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2016-04-08 21:10:00

U.S. GOOD PRICE - 2

U.S. GOOD PRICE - 2

Oil at $35 a barrel is neither too high nor too low but just right to make shares of U.S. explorers worth buying, according to Goldman Sachs Group Inc.

While prices of crude at that level are above cash costs of production, they will deter a rebound in shale output from occurring too early, the bank's New York-based analysts including Brian Singer said in a report dated April 6. Oil at $30 to $35 a barrel should keep the behavior of U.S. companies unchanged and help lift West Texas Intermediate to $55 to $60 a barrel in 2017, according to Goldman.

"We view our second-quarter 2016 oil outlook as an idealistic Goldilocks scenario," the analysts wrote in the report. "We would use volatility to add to positions of shale productivity winners and the next rung down."

Goldman said it favors U.S. producers EOG Resources Inc., Diamondback Energy Inc. and PDC Energy Inc. as well as stocks in "the next rung down" -- Hess Corp., Cenovus Energy Inc., Anadarko Petroleum Corp., Encana Corp., Continental Resources Inc. and Whiting Petroleum Corp. While the bank predicts WTI crude prices will average $35 a barrel in the second quarter, it forecasts $38 for 2016 and $57.50 for next year.

Shale Boom

After an American shale boom triggered a crash in prices from more than $100 a barrel in mid-2014, the number of rigs drilling for oil in the U.S. has dropped to the lowest level since 2009 as producers tackle the fallout from a global oversupply. Crude has rebounded since mid-February amid speculation that members of the Organization of Petroleum Exporting Countries and producers outside the group would forge a deal to freeze output and shrink the glut.

Goldman has "been less willing to believe in a sustained OPEC production freeze or cut," according to the report. It expects the group's output to increase by 600,000 barrels a day in 2016 and 500,000 barrels a day next year.

Saudi Arabia has said it will only freeze output if it's joined by other suppliers including Iran, while Kuwait has signaled a deal doesn't hinge on the Persian Gulf state. Iran, meanwhile, plans to boost production to 4 million barrels a day by the end March 2017, according to the nation's Shana news service, which cited Oil Minister Bijan Namdar Zanganeh.

Price Recovery

U.S. production may drop by 725,000 barrels a day in 2016, implying a monthly reduction of 85,000 barrels a day for the rest of the year, according to Goldman. Daily output was at 9 million barrels as of early April, data from the Energy Information Administration show.

"Our view on a path to a 2017 oil price recovery is contingent on a decline in U.S. oil production needed to rebalance the global market," the Goldman analysts wrote in the report.

WTI futures traded 0.2 percent lower at $37.66 a barrel on the New York Mercantile Exchange by 11:21 a.m. London time. Front-month prices are up almost 2 percent in 2016.

bloomberg.com

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More: 

U.S. GOOD PRICE

U.S. DEFICIT UP 13.1% 

U.S. RIGS DOWN 14 

U.S. DECLINE COSTS 

U.S. OIL PRICES WAR 

U.S. OIL PRODUCTION UP 

GLOBAL OIL & GAS TRANSFORMATION

 

 

 

 

Tags: USA, OIL, PRICES

Chronicle:

U.S. GOOD PRICE - 2
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

U.S. GOOD PRICE - 2
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

U.S. GOOD PRICE - 2
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

U.S. GOOD PRICE - 2
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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