Oil 13 (Oct 23 - Dec 27)

[behappyalways]

Amazing! Speculative positioning in crude oil has turned net short for the first time in its history, according to Goldman
https://x.com/Mayhem4Markets/status/1843241222137393621

[winston]

US crude production to slow in 2025

The US expects crude production to grow by just 320,000 barrels a day next year, much slower than previously estimated.

While output is still poised to reach a record of 13.54 million barrels a day, the annual rate of growth is now projected at 2.4% versus 3.2%, t

The agency also revised lower its 2025 estimate for global oil demand, which is seen growing by 1.2 million barrels a day compared to last month’s estimate of 1.5 million barrels a day.

Source: Bloomberg

https://www.thestar.com.my/business/bus ... ow-in-2025

[winston]

Oil steadies as US stockpiles swell, traders weigh China policy

By Devika Krishna Kumar and Christopher Charleston

US crude stockpiles increased by 5.81 million barrels last week — a smaller buildup than the 11 million-barrel gain an industry group projected on Tuesday.

Source: Bloomberg

https://theedgemalaysia.com/node/729664

[winston]

Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook

China’s refinery output declined for the sixth straight month as thin refining margins and weak fuel consumption curbed processing.

“There are various factors at play here, economic weakness in China but also the move towards the electrification of transport.”

In the US, crude production smashed another record last week as output rose by 100,000 barrels per day (bpd) in the week to Oct 11 to 13.5 million bpd, from its previous peak of 13.4 million bpd first hit two months ago.

Source: Reuters

https://www.businesstimes.com.sg/compan ... st-outlook

[winston]

Oil Prices Plunge 4% as Israel's Latest Strikes Avoid Iranian Oil Facilities

International oil prices plummeted over 5% once during early Asian trading today (28th) as Israel's retaliatory strikes on Iran over the weekend did not target oil and nuclear facilities, leaving oil supply uninterrupted and easing Middle East geopolitical tensions.

Brent oil futures for December delivery last fell 4.02%, or US$3.06, to US$72.99 per barrel. New York oil futures for December delivery last shed 4.11%, or US$2.97, to US$68.81 per barrel.

Israeli jets attacked Iran's missile factories and other facilities over the weekend, but did not target oil infrastructure.

Analysts suggested that the geopolitical risk premium, which was expected to drive oil prices up due to Israel's retaliatory strikes, has now dissipated.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

The Whole Energy Sector is Undervalued

by Stephen Hester

Breakeven prices on new wells are $59 to $70, depending on the region.

Crude oil is undervalued. Energy companies will rise in value if oil does.

Second, the whole energy sector is undervalued versus the rest of the market and its own historical averages.

Many individual oil companies are heavily discounted. There is significant upside potential even if crude prices and the overall sector doesn’t move much.

Source: Wide Moat Research

https://tradesoftheday.com/2024/11/04/t ... e_vignette

[behappyalways]

OPEC+ Delays Production Hike (Again)
https://www.zerohedge.com/energy/opec-d ... hike-again

[winston]

Right Now is a Great Time to Be Bullish on Oil and Gas

by Whitney Tilson

The beauty of Shale 3.0 is this: Not only are companies acting in their shareholders’ best interests by directly returning capital, but in doing so, the companies are reducing global supply and therefore improving their future cash flows.

For shareholders, that’s a win-win. And it means that right now is a great time to be bullish on oil and gas.

Source: DailyWealth.com

https://dailytradealert.com/2024/11/11/ ... l-and-gas/

[behappyalways]

OPEC Oil Production Jumps By 470,000 Bpd As Libyan Output Returns
https://www.zerohedge.com/energy/opec-o ... ut-returns


OPEC Slashes Oil Demand Growth Estimate Again (For The 4th Straight Month)
https://www.zerohedge.com/energy/opec-s ... ight-month

[behappyalways]

Nigeria's Richest Man Confronts "Oil Mafia" With New $20B Refinery
https://www.zerohedge.com/markets/niger ... b-refinery