazil’s pre-salt output, are expected to be the main contributors to increased supply, JBC Energy added.”
29 October 2019
Oil slips toward $61 as U.S. inventories seen rising
“‘A cautious market sentiment remains in place, with optimism from last week’s progress on a China-U.S. trade deal ebbing away,’ said analysts at JBC Energy in a report.”
29 October 2019
INTERVIEW: Johannes Benigni on Global Demand Outlook
- Overall, we see the market as sluggish in the near future – we see demand growth at around 800,000 bbl in 2020 and 1 million bbl in 2021. Other sources are leaning the same way: the IEA recently revised their demand numbers from 1.4 million bbl to 1 million bbl.
- Nonetheless, the market has more upside now as we are coming into the time of the year where the demand for crude oil is strong, which is keeping prices above $60/bbl and might inch them toward $70/bbl.
- Oil companies are faring well in the face of public and investor backlash regarding continued investment in oil and the companies’ future in an energy transition system – they have cut their costs and are still making good returns.
28 October 2019
Oil remains steady after biggest monthly gain
“Oil production from the US is expected to grow by less than 800,000 bpd in 2020, JBC Energy said in a note on Monday, a downward revision from an earlier estimate of 1 million bpd.
‘While the Permian Basin is set to boost production further, we expect even outright declines for some shale areas such as Eagle Ford and Niobrara next year,’ the consultancy said.
Non-Opec producers other than the US that are not party to the ongoing Opec+ pact are expected to drive supply higher next year, JBC added.
‘We see steady crude and condensate production growth of around 1.5 million bpd from non-Opec [producers], excluding supply from non-Opec cut agreement participants,’ the note said.”
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