oil market

US sanctions on Iran are set to keep oil prices elevated, analysts say

noreply@blogger.com (jack luxor) — Wed, 08 Aug 2018 08:45:00 +0000

collected by :Frank Ithan

U.S. sanctions on Iranian crude could soon push oil prices above $90 a barrel, one analyst told CNBC ahead of the penalties snapping back into place. "A lot of people think China can just buy all of the Iranian oil but they came out and said: 'Yes, we may not reduce but we are not going to increase our intake either.' So, you could see a significant crunch in terms of lost supplies into the market and then that obviously means higher prices," she added. Investors are seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as a ramp-up in production by OPEC and its allied partners. Alongside Russia, OPEC kingpin Saudi Arabia and other members of the Middle-East dominated oil cartel agreed in late June to begin increasing production by up to 1 million barrels per day starting in August.

Texas to pass Iraq and Iran as world's No. 3 oil powerhouse

In fact, Texas is pumping so much oil that it will surpass OPEC members Iran and Iraq next year, HSBC predicted in a recent report. Some oil execs believe the amount of oil in the Permian rivals Saudi Arabia's Ghawar Field, the world's largest conventional oilfield. The United States is pumping more oil than ever before, making it less reliant on the turbulent Middle East for imports. That means Texas will account for more than half of America's total oil production. Oil supplies from Iran are likely to plunge due to tough sanctions from the United States.

US sanctions on Iran drive oil prices up with experts warning costs could rise again

As it stated in Oil prices have risen after US sanctions on Iran kicked in again, with global benchmark Brent Crude rising 1.4 per cent to hit $74.84, as experts warned further increases could be on the way. Donald Trump introduced "the most biting sanctions ever imposed", as he described them in a tweet on Tuesday, three months after he revealed he was pulling the US out of the seven-party Iran nuclear deal.

China rejects US demand to reduce Iran oil imports: report

Bloomberg cites officials as saying that Beijing turned down a Washington request to cut imports from Iran. China has rejected a demand by the United States to cut Iranian oil imports, according to Bloomberg news agency, which cited two officials familiar with the negotiations. Washington also imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically. "The Americans say they want to reduce Iranian oil exports to zero ... In July, Beijing lifted monthly oil imports from Iran by 26 percent.

Oil markets tread water ahead of renewed US sanctions against Iran

noreply@blogger.com (jack luxor) — Tue, 07 Aug 2018 08:05:00 +0000

referring to Oil markets tread water ahead of renewed US sanctions against IranOil markets started cautiously on Tuesday, as many traders in Asia were reluctant to take on new positions ahead of the introduction of U.S. sanctions against major crude exporter Iran. Spot Brent crude oil futures were at $73.74 per barrel at 0100 GMT on Tuesday, down 1 cent from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents at $68.93 barrel. Some analysts warned that a global heat wave could also now affect oil demand. "Past instances of El N±o have resulted in sharp drops in U.S. residential and commercial heating oil demand and prices," it said.

Iran news Oil Prices soar as result of Donald Trump sanctions on Iran's Hassan Rouhani

President Donald Trump is employing an increasingly bellicose stance towards the Iranian commander in chief Hassan Rouhani as he rejected an international agreement to curb Iran's nuclear programme. The US leader's decision is widely expected to trigger a negative impact on oil exports in Iran, which is the world's fifth-largest oil producer. The last time sanctions we imposed on Iran, about half its current oil export of some 2.4million barrels were removed from the market. Morgan Stanley, for example, now estimates Iranian production will drop to 2.7 million barrels a day by the fourth quarter, with more than 1million barrels taken offline. Crude oil tanker 'Devon' as it sails through the Persian Gulf

Oil books a gain amid Iran sanctions and reports of Saudi output drop

according to The U.S. oil benchmark finished at its highest settlement since June 29, though it pared its gains toward the close. Reports on Friday indicated that Saudi crude production dropped to around 10.3 million barrels a day in July, down from 10.49 million barrels a day in June, according to delegates from the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de facto head. Last month, Russian crude and condensate production increased by 150,000 barrels a day month-on-month, analysts at consultancy JBC Energy said, while OPEC output rose by around 300,000 barrels a day last month. OPEC is slated to release its official monthly oil market report for July on Aug. 13., which will offer greater clarity on output among its members. Oil market observers are looking ahead to weekly U.S. inventory data from the Energy Information Administration due on Wednesday.

collected by :Frank Ithan

Tariff Dispute Threatens China’s Thirst for U.S. Oil

noreply@blogger.com (jack luxor) — Mon, 06 Aug 2018 07:26:00 +0000

collected by :Frank Ithan

For the American oil industry, which President Donald Trump has declared is entering an era of "energy dominance," an escalating trade fight with China would represent a lost opportunity for U.S. efforts to break into a strategic market. China has been the biggest new buyer of the millions of barrels of oil unlocked by U.S. shale companies from dense rock formations. Now the second-largest consumer of U.S. oil exports after Canada, China has seen its demand rise 200-fold over past two years and last year bought a fifth of...

Oil rises as Saudi output dips, U.S. drilling stalls

SINGAPORE (Reuters) - Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. Spot Brent crude oil futures were at $73.42 per barrel at 0653 GMT on Monday, up 21 cents, or 0.3 percent, from their last close. That drop came despite a pledge by the Saudis and top producer Russia in June to raise output from July, with Saudi Arabia pledging a "measurable" supply boost. Sukrit Vijayakar, director of energy consultancy Trifecta, said the escalating trade dispute between the United States and China was also holding back crude prices.

Oil Rises as Industry Group Shows U.S. Crude and Fuel Stock Drop

As it stated in Gasoline supplies seen declining by most since MarchCrude popped after an industry report showed declines in crude, gasoline, distillate and Cushing, Oklahoma stockpiles, indicating strong seasonal demand for U.S. supplies. The global benchmark crude traded at a $4.92 premium to WTI. In the U.S., crude inventories are currently sitting at about 411 million barrels, near the lowest level since February 2015. A U.S. government report is forecast to show a 3 million-barrel decline in commercial crude stockpiles, according to a Bloomberg survey. Meanwhile, distillate inventories dropped 1.32 million barrels and Cushing supplies decreased 808,000 barrels.

Oil bulls beware: Saudis can keep crude anchored near $70, Barclays says

noreply@blogger.com (jack luxor) — Sun, 05 Aug 2018 05:57:00 +0000

as informed in OPEC, Russia and several other producers recently agreed to increase output by 1 million barrels in order to ease oil prices away from 3½-year highs. However, Barclays said the market is underestimating the spare capacity that Saudi Arabia, Russia, Kuwait and UAE can tap. "In our view, Trump has made clear in his tweets that he is not happy with higher oil prices, which is part of a long history of targeting OPEC." Saudi Arabia is likely to start exporting more oil to the United States, which would replenish American stockpiles, Barclays said. Barclays added the Trump administration could give China and India more time to reduce their purchases of Iranian oil.

