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Month: April 2016

Category:
  • Mexico

Pemex Posts 14th Straight Loss as Spending Cuts Crimp Output

Petroleos Mexicanos posted a loss for the 14th consecutive quarter as massive spending cuts diminish the state oil producer’s ability to arrest years of declining production. The first-quarter loss narrowed Continue Reading

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

U.S. economy stalls in first quarter as activity weakens broadly

U.S. economic growth braked sharply in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a Continue Reading

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

ConocoPhillips Cuts Spending 11 Percent as Losses Mount

ConocoPhillips is reducing spending further as it posted the fourth straight quarterly loss amid an oil rout that continues to strain independent producers. The 2016 capital budget was lowered by Continue Reading

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

Conoco touts strength, but losses mount

After cutting dividend payouts, ConocoPhillips said Thursday it was in a good position to weather the market downturn, but still posted a quarterly net loss. Conoco this year cut its Continue Reading

Posted On : 29 Apr 2016 Published By : Tom Whipple
Category:
  • Canada

Schlumberger lands another merger

Following a string of recent deals, oil field services company Schlumberger announced it agreed to acquire a Calgary-based drilling and services company. For an undisclosed sum, Schlumberger said it entered Continue Reading

Posted On : 29 Apr 2016 Published By : Tom Whipple
Category:
  • Transportation

Ford Posts Record Results

Ford Motor Co. F 3.15 % reaped the benefits of its costly F-150 truck revamp, doubling income in its first quarter and posting a North American operating margin rivaling those Continue Reading

Posted On : 29 Apr 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

Exxon Mobil Still Has Fuel in the Tank

Exxon Mobil lost its triple-A credit rating Tuesday. If crude oil’s steep selloff has taught anything, it is that no energy company is immune from it—not even industry stalwart Exxon Continue Reading

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

Dollar Sinks to 11-Month Low Boosting Commodities as Stocks Drop

The dollar headed for its lowest close in almost a year as signs of slowing growth in the U.S. dimmed prospects for a Federal Reserve interest-rate increase. Stocks fell and Continue Reading

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

US Gulf Coast gasoline prices reach eight-month high on refinery issues

Another unexpected refinery outage Thursday on the US Gulf Coast helped push gasoline prices to their highest levels in nearly eight months. Conventional 9 RVP gasoline was assessed Thursday at Continue Reading

Posted On : 29 Apr 2016 Published By : Tom Whipple
Category:
  • Norway

Unemployment up in Norway’s oil economy

Men facing the brunt of the pressure from low oil prices int the Norwegian labor pool, government data show. File photo by A.J. Sisco/UPI OSLO, Norway, April 28 (UPI) — Continue Reading

Posted On : 29 Apr 2016 Published By : Tom Whipple
Category:
  • Russia

Russian Manufacturing Gauge Drops to 8-Month Low as Demand Ebbs

A gauge tracking Russia’s manufacturing industry declined to the lowest level in eight months, missing economist forecasts as demand deteriorated further amid the longest recession in two decades. The Purchasing Continue Reading

Posted On : 29 Apr 2016 Published By : Tom Whipple
Category:
  • Italy

Eni Posts Loss Amid Oil Price Rout

Italian oil company Eni SpA plunged to a net loss in the first quarter, hurt by accounting changes related to disposals and low crude oil prices. It posted a net Continue Reading

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

Rise in Oil Prices Comes to a Halt

Oil prices were mainly flat Thursday after weeks of gains, but analysts now question whether crude will continue that positive momentum given a lack of significant change in the supply Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Crude oil prices take a breather after hitting 2016 highs

Crude futures pulled back from 2016 highs early on Thursday as traders locked in profits after April’s sharp rally, but analysts said falling U.S. production and strong investor appetite could Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Fall On Unexpected EIA Barrel Build

One hundred and sixteen years after the birth of Woody Woodpecker creator and animator Walter Lantz, and WTI crude oil is knocking on the door of $45 – and knocking Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Reach High for 2016

LONDON—Oil prices reached a high for the year on Wednesday, with U.S. prices breaking above $45 for the first time since November following data that showed a surprise fall in Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Oil running quickly toward $50 per barrel

