The Oil Market Has Finally Turned A Corner, IEA Says. The “direction of travel of the oil market” is now “towards balance,” the IEA said in its monthly report released Thursday. Changes to its previous estimates regarding supply and demand data prompted the agency to arrive at this conclusion. [Oilpro]
WTI Hits 6-Month High. U.S. oil prices hit a six-month high early Thursday, supported by data from the IEA report showing tightening supply, in addition to a surprise drop in U.S. crude inventories reported by the EIA yesterday. [Reuters]
2016 OTC Foot Traffic Fell Like 1986, A Little Worse Than Our Forecast. About two months before OTC, we wrote a preview piece predicting that 75,000 attendees would show up to the 2016 event. Actual attendance was just shy of our estimate at 68,000 visitors, the conference organizers said in a recent trade show recap. [Oilpro]
$76 Oil Next Year? 5 Key Takeaways From The EIA’s Newest Global Outlook. Brentshould rebound next year to around $76/bbl, and continue an upward trajectory through the forecast period, the EIA said, as consumption continues to rise over the next three decades. [Oilpro]
Linn Energy Files For Chapter 11 Bankruptcy Protection. Oil and gas producer Linn Energy and its units, Berry Petroleum Co and Linn Co, have filed for restructuring under Chapter 11 of the U.S. Bankruptcy Code. The company said it expects its operations across its asset base to continue throughout the Chapter 11 process. [Reuters, Oilpro]
Mexico Publishes Deepwater Bidder Shortlist. Mexican regulator the National Hydrocarbons Commission (CNH) has published a shortlist of 15 companies that have qualified for the deepwater leg of the nation’s first hydrocarbons tender round. [Oilpro, Newsbase]
Big Oil Abandons $2.5 Billion in U.S. Arctic Drilling Rights. After plunking down more than $2.5 billion for drilling rights in U.S. Arctic waters, Royal Dutch Shell Plc, ConocoPhillips and other companies have quietly relinquished claims they once hoped would net the next big oil discovery. [Bloomberg, Oilpro]
Our Own Worst Enemy, the Unaoil Scandal. Several news sites are reporting on the “Unaoil Scandal.” Don Minter writes that “this scandal implicates pretty much all of the big players in the oil patch. The gist of the scandal is that a couple of nefarious characters would ‘facilitate’ the awarding of contracts between well-connected enterprises.” [Oilpro]
American’s Will “Use Up” The Oil Glut- But Keep An Eye On Saudi & Russia, Hofmeister Says. Former Shell Oil President John Hofmeister said that we should expect to see more draws in U.S. oil stockpiles going forward as Americans “use up” the oil glut. [Oilpro]
Pakistan’s $16 Billion LNG Pact Is Q1’s Largest. Pakistan signed the world’s largest LNG first-quarter purchase contract by an importing country, followed by Japan and China. [kallanishenergy.com, Oilpro]
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