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Month: February 2016

Category:
  • Prices

Brent Gains as Premium to U.S. Oil Rises to Highest in 3 Months

Brent crude in London advanced, widening its premium over West Texas Intermediate to the highest in almost 3 months as swelling stockpiles weigh on U.S. prices. Futures for April in Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Prices

Oil prices mixed as market ponders whether crude has bottomed out

Brent crude futures edged up on Monday after already making up ground last week as indications mounted of the market bottoming out, but analysts warned that downward risk remained and Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Syria

Syria rebels say attacks by army and Russian planes threaten truce

The Syrian opposition warned on Sunday that attacks by the army, backed by Russian warplanes, threatened a U.S.-Russian deal for a cessation of hostilities with collapse and endangered future peace Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Iran

Rouhani allies win most Tehran seats in clerical body: final results on IRNA

Iranian President Hassan Rouhani casts his vote during elections for the parliament and Assembly of Experts, which has the power to appoint and dismiss the supreme leader, in Tehran February Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Syria

Syrian government forces regain road from Islamic State: monitor

Syrian government forces regained control of a key road to the northern city of Aleppo after making advances against Islamic State fighters on Monday, a monitoring group and state television Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Iran

Iran Sells South Pars Condensate to Hanwha in Challenge to Qatar

Iran sold a light hydrocarbon liquid pumped from its South Pars fields to South Korea’s Hanwha Total Petrochemicals Ltd., as the removal of sanctions help it challenge producers of similar Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Iran

Moderates Win Majority in Tehran in Iranian Elections

Allies of Iran’s President Hassan Rouhani, a relative moderate in the ultraconservative clerical regime, have won 15 of the 16 seats in Tehran in the Assembly of Experts election , Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Kuwait
  • Oman
  • Qatar
  • United Arab Emirates

Arab States Face $94 Billion Debt Crunch on Oil Slump, HSBC Says

Gulf Cooperation Council countries may struggle to refinance $94 billion of debt in the next two years as the region faces slowing growth, rising rates and rating downgrades, according to Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Iraq

Twin suicide bombing kills 70 in Baghdad’s deadliest attack this year

he death toll from two suicide blasts in Baghdad’s mainly Shi’ite district of Sadr City rose to 24 with more than 60 others wounded, police and medical sources said on Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Foreign Assets Approach Four-Year Low After January Drop

Net foreign assets held by Saudi Arabia’s central bank fell below $600 billion in January for the first time since July 2012 as the government of the world’s largest oil Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Iraq
  • Kurdistan

Genel to take about $1 bln impairment on Iraqi Kurdistan field

Genel Energy Plc said it expected to book about $1 billion in impairment to the 2015 value of its Taq Taq oilfield in Iraqi Kurdistan, citing reduced estimate for recoverable Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Iraq

Islamic State Launches Attacks in Baghdad

Islamic State launched separate attacks on Iraq’s capital Sunday, including the largest in two years on the city’s outskirts and a bombing that killed at least 34 people, officials said. Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Nigeria
  • Prices

Oil prices ‘totally unacceptable’, Nigerian president tells Qatar’s ruler

The OPEC cartel needs to take action to stabilize the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday. Nigeria, Africa’s Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Venezuela

Deepening default fears cast shadow over Venezuela’s oil flows

As Venezuela grows closer to exhausting nearly every means of paying its debt, some oil market participants are seriously pondering the possible implications of an unprecedented event: the default of Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • China

China expects to lay off 1.8 million workers in coal, steel sectors

A labourer marks steel bars at a steel and iron factory in Huai’an, Jiangsu province, China, in this February 18, 2008 file photo. China said on Monday it expects to Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Malaysia

Petronas posts $704 million fourth-quarter net loss, confirms spending cuts

Malaysia’s Petroliam Nasional Bhd, or Petronas, reported a fourth-quarter net loss on Monday and announced spending cuts for the next few years, as the state oil company braces for a Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • China

