The oil and gas market is one of the most important markets in the world. It is a global market that is worth trillions of dollars and it affects the lives of everyone on the planet. The oil and gas market is complex and it is constantly changing. Market data is essential for understanding the sector and global trade.
What is Oil and Gas Market Data?
Oil and gas market data is the price information that is used by traders in the commodity markets to buy and sell oil and gas. The most important oil and gas benchmarks are West Texas Intermediate (WTI) crude oil, Brent crude oil, and natural gas. WTI is the benchmark price for light sweet crude oil in the United States. Brent is the benchmark price for light sweet crude oil in Europe. Natural gas is a major source of energy in many countries around the world.
There are 1,000 of price assessments published by price reporting agencies to enable global trace of commodities. The prices of these commodities are very important to energy producers, refining and processing, transporters, financiers and consumers.
Our clients are mainly within these sectors, relying on commodity price data to make trade, business and strategic decisions. We help them make informed purchasing decisions and reduce procurement costs.
What Types of Data are Available for Oil and Gas Sectors
When it comes to oil and gas markets, there are a few different types of data that come into play. Below is a small illustration of the types of data available for oil:
- Oil Price Data
- Oil Inventory Data
- Oil Production Data
- Oil Futures Data
- Historic Oil Data
- Oil Well Data
- Oil Pump Data
- Oil Field Data
- Oil Import Export Data
- Oil Supply Demand Data
- Oil Production Data
- Oil Storage Data
- Oil Tanker Data
- and on and on….
One of our clients, a major energy trading firm had over 400 different sources of information there is a lot of data for the oil and gas sector.
Prices are perhaps the most important piece of data when it comes to oil and gas market data. They dictate how much a barrel of oil is worth, and can fluctuate based on a number of factors and therefore have the greatest impact on businesses with physical assets. The cost of this energy pricing data is often the larget part of a companies procurement spend. This is where specialist procurement consulting firms like Phycomex can help to manage and reduce costs.
Trades refer to the actual exchange of oil between two parties, and usually involve some sort of contract. Contracts are important because they outline the terms of a trade, including price and quantity.
How Accurate is This Data?
Oil and gas prices are determined by a number of different factors, including production costs, political stability, and global demand. However, one of the most important factors is the data that is used to determine prices.
Unfortunately, this data is often inaccurate due to human calculation error or in some cases just manipulated. Benchmarks like the WTI crude oil price are based on a small number of trades and transactions, which can be leave it prone to manipulation. Heards are another important factor in setting prices, but again, these are as the name suggests just “heard” from someone without an actual transaction behind it. This can easily be influenced by those with a vested interest in artificially inflating or deflating prices.
As a result, it is very difficult to say how accurate oil and gas pricing data really is. Some markets are very liquid and transparent while other are not so and therefore, actual prices could be much higher or lower than published on a trading window for example.
What are the Benefits of Using Oil and Gas Market Data?
The utilization of global oil and gas market data for prices can be very beneficial for businesses and consumers. It can help businesses to negotiate better contracts, trade more fairly, settle invoices faster and even impact its earnings. It can also help consumers to understand the oil market trends and general outlook.
Value of Oil and Gas Pricing Data
In summary, this quantitative and qualitative data is useful for those in the industry because it provides a transparent overview of current prices and trends. It can also be used to make predictions about future prices. Executives use this information to make informed decisions about when to purchase energy products.
Breaking news is also available from a number of different specialist sources covering topics ranging from emissions, renewables, lng, gas processing and anything that may impact the market and price.
Oil and Gas Market Forecast
There are many different data providers that offer oil and gas market forecasts. Some of the more popular ones include the EIA, IEA, OPEC, and energy consulting firms like Wood Mackenzie and Rystad Energy.
Each data provider has their own methodology for forecasting the future of the oil and gas markets. However, they all generally agree that oil prices will remain volatile in the short-term but rise in the long-term as demand increases.
Investors need to be aware of these different forecast data providers and their different methodologies in order to make informed investment decisions.
Petroleum Crude Oil and Refined Products
The crude oil and petroleum products market is global, with prices set as a benchmark in trading contracts worldwide. The most traded petroleum product is North Sea Brent Crude Oil.
Other important petroleum products include West Texas Intermediate (WTI) Crude Oil, Dubai Fateh Crude Oil, and Tapis Crude Oil. WTI is the second most traded petroleum product after Brent
This affects everything from oil exploration,drilling, natural gas production and processing, refining, road fuels, heating oils as we go into winter and everything with the global energy transition.
