09-19-2017, 11:14 PM
Oil hit a wall again, failing to sustain a rally above $50/bbl for a third straight session. That’s partly because demand typically drops this time of year as many crude-processing plants shut down in the fall for maintenance. But it’s also because producers are coming to the futures market whenever West Texas Intermediate prices approach $50 to lock in profits. While that protects them against a slump, it also makes it more difficult for futures to rise further. Meanwhile, for the third time this month, a hurricane is heading toward the Caribbean.
Oil hits another wall, fails to sustain rally above $50
The world’s energy producers are reducing their carbon emissions on a year-over-year basis. Sixty-two of the world’s 100 largest companies consistently cut their emissions on an annual basis between 2010 and 2015, with an overall 12% decline during that period, according to a report from Bloomberg New energy finance released ahead of its conference in London on Monday.
Major energy companies reducing emissions without government oversight
Hunting’s Titan Division and ExxonMobil Upstream Research Co. entered into a joint agreement in 2015 to develop autonomous tool technology that creates a revolutionary step change in well completion and P&A. After meeting several development milestones, Hunting and ExxonMobil Upstream Research Co. announced that field trials for the autonomous tools will begin in late 2018. Commercialization is expected to follow shortly thereafter.
Hunting, ExxonMobil move to next phase of Autonomous Project for field testing
The oil market has been awash in crude for more than three years, and OPEC has struggled to accelerate the rebalancing effort, but the world could be heading for a supply crunch in a few years due to the sharp fall in industry spending.