Business

Price pandemonium is for sake of U.S. oil industry

Price pandemonium is for sake of U.S. oil industry

For 2018, the EIA forecasts us crude oil production will climb to 9.5 million barrels per day.

In this series, we'll take a look at the correlations between crude oil-weighted stocks and crude oil.

Futures slipped 1.6 per cent in NY.

Total U.S. oil production has yet to reveal any major impacts from shale, though the steady increase in rig activity could be a sign of an emerging trend.

Gasoline futures for March delivery dropped 1.5 per cent to $US1.4875 a gallon, the lowest close since November 29. After the average oil price fell to its lowest in 12 years at $44 a barrel last year, BP said it expected prices to have found a floor for this year at $50 a barrel following a decision by major Opec and non-Opec producers to limit output.

Snap has officially filed for an IPO
But Snap is better known than the e-commerce company, drawing comparisons instead to the IPOs of Facebook (FB) and Twitter (TWTR). The company is said to be valued at $20 billion to $25 billion, and is looking to raise $ 3 billion in the offering.

The country's crude oil production is forecast to average 9 million barrels per day in 2017 and 9.5 million barrels per day in 2018, the country's Energy Information Administration said in its monthly Short-Term Energy Outlook released Tuesday. "The US will see in the second quarter a significant increase in local supply compared to a year ago".

Light sweet crude oil (WTI) futures fell 0.84 dollar or 1.54 percent to close at USD 53.63 a barrel at the New York-based commodity exchange NYMEX.

Oil prices fell because of growing concerns about rising United States crude oil production and an increase in stockpiles at Cushing, Oklahoma. Stockpiles are at 494.8 million barrels, the highest seasonal level in more than three decades, according to weekly data compiled by the EIA since 1982. BP said on Tuesday it made a "small" loss trading oil in the fourth quarter, while Shell last week said profits "flattened" in late 2016.

Benchmark Brent crude LCOc1 was down 10 cents to reach $55.62 per barrel while U.S. crude CLc1 was also down by 10 cents to touch $53.01 a barrel, reported Reuters.

"Traders are betting on prices going up but they are impatient", said Amrita Sen, the chief oil analyst at Energy Aspects. The global benchmark closed at a $US2.27 premium to April WTI.


  • Tennis player Genie Bouchard learned her lesson after betting against Tom Brady

    Tennis player Genie Bouchard learned her lesson after betting against Tom Brady

    New England wound up pulling off the greatest comeback in Super Bowl history, stunning Atlanta with a 34-28 victory in overtime. With the Falcons comfortably ahead, Bouchard - like the rest of us - thought the game was in hand.

    Teacher raises $60K to 'buy' senator's vote on DeVos

    A final vote to confirm her is expected to come next week, with the outcome resting on a razor-thin margin. The president adds that DeVos appears to have a clear lack of experience in working with public schools.

    Lego launches a social network for brickheads under 13

    User names are generated for kids, with silly three-word mixes, like "ElderPowerfulBelt" or "ChairmanWilyDolphin" churned out. Anyone over 13 can sign up with their own email address, but kids 13 and under need to be signed up via a parent's email.
  • Israel passes bill to seize private Palestinian land for Jewish settlements

    Israel passes bill to seize private Palestinian land for Jewish settlements

    Defence Minister Avigdor Lieberman said last week: "The chance that it will be struck down by the Supreme Court is 100 percent". But critics say the measure is illegal and would make peace with the Palestinians even more hard .

    Kyle Shanahan briefly lost the Atlanta Falcons Super Bowl gameplan

    The Falcons will face the Patriots this Sunday in their second Super Bowl appearance in franchise history. Kyle Shanahan committed what could have proven to be an extremely costly turnover Monday night.
    Orange County educators, politicians wear hijabs in solidarity with Muslim women

    Orange County educators, politicians wear hijabs in solidarity with Muslim women

    New York City Police Officers Aml Elsokary (left) and Maritza Morales wear American Flag head scarves. Bright pink and gold sparkled in the sun as fabric lined a table placed on the Central Library mall.
  • Tiffany replaces CEO as Lady Gaga ad campaign rolls out

    Tiffany replaces CEO as Lady Gaga ad campaign rolls out

    Tiffany & Co is down 2.46% at $78.49 after Frederic Cumenal stepped down as chief executive officer on Sunday, Reuters reports . According to many reports, the company hit a tremendous blow when their sales went below the holiday sales they had anticipated.
    Trump administration puts Iran 'on notice' after missile test

    Trump administration puts Iran 'on notice' after missile test

    Oil advanced in the wake of Flynn's comments, with the cost of a barrel rising 1.7 percent to $53.70 at 2:21 p.m. Haley said Tuesday: "What we need [Iran] to know is that Security Council Resolution 2231 means something".
    United Kingdom  rebuffs calls to cancel Trump visit

    United Kingdom rebuffs calls to cancel Trump visit

    A rival petition , supporting the state visit plan, had attracted 120,678 signatures, including 227 and 265 from the two constituencies respectively.
  • Facebook loses $500m virtual reality case but profits double

    Facebook loses $500m virtual reality case but profits double

    ZeniMax had sued Oculus following the $2 billion acquisition of the company by Facebook in 2014. Facebook said it was "disappointed" by aspects of the verdict but was "undeterred".
    Man sets off explosive at Cheesecake Factory in Pasadena; no injuries

    Man sets off explosive at Cheesecake Factory in Pasadena; no injuries

    Authorities then searched the restaurant and located a "detonated homemade pyrotechnic device", the Police Department stated. Federal authorities were alerted to the incident, police told KABC-TV, but local authorities are handling the investigation.
    Why the Dakota Access Pipeline May Not Proceed Imminently Despite Presidential Memo

    Why the Dakota Access Pipeline May Not Proceed Imminently Despite Presidential Memo

    Construction of the Dakota Access oil pipeline will proceed, though the immediate timeline remains unclear, a state senator said. Governor Doug Burgum has released a statement and says while the easement process has been revived, there's no timeline set.