China Stocks Tumble Toward 15-Month Low as Stimulus Bets Unwind

Chinese stocks fell, with the benchmark index approaching the lowest level since November 2014, as some investors were disappointed by a lack of specific measures to boost growth during the Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Shale Oil

Debt swaps become a tough sell for cash-strapped U.S. energy firms

Highly-leveraged U.S. energy companies are struggling to carry out debt swaps as part of their survival strategy because plummeting oil and gas prices make investors either avoid such deals or Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. shale’s message for OPEC: above $40, we are coming back

For leading U.S. shale oil producers, $40 is the new $70.  Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

The New Oil-Storage Space: Railcars

The U.S. is so awash in crude oil that traders are experimenting with new places to store it: empty railcars. Thousands of railcars ordered up to transport oil are now Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Economy
  • USA

US first-quarter earnings outlook dims on falling oil

Wall Street analysts have slashed expectations for US earnings in the first quarter as companies grapple with plummeting oil prices and slow economic growth.  The growing pessimism comes amid a Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Coal

Coal again loses share to natural gas in Dec US power generation: EIA

Coal fell to just 27.6% of US utility-scale power generation in December, and the spread between it and natural gas-fired generation widened to 616 basis points, the largest yet seen, Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Shale Oil

In slump, oil firms turn to labs, data centers for help

The collapse of U.S. oil and gas investment could have… In a basement lab of a North Dakota research center, Beth Kurz and an assistant are peering through a scanning Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Shale Oil

Burned investors, banks could slow shale rebound after oil recovery

The U.S. shale oil business is drawing closer to a precipice, and energy executives worry it could be years before the industry can revive the major investment and engine for Continue Reading

Posted On : 29 Feb 2016 Published By : Tom Whipple
Category:
  • Prices

Oil climbs to eight-week high at $37

Oil rose to $37 a barrel on Friday for the first time in eight weeks as supply disruptions affecting northern Iraq and Nigeria helped prices stabilise above recent lows.  A Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Prices

Oil ends down on profit-taking but still up strongly on week

Oil prices fell on Friday as investors cashed out big weekly profits after a rally driven by disruptions to crude supplies and Wall Street’s gains from U.S. economic data. Prices Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Fall But Post Weekly Gain

Oil prices fell Friday as traders weighed the near-term oversupply of crude against expectations of lower production around the world. Light, sweet crude for April delivery settled down 29 cents, Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Prices

Gas prices this year to be ‘considerably lower’ than 2015: BASF

Germany’s BASF, owner of oil and gas producer Wintershall, said Friday it expects gas prices to remain depressed throughout 2016 as it struggles to compensate for the loss of sales Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Prices

« Natural Gas Price Increase Inevitable in 2016

Every week, the EIA proclaims a new record for natural gas production. But their own forecasts show that the U.S. will be short on supply by October of this year. Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Prices
  • USA

El Nino’s end offers ray of hope for the distillate market: Kemp

Britain’s Labour Party adopted the song “Things can only get better” as its campaign anthem for the 1997 general election, expressing the party’s ambitions for governing after 18 years in Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Oman

Oman Credit Rating Cut at Moody’s on Negative Oil Price Impact

Oman, the poorest Gulf Arab country on the basis of economic output per person, was cut for the first time by Moody’s Investors Service, which cited the negative impact of Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Iran

Iranians vote in contest likely to shape post-sanctions era

Iran’s Supreme Leader Ayatollah Ali Khamenei casts his vote during elections for the parliament and Assembly of Experts, which has the power to appoint and dismiss the supreme leader, in Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Syria

Syria fighting largely halts as cessation begins

Fighting appeared to stop across most areas of western Syria on Saturday after a landmark “cessation of hostilities” came into effect under a U.S.-Russian plan which warring sides in the Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Saudi Arabia
  • Syria
  • Turkey