Oil notches 3-day climb as Saudi Arabia halts crude shipments through key waterway

September Brent crude futures UK:LCOU8 rose 61 cents, or 0.8%, to end at $74.54 a barrel on ICE Europe. Meanwhile, the U.S. benchmark, September West Texas Intermediate crude CLU8-0.41% rose 31 cents, or 0.5%, to $69.61 a barrel. Saudi Arabia temporarily ended oil shipments through the Bab el-Mandeb strait, which joins the Red Sea to the Gulf of Aden, after saying that Houthi rebels attacked two very large crude carriers operated by Saudi National Shipping Corp. in the Red Sea on Wednesday. Analysts at Commerzbank said roughly 4.8 million barrels of crude and oil products are transported through the strait each day, constituting around 10% of seaborne oil. In other energy trade, September gasoline RBU8+0.04% rose 3.15 cents to $2.117 a gallon, while September heating oil HOU8+0.08% gained 2.49 cents to $2.1809 a gallon.

Oil slides near $68 as U.S. crude stocks expand, gasoline drops

as declared in Meanwhile, an OPEC committee meeting provided little insight on how output quotas will be split between the group. The Energy Information Administration reported that U.S. crude inventories rose by 5.84 million barrels last week, confounding most analysts in a Bloomberg survey who forecast a decline. Oil production reached a record 11 million barrels a day. Along with falling refinery-utilization rates, a drop in crude exports to the lowest since April also contributed to the inventory build. Observed crude flows from Saudi Arabia slipped to 6.74 million barrels a day in the first half of July, compared with 7.26 million during the same period in June, according to Bloomberg tanker tracking.

collected by :Frank Ithan

Gulf's dead zone, flood insurance, and oil and gas suits: Coastal news roundup

noreply@blogger.com (jack luxor) — Sun, 05 Aug 2018 05:27:00 +0000

as declared in In this week's coastal news roundup, NOLA.com | The Times-Picayune environment reporter Mark Schleifstein talks to WWNO 's Travis Lux about why the smaller than expected low oxygen " dead zone " off Louisiana's Gulf shoreline might not mean nutrient pollution is getting better. The two also discuss how Congress has temporarily extended the federal National Flood Insurance Program through the end of the 2018 hurricane season, while still arguing about how to deal with the program's $25 billion debt. They also provide an update on the 42 wetland damage lawsuits filed by six Louisiana parishes against oil and gas companies. Tune in to 89.9 FM at 4:44 p.m. on Friday (Aug. 3), or catch the discussion at the above link. To learn more, check out the related stories below.

Chesapeake Energy stock falls again after earnings as oil and gas sales disappoint

Excluding non-recurring items, such as a $168 million loss on oil, natural gas and natural gas liquid (NGL) derivatives, adjusted earnings per share came to 15 cents, above the average analyst estimate of 14 cents, according to FactSet. Total revenue fell to $2.255 billion from $2.281 billion, just below the FactSet consensus of $2.269 billion. Volume spiked to 49.5 million shares, already more than the full-day average of about 33.8 million shares, according to FactSet. What may have also added to investors' disappointment is how well the stock had done since the last earnings report. Photo: GettyLast week, Chesapeake said it would sell its oil and gas holdings in Ohio's Utica Shale for $2 billion, and will use the proceeds to further pay down debt.

Arvin council passes oil and gas restrictions; will others follow?

as declared in When the Arvin City Council began working on an ordinance that would place restrictions on new oil and gas operations near neighborhoods in Arvin, the local oil industry began to get a little nervous. Indeed, attitudes in Arvin may have begun to change when residents were directly affected by oil operations in the small farm town. In February 2016, the California Department of Conservation, Division of Oil, Gas and Geothermal Resources, imposed a $75,000 fine on the owner and operator of the pipeline and several oil and gas wells in Arvin. Even California Attorney General Xavier Becerra weighed in on Tuesday night's action by the Arvin City Council. Thanks to the important ordinance passed by the City Council, that unfortunate reality will begin to change," Becerra said in a statement Wednesday.

collected by :Frank Ithan

Putin suggests Russia and US could work together to regulate oil prices

noreply@blogger.com (jack luxor) — Sun, 05 Aug 2018 04:57:00 +0000

as informed in Russian President Vladimir Putin suggested that Moscow and Washington could cooperate to soothe volatility in the oil market that has roiled the industry in recent years. Russia has partnered with OPEC and other producer nations since 2017 to manage nearly half of the world's oil supply. The United States, where drillers compete in a free market, is not part of the deal. Still, Putin suggested that some form of cooperation is possible during a press conference with U.S. President Donald Trump in Helskinki on Monday. Led by Saudi Arabia and Russia, the two dozen producer nations last month agreed to hike output to offset falling output in Venezuela and looming U.S. sanctions on Iran, the world's fifth largest oil producer.

Risks are rising that oil prices will cause next recession

"If we do get oil prices of $100, $125 or $150, you reach a severe pain threshold, and not just for the U.S." said Bernard Baumohl, chief economist of the Economic Outlook Group in Princeton, New Jersey. "You can have a statement made that drives [oil prices] up one day and down the next, the key is to focus on fundamentals," he said. U.S. West Texas Intermediate crude oil prices were around $68 on Monday, while Brent crude oil was near-$73. If oil hit $150, an economy recently growing near a 3 percent rate would see growth fall by half, and that's before higher prices sparked inflation and forced interest rates higher, Baumohl said. Oil prices also spiked right before the 1990 downturn, running from $15 in May to $40 by September as Iraqi dictator Saddam Hussein invaded Kuwait.

Why oil prices are suddenly tanking

as mentioned in Once red-hot, oil prices are suddenly tanking. Related: The oil market's shock absorbers are nearly goneTrump has repeatedly blasted OPEC for lofty oil prices and complained that prices are "too high." In fact, oil bulls argued that unleashing more oil now will leave Saudi Arabia with little firepower to respond to future shortages. That suggests that Saudi Arabia is taking aggressive steps to keep oil prices from getting too high. Last week, oil prices plunged after Libya's national oil company announced it had regained control of multiple ports, enabling it to resume exports.

Could oil prices spike above $150?

That's causing reserves at major producers to fall and the industry's reinvestment ratio to plunge to the lowest in a generation, paving the way for oil prices to surpass records reached last decade, according to Bernstein. RELATED: Oil prices slip, but it's likely just temporary"Investors who had egged on management teams to reign in capex and return cash will lament the underinvestment in the industry," the analysts wrote. The oversupply of crude globally in recent years has masked "chronic underinvestment," Bernstein said in the report. The producers aim now to pump more to help cool the market, but disruptions from Libya to Venezuela are keeping prices elevated. Proven reserves of the world's top oil companies have fallen by more than 30 percent on average since 2000, with only Exxon and BP showing an improvement, helped by acquisitions, Bernstein said.

