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Investor Alert! Oilfield service giants are looking like an increasingly good investment as oil prices rebound. Read our latest Global Energy Alert investment column to get the full breakdown of what to watch… Chart of the Week – The EIA sees U.S. oil production returning to 2019 levels by 2023 and then remaining between 13 and 14 mb/d through 2050. – The agency sees Brent prices rising from an average of $42 per barrel in 2020 to as high as $73 per barrel by 2030 and $95 per barrel by 2050. – The Permian remains the dominant source of new production in the years ahead. Market Movers – ExxonMobil (NYSE: XOM) cut production in Guyana due to a gas compressor failure. – A federal court rejected a bid from Indigenous tribes to halt the construction of Enbridge’s (NYSE: ENB) Line 3 pipeline. – Cenovus Energy (NYSE: CVE) reported a $153 million fourth-quarter loss. Tuesday, February 9, 2021 Brent topped $60 per barrel on Monday, hitting a fresh high. OPEC+ cuts combined with enhanced expectations of U.S. economic stimulus pushed crude oil up. The market continues to tighten. “Support seems robust and the narrative sees the oil market swiftly burning […]
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