Oil

Bulging Inventories Mean Low Oil Prices for Foreseeable Future The crude oil price continued gaining on Wednesday after Energy Information Administration (EIA) data showed a second consecutive weekly decline in U.S. oil stockpiles. A recent report by the EIA showed that U.S. crude inventories were reduced by 1.9…

The Organization of Petroleum Exporting Countries (OPEC) might finally be winning the oil price war, which could mean big things for the oil price forecast. While the oil market may not see a balance between supply and demand until well into 2016, oil supplies might already be substantially…

If you thought the oil price would rally anytime soon, The Goldman Sachs Group, Inc. (NYSE:GS) would like to have a word. The investment banking giant reported on the oil price forecast on Friday, concluding that before the dust settles, the oil price might go as low as…

The crude oil price was over $100.00 per barrel a year ago, and it might soar back that high again. Market news outlets are filled with analysts discussing why the oil price forecast is likely to head south, but what about the factors which could push oil prices…

It’s no secret that the negative oil price forecast has hit energy companies hard, as the global markets continue this summer’s volatile streak amidst fear of an economic collapse in China. Following the OPEC announcement last year that the organization would not be lowering production in response to…

While the negative oil price forecast has not been consistent in translating to lower gasoline prices, it looks like prices at the pump will be declining soon. A power issue in August at one of BP’s refineries in Indiana was mostly to blame for a spike in U.S.…

With a negative oil price forecast and threats of Chinese economic collapse weighing heavily on global markets, the U.S. Congress is facing more than just another routine debate on lifting oil exports when it meets on September 8th. The U.S. Energy Information Administration(EIA) has voiced its approval for lifting…

The oil price collapse has hit North American companies particularly hard as of late. And many of them are going to be left out in the financial cold as their hedging strategies begin to expire. Oil and gas producers typically hedge their production by locking in higher prices…

The latest stall in the oil price forecast serves as a lesson in the weakness of sentiment-driven oil price rallies: they aren’t driven by real economic conditions, and can evaporate fast. Let’s take a quick recap of the situation, and why the current oil price rally is deflating…

It’s amazing how quickly markets can shift their perceptions of a commodity. This latest oil price rally is purely psychological and has very little to do with actual market fundamentals, which are still alarmingly soft if the latest data is to be believed. In a week increasingly marked…

As energy rates continue tumbling down, oil price forecasters are looking for something—anything—to provide some shred of hope for a recovery. But crude oil no longer found itself alone as it declined this week. Global exchanges began crashing, prompting massive sell-offs and threatening economic collapse. Leading the charge…

As oil prices test six-year lows, it’s becoming increasingly less clear just how much lower they can possibly slide. Market attitudes towards the commodity are decisively negative as we enter the ninth straight week of oil price declines, the worst such pattern since 1986. Global oversupply, slumping demand,…

Crude oil prices are currently trading at a six-year low and threatening to slide even lower as global financial markets are still trying to come to terms with Monday’s catastrophic dips. I sat down with our in-house energy specialist Peter Prazic to get the full story on how…

"Catastrophe" is a great word to describe Monday’s trading, but nowhere else has the pain from the stock market collapse been felt worse than in the oil and gas sector. West Texas Intermediate (WTI) dropped to $38.51 on Monday, after diving to $37.75 earlier in the morning. That’s…

Oil rates are crashing. They have plunged to $38.00 per barrel, but consumers are still getting squeezed by high gas prices at the pump. What gives? West Texas Intermediate (WTI) was trading in the mid-$38.00 range Monday morning as crude continues to test six-year lows. But the price…

Crashing energy prices have dramatically altered the landscape for the energy industry, leaving some industry stalwarts struggling to catch up. But according to the latest oil price forecast by one leading economist, it’s about to get a whole lot worse. “I’m sticking with my forecast of US$10 to…