Oil prices are running toward $50 per barrel, up nearly 60 percent from 2016 lows, as more data surfaces to support a push away from supply side pressures. The price Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Oil prices jump on weak dollar, strong investor appetite

Crude oil futures rose half a dollar in early Asian trading on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Analysts Aren’t Buying the Oil Rally

Even as oil rallies, analysts have barely nudged up their price forecasts as they worry that crude’s current gains might not be sustainable. The price of oil has jumped by Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Oil Supply

Something Has To Give – Goldman Sachs Expects More Dividend Cuts

It hasn’t been a great week for Big Oil. BP reported an 80 percent decline in earnings, and ExxonMobil lost its coveted AAA credit rating , which it has held Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Shale Oil

Why Saudi Arabia Will Not Win The Oil Price War

Crude oil prices continued to surprise on Tuesday, with the U.S. benchmark adding another 4 percent to $44.60 a barrel. West Texas Intermediate is now up 65 percent since hitting Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Oil Supply
  • p-

Long-term oil shortfall predicted by Wood Mackenzie

 Global supply-side pressures could reverse within 20 years as low crude oil prices crimp spending on exploration and production, Wood Mackenzie finds. For the fifth week in a row, oil Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Oil Supply

Oil majors’ results surprise, but output fall, volatile trading lurk

Major oil companies’ first-quarter results have so far confounded expectations, but volatile trading operations and a likely fall in production mean the good times are unlikely to last. Europe’s big Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Iran
  • Iraq

KRG-Iran pipeline talks gain momentum

 Iraq’s Kurdistan Regional Government (KRG) is conducting detailed technical planning with Iran that could lead to the construction of the autonomous region’s second oil export pipeline.”It’s serious. Very serious. We’ve Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Libya

Oil still at center of Libyan conflict

U.N. Support Mission in Libya reminds all parties to respect the sanctity of oil, the country’s main source of revenue. Pictured, Libyan rebels at the western gate of Ajdabiya on Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Libya

East Libya to Ship More Oil While UN Slams Sales as Illegal

Authorities in eastern Libya pledged to export more crude oil soon, two days after shipping their first cargo in defiance of a national unity government based in Tripoli. A representative Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Aramco sets financing plans for industrial push

A surge of volatility in China’s once placid commodities futures markets has rattled industrial players who use them for hedging, with some taking losses or cutting exposure, driven out by Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • China

China’s Biggest Oil Company Posts 52% Decline in 2015 Profit

Total oil, gas output rose 1.8% to 259.5 million metric tons China National Petroleum Corp., the country’s biggest oil and gas producer and the parent of PetroChina Co., said profit Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Baker Hughes Gains After Larger-Than-Expected Quarterly Loss

Baker Hughes Inc. gained even after reporting a larger-than-expected first-quarter loss as a financial crisis in the oil industry forces explorers to slash spending. The world’s third-biggest oil services provider Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Norway

Statoil’s Adjusted Profit Declines to Record Low: Chart

Statoil ASA reported its worst-ever adjusted earnings as crude prices fell the lowest in almost 12 years. Still, the company beat estimates for a loss as cost savings are having Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • USA

Hess producing more despite taking a loss

 Even as it reported a loss for the first quarter of the year, U.S. energy company Hess Corp. said it was producing more from its U.S. assets than in late Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Australia
  • USA

New oil discovery in Gulf of Mexico

 Otto Energy Ltd., a company with headquarters in Australia, said it made an oil discovery in the Gulf of Mexico that was productive enough to keep drilling. The company said Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Venezuela

Venezuela Needs Oil’s Rally More Than Anyone as Economy Teeters

Few countries need oil’s rally to last more than Venezuela, where the economy’s expected to shrink 8 percent this year and a lack of petrodollars has seen shops run short Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Russia

Putin’s Decade-Old Dream Realized as Russia to Price Its Own Oil

Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia. The nation’s largest commodity exchange , whose chairman is Putin ally Igor Continue Reading

Posted On : 28 Apr 2016 Published By : Tom Whipple
Category:
  • Prices

Oil prices jump on weak dollar, strong investor appetite

Crude oil futures rose half a dollar in early Asian trading on Wednesday and remained near 2016 highs on the back of strong investor sentiment and a weak dollar, although Continue Reading