Higher oil prices fuel M&A boom in energy, Energy News, ET EnergyWorld

"A commodity is a commodity," said a loan investor. Right now oil is up, so people are interested in the debt. "Generally speaking, size and scale is a credit positive," Sadeghian said. "Bulking up can move you down the efficiency curve faster. A lot of companies could potentially benefit from combining, and if the financing was neutral it could potentially be helpful from a credit standpoint."

collected by :Frank Ithan

Oil Exploration Falls as Trump Escalates U.S.-China Trade War

noreply@blogger.com (jack luxor) — Sat, 04 Aug 2018 04:19:00 +0000

according to Rig fleet across American oil fields shrinks by two this weekWorkers on a drilling rig in the Permian basin outside of Midland, Texas. American oil companies scaled back drilling this week after U.S. President Donald Trump escalated his administration's trade war with China. U.S. working oil rigs fell by two this week to 859, according to data from Baker Hughes. The tit-for-tat U.S.-China trade dispute escalated this week as Trump threatened to increase levies on billions of dollars in Chinese goods, and the Asian giant responded in kind. Oil output in the U.S. fell by 100,000 barrels a day to 10.9 million last week, according to the Energy Information Administration.

Chinese Company Suspends Buying US Oil Amid Trade War – Reports

The trade row between Beijing and Washington escalated in April when the US slapped 25- and 10-percent tariffs on steel and aluminum imports, respectively, from China. The Asian nation has hit back by slapping reciprocal tariffs on a number of US imports. Unipec, the trading arm of the state-run Chinese oil corporation Sinopec, has suspended crude oil imports from the US due to growing trade tensions between the two countries, Reuters cited sources familiar with the situation as saying Friday. READ MORE: 'Trade War' Is a Reality: French Finance Minister Urges US to Recall TariffsThe move comes as Chinese customers start to reduce purchases of US oil in order to avoid a possible import tariff that Beijing threatens to slap on Washington amid the escalating US-Chinese trade spat. READ MORE: New Trade Pact: What Answer do Asian Economies Have to Trump's Tariff War?

Oil Prices Mixed On Libya Supply, Trade Concerns

referring to Oil prices ended the day mixed Thursday after wavering between gains and losses on varying supply signals. Global prices rebounded after a steep decline on Wednesday, when crude tumbled amid concern over resurgent Libyan supply and the U.S.-China trade dispute. Libya's state-run National Oil Corp. lifted the force majeure on eastern oil ports that had kept the country's crude off global markets amid continued civil war. Analysts estimated that those ports could contribute approximately 700,000 barrels of oil a day to the global market. AdvertisementThe global oil-market supply backdrop also remains constructive, analysts said, with crude prices trading near more-than-three-year highs earlier in the week.

collected by :Frank Ithan

Backers of Colorado oil and gas initiative claim signature gathering firm was paid off to quit

noreply@blogger.com (jack luxor) — Fri, 03 Aug 2018 03:28:00 +0000

as mentioned in Colorado Rising must turn in at least 98,492 signatures from registered voters by Tuesday to qualify for the November ballot. On Wednesday, Colorado Rising released a recording of a man they identified as Dan Fessler, owner of Petition Connection. The petitions ultimately made it to Colorado Rising, though many had errors that, if uncorrected, would disqualify them, the group said. Aside from the petition issues, Colorado Rising has complained about pro-industry people showing up to interfere where Initiative 97 petition-gatherers are at work, something both sides have acknowledged. "There have been so many allegations and misrepresentations by Colorado Rising, it's difficult to take them seriously," Crummy said in an email.

Pilot Flying J expands reach into oil and gas service

Pilot Flying J, the largest North American operator of travel centers and the fourth-largest tanker fleet in the US, yesterday announced two strategic partnerships to grow its service offerings in the exploration and production (E&P) sector. Through a joint venture and an acquisition, PFJ is extending its core logistics business with additional water, sand, and crude hauling capabilities. "With Pilot Flying J's fleet size, safety record, balance sheet, and geographic reach across all major oil and gas basins, we're uniquely positioned to serve this industry," PFJ President Ken Parent said. What is the PFJ diversification strategy that CEO Ken Parent refers to in the company's announcement? Hauling crude isn't that different.

From oil and gas to art, Neustrom shines in CODOFIL exhibit

as declared in From oil and gas to art, Neustrom shines in CODOFIL exhibitHerman Fuselier | Lafayette Daily AdvertiserThe Daily AdvertiserCeci Neustrom has long forgiven her husband, former Lafayette Parish Sheriff Mike Neustrom. Submitted photoCeci Neustrom, an oil and gas landman for 30 years, had zero interest in art. "I so fell in love with painting," Neustrom, 70. The oil-on-canvas portrait features model Annie Perret in periodic dress representative of early French settlers of Louisiana. What: "Une Place a la Table" opening receptionWhen: 6 p.m., Thursday,Where: Vermilionville, 300 Fisher RoadAdmission: Free

collected by :Frank Ithan

Oil prices fall with stock market; Brent marks weekly gain - Business News

noreply@blogger.com (jack luxor) — Thu, 02 Aug 2018 02:49:00 +0000

referring to NEW YORK: Oil prices fell on Friday, weighed down by a drop in the U.S. equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude oil shipping lane.Brent crude futures fell 25 cents to settle at $74.29 a barrel, but notched a 1.8 percent weekly increase, its first increase in four weeks.U.S. West Texas Intermediate (WTI) crude futures fell 92 cents to settle at $68.69 a barrel, and marked a fourth week of declines, falling about 2.4 percent.Depressing oil prices, U.S. stock markets broadly fell on Friday.Crude futures at times track with equities. "That could show some sign of a slowdown in the economy, which could in turn affect oil consumption," said Phillip Streible, senior market strategist at RJO Futures.The oil market largely brushed off government data on Friday that said the U.S. economy grew in the second quarter at its fastest pace in nearly four years. "It was a strong number that suggests strong energy demand into the end of the year," said Phil Flynn, analyst at Price Futures Group in Chicago. U.S. President Donald Trump and Jean-Claude Juncker, president of the European Commission, reached a surprise agreement on Wednesday that alleviated the risk of an immediate trade war.

