NEW YORK | By Ana Fuentes | With the Syrian crisis dominating the G20 summit agenda, investors are expectant about the coming events and looking for the best plan. For many analysts oil is a better bet than sovereign bonds, since crude oil prices could jump more than 20 percent if a U.S. military strike drags other countries into the Syrian conflict.
Oil prices fell below 110 dollars per barrel and are lower than last year’s levels. Watch Saudi Arabia and Iran, though, note CaixaBank analysts.
By CaixaBank research team, in Barcelona | Oil intensified its correction and, between 20 April and 21 March fell by 10.7%, reaching 109.10 dollars per barrel (Brent quality, for one-month deliveries). Crude was therefore 1.1% above its level at the start of 2012 but 2.1% below its level of a year ago, which will pull down April and May's CPI in most economies. Oil prices confirm that they are following…
MADRID | Repsol Sinopec Brasil reported it estimates that Block BM-C-33, in the deepwater Campos Basin, contains resources of more than 700 million barrels of light oil and 3 trillion cubic feet of gas. Partner companies are now working on an appraisal plan for the area. Repsol Sinopec Brasil is the operator of the discovering consortium, holding 35%, also joined by Statoil (35%) and Petrobras (30%). Block BM-C-33, off the coast…
WASHINGTON | Second part of our conversation with Colin Fenton, global head of Commodities Research and Strategy at J.P. Morgan. What will be the effect of the closing of Iranian exports to Europe. Will it take a lot of time or effort to adapt European oil refineries to other types of oil? It always take some time to adapt, and reorientation of supply pathways, especially with trade barriers, tends to have…
WASHINGTON | Colin Fenton is the global head of Commodities Research and Strategy at J.P. Morgan. Fenton believes that there is margin for higher energy prices, with limited economic damage. Brent and WTI are behaving virtually like “two different commodities”, as one trader put it last week. Asia, tied to Brent oil, has relatively strong oil demand and limited supply, while the US is experiencing an energy production renaissance in the context…
A curated selection of links we hope can enlighten us all; some come from our corner, some do from other corners of the net. And as always, our comment widgets are anxious to get your suggestions: How Greenpeace tricked big oil firm representatives into a meeting OPEC summit and worries about oversupply The last major US airlines falls Angela, please, listen I don’t want to pay taxes either! You don’t know…
LONDON | Cheering the crude end that military dictator Muammar Gaddafi met on Wednesday, Libyans in the British capital gathered late in the evening outside the Libyan Embassy near Knightsbridge: they are not the only ones closely watching their freed country. The shots that made history in Misrata will soon open the race among European and US companies to land in Libya and begin doing business, too. Or to renew existing deals. Oil…
LONDON | Cheering the crude end that military dictator Muammar Gaddafi met on Wednesday, Libyans in the British capital gathered late in the evening outside the Libyan Embassy near Knightsbridge: they are not the only ones closely watching their freed country. The shots that made history in Misrata will soon open the race among European and US companies to land in Libya and begin doing business, too. Or to renew existing deals. Oil…