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Category Archives for "Oil"

China’s crude oil import surge being refined and exported rather than implying rising domestic demand

If unplanned outages from Canada and Nigeria (of approx -2mb/d) have provided the supply side contraction behind the rebound in crude prices, China’s PBOC credit injection of $1tn in Q1 has helped to deliver the demand side component, which along with ECB and BoJ NIRP, have also helped keep the record levels of global inventories […]

Oil stocks continue to reach beyond a $60/bbl oil price

Mr Micawber it seems is alive and well over at OPEC, where the last ‘do nothing’ meeting has ended in the warm glow of oil prices being up 80% since the last event (in Dec 2015), with the narrative of a market experiencing a net reduction in non-OPEC supply of approx -740k b/d against global […]

Capitulation on oil price expectations may be needed before recovery

The vote on the 27 January by Royal Dutch Shareholders on whether to approve the merger with BG that is proposed by its management may have repercussions that extend well beyond the future of this proposed deal. At anywhere near the current oil price, the deal makes no commercial sense as even Shell’s own assessment […]

Shell shareholders deserve the BG deal they vote for!

There is something very wrong about this chart below. It shows only two things. The price of Brent crude oil and the discount of the BG share price to the offer value from the Royal Dutch Shell offer. The latter data series shows the discount narrowing as regulatory clearances for the merger are received and […]

First cracks appear as Shell shareholders start to oppose BG merger

Finally, it seems we are seeing some push-back from some Shell shareholders against the impending BG merger which is being voted on by Shell shareholders at the end of this month (27 January). Standard Life has been grumbling for a while, but now finally has gone public. The only question is whether it has all […]

Is there an oil price where Shell’s offer for BG doesn’t work?

Is there an oil price where Shell’s BG offer doesn’t make sense? Listening to Shell’s narrative, the position was initially that the oil price was going to rebound into 2016 and beyond, but then as this got progressively pushed back as prices relapsed, the emphasis was placed on the natural hedge that the share component […]

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