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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.

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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, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

PRICE: $50 ISN'T ENOUGH
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

PRICE: $50 ISN'T ENOUGH
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

PRICE: $50 ISN'T ENOUGH
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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