Prices
![Prices](/cache/2016/01/CANADA-29.f2e99133.jpg)
2016, January, 17, 15:15:00
CANADA'S LONG-TERM EFFECTIVENESS
"We're playing close attention to the price of oil, and of course that has an important impact on the Canadian dollar, which we're also paying close attention to. In that context, we know that it's doubly important that we think about how we can make investments that have an impact on the economy ... and also think about how we can improve our long-term effectiveness as a country and to increase our long-term rate of growth."
![Prices](/cache/2016/01/OIL-175.44c6a1cb.jpg)
2016, January, 15, 20:30:00
OIL PRICES DOWN 4%
Brent crude futures plunged more than 4 percent to near 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
![Prices](/cache/2016/01/OIL-170.f3d11890.jpg)
2016, January, 15, 20:25:00
OIL PRICES 2016: $40
Forecast Brent crude oil prices average $40/b in 2016 and $50/b in 2017. Forecast West Texas Intermediate (WTI) crude oil prices average $2/b lower than Brent in 2016 and $3/b lower in 2017. However, the current values of futures and options contracts continue to suggest high uncertainty in the price outlook.
![Prices](/cache/2016/01/usa-142.9b5cf8cd.jpg)
2016, January, 15, 20:20:00
WEAK US INDUSTRY
The slowdown has been rapid. As recently as a year ago, US manufacturing production was growing at an annual rate of 4.5 per cent, says Chad Moutray, chief economist for the National Association of Manufacturers. By November that had slowed to 0.9 per cent and this year Mr Moutray expects production to grow just 1.4 per cent.
![Prices](/cache/2016/01/OIL-171.d5a4c562.jpg)
2016, January, 15, 20:15:00
OIL MAJORS CUT JOBS
Companies like BP, which said Tuesday it is cutting 4,000 jobs, are slimming down to cope with the slump in oil, whose price has plummeted to its lowest level in 12 years and is not expected to recover significantly for months, possibly years. California-based Chevron said last fall that it would eliminate 7,000 jobs, while rival Shell announced 6,500 layoffs.
![Prices](/cache/2016/01/OIL-176.328c2813.jpg)
2016, January, 15, 20:05:00
OIL COMPANIES ROUT
“Companies have to be prudent in the face of what’s happening,” says Daniel Yergin, vice-chairman of consultancy IHS. “It’s a wrenching period for the industry.”
![Prices](/cache/2016/01/BP-34.f23dded6.jpg)
2016, January, 15, 19:45:00
BP CUTS JOBS 5%
Oil companies including Royal Dutch Shell and Chevron have already slashed tens of thousands jobs globally to deal with a near 75 percent drop in oil prices since June 2014 that has seen earnings collapse.
![Prices](/cache/2016/01/RUSSIA-122.8d98470e.jpg)
2016, January, 10, 18:25:00
RUSSIAN OIL CHRISTMAS
Crude's collapse from $100 a barrel since mid-2014 has already pummeled Russia, which relies on energy for about half its budget revenues and 40 percent of its exports. The latest slide compounds the problems facing President Vladimir Putin ahead of elections in 2018.
![Prices](/cache/2016/01/IRAN-57.4f43c996.jpg)
2016, January, 10, 18:15:00
SAUDI - IRANIAN COMPETITION - 2
The escalating rivalry between Saudi Arabia and Iran is intensifying bilateral market competition, which some observers say eclipses in importance Saudi concern over expansion of supply from North America.
![Prices](/cache/2016/01/CANADA-25.d7b73824.jpg)
2016, January, 10, 17:55:00
OIL SERVICE'S CAP
Even if E&P clients are able to negotiate more favorable terms for their debt, the industry’s overextended balance sheets will put a cap on activity — even if oil prices rise. On the producer side, companies will most likely de-lever before they drill should some extra cash come in the door. For OFS, building all the new equipment such as walking rigs and big frac spreads to meet strong client demand has some players in this sector significantly over-levered.
![Prices](/cache/2016/01/OIL-322.b3d469e2.jpg)
2016, January, 10, 17:50:00
OIL PRICES DOWN $33.75
Light, sweet crude prices for February delivery settled Jan. 7 below $34/bbl on the New York market, which was the lowest settlement for the front-month contract since February 2004. Brent crude oil for February also settled below $34/bbl on the London market Jan. 7.
![Prices](/cache/2016/01/MERGERS-1.1efcccae.jpg)
2016, January, 7, 21:00:00
OIL PRICES: M&A DOWN
More than $60 billion in unsolicited corporate takeover bids during 2015 were rejected, causing deal value to drop to a 10-year low. Aside from the Shell-BG deal, there were no corporate takeovers exceeding $5 billion. Fewer than 10 asset deals valued at greater than $1 billion occurred, following more than 30 annually during each of the previous 2 years.
![Prices](/cache/2016/01/OIL-320.d559170b.jpg)
2016, January, 7, 20:55:00
OIL PRICES: U.S. SHAKEN
Dow e-minis were down 380 points, or 2.26 percent, with 99,258 contracts changing hands at 8:13 a.m. ET (1313 GMT). S&P 500 e-minis were down 45 points, or 2.27 percent, with 578,860 contracts traded. Nasdaq 100 e-minis were down 130.25 points, or 2.93 percent, on volume of 108,831 contracts.
![Prices](/cache/2016/01/oil-319.b0b80ffb.jpg)
2016, January, 7, 20:50:00
2015: OIL PRODUCTION, CONSUMPTION, PRICES
Crude oil prices ended 2015 below $40 per barrel (b), the lowest level since early 2009. Spot prices for the international crude oil benchmark Brent averaged $52/b in 2015, 53% below the level in 2014 and 49% below the average price over 2010-14. Spot prices for West Texas Intermediate (WTI) crude oil were also down 53% in 2015 compared with 2014, averaging $49/b for the year.
![Prices](/cache/2016/01/IRAN-56.7880fc41.jpg)
2016, January, 7, 20:45:00
SUBTLE IRANIAN APPROACH
"We will be more subtle in our approach and may gradually increase output," Qamsari said. "I have to say that there is no room to push prices down any further, given the level where they are."