Inside the crystal ball: Crude oil prices are likely to bottom out in the first half of 2015, until a possible slowdown in U.S. shale production counters a supply glut exacerbated by OPEC’s decision not to cut output, a Reuters monthly survey shows. Oil is seen recovering in the second half as non-OPEC production responds to lower prices, while demand picks up in the course of the year, the poll shows. The survey of 30 economists and analysts projected Brent crude to average $74 a barrel next year and $80.30 in 2016. Read the full story.
Sailing into a new era: Currently under construction on an island off South Korea for energy giant Shell, the dimensions of the world’s largest vessel are striking in their own right—and evidence of the sheer determination of the oil and gas industry to open up new sources of fuel. As the BBC reports, the Prelude is not only going to dwarf the Eiffel Tower and Empire State Building, but it’s also going to be the first vessel to feature a liquefied natural gas facility on board. Shell intends to use it off the coast of Australia, though the massive project is still a few years from completion. Read the full story and see a video of the massive vessel being constructed.
The final stretch: A busy shopping weekend is buoying retailers’ hopes that the holiday shopping season will end strong after a weak start. USA Today reports that Saturday, dubbed Super Saturday by some, was expected to be the biggest shopping day of the year. ShopperTrak predicted sales would hit $10 billion, compared to $9 billion for Black Friday. “This weekend and the weekend after Christmas are expected to be resilient, and a solid holiday season for 2014 should be achieved,” says National Retail Federation economist Jack Kleinhenz. Read the full story.