Oil and Gas Market Research
The oil and gas industry is ever-changing, with new technologies and discoveries happening all the time. Keeping up with the latest trends is essential for companies in this industry, which is why many of them rely on market research to stay ahead of the curve.
There are a number of companies that provide market research services specifically for the oil and gas industry. They offer an overview of the latest trends, as well as detailed analysis of trades and other data. This information can be invaluable for companies looking to stay ahead of the competition.
Some of the leading companies in this space include Wood Mackenzie and Energy Intelligence. These firms have a wealth of experience and knowledge when it comes to the oil and gas industry, and they can provide insights that help businesses make better decisions about their operations.
Oil & Gas Analytics Market
According to a recent report, the oil and gas analytics market is expected to grow from $2.5 billion in 2020 to $4.5 billion by 2025, at a CAGR of 11.8%. This growth is being driven by the need for better decision-making in the face of volatile prices, increased regulation, and the need for more efficient operations.
There are a number of data providers that cater to the oil and gas industry, offering data on production, consumption, prices, logistics, and more. These providers use a variety of sources to collect their data, including government agencies, private companies, and public databases.
Some of the leading oil and gas analytics providers include Drillinginfo, Genscape, Kpler, and Oil-X
International Oil and Gas Statistics
The International Energy Agency (IEA), Energy Information Administration (EIA) and the Joint Organisations Data Initiative (JODI) are international bodies that collect and publish energy statistics on the oil and gas industry. These organisations provide energy production data, stock tables, international oil supply and petroleum data, as well as crude imports and exports.
The IEA is an intergovernmental organisation that was founded in 1974 in response to the oil crisis. The IEA’s mission is to ensure reliable, affordable and clean energy for its member countries. The IEA publishes a range of statistics on the oil and gas industry, including data on production, consumption, trade and prices.
IEA gathers, evaluates, and disseminates energy data so it can aid sound policymaking, efficient markets, and public understanding of energy and its relation to the economy and the environment.
The JODI is a partnership between major oil producing and consuming countries, as well as international organisations such as the IEA and OPEC. The JODI collects data on oil and gas production, consumption, exports and imports from over 80 countries. The JODI’s database is available to the public online.
Oil and Gas Supply and Demand Data
Oil and gas market data providers are those who collect and analyze information on the supply and demand for these commodities. This data is used by traders and investors to make decisions about buying, selling, and storing oil and gas.
Data providers typically use a variety of sources to gather information on the oil and gas market. This includes government data, industry reports, company financial filings, and data from energy exchanges. Providers will also use their own models and analysis to come up with forecasts for future supply and demand.
There are a number of different oil and gas market data providers out there, each with their own strengths and weaknesses. It’s important to choose a provider that has a good track record of accuracy and that offers the type of data you’re looking for.
Big Data in the Oil and Gas Industry
Oil and gas companies have long been struggling to make sense of the mountains of data they generate. But now, there are a number of big data providers that are helping them to do just that.
There are a number of specialist providers in this space including Kayrros, a tech company that provides solutions utilizing nontraditional data to discover new insights relating to the energy markets. Kpler another technology company that helps users track oil assets in real-time, allowing users to make better decisions.
There are a number of other providers which we well detail elsewhere but its worth noting Kpler’s growth in the recent years, including raising one of the largest investments in this space of $200M just last year. Certainly one to watch.
Oil and Gas Data Mining
Data mining has become a big business in the oil and gas industry. There are now many companies that provide data mining services to oil and gas companies. These companies use a variety of techniques to extract information from data sets.
The use of data mining in the oil and gas industry has grown rapidly in recent years. This is due to the large amounts of data that are generated by the industry. Data mining can help companies to find trends and patterns in data sets.
There are a number of benefits that data mining can offer to oil and gas companies. Data mining can help companies to save time and money by reducing the need for manual data analysis. Data mining can also help companies to improve their decision-making process by providing them with more accurate information.
How Phycomex helps Clients with Oil & Gas Market Data?
Phycomex helps its clients optimise systems and services using energy market data to increase efficiency and reduce costs. Benchmark energy pricing data tends to be the largest spend from all the types of data mentioned above which is exactly where our expertise is with over 20 years working with the leading energy price reporting agencies, to help you buy better.