• Protests can potentially affect Venezuelan oil sector again • Venezuela’s economy highly exposed to a drop in oil prices • Future potential for Venezuelan oil industry is enormous • New challenge from US shale oil production
Thina Margrethe Saltvedt
Thina Margrethe Saltvedt is Nordea Markets' senior macro oil analyst and global commodities strategist. Based in Oslo, she holds a PhD in Economics and MSc in International Business from the University of Manchester's Institute of Science and Technology. Additionally she has attained a management degree from the Norwegian School of Management and studied tax law at the University of Oslo.
Prior to Nordea, Thina has worked for Norges Bank.
• Ukraine turmoil can challenge gas supply to Europe and push prices higher • It is not the first time in history that energy supplies can be part of a political power struggle • Five reasons why Europe should be less exposed to a Ukrainian supply halt than in 2009 • Gas markets are changing – challenging Russia’s dominating position in Europe • Shale gas can turn Ukraine into a gas exporter in the future
Metals Market Weekly Chartpack
Gjeninnhentingen i eurosonen viser tegn til å få fotfeste. Denne uken får vi de viktige PMI'ene. Vi venter at de vil reflektere at gjeninnhentingen er på vei.
Denne uken har vi laget to webTV-sendinger, én som omhandler internasjonale tall og begivenheter og én om de norske nøkkeltallene.
I denne WebTV-sendingen diskuterer vi arbeidsmarkedstallene fra USA som kommer fredag og viktige norske nøkkeltall.
The Brent crude price has been hovering around USD 111.75/barrel over the Christmas week on increasing political risk in Africa and thin trading volumes.
Brent oil price is expected to be marginally lower in the forecast period, from USD 109/b in 2013 to USD 107/b in 2014 and USD 106/b in 2015. Oil demand continues to grow steady as the beating drum. Non-OPEC supply grows faster than the speed of light in 2014. OPEC capacity outlook – expect the unexpected
I Nordea WebTV denne uken ser vi på Norges Banks nye rentebane og vurderer forrige ukes sterke nøkkeltall fra USA.
• No changes to production ceiling expected • Pressure increases to cut back in production as demand for OPEC-oil may fall • Too early to expect large flows of Iranian oil back in the market • Risk of further supply disruption among OPEC members is still high
• Optimists hoping for a temporary agreement today • Positive effects of diplomatic progress already priced in – no major oil price move expected • Temporary agreement virtually no effect on the supply/demand balance • No sharp oil price drop expected if Iranian production resumes as Saudi Arabia will balance the market • A sharp oil price fall can put pressure on OPEC cooperation
Brent oil prices took another tumble yesterday, closing at USD 103.46/barrel, down USD 1.78 from the day before.
Oil prices spiked by a massive/with a formidable USD 7/barrel Tuesday 27 August as concerns are mounting over the consequences from a military strike on Syria by the West. Brent reached a high of USD 117.18/barrel and WTI USD 112.20/barrel Wednesday morning and is now trading at USD 116/barrel.