Oil prices end lower as U.S. crude supplies unexpectedly climb, but output declines

The Energy Information Administration reported Wednesday that domestic crude supplies rose by 3.8 million barrels for the week ended July 27. Analysts surveyed by S&P Global Platts had forecast a fall of 2.4 million barrels, while industry group the American Petroleum Institute had reported late Tuesday a climb of 5.59 million barrels. Total domestic crude production for the week, however, fell by 100,000 barrels a day to 10.9 million barrels a day. In monthly data released Tuesday, the EIA revealed that U.S. oil production in May averaged 10.44 million barrels a day, down from 10.47 million barrels a day in April. Gasoline stockpiles declined by 2.5 million barrels for the week, while distillate stockpiles rose 3 million barrels, according to the EIA on Wednesday.

Oil prices PLUMMET as US West Texas drops after biggest high since 2014

As it stated in Oil prices have tumbled with US West Texas suffering a shocking dayThe price of US crude rose to its highest price since 2014 yesterday afternoon before sharply falling, sparking panic and warnings. One expert warned of an "oil shock" and said there was "little confidence" in the industry escaping a price death spiral, which saw prices fluctuate wildly. Following yesterday's surge and plummet, prices climbed slowly today - although uncertainty in the industry is unlikely to see any consistent growth. John Kilduff, founding partner at energy hedge fund Again Capital, said yesterday: "You're starting to hear talk of oil shock. AdvertisementUS West Texas oil prices hit its biggest high since 2014 today before plummetingUS West Texas rose again to $74.60 during this morning - although any further movement is expected to be limited due to the July 4th celebrations in America.

collected by :Frank Ithan

Apollo Global funds to invest $200M in water services for oil & gas industry

noreply@blogger.com (jack luxor) — Thu, 02 Aug 2018 02:19:00 +0000

according to Funds managed by Apollo Global Management (NYSE:APO) form a partnership with Freestone Midstream Holdings to invest in water assets serving the oil and gas industry, initially focusing on the Powder River Basin in Wyoming. The Apollo funds have provided Freestone with an equity commitment of $200M in support of Freestone's business plan. Denver-based Freestone will identify and evaluate opportunities to acquire, develop, and operate water midstream and services assets serving upstream oil and gas operators. Source: Press ReleasePreviously: Arconic spikes 11% on WSJ report suggesting strong P-E interest (July 25)

Backers of Colorado oil & gas initiative claim signature gathering firm was paid off to quit

Colorado Rising must turn in at least 98,492 signatures from registered voters by Tuesday to qualify for the November ballot. Wednesday, Colorado Rising released a recording of a man they identified as Dan Fessler, owner of Petition Connection. The petitions ultimately made it to Colorado Rising, though many had errors that, if uncorrected, would disqualify them, the group said. The Initiative 97 members told him they doubted that was likely. "There have been so many allegations and misrepresentations by Colorado Rising, it's difficult to take them seriously," Crummy said in an email.

Chesapeake Energy stock falls again after earnings as oil and gas sales disappoint

referring to Excluding non-recurring items, such as a $168 million loss on oil, natural gas and natural gas liquid (NGL) derivatives, adjusted earnings per share came to 15 cents, above the average analyst estimate of 14 cents, according to FactSet. Total revenue fell to $2.255 billion from $2.281 billion, just below the FactSet consensus of $2.269 billion. Volume spiked to 49.5 million shares, already more than the full-day average of about 33.8 million shares, according to FactSet. What may have also added to investors' disappointment is how well the stock had done since the last earnings report. Photo: GettyLast week, Chesapeake said it would sell its oil and gas holdings in Ohio's Utica Shale for $2 billion, and will use the proceeds to further pay down debt.

collected by :Frank Ithan

Why oil prices are suddenly tanking

noreply@blogger.com (jack luxor) — Thu, 02 Aug 2018 01:49:00 +0000

according to Once red-hot, oil prices are suddenly tanking. Related: The oil market's shock absorbers are nearly goneTrump has repeatedly blasted OPEC for lofty oil prices and complained that prices are "too high." In fact, oil bulls argued that unleashing more oil now will leave Saudi Arabia with little firepower to respond to future shortages. That suggests that Saudi Arabia is taking aggressive steps to keep oil prices from getting too high. Last week, oil prices plunged after Libya's national oil company announced it had regained control of multiple ports, enabling it to resume exports.

Could oil prices spike above $150?

referring to

collected by :Frank Ithan

Drilling forecast calls for 500 fewer wells despite higher global oil prices

noreply@blogger.com (jack luxor) — Thu, 02 Aug 2018 01:19:00 +0000

referring to CalgaryDrilling forecast calls for 500 fewer wells despite higher global oil pricesShare on Facebook Share on Twitter Share by EmailCompanies can't gain from rebounded world prices because pipeline capacity inadequate, says industry groupThe Petroleum Services Association of Canada says it now expects 6,900 oil and gas wells to be drilled this year, 200 fewer than were drilled in 2017. (Larry MacDougal/Canadian Press)The Petroleum Services Association of Canada is cutting its 2018 Canadian drilling forecast by 500 wells as pessimism continues to grip the industry despite higher global oil prices. The organization says it now expects 6,900 oil and gas wells to be drilled this year, 200 fewer than were drilled in 2017, and nearly seven per cent less than its April forecast for 7,400. Whalen says Canadian companies aren't able to gain from higher world prices because pipeline capacity is inadequate to take products to market, resulting in higher-than-usual price discounts for western Canadian oil. Meanwhile, natural gas prices continue to languish at levels that are often less than profitable thanks to competition from burgeoning U.S. shale gas plays.

Government eludes question on oil prices in RS

The government on Wednesday eluded a question in the Rajya Sabha that sought the price difference between the crude and retail oil during the UPA and current NDA regime, and whether the government was mulling any tax cuts to relieve the consumers. Asking a supplementary during the Question Hour, Samajwadi Party MP Revati Raman Singh demanded to know what was the price of crude oil per barrel during the United Progressive Alliance (UPA) regime (from 2004-2014) and what it is now. "What is the price of crude oil per barrel now and what are the retail prices? However, Petroleum Minister Dharmendra Pradhan replied that it was a "separate question" and did not give any further details. --IANSmak/qd/vm(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Iran tells Trump: Stop tweeting, it's driving up oil prices

according to Photo: NurPhoto/NurPhoto Via Getty Images Photo: Twitter Photo: Twitter Photo: Twitter Photo: Twitter Photo: TwitterThe war of words over oil prices continues between U.S. President Donald Trump and Iran, and the latest salvo from Iran is for Trump to stop tweeting. "Your tweets have driven the prices up by at least $10 per barrel," Iran's OPEC governor Hossein Kazempour Ardebili said in a message to Trump, carried by Iranian Oil Ministry's Shana news service. RELATED: US to keep Persian Gulf waterway open despite Iran threats"You are hammering on good guys in OPEC," Kazempour said. GOING UP: Houston energy companies hire as oil prices rise"OPEC has not defined oil prices for the past 30 years," Kazempour said. "You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?!

