LONDON (Reuters) – Demand growth in China and the Middle East in the second half of 2011 will require OPEC to add 1.43 million barrels of oil per day (bpd) to balance the market, according to a Reuters poll.
OPEC’s monthly report published in early June said world demand for its oil would average 30.7 million bpd in the second half, much higher than the 28.97 million bpd the 12-member group produced in May.
LONDON (Reuters) – Strategic, focused M&A activity is set to rise as oil majors seek to plug gaps in their portfolios, said leading investment bankers and fund managers attending a Reuters summit this week.
National oil companies (NOCs) will also continue to hunt for resources in the OECD as they seek resource security, with Canadian and U.S. gas plays expected to be in the spotlight, said energy market participants at the Reuters Global Energy and Climate Summit.
LONDON (Reuters) – Oil rebounded above $114 on Thursday, supported by bargain hunting after Brent’s second-largest drop in two years on Wednesday, but the trend was seen downwards given rising risk aversion and dollar strength.
Brent crude for August, the front-month contract after July expired on Wednesday, was up $1.03 cents to $114.04 a barrel by 1104 GMT, whilst U.S. crude was up 49 cents to $95.30 a barrel at the same time.
LONDON (Reuters) – Oil rebounded on Thursday, with Brent pushing towards $115 after its second-largest drop in two years on Wednesday created buying opportunities and the IEA forecast higher demand and reduced OPEC spare capacity.
But traders and analysts said the overall trend remained downwards, given a stream of negative economic data coming out of the United States, the Greek sovereign debt crisis and rising risk aversion amongst investors, who returned to the safe haven of the U.S. dollar.
LONDON (Reuters) – The traditional business model of “big oil” — the major integrated oil company — is far from broken, said an RCM energy fund manager on Wednesday, despite the skepticism in some quarters about future growth prospects.
Some investors have shunned the majors because of their perceived difficulties in adding enough new assets to make a significant impact to the bottom line — and the share price.
LONDON (Reuters) – The risk of demand destruction in the United States is underestimated by the market, an Investec fund manager said on Wednesday, predicting a weaker U.S. summer driving season and a fall in the oil price as a result.
“Looking back over 30 years, when you see (U.S.) gasoline prices at over 9 percent of personal disposable income you see a demand reaction, and we are at 10.5 percent,” said Jonathan Waghorn, co-manager of the Investec Global Energy Fund.
LONDON (Reuters) – The world is heading for a fresh oil price spike before collapsing into a crisis, a prominent fund manager said on Monday, adding that China’s unquenchable thirst for natural resources could lead to rising tensions.
Peter Csoregh, senior portfolio manager of Robeco’s Natural Resource equities fund, said oil prices could hit previous peaks of $147 a barrel given that growing demand from developing markets such as China continues to outpace new sources of supply.
LONDON (Reuters) – A potential second gold rush in Canada’s Yukon territory could provide investors with some rewarding mining plays, says a manager for Dalton Strategic Partnership’s Melchior natural resources fund.
More firms are raising capital to expand summer drilling programs in the Yukon said Marc Sontrop, a portfolio manager for the $69 million fund, which is overweight precious metals.
LONDON, May 31 (Reuters) – Oil rose over $1 on Tuesday with
Brent crude above $116 a barrel as the dollar weakened on
improved prospects for a bailout for heavily indebted Greece,
but oil remained on track for an overall fall in May.
The euro rose to a three-week high against the dollar as the
European Union raced to draft a second bailout package to
release loans next month for Greece, and the Wall Street Journal
reported that Germany could make concessions on efforts to put
together a bailout. [ID:nL3E7GV07I]
LONDON (Reuters) – Jet fuel traders are on alert for flight disruptions after an ash cloud from an Icelandic volcano reached air space over parts of Britain and Ireland on Tuesday, knocking the fuel’s prices lower.
The Grimsvotn volcano burst into life on Saturday, spewing out ash and steam and raising fears of a repeat of the travel chaos that followed last year’s Icelandic volcanic eruption.