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Hard Assets Investor submits: By Brad Zigler Forecasting changes in weekly oil inventories can be a dicey business. Sometimes the estimates made by the industry-supported American Petroleum Institute and sell-side analysts are widely disparate; sometimes they coincide. And sometimes, like this week, they can be on either side of the numbers posted by the U.S. Energy Department. Complete Story »
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Oilprice.com submits: Crude oil futures slipped below $73 a barrel for West Texas Intermediate late Friday as a temporary boost from strong GDP figures failed to last and let prices sink to a one-month low. Earlier in the week, China, weak refinery demand and slumping tech stocks all conspired to keep energy prices low, with prices oscillating around $73 a barrel. Complete Story »
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Dennis U. Atuanya submits:
Nigeria, a member of the Organization of the Petroleum Exporting Countries, OPEC holds the world’s seventh and tenth largest reserves of natural gas and crude oil respectively. Nigeria’s offshore oilfields are part of the giant Atlantic petroleum provinces (which extend from Angola through Gabon and Ghana to Guinea) and which have attracted significant interests from major International Oil Companies, IOCs as well as National Oil Companies, NOCs. In 2008, Nigeria was the fifth-largest supplier of crude oil to the United States. A Petroleum Industry Bill (PIB) for the restructuring of the country’s notoriously opaque petroleum industry is pending before her legislature. The bill, if passed would see the most elaborate reforms in the country’s petroleum sector in decades. The reforms include provisions for greater, sectoral transparency and efficiency. This has pitched the government against several interest groups in the country. International Oil Companies have decried the bill describing it as economically asphyxiating while labor unions have deemed it a ruse for gasoline price increases - gasoline prices in Nigeria are unsustainably subsidized. There have been allegations of bribery after revelations that legislators were invited by IOCs to a neighboring country for a “briefing” on the bill. Complete Story »
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The Business Insider submits: Some interesting commentary Friday morning from the International Energy Agency, which released its latest oil market outlook. While the organization sees global aggregate demand basically unchanged from its last forecast, it's reducing its estimates for OECD demand, despite the harsh winter and attendant demand for heating oil. Complete Story »
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 Tom Lydon (ETF Trends) submits: Oil and gas prices have plunged to their lowest levels of 2010 this week after the government reported a glut of supplies. The hoped-for demand spike never materialized, which may ding energy exchange traded funds. The oil rally in recent weeks was underpinned by the assumption that the extreme cold weather would increase demand for heating and drain inventories, writes David Parkinson for The Globe and Mail. Wall Street expected a 1.9 million barrel drop in inventories, but the supply actually grew by 3.7 million barrels. Gas supplies surged by 3.8 million barrels. Complete Story »
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Hard Assets Investor submits: By Brad Zigler
February crude oil hugged the $80 price level in overnight trading after a 2.1 percent sell-off in the Tuesday NYMEX day session, but prices sank further after a U.S. Energy Department report revealed a glut of petroleum products. Complete Story »
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 Tim Iacono submits: The success of investors who plowed money into energy ETFs and ETNs last year was highly dependent upon which investment vehicles they chose, a point that should be clear after looking at the right-most column in the graphic below.
For example, an investment in a crude oil-only offering on December 31st, 2008 would have resulted in gains anywhere from 11 percent to 43 percent, however, both of these trail the 78 percent gain of the underlying commodity in what must have been an unpleasant surprise for at least a few investors who compared the two at year-end.
Complete Story »
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John Dalt submits:We have called crude oil the ‘trade of the year’ in 2009. With crude oil up 72%, it was a pretty good call. What will our ‘trade of the year’ be in 2010? We are narrowing the list and will reveal our trade of the year for 2010 sometime in the month of January.
Complete Story »
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Daryl Montgomery submits: As has been the case for many years now, oil was once again one of the best investments in 2009. While oil has a leadership position in energy, it is only one part of a very large and complex sector that includes natural gas, coal, nuclear power, biofuels and renewables. Ultimately, the price of everything else in the sector will be influenced by the price of oil. All sources also have an easy to determine cost per unit of energy generated and these, at least in theory, should be somewhat similar across the sector. In reality, that price can become significantly different from one energy commodity to another and this can indicate severe over or under pricing. Price moves in oil and the other commodities in the sector don't necessarily take place at the same time, but can be considerably lagged. Complete Story »
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Bill James submits:Oil is the lifeblood of the economy: - In the 1960s Oil Supply Growth exceeded GDP growth.
- From 1970s to 2005, OSG trailed GDP by 2 points.
- 2005, Peak Oil, end of Oil Supply Growth, except for momentum the end of GDP growth based on Oil Supply Growth.
- From 2005 the trend has been horrific. Worse if measured in foreclosures and banking system collapse.
Complete Story »
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 Hickey and Walters (Bespoke) submit:
While they are likely to remain above their long-term average for the rest of the year, oil inventories have been dropping like a stone in recent weeks. This week, stockpiles fell 4.8 million barrels, marking the third straight week where inventories declined by more than 3.5 million barrels. While inventories were running more than 20 million barrels above normal at the start of the quarter, current levels are now less than 6 million barrels above average. click to enlarge Complete Story »
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- T. Boone Pickens Energy Fund files $200 Million IPO Prospectus in Canada
For energy investors who like to follow the investment strategy employed by T. Boone Pickens, the iconic energy billionaire, they will soon have an investment option in Canada, as the T. Boone Pickens Energy Fund is looking to raise $200 million in an initial public offering.
A prospectus for the Fund was filed with the Canadian regulators on December 14th and a brief summary is provided below. Complete Story »
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Hard Assets Investor submits: By Brad Zigler Real-time Monetary Inflation (last 12 months): 4.0%
NYMEX crude futures stretched its rally into Wednesday after an industry report indicated a deeper-than-expected drop in distillate fuel inventories was likely to be reported in the U.S. Energy Department's weekly supply tally. Demand for distillate fuels, which include heating oil and diesel, have been flagging this year. Complete Story »
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Hickey and Walters (Bespoke) submit:
While oil was in the midst of a 10-day losing streak over the last two weeks, its price wasn't the only thing declining. For the second straight week, the DoE announced that crude oil stockpiles declined by over 3.5 million barrels, and in both weeks the draw-down has been greater than expected. Today's news has helped to boost the price of oil by over $2. Crude oil inventories remain well above their historical average for this time of year, but they are near their lows of the year. For bulls on the Energy sector, inventories are moving in the right direction. click to enlarge Complete Story »
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