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2016-06-21 21:10:00

PRICE: $50 ISN'T ENOUGH

PRICE: $50 ISN'T ENOUGH

 

OIL PRICES MAY - JUNE 2016

 

OIL PRICES 2015 - 2016

According to BLOOMBERGFranklin Templeton Investments, a fund manager with $740 billion in assets, is pouring money into shares of independent oil exploration and production companies, betting that crude prices will rise further.

The California-based fund manager, which is among the largest shareholders of natural resources groups including BP Plc, Total SA, Glencore Plc and Chevron Corp. through dozens of funds, believes that $50 a barrel isn't high enough to stimulate the increase in supply needed to meet future oil demand.

"We need higher prices," Frederick Fromm, a vice-president at Franklin who oversees the company's investments in natural resources, said in an interview. "Longer term, we need at least $65 a barrel."

Brent crude rallied about 85 percent after touching a 12-year low of $27.10 a barrel in January amid a decline in U.S. output and supply disruptions in Nigeria and Canada. The global oil benchmark traded at about $50 a barrel Tuesday, still less than half the level seen in 2014.

The price recovery will benefit independent E&P companies, including U.S. shale producers, which have suffered particularly during the downturn, Fromm said. Franklin is among the top-ten equity holders of Anadarko Petroleum Corp. and has large positions in other companies including Occidental Petroleum Corp. and Apache Corp.

Growth Focus

Fromm, who personally manages about $2 billion in natural resources through two dedicated funds and several segregated accounts, said Franklin's natural resources funds have been adding exposure to E&P companies while reducing it to some of the world's largest oil firms such as Exxon Mobil Corp. and BP.

"We like to go for growth," he said. "We wanted to have more exposure to the commodity cycle" and Franklin's dedicated commodities funds have 41 percent of their assets invested in E&P firms, the highest proportion ever, he said.

Wall Street investors have poured billions into U.S. independent oil companies, which have raised more than $20 billion of new equity so far this year, nearly as much as in the same period in 2015.

Fromm said that oil prices could eventually settle into a band between $65 and $85. The bottom marks the level needed to spark investment into new production, while the top signals the level at which U.S. shale output could again flood the market.

"Can we get enough supply at $50 a barrel? My guess is not," Fromm said.

-----

Earlier: 

ДЕФИЦИТ ИНВЕСТИЦИЙ $550 BLN

OIL PRICES UP TO $49.17 

OIL MARKET BALANCE 2017 

U.S. THE STEEPEST CUTS 

OIL PRICE DOWN TO $49 

OIL PRICE DOWN TO $49.74 

IMF SELLS MONEY AGAIN

 

 

 

 

Tags: OIL, PRICE

Chronicle:

PRICE: $50 ISN'T ENOUGH
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

PRICE: $50 ISN'T ENOUGH
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

PRICE: $50 ISN'T ENOUGH
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

PRICE: $50 ISN'T ENOUGH
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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