Oil News - Oil Investments - By Sean Pruitt Pres. of Kingdom Exploration LLC

Sean Pruitt

Oil and Gas News Channel

  1. $100 Dollar Oil By Year End - Exclusive: Russia plans deep March oil export cuts, sources say

    02/25/2023

    $100 Dollar Oil By Year End - Exclusive: Russia plans deep March oil export cuts, sources say

    Pioneer CEO Sees $100 Oil By End Of Year Brent crude oil will be around $100 per barrel by the end of the year, Pioneer CEO Scott Sheffield has predicted. Oil has been rangebound over the last five or six months, Sheffield said, although Chinese demand is picking up "significantly". "I think that what we'll see…. Brent will break $90 this summer and climb back up to $100 sometime in the second half of the year." He expects WTI to be in the low $90s by the end of the year. Despite the calls for $100 oil, Pioneer's CEO reiterated that capital discipline is still the name of the game, adding that its shareholders haven't changed their view on that. "We see no change at all," Pioneer CEO Scott Sheffield told Bloomberg today. Exclusive: Russia plans deep March oil export cuts, sources say Russia plans to cut oil exports from its western ports by up to 25% in March versus February, exceeding its announced production cuts in a bid to lift prices for its oil, three sources in the Russian oil market said. Russia had already announced plans to cut its oil production by 500,000 barrels per day in March, amounting to 5% of its output or 0.5% of global production. U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil. Washington has said it pushed for the introduction of price caps to limit revenues for President Vladimir Putin's war in Ukraine but have set them high enough to avoid a further spike in global oil prices. Subscribe to my channel : https://www.youtube.com/c/kingdomexpl... Request Information : http://kingdomexploration.com/Request... Phone (307) 622-1645 email: sean.pruitt@kingdomexploration.com #oilprices #oilnews #opec

    42 min
  2. Putin's Response to American Tanks could cause $150 dollar OiL

    01/28/2023

    Putin's Response to American Tanks could cause $150 dollar OiL

    Moscow has repeatedly warned that the export of tanks from the West to Ukraine would amount to an escalation of the war. In today's video I give my thoughts on Putin's next move that could cause oil to hit levels we've never seen before. Subscribe to my channel : https://www.youtube.com/c/kingdomexplorationllc?sub_confirmation=1 Request Information : http://kingdomexploration.com/Request-Oil-Investment-Brochure-B/ Phone (307) 622-1645 email: sean.pruitt@kingdomexploration.com In its latest forecast, the IEA has projected demand to rise by 1.9 million barrels per day to 101.7 million barrels per day (bpd) this year, an upgrade from its previous forecast for a 1.7 million bpd increase The IEA’s monthly Oil Market Report (OMR) forecast shows supply outstripping demand by nearly one million bpd in the current quarter and in the second quarter again marginally, before a flip. Demand in the third and fourth quarters will be 1.6 million bpd and 2.4 million bpd, respectively, above supply, it said. The IEA cautioned that the timing and pace of a Chinese demand recovery and of Russian supply resilience will affect its forecasts. The IEA called Russia a wild card, noting that production merely dipped in December when the EU import ban and G7-led price cap came into force. But it said this will change after the EU bans imports of Russian refined products in early February, when Moscow’s apparent move to increase refinery throughput and store significant amounts of oil will be challenged. The IEA forecasts that around 1.6 million bpd of Russian production will be shut in by the end of the first quarter, compared with pre-war levels, and this will reduce output to 9.7 million bpd in 2023, down by 1.3 million bpd from 2022. Goldman Sachs sees oil prices heading to $100 a barrel by the third quarter of 2023 amid China reopening Goldman Sachs expects oil prices to jump to $100 a barrel by the third quarter of 2023. The bank said China's reopening was likely to add 1.6 million barrels a day in demand to the market. Goldman's Nikhil Bhandari said supply was unlikely to keep up after underinvestment in recent years. Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. The U.S. economy grew faster than expected in the fourth quarter "Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break," said Edward Moya, senior market analyst at data and analytics firm OANDA. Oil Traders Betting Fed Can Produce ‘Soft-Landing’ With some investors saying the economic data suggests there is more resilience in the economy than is being talked about, some are already calling it a “goldilocks situation.” In other words, investors see the economy as decelerating, but not falling off a cliff as many had anticipated just weeks ago. What this means is that investors now feel the Fed may be able to pull off a ‘soft-landing’ if there is a recession. We feel that oil prices can surge if the fear of recession is dampened or eliminated. French bank BNP Paribas has made a commitment to reduce lending to the oil and gas industry by 80 percent by 2030 as part of entering a new phase in its decarbonization efforts. #oilprices #oilnews #opec

