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Crude oil: It’s a turning point

LONDON | By Kevin Norrish at Barclays | What’s all the fuss about? On many occasions over the past few years, oil prices have spiked higher only to fall back rapidly into the prevailing trend of narrow range trading and steadily falling volatility. So is the recent pickup in oil prices anything more than just another blip?

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Special Issue: Nigeria, the giant against the ropes (I)

MADRID | By Donato Ndongo-Bidyogo | Its oil reserves – 15.6 billion barrels, 2.5 million exported daily – and gas (three million cubic meters) make Nigeria the leading African economy, outperforming South Africa. A notable industrial potential, petrochemicals and cinema industries stand out: Nollywood released more than 7,000 movies in the last decade, just surpassed by India (Bollywood) and ahead of the USA (Hollywood).


China, this is not the giant oil rig you’re looking for

By Ray Kwong | It’s not an “ultimate weapon” like the Death Star from the Star Wars movie franchise, but the giant oil rig that China has parked just 140 miles away from Hanoi is equally as ominous. Much as the Galactic Empire used the Death Star’s presence to keep the weak in line, China’s decision to position the rig in the South China Sea in an area claimed by Vietnam is a demonstration of its regional muscle and resolve to assert its territorial claims.


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A British flavor for Spanish olive oil firm Deoleo

MADRID | By The Corner | Spain’s production of so-called gold liquid made Spanish company Deoleo olive oil’s world leader. After a sound restructuring, British private equity firm CVC bought a major stake of 29.99%. Just three stakeholders Unicaja (11.35 %), Kutxabank (4.8 %) and Caixabank will guarantee the ‘Spanishness’ of Deoleo. Better than an Italian entering into the company’s capital, which was also considered.


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Oil Market Outlook 2014 No turning point for prices yet

LONDON | By Barclays analysts | Although there is a train of thought that the sharp acceleration in US crude oil supply growth will sooner or later result in a turning point for oil prices and a possible price collapse, our analysis suggests 2014 is too early for that.

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Low oil prices, for the moment

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.

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Widespread drops among commodities

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…

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Repsol Sinopec’s Campos Basin in Brazil one of largest findings in 2012

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…


Long read | JP Morgan’s Colin Fenton (II): “EU secondary oil refineries to revive”

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…

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Long read | JP Morgan’s Colin Fenton: “Oil price $130 per barrel by 2014”

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…