Oil Gains After German Court Allows For ESM Ratification at Bloomberg. Brent-WTI Oil Gap Sliding as North Sea Output Rebounds at Bloomberg.
Shale oil can’t stop crude topping $150 by 2020-Bernstein at Reuters. “…while U.S. shale oil and Canadian oil sands have reinvigorated the North American oil industry, new supplies are too small to meet emerging market demand growth.”
China’s oil demand has been tepid (Reuters). With Brent oil at $116 a barrel, where would the price be if demand was somewhat healthy?
Shale is booming, but Norwegian oil production illustrates resources are finite (Oil Drum chart). Wow.
The Canadian view: U.S. boom in oil production spells peril for Canadian crude at the Globe and Mail.
“OPEC says that world economic growth above 3 percent this year and next should drive up global oil demand by 900,000 barrels a day this year and a further 800,000 barrels in 2013.” Fuel Fix Interestingly, a 2% GDP efficiency gain is implied.
Energy and materials need to rally 23% to return to all-time highs. Bespoke