Risks are rising that oil prices will cause next recession

collected by :Frank Ithan

Iran reportedly threatens ‘countermeasures’ if US blocks its oil exports

noreply@blogger.com (jack luxor) — Wed, 01 Aug 2018 00:39:00 +0000

as declared in In 2016, data from the EIA showed total flows through the channel reached a record high of 18.5 million barrels a day. China, Japan, India, South Korea, and Singapore are the largest destinations for oil moving through the strait, it added. Thus, closing the channel would have dramatic consequences for Iran, oil-importing countries and the entire industry. The nuclear deal had lifted economic restrictions on Iran, allowing its oil industry to bounce back. Relations between Iran and the U.S. hit a new low on Monday when Trump warned Iran in a tweet to not threaten the U.S., or else.

OIL PRICE CRISIS: Iran threatens to CUT OFF oil reserves to world

Following Donald Trump's warnings of punishments for companies which purchase Iranian oil, President Hassan Rouhani warned Tehran could soon halt exports of oil to neighbouring countries. Yesterday the leading commander of Iran's Revolutionary Guard, an elite branch of the military, said he is prepared to follow presidential orders to halt Iranian oil exports. Major-General Qassem Soleimani said in a letter published on Islamic Republic News Agency (IRNA): "I kiss (Rouhani's) hand for expressing such wise and timely comments, and I am at your service to implement any policy that serves the Islamic Republic."And Esmail Kowsari, deputy commander of the Sarollah Revolutionary Guards base in Tehran, said: "Any hostile attempt by the U.S. will be followed by an exorbitant cost for them. "If Iran's oil exports are to be prevented, we will not give permission for oil to be exported to the world through the Strait of Hormuz."

Iran oil war: Netherlands kicks Iranian embassy officials OUT amid furious Trump row

according to A spokesman for Dutch intelligence confirmed two Iranian civilians were expelled from Holland in a statement. But when pressed for more details, refused. He said: "We can confirm that the Netherlands has expelled two persons accredited to the Iranian embassy. "We will not provide any further information."The news follows a threat by Iran to cut off oil reserves to the rest of the world in the wake of conflict with the US. Donald Trump recently warned of punishments for companies that purchase oil from Iran, which triggered a retaliation from President Hassan Rouhani who threatened to halt exports of oil to neighbouring countries.

collected by :Frank Ithan

The Oil And Gas Boom Sends U.S. GDP Soaring

noreply@blogger.com (jack luxor) — Wed, 01 Aug 2018 00:09:00 +0000

as mentioned in Higher oil prices this year boosted U.S. oil production, and the U.S. oil industry played a large part in America's impressive second quarter economic growth—the fastest growth since the third quarter of 2014. On an annual basis, the rise in investment in exploration, shafts, and wells soared by 97 percent from the second quarter of 2017. Related: How U.S. Shale Flipped The Script In Global Oil MarketsMeanwhile, U.S. oil production continues to set records. Over the past two weeks, American crude oil production has hit 11 million bpd after having sustained production of 10.9 million bpd over the previous four weeks, according to EIA figures. Regarding the U.S. economic growth, some economists doubt that the pace from the second quarter can be sustained.

Oil falters on specter of supply bubble from U.S. surplus, Libya

Meanwhile, Libya's state oil producer restarted output from a major field that had been shut for months. "Libyan crude oil came out of nowhere. U.S. President Donald Trump threatened tariffs this week on nearly half of all American imports from China, and China vowed to retaliate. Front-month Brent flipped to a discount to October futures this week, a structure known as contango. Meanwhile, there are signs supply disruptions that helped oil's rally earlier this month are easing in some places.

Tariff Dispute Threatens China's Thirst for U.S. Oil

according to For the American oil industry, which President Donald Trump has declared is entering an era of "energy dominance," an escalating trade fight with China would represent a lost opportunity for U.S. efforts to break into a strategic market. China has been the biggest new buyer of the millions of barrels of oil unlocked by U.S. shale companies from dense rock formations. Now the second-largest consumer of U.S. oil exports after Canada, China has seen its demand rise 200-fold over past two years and last year bought a fifth of...

Oil drops amid signs of mounting supply from Arabia to U.S.

In the U.S., President Donald Trump was said to be considering tapping the nation's emergency oil supply to tame rising fuel prices. "It very much seems like a continued reaction to potential supply increases," said Bart Melek, head of global commodity strategy at TD Securities in Toronto. At the same time, investors focused on the trade tensions between the U.S. and China that could threaten energy demand. Meanwhile, a senior Iranian official urged Trump not to use the emergency stockpiles and urged the American president to drop sanctions. Libya's El-Feel oil field was said to pump 70,000 barrels a day, according to a person familiar with the situation.

A Clash Between U.S. And Iran Could Send Oil Prices Above $100 And Bad News For China

If that turns out to be the case, it will disrupt Middle East oil supplies and push crude oil prices above $100 level. That could be bad news for China – because the Middle East supplies close to 50% of China's oil imports. It could be good for Russia, which will have to sell more oil to its own allies, including China. They, too, want to be the guarantors of the free flow of oil supplies to its own European and Asian allies, including China. Thus, there is a potential for open military confrontation between the two countries that could send oil prices soaring.

collected by :Frank Ithan

Analysis: Is shale oil a cost effective switch or just a dent in our wallets?

noreply@blogger.com (jack luxor) — Mon, 30 Jul 2018 23:31:00 +0000

collected by :Frank Ithan

ExxonMobil oil refinery, Baton Rouge, Louisiana, by WClarke [CC BY-SA 4.0] Enlarge PhotoShale oil's prevalence in the American oil market may present a large obstacle for rising fuel economy standards. Shale oil creates gasoline with a lower octane rating than gasoline created by conventional crude oil. This is due to higher concentrations of elemental components such as Naphtha present in the shale. An increase in shale oil production could similarly boost ethanol demand. Is ethanol the best solution for the necessary increases in octane level in shale oil gas?

Audi e-tron orders, shale oil woes, and electric classics: Today's Car News

2019 Audi e-tron electric SUV Enlarge PhotoAudi has set a date for e-tron electric SUV orders. Shale oil makes for a lousy high-octane fuel source. And we ask which modern electric car will be the first "classic" car in a new Twitter poll. Order books for the Audi e-tron electric SUV will open on September 17, the brand confirmed. In our latest Twitter poll, we ask what modern electric car will become the first classic electric car in the future.

