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Energy & Commodities

Visualizing The World's Deepest Oil Well

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Posted by Visual Capitalist

on Monday, 20 March 2017 13:44

In a remote part of eastern Russia, the world's deepest oil well has been drilled to incredible depths.

Operated by Exxon Neftegas Ltd, it helps to unlock a shelf that is expected to yield 2.3 billion barrels of oil.

But even more fascinating is the old Soviet well that previously held the record for drill depth, in which drillers thought they reached "hell" itself in 1992.

Click on the image for full image and full story:

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Energy & Commodities

Wall Street Bullish On Oil Prices Despite Saudi Warnings

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Posted by OilPrice.com

on Friday, 17 March 2017 07:58

7783ed8eb04ea4fe06e9fc150dee0211Oil prices have given up some of the gains achieved since the OPEC deal was agreed to in late November, and confidence in the buoyancy of crude prices is starting to falter. There are plenty of reasons why: U.S. shale is coming back; OPEC cuts led to higher prices in December, but have had little effect since then; crude and refined product inventories are still extraordinarily high; and speculative bets are looking overly optimistic at this point.

But the major investment banks tracking oil markets are surprisingly steadfast in their predictions that the market is proceeding steadily...

....continue reading HERE

...related:

Martin Armstrong on: Largest New Discovery of Oil in USA



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Energy & Commodities

Largest New Discovery of Oil in USA - Fed Raises Rates Markets Rally

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Posted by Martin Armstrong - Armstrong Economics

on Thursday, 16 March 2017 10:07

Screen Shot 2017-03-16 at 10.35.19 AMMartin: Another major discovery of oil has been made in Alaska of 1.2 billion barrels. It is the largest find of conventional oil for 30 years on US territory.

The Fed Raises Interest Rates & Markets Rally!

"The Fed’s forecasts have moved in the direction of tightening, and despite what they say publicly, the most serious stimulus is rising stock prices"

....continue reading HERE

 



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Energy & Commodities

New Oil Price War Looms As The OPEC Deal Falls Short

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Posted by OilPrice.com

on Tuesday, 14 March 2017 06:36

fff87196ef7e3e4575b54310caae969eLast November, OPEC orchestrated an impressive feat: corralling all (or nearly all) of its members to sign on to relatively aggressive production cut deal, and then actually convincing everyone to follow through on those reductions beginning in January. OPEC’s estimated 94 percent compliance rate defied the cartel’s own history of cheating and mistrust, and OPEC has taken around 1 million barrels of oil production per day off the market.

They were initially rewarded for this. Oil prices rallied more than 20 percent in the month after the deal was announced and investors and analysts have been mostly bullish on crude prices ever since. But the cuts were not all that they seemed to be for two reasons:

....continue reading HERE

....related:

Why Commodities Could Be on the Verge of a Massive Surge



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Energy & Commodities

Why Commodities Could Be on the Verge of a Massive Surge

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Posted by Frank Holmes - US Global Investors

on Thursday, 09 March 2017 08:14

After finishing 2016 up 25 percent, commodities are getting another boost from bullish investors. Investment bank Citigroup forecasts commodity prices will increase this year on strengthening demand in China and mounting inflation inspired by President Donald Trump’s “America First” policies. Commodity assets under management globally stood at $391 billion in January, up 50 percent from the same time the previous year, according to Citigroup.

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Meanwhile, hedge fund managers significantly raised their bets that copper and oil prices have much further to climb, Bloomberg reported, with net-long positions in the Comex and Nymex markets surging to all-time highs.

Bets on Rising Crude Oil and Copper Prices Surged to Record Highs
click to enlarge

In addition, global manufacturing activity has expanded for the past six straight months, a good sign for commodities demand going forward. As I shared with you earlier in the week, the global purchasing managers’ index (PMI) advanced to a 69-month high of 52.9 in February, with strong showings from the U.S. and eurozone.



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