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PLS publishes news and analysis impacting oil and gas pricing through its QPi (Pricing) Module. The maroon report is designed to provide active operators, acquirers, explorationists, capital providers and investors the key market and price information they need to be successful.
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QP - As US & China resume trade war, WTI drops for third week - May 14, 2019
The WTI front-month contract fell for a third straight week, settling down 28 cents, or half a percent, at $61.66/bbl on Friday. Negotiations on the US/China trade deal sent prices downward throughout the week. Prices were up this morning after two Saudi Arabian oil tankers were attacked in the Strait of Hormuz over the weekend. In addition to the two Saudi vessels, one UAE and one Norwegian ship were also attacked. However, gains were erased after China announced it would increase tariffs from...
May 13, 2019
QP - WTI falls for a second week in a row as Iranian waivers expire - May 06, 2019
The WTI front-month contract declined for the second week in a row, losing $1.36, or 2.1%, to settle on Friday at $61.94/bbl. US production continued to rise, hitting a record 12.3 MMbo/d the week that ended April 26 and pushing crude oil inventories to an unexpected 9.9 MMbbl. Meanwhile, waivers to buy Iranian crude have expired, and the market is unsure if another nation will fill that gap. Some think Saudi Arabia and Russia will increase output. If Iranian volumes are replaced by members of...
May 06, 2019
QP - WTI rises on Iran waiver cancellation, falls on inventory build - April 29, 2019
The WTI front-month contract fell 70 cents last week to settle at $63.30/bbl on Friday, April 26. Prices were volatile, rising 3.5% early in the week before sliding at the back end. On Monday, April 22, WTI jumped $1.70 to $65.70/bbl. The US announced that it would not extend waivers for countries to buy crude oil from Iran in 2H19. Previously, eight countries (China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece) were given waivers so that they would not be penalized by US...
Apr 29, 2019
QP - US crude oil inventories tally first decline in 4 weeks - April 22, 2019
The WTI front-month contract rose 11 cents, less than 1%, last week to settle at $64.00/bbl on Thursday before markets closed for Good Friday. A surprise decline in US crude oil inventories provided price support. On Monday, April 15, WTI fell 49 cents to $63.40/bbl. The US Energy Information Administration’s monthly drilling productivity report was released, predicting an 80,000 bo/d monthly increase in oil production from the seven major US shale plays to a total of 8.46 MMbo/d...
Apr 22, 2019
QP - WTI continues gains as global oil supply outlook tightens - April 15, 2019
The WTI front-month contract gained 81 cents last week to settle at $63.89/bbl on Friday, April 12. Geopolitical tensions and data showing a tightening of global oil supply moved prices higher while warnings of a global economic slowdown tempered those gains. On Monday, April 8, WTI rose $1.32 to $64.40/bbl. The US announced that it had labeled Iran’s Islamic Revolutionary Guard Corps, a branch of the country’s armed forces, a terrorist organization. This is an unprecedented move—the US...
Apr 15, 2019
QP - WTI climbs ~5% over week, continues 2019 rally into the $60s - April 08, 2019
The WTI front-month contract rose $2.94, or 4.9%, last week, settling on Friday at a 2019 high of $63.08/bbl. Tightening global oil supplies and positive economic data signaled strong demand for oil, fueling the price increase. On Monday, April 1, WTI jumped $1.45 to $61.59/bbl following positive data on industrial activity in both China and the US. China reported a rebound in manufacturing activity, which hit a six-month high in March after reaching a three-year low in February....
Apr 08, 2019
QP - WTI climbs over $60/bbl for the first time in 2019 - April 01, 2019
The WTI front-month contract rose $1.10, or 1.9%, last week to settle on Friday at $60.14/bbl. WTI not only hit a 2019 high, but broke above $60 for the first time since November of last year. In terms of major price drivers, not much has changed in the last week: OPEC cuts continue to tighten global crude supplies, and US crude inventories remain bullish, while global economic growth concerns continue to temper gains. On Monday, March 25, WTI dropped 22 cents to settle at $58.82/bbl as...
Apr 01, 2019
QP - WTI flirts with $60/bbl following ~10 MMbbl draw on US stocks - March 26, 2019
The WTI front-month contract rose 52 cents last week to settle at $59.04/bbl on Friday. Prices hit a 2019 high of $59.98/bbl on Thursday after a nearly 10 MMbbl build in US crude supplies. The contract was kept under the $60 mark following negative economic news that suggests a US and Eurozone recession may be on the way. On Monday, March 18, WTI rose 57 cents to settle at $59.09/bbl. OPEC and other major oil producers participating in the Vienna Pact cancelled an April meeting...
Mar 25, 2019
QP - WTI rallies to new 2018 high on drop in US stocks, OPEC cuts - March 18, 2019
The WTI front-month contract rose $2.45 last week to settle at $58.52/bbl on Friday. An unexpected drop in US inventories and Saudi rhetoric on extended production cuts until year's end pushed prices higher.On Monday, March 11, WTI rose 72 cents to settle at $56.79/bbl. Saudi Arabia signaled that Vienna Pact production cuts would likely continue through the end of the year. The group had planned to meet in April, but that meeting has been cancelled as of March 18 and Saudi Energy...
Mar 18, 2019
QP - WTI rangebound at $55-$57/bbl on demand uncertainty - March 11, 2019
WTI rose 27 cents last week to settle at $56.07/bbl. The contract has kept in a $55- $57 range for the last three weeks as recent data has not moved the needle on prices. As expected, Vienna Pact oil production cuts are being implemented, but the US and China still have no trade deal and concerns still persist over global economic growth this year. On Monday, March 4, WTI rose 79 cents to settle at $56.59/bbl. Markets were encouraged by progress in trade negotiations between the US and...
Mar 11, 2019