BP scoops up BHP Billiton shale oil assets in US | The News Tribune

as declared in

No full-time oil and gas expert in MNR –Mangal – Stabroek News

noreply@blogger.com (jack luxor) — Mon, 30 Jul 2018 23:01:00 +0000

collected by :Frank Ithan

Government needs to do a proper job on analyzing Liza Phase 1 before it approves the Liza Phase 2 Field Development… So when the documents for Liza Phase 2 two comes in this year, the people who would have been hired would check against Liza Phase 1," he added. "Liza Phase 1 has already been approved. "I am not proposing they stop Liza Phase 1, which has already been approved. These two developments are also the same but Phase 2 is bigger… Government needs to do a proper job on Liza Phase One before it approves Liza Phase Two," he added. "To get up to speed and be productive that means the approval of Liza Phase Two should be next year.

These six species are about to be sacrificed for the oil and gas industry

Republicans in the western United States have been trying to whittle away the Endangered Species Act (ESA) since Donald Trump took office. Here's how certain species might be affected:Photograph: Jim Lo Scalzo/EPAThe polar bear – and other threatened arctic species – face perhaps the greatest risk under Trump's proposed approach. A defense-spending rider would prevent a listing for 10 years, while the interior department's proposed rules mean any protections would be weighed against potential oil and gas profits. Threatened coho are more likely to lose out with the new rules, and they're competing with two endangered species of sucker fish upstream. Holistic management of threatened species could help, but under a case-by-case approach, coho aren't likely to make gains.

Texas Petro Index shows strong oil and gas economy

as mentioned in Texas Petro Index shows strong oil and gas economyLarry Zelisko | Abilene Reporter-NewsThe Texas upstream oil and gas economy is expanding at a remarkable rate, according to Karr Ingham, developer of the Texas Petro Index. The Texas Petro Index — a measuring device tracking growth rates and business cycles in the Texas oil and gas industry — increased for the 19th straight month in June. "We've seen extraordinary expansions in Texas oil and gas activity over the 23-year history of the Texas Petro Index," Ingham said in a news release. Natural gas production has grown more slowly, mostly because producers are not actively drilling for natural gas in Texas. Over 35 percent of Texas natural gas production is classified by the Railroad Commission as "casinghead gas," or gas associated with crude oil production, he said.

Commodity outlook: Nickel setup bullish, buy crude oil on dips

noreply@blogger.com (jack luxor) — Mon, 30 Jul 2018 22:31:00 +0000

collected by :Frank Ithan

Commodity outlook: Nickel setup bullish, buy crude oil on dipsHere's a lowdown on the outlook of different commodities by Motilal Oswal Securities. MCX Silver: Key support for MCX Silver remains at Rs.38100 - 38000 zone whereas resistance is at Rs.38430 - 38550 area. Initial pullback towards resistance area could be seen as long as price holds above support levels. MCX Nickel: MCX Nickel has strong support at Rs.928 - 915 levels whereas resistance is at Rs.955 - 965 levels. MCX Crude Oil: Strong support for MCX Crude Oil is at Rs.4725 - 4690 whereas resistance is at Rs.4790 - 4830 levels.

US crude rises 2.1%, settling at $70.13, boosted by signs of tight oil supply

Oil prices rose back above $70 a barrel on Monday, with U.S. crude posting its best one-day dollar gain in over a month, after four weeks of losses for the benchmark. U.S. West Texas Intermediate crude ended Monday's session up $1.44, or 2.1 percent, to $70.13 a barrel. View Related ChartThe contract to deliver international benchmark Brent crude for September was up 83 cents, or 1.1 percent, at $75.12 a barrel by 2:08 p.m. Trading was heavier for the October contract, which is up 97 cents, or 1.3 percent, at $75.73. The United States and Iran have lately engaged in a war of words, with Iranian officials threatening to snarl oil exports in the world's busiest region for crude shipments.

Govt taking steps to ease crude oil import cost: Dharmendra Pradhan

referring to Govt taking steps to ease crude oil import cost: Dharmendra PradhanThe Government is taking various measures, including focusing on biofuels, to ease the cost of crude oil import, Union minister Dharmendra Pradhan said today. "There is also a provision to allow surplus food grains for ethanol production during the surplus phase as decided by the National Biofuel Coordination Committee," Pradhan said. Multiple sources have to be there for energy, he said, adding the government continues to modulate the effective price of domestic LPG supplies to domestic consumers under the Direct Benefit Transfer of LPG. "The domestic price of LPG in the country is based on international price of LPG (ie. Saudi contract price) and is not linked to the cost of crude oil," the minister said.

Venezuelan officials, others charged with laundering $1.2 billion in oil funds

noreply@blogger.com (jack luxor) — Sun, 29 Jul 2018 21:52:00 +0000

collected by :Frank Ithan

Venezuelan President Nicolás Maduro waves before delivering his annual message to the nation in Caracas on Jan. 21, 2015. FEDERICO PARRA AFP/Getty Images

How oil company Glencore lost Sh4 billion appeal

A decade-long battle between the Kenya Pipeline Company (KPC) and London-based Glencore Energy over Sh4 billion compensation came to an end in a recent decision after the Supreme Court declined to hear the case. AdvertisementA decade-long battle between the Kenya Pipeline Company (KPC) and London-based Glencore Energy over Sh4 billion compensation came to an end in a recent decision after the Supreme Court declined to hear the case. After hearing the case, the High Court found KPC at fault and ordered the corporation to pay Sh4 billion. The firm then sought to move to the Supreme Court but the application was rejected by the Court of Appeal. Not satisfied, it moved to the Supreme Court directly, seeking to be heard.

Mexico president-elect: $16 billion to boost oil output

as declared in Mexico's president-elect announced a $16 billion investment plan Friday to boost flagging oil production, refinery capacity and electrical generation. Andres Manuel Lopez Obrador said the country must act "urgently" to reverse a decline that saw crude output drop to 1.88 million barrels per day in the first half of 2018, down from 3.4 million barrels per day in 2005. State-owned oil company Pemex on Friday reported on a 163 billion peso ($8.7 billion) net loss for the second-quarter. Lopez Obrador, who will take office on Dec. 1, named Octavio Romero, an agronomist, to head the state-owned oil company Petroleos Mexicanos. In announcing the plan, the president-elect added that the office work he has been doing since his victory in the July 1 elections was not his thing.

I'm worried oil could go above $100 by 2020, says CEO of oilfield service giant Core Laboratories

noreply@blogger.com (jack luxor) — Sun, 29 Jul 2018 21:22:00 +0000

collected by :Frank Ithan

The long-term climb in oil prices is concerning even top oil-service executives. This gives me great concern about what crude oil prices are going to do over the next couple or three years." "Right now, we are seeing a big uptick in the amount of crude oil being used," Demshur told Cramer. The CEO noted that Mexico's oil production has slid from its peak of three million barrels a day to 1.8 million, and Venezuela's has declined from three million barrels a day to 1.4 million. I see higher crude prices in the future for sure."Shares of Core Laboratories sank 0.35 percent in Tuesday's trading session, settling at $119.67 a share.