    28 min
  3. Oil Prices 2023 - Petro Yuan Failure Forces China to Open Economy

    01/06/2023

    Oil Prices 2023 - Petro Yuan Failure Forces China to Open Economy

    Watch video here > https://youtu.be/6bTOkEhrpbM All eyes on China China lowers demand before signing massive oil contracts China tried to butter up the young prince with 32 massive contracts China agenda was to settle these contracts in the Yuan Saudi along with many others were concerned with Chinas faltering economy and said no to Chinese Currency China has no choice but remove all covid restrictions and no better time as he has energy security after having all the agreements in place with Russia and Saudi Why Oil Prices did not rally to $130 in 2022? Russian disruptions did not materialize Covid Lock Downs in China The Fed increased 325 basis points causing a strong dollar and reducing 50% of the money supply. Without cash you can chase the oil rally. The hike caused a 30% self-off in oil markets If we did not have the perfect storm that suppressed oil prices, we would have hit highs of $140+ like the days of 2008 pushing us into a deeper recession. We’re already in a 5-year oil under investment cycle and the blood bath continues. All this does is suppress fundamental oil prices making it more likely to spike vs stabilize. What’s changed? Russia, evidence of the sanctions are starting to take hold and Russian oil exports are starting to reduce. China is seeing increased bookings for holidays, increased subway usage etc.. Europe and India PMI up and rebounding If we look at 04 to 06 they had rate hikes and eased them in 07 causing a massive oil price rally due to the fed easing rates and China economy being stimulated. China largest commodity consumer in the world - largest oil importer - 2nd largest economy in the world is now opening the market. Artificial supply from the SPR coming off the market Fed plans to buy 200 million back putting a floor under oil prices China demand should increase around 2 million Russia supply drop around 1 million bopd OPEC is supporting higher oil prices as they don’t have to compete with American Oil anymore

    14 min
  4. Oil Rises as China Lock Downs Eases - US Energy Demand Increasing - Oil News

    11/11/2022

    Oil Rises as China Lock Downs Eases - US Energy Demand Increasing - Oil News

    Oil jumps as China eases COVID curbs in potential boost to demand Oil prices jumped by more than 3% on Friday after health authorities in China eased some of the country’s heavy COVID curbs, raising hopes for improved economic activity and demand in the world’s top crude importer. The oil market remains depleted of its main buffers: inventories and spare capacity. Concurrently, the risk of meaningful supply disruptions in Libya, Russia, Iraq, and Iran is currently elevated. US Power Consumption Has Never Been This High. According to the EIA, power consumption in the US will rise to a record high of 4,036 KWh in 2022, up 3% compared to last year, as hotter temperatures and increasing economic activity keep on pushing electricity usage up. US Funding Indonesia’s Pivot from Coal. The United States and Japan will offer 15 billion in energy transition funds to Indonesia if it starts retiring its ple ping the government to reach its aim of bringing the share of renewables to 23% by 2025. US Crude Growth Plummets in 2023. Citing inflation and supply chain constraints, the Energy Information Administration lowered its forecast for 2023 US crude production growth by a whopping 21%, expecting next year’s increase to be 480,000 b/d. China Relaxes Covid Rules. The Chinese government has eased its zero-COVID requirements despite surging cases across the country, reducing quarantine periods for inbound travelers as well as their close contacts and scrapping fines for airlines carrying infected passengers, boosting hopes of a China normalization. China has already ramped up crude oil imports by more than 2.5 mb/d in recent weeks, in preparation for this event, as well as to replenish depleted inventory. Subscribe to my channel : https://www.youtube.com/c/kingdomexplorationllc?sub_confirmation=1 Request Information : http://kingdomexploration.com/Request-Oil-Investment-Brochure/ Phone (307) 622-1645 email: sean.pruitt@kingdomexploration.com #oilprices #oilnews #opec

    20 min

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