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

Oil Prices Rise on Weaker Dollar

Oil prices rose Tuesday as the dollar fell and traders looked ahead to a Federal Reserve policy meeting this week. However, concerns about persistent market oversupply are expected to put Continue Reading

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

Oil futures rise on weaker dollar, new cash inflows

Crude oil futures rose on Tuesday, pushed up by a weaker dollar and a flood of new cash into the market, but analysts warned that fundamentals remain weak as a Continue Reading

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

Can Oil Continue To Rally Like This?

The collapse of the rig count and depressed drilling activity has already knocked about 700,000 barrels per day of oil production offline. • But the rig count could bottom out Continue Reading

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

Has the Oil Price Rally Gone Too Far?

Oil speculators are growing more confident that prices are gaining ground on the back of rising demand and shrinking supply. U.S. gasoline demand is at a record high for this Continue Reading

Posted On : 27 Apr 2016 Published By : Tom Whipple
Category:
  • Qatar

Qatar to Scrap Fuel Subsidies in May as Decade of Surplus Ends

Qatar will scrap gasoline and diesel subsidies next month as the world’s richest nation per capita is set to plunge into deficit this year after more than a decade of Continue Reading

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

Locals rule for Tehran energy conference

Iranian media reports local companies outnumber the number of foreign entities registered to attend an oil and natural gas exhibition in May in Tehran. Tehran is slated to hold a Continue Reading

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

Chaotic Parliament confirms five new ministers

The Iraqi Parliament on Tuesday approved five new ministers in a contentious and incomplete effort by Prime Minister Haider al-Abadi to reshuffle his Cabinet and deliver on promises to reform Continue Reading

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

Oil Companies’ Bet on Kurdistan Turns Sour

Oil companies that piled into Iraqi Kurdistan after Saddam Hussein’s ouster are running into trouble, unraveling the region’s promise as source of easy-to-drill oil and threatening Iraq’s production surge. The Continue Reading

Posted On : 27 Apr 2016 Published By : Tom Whipple
Category:
  • Libya

Eastern Libya ships first oil cargo in defiance of Tripoli

A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that Continue Reading

Posted On : 27 Apr 2016 Published By : Tom Whipple
Category:
  • Libya

First “Illegal” Shipment Of Oil Leaves Eastern Libya

A cargo of 650,000 barrels of crude left the Libyan port of Hariga yesterday, in the eastern part of the conflict-torn country, sparking what promises to be another phase in Continue Reading

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

Public Sector Will Work Only Two Days a Week in Venezuela

Venezuelan bureaucrats will work two days a week to save electricity in the country facing a deepening energy crisis. Public employees, who account for more than a third of Venezuela’s Continue Reading

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

Venezuela proposes non-OPEC oil producers attend Vienna meeting

Venezuela has proposed that non-OPEC oil producers attend the group’s June meeting in Vienna to continue “dialogue and coordination,” according to a letter from the South American country’s oil minister Continue Reading

Posted On : 27 Apr 2016 Published By : Tom Whipple
Category:
  • China

Unpaid bills add to China debt problems as receivables mount

Times have changed for Yu Xingzhi since China’s economic boom years. Despite the slowing economy, sales at Shanghai Caison Color Material Chemical are holding up. The trouble is, her customers Continue Reading

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

Texas, Oklahoma, Wyoming: Oil Woes Start to Hit Hard

There are some early signs of delinquency-rate… The slump in crude prices is starting to show up as missed payments by consumers in the oil patch. In states from Oklahoma Continue Reading

Posted On : 27 Apr 2016 Published By : Tom Whipple
Category:
  • Pipelines
  • Shale Gas

Gov. Cuomo Rejects the Constitution Pipeline, Huge Win for the Anti-Fracking Movement

In a win for climate activists and the anti-fracking movement , and a blow to fossil fuel polluters and the federal regulatory agencies that enable them, the New York State Continue Reading

Posted On : 27 Apr 2016 Published By : Tom Whipple

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