UN could cash in on N.L. oil project - but questions linger over who would pay

Bay du Nord could be the first. Newfoundland and Labrador Premier Dwight Ball and Natural Resources Minister Siobhan Coady announced Thursday an agreement to develop the Bay du Nord oil project in a frontier area 500 kilometres from St. John's. That hasn't changed now that Bay du Nord could become a reality. Equinor hopes to sanction the Bay du Nord project by 2020, and pump its first oil by 2025. An email sent by a Global Affairs official that year described the potential Article 82 payments down the road as "significant."

Pipeline to bring oil from Permian to Gulf Coast could expand

according to Pipeline to bring oil from Permian to Gulf Coast could expandAdrian C Hedden | Carlsbad Current-ArgusChris Ramirez/Caller-TimesA crude oil pipeline intended to connect oil and gas extraction with production and exportation on the Gulf Coast could be getting bigger, ahead of its predicted first-quarter 2019 service date. Getty ImagesDiamondback itself will have 50,000 barrels per day capacity of the pipeline. Travis Stice, chief executive officer of Diamondback said the project is important to the entire extraction industry in the Permian, increasing take-away capacity for the bourgeoning oil play, and potentially connecting operators in the Permian and Midland basins. "Diamondback's transportation on and equity option in the EPIC Crude Oil Pipeline are important steps as we make progress on our broader long-term takeaway strategy," Stice said. "The EPIC Crude Oil Pipeline is a demonstration of the alignment of interests with our customers."EPIC's crude oil pipeline will run alongside the company's natural gas liquids (NGL) line, extending from Orla, Texas to the port of Corpus Christi, Texas.

Tariff Dispute Threatens China’s Thirst for U.S. Oil

noreply@blogger.com (jack luxor) — Sat, 28 Jul 2018 20:42:00 +0000

as declared in For the American oil industry, which President Donald Trump has declared is entering an era of "energy dominance," an escalating trade fight with China would represent a lost opportunity for U.S. efforts to break into a strategic market. China has been the biggest new buyer of the millions of barrels of oil unlocked by U.S. shale companies from dense rock formations. Now the second-largest consumer of U.S. oil exports after Canada, China has seen its demand rise 200-fold over past two years and last year bought a fifth of...

Oil drops amid signs of mounting supply from Arabia to U.S.

U.S. Sanctions Could Add $50 To Oil Prices

according to The oil industry might not be able to produce enough oil to meet global demand in a few years' time. But over the long-term, there are also questions about the global oil industry's ability to supply enough oil to the market. U.S. shale growth over the past decade has been so explosive that it helped crash oil prices in 2014. Until recently, the oil market assumed a loss of about 0.5 mb/d from Iran because of U.S. sanctions. So based on those assumptions, we estimate zero Iran exports could push oil up by $50/bbl if Saudi caps out.

A Clash Between U.S. And Iran Could Send Oil Prices Above $100 And Bad News For China

collected by :Frank Ithan

Putin suggests Russia and US could work together to regulate oil prices

noreply@blogger.com (jack luxor) — Fri, 27 Jul 2018 20:04:00 +0000

South Africans to get a fuel price breather as oil prices stabilise: AA

The Automobile Association said on Friday that a better exchange rate and stable oil prices spelt "virtually unchanged fuel prices in August". The prediction threw South Africans into a panic‚ sparking sporadic protests and a nationwide call on government to address the record prices. "Over the same period‚ international oil prices showed a slight average decrease which almost exactly cancelled the rand's losses. After several successive fuel price increases‚ motorists and other fuel users are due a breather‚ and the general stability of the fuel price during July will come as a relief to many. "2018 has been a year of volatility in the fuel price‚ and the see-sawing rand and oil price suggest that caution should be the watchword‚" said the AA.

Russia: Iranian sanctions already factored into oil prices

as declared in July 27 (UPI) -- Russian Energy Minister Alexander Novak said Friday the market has probably taken into account the potential loss of Iranian oil by November already. The U.S. departure from the Joint Comprehensive Plan of Action in May means some sanctions are reintroduced on Iran next month. Speaking Friday, Novak said the price for Brent crude oil, at around $74 per barrel, already reflects the risk from U.S. sanctions on the market. Novak said Russia could add about 175,000 barrels of oil per day in the second half of the year. On Friday, the Central Bank of Russia said it left its perception on volatility in the price of oil unchanged at a moderate risk level.

collected by :Frank Ithan

BP to buy BHP's US shale oil and gas assets for $10.5bn

noreply@blogger.com (jack luxor) — Fri, 27 Jul 2018 19:34:00 +0000

As it stated in BP has agreed to buy US shale oil and gasfields from the Anglo-Australian miner BHP for $10.5bn (£8bn), in the UK firm's biggest acquisition in nearly two decades. After the deal is completed BP's US production will climb from 744,000 barrels of oil equivalent per day to 885,000 boe/d. BP said it was making "conservative assumptions" about how much oil and gas could be pumped to begin with, given regional bottlenecks around infrastructure such as pipelines. The scale of BP's deal dwarfs its recent $200m investment in Europe's biggest solar company and its £130m purchase of the UK's largest electric car charging network. The company's last biggest transaction was when it bought the American oil company Atlantic Richfield in 1999.

These six species are about to be sacrificed for the oil and gas industry

Texas Petro Index shows strong oil and gas economy

according to Texas Petro Index shows strong oil and gas economyLarry Zelisko | Abilene Reporter-NewsThe Texas upstream oil and gas economy is expanding at a remarkable rate, according to Karr Ingham, developer of the Texas Petro Index. The Texas Petro Index — a measuring device tracking growth rates and business cycles in the Texas oil and gas industry — increased for the 19th straight month in June. "We've seen extraordinary expansions in Texas oil and gas activity over the 23-year history of the Texas Petro Index," Ingham said in a news release. Natural gas production has grown more slowly, mostly because producers are not actively drilling for natural gas in Texas. Over 35 percent of Texas natural gas production is classified by the Railroad Commission as "casinghead gas," or gas associated with crude oil production, he said.

collected by :Frank Ithan

Oil prices finish higher, but suffer third weekly decline in a row

noreply@blogger.com (jack luxor) — Fri, 27 Jul 2018 19:04:00 +0000

referring to It settled at its highest level in a week, but was still down 0.8% from last Friday's finish for a third consecutive weekly loss. September WTI crude CLU8-1.22% which became the front-month contract at the session's end, added 2 cents to finish at $68.26 a barrel. Read: Oil prices could top $120 before year-endThe global benchmark, September Brent crude UK:LCOU8-0.21% settled at $73.07 a barrel, up 49 cents, or 0.7%, on ICE Futures Europe. WTI crude rose Thursday, buoyed after a Saudi Arabian official said the kingdom's crude exports would fall next month in an effort to avoid oversupplying the market. Despite losses for the week, oil bulls shouldn't necessarily fret, said Michael Tran, commodity analyst at RBC Capital Markets.

