Weekly Energy
The National Bank of Canada | May 12, 2015 02:51AM ET
After having reached a 4-week high, black gold ended the week at prices close to those recorded on Monday.
• In order to rise above US$60/barrel, WTI crude needed the good news in the crude oil inventory data released on Wednesday. For the first time this year, the Department of Energy (DOE) announced a decline in U.S. crude oil stocks.
• On Tuesday EOG Resources Inc (NYSE:EOG)., the largest shale gas producer in the U.S., announced plans to ramp up drilling activities if the price of oil can stabilize above US$65/barrel. This company cuts investments for 2015 by 40%. It should be recalled that drilling activities were drastically curtailed this year following the recent corrections in energy prices.
• On Wednesday Saudi Arabia announced that it would raise its official prices for the Brent crude sold to Europe and the U.S. The fact that the largest producer in OPEC (the Organization of Petroleum Exporting Countries) is raising its prices shows that global demand for energy is growing.
• China exceeded the first time Americans for Crude imports. In April, China imported an average of 7.4Millions of barrels per day compared to the 7.2 of the U.S.
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