Turkey: Saudi Jets Join Coalition Forces In Incirlik

Four Royal Saudi Air Force (RSAF) Boeing F-15S fighter aircraft arrived Feb. 26 at Turkey’s Incirlik Air Base to support the U.S.-led coalition fighting the Islamic State in Syria, soon Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Iraq

Iraq: Shiite Leader Stirs Up Baghdad Protests

Hundreds of thousands of demonstrators led by Shiite leader Muqtada al-Sadr gathered in Baghdad’s Tahrir Square on Feb. 26 to protest government corruption and the slow pace of reform, Rudaw Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Iraq

Isis oil: deal with traders nets jihadis badly needed funds

For those willing to try their luck — and test their fate — there are new deals to be had in the Isis oilfields of eastern Syria.  In recent weeks Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Iran

Iran Abiding by Nuclear Deal, UN Agency Says

Iran has carried out most of its commitments under the nuclear agreement reached in July, the United Nations’ atomic agency said Friday, although for a time it exceeded the permitted Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Egypt

BP laying groundwork offshore Egypt

Danish engineering company Subsea 7 said it was awarded a contract to help BP develop three gas fields, including laying export lines, off the coast of Egypt. For an undisclosed Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Congo

Oil hopes fade offshore Congo

Central African oil player SOCO International said it came up empty-handed while drilling in the waters off the coast of the Republic of Congo. SOCO in early February said it Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Venezuela

Deepening default fears cast shadow over Venezuela’s oil flows

As Venezuela grows closer to exhausting nearly every means of paying its debt, some oil market participants are seriously pondering the possible implications of an unprecedented event: the default of Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Venezuela

Venezuela Sees Savior in Gold as Country Fights to Avoid Default

Venezuela is planning to move fast with a new mining joint venture announced this week with Spokane, Washington-based Gold Reserve Inc. and will start extracting the precious metal within six Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Venezuela

Venezuela Bond Payment Spurs Rally in PDVSA Notes Due in October

Bonds from Venezuela’s state oil company due in October surged after the country paid $1.5 billion of debt that matured Friday. The $1 billion of notes from Petroleos de Venezuela Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Australia
  • LNG

As U.S. shale exports begin, Australia readies world’s costliest gas project

The timing couldn’t be worse for the first production of natural gas from Australia’s $54 billion Gorgon project – the world’s most expensive. Prices for liquefied natural gas (LNG) have Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Japan
  • Nuclear

Fukushima Operator Admits It Didn’t Reveal Meltdown

The operator of Japan’s Fukushima power plant has apologized for not announcing its nuclear reactors were in meltdown for months after a huge earthquake and tsunami devastated the facility five Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

U.S. refiners lose control of distillate stocks: Kemp

According to the U.S. government, there are over 1.3 billion barrels of crude oil and refined products in commercial storage around the United States, an increase of more than 300 Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • USA

U.S. Oil Explorers Idle Rigs as World Looks for Shale Cuts

Eagle Ford Shale drops 8 more rigs, leaving 41 at work Explorers parked more drilling rigs in U.S. oilfields as the rest of the world looks to shale producers to Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • USA

Halliburton cuts staff on market weakness

An 8 percent cut in headcounts at Halliburton is a result of a weak energy sector and not an adjustment ahead of the Baker Hughes merger, a spokeswoman said. “Due Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • LNG

Potential for Texas LNG export facility building

Australian gas leader Woodside said it was wading into the growing liquefied natural gas sector in the United States with an agreement to tap Texas port developments. Woodside announced it Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • USA

Opposition building against Atlantic drilling

Opposition to a lease plan for the U.S. waters of the Atlantic grew after Virginia said it wanted to be left out of any future drilling plans. Virginia Lt. Gov. Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple
Category:
  • USA

U.S. Oil-Rig Count Continues to Fall

The U.S. oil-rig count fell by 13 to 400 in the latest week, according to Baker Hughes Inc., maintaining a recent clip of sharp declines. The number of U.S. oil-drilling Continue Reading

Posted On : 27 Feb 2016 Published By : Tom Whipple

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