Oil prices rise as concerns about oversupply ease(Update) - Business News

TOKYO: Oil prices gained on Friday after Saudi Arabia's OPEC governor said the kingdom's exports are likely to fall next month and inventories may be squeezed in the third quarter. U.S. crude prices had reached a session high of $70.17 earlier in the session before paring gains. News that a worker strike at Norwegian drilling rigs has ended also weighed on global oil prices. The U.S. Energy Information Administration said on Wednesday domestic crude production reached a record 11 million bpd last week. A sharp jump in U.S. crude oil inventories also added to the bearish tone in the market.

Oil prices spike after Saudi halts shipments after attack

as declared in The spike came after Saudi Aramco, the kingdom's oil giant, said it was stopping all oil shipments through the Bab El-Mandeb Strait, raising supply concerns. The Houthis, who are fighting a Saudi-led coalition backing Yemen's internationally recognized government, attacked the 2-million-barrel capacity Saudi tankers on Wednesday, causing minimal damage to one. "The targeted attack on the Saudi oil tankers in the Red Sea confirms the necessity to liberate Hodeida from Houthi militias," said Gargash, whose country is part of the Saudi-led coalition. "In the interest of the safety of ships and their crews and to avoid the risk of oil spill, Saudi Aramco has temporarily halted all oil shipments through Bab El-Mandeb Strait with immediate effect," it said. Following the attack, the Saudi coalition said the rebels "had almost caused an environmental disaster," according to the state-run al-Ekhbariya TV channel.

Oil prices PLUMMET as US West Texas drops after biggest high since 2014

Oil prices have tumbled with US West Texas suffering a shocking dayThe price of US crude rose to its highest price since 2014 yesterday afternoon before sharply falling, sparking panic and warnings. One expert warned of an "oil shock" and said there was "little confidence" in the industry escaping a price death spiral, which saw prices fluctuate wildly. Following yesterday's surge and plummet, prices climbed slowly today - although uncertainty in the industry is unlikely to see any consistent growth. John Kilduff, founding partner at energy hedge fund Again Capital, said yesterday: "You're starting to hear talk of oil shock. AdvertisementGETTY US West Texas oil prices hit its biggest high since 2014 today before plummetingUS West Texas rose again to $74.60 during this morning - although any further movement is expected to be limited due to the July 4th celebrations in America.

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Malaysian palm oil price slips on forecasts of output rise - Business News

noreply@blogger.com (jack luxor) — Thu, 26 Jul 2018 18:26:00 +0000

as declared in The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent to 2,189 ringgit ($539.96) a tonne at the midday break. Palm oil output typically starts to pick up on a seasonal basis in the second half of the year, but industry players are divided on when production would peak. In other related oils, the Chicago December soybean oil contract rose 0.1 percent, while the September soybean oil contract on China's Dalian Commodity Exchange was up 0.5 percent. Meanwhile, the Dalian September palm oil contract gained 0.2 percent. Palm oil prices are usually impacted by the performance of other edible oils as they compete for a share in the global vegetable oils market.

Malaysian palm oil price hits 3-year low, before rebounding - Business News

The Chicago December soybean oil contract gained 0.9 percent on Tuesday, and was last up 0.1 percent. A rise in palm oil exports was supportive for palm, the trader added, but cautioned that further gains could be capped by concerns about rising production in line with seasonal trends. Exports of Malaysian palm oil products for July 1 to 25 rose 5 percent versus the corresponding period last month, inspection company AmSpec Agri Malaysia said on Wednesday. In other related oils, the September soybean oil contract on China's Dalian Commodity Exchange was up 0.2 percent, while the Dalian September palm oil contract rose 0.4 percent. Palm oil prices are usually affected by the performance of other edible oils as they compete for a share in the global vegetable oils market.

Ringgit strengthens against US$ on higher oil price - Business News

according to KUALA LUMPUR: The ringgit carried on Wednesday's positive momentum to be higher against the US dollar early Thursday, as market players opined that the biggest currency beneficiaries post-European Union-US trade announcement have been the commodity-linked and carry-trade riskier currencies. OANDA Head of Trading in Asia-Pacific, Stephen Innes said with the oil prices back on the up, the local currency should trade with a positive bias in Thursday's session. At 9 am )0100 gmt), the local note was quoted at 4.0480/0510 versus the greenback from Wednesday's close of 4.0530/0580. "However, exuberance will likely be tempered by all the unknowns surrounding the US-China trade dispute," he added. The ringgit, meanwhile, traded lower against major currencies.

collected by :Frank Ithan

Oil gains with U.S. inventory data set to show sliding supplies

noreply@blogger.com (jack luxor) — Wed, 25 Jul 2018 17:47:00 +0000

as mentioned in Photo: APOil extended gains as U.S. industry data showed a decline in crude and fuel stockpiles ahead of government figures due later Wednesday. U.S. inventories of crude, gasoline and distillates fell last week, the American Petroleum Institute was said to report. Crude has struggled to regain the highs of June as an intensifying trade spat between the U.S. and China, the world's biggest oil importer, threatens to hurt demand. If the Cushing drop is confirmed by the Energy Information Administration's data, it would be the 10th consecutive weekly decrease. Crude inventories in the European storage hub at Amsterdam, Rotterdam and Antwerp rose by 3.3 million barrels last week, according to Genscape data.

Tariff Dispute Threatens China's Thirst for U.S. Oil

Now the second-largest consumer of U.S. oil exports after Canada, China has seen its demand rise 200-fold over past two years and last year bought a fifth of American crude-oil exports. But crude oil is on China's list of 114 exports targeted for tariffs should the trade battle intensify. American exports to China rose sharply after Washington lifted a ban on crude exports in 2015, and are still up strongly in the first half this year. But the growing popularity of sport-utility vehicles and air travel point to the tenacity of China's oil demand. Far from receding, China's crude imports have surged in recent years, reaching a record 298 million barrels in January.

U.S. Sanctions Could Add $50 To Oil Prices

referring to The oil industry might not be able to produce enough oil to meet global demand in a few years' time. But over the long-term, there are also questions about the global oil industry's ability to supply enough oil to the market. U.S. shale growth over the past decade has been so explosive that it helped crash oil prices in 2014. Until recently, the oil market assumed a loss of about 0.5 mb/d from Iran because of U.S. sanctions. So based on those assumptions, we estimate zero Iran exports could push oil up by $50/bbl if Saudi caps out.

collected by :Frank Ithan