Crude Rally Unwinds Completely – Expect $40 Oil
Oil prices plunged on Wednesday as the EIA shocked traders once again, raising the possibility that the oil markets are not as close to “balance” as once thought. The EIA Continue Reading
Oil nears a fresh bear market: 5 things to watch
Crude oil’s quiet slide from its 2016 high sharpens questions about the outlook for the commodity S ince oil prices hit a year-high above $52 a barrel in June they Continue Reading
Oil Industry About To Be Burned Again By Fall In Oil Prices
The current oil-price rally is over. U.S. rig counts have surged as oil prices sink. Capital is driving the oil markets and it enables bad behavior by producers. That is Continue Reading
Why haven’t oil prices fallen further as hedge funds boost short positions? Kemp
Used oil barrels are seen outside a garage in Cuevas del Becerro, near Malaga, southern Spain February 16, 2015. Hedge funds and other money managers have begun to amass another Continue Reading
Trucker strike risks output at Kurdistan’s Shaikan field
A strike by unpaid tanker truck drivers temporarily disrupted deliveries on Wednesday from Kurdistan’s Shaikan field, which normally produces 40,000 barrels per day (bpd) as part of the region’s core Continue Reading
Iraq Seeks Exxon, Petrochina Help to Develop Two Oil Fields
Country hopes to boost output from fields: deputy oil minister Iraq sees oil output at 4.8 million barrels a day to end-2016 Iraq is negotiating with Exxon Mobil Corp. and Continue Reading
Why Saudi Arabia Continues To Pump Crude At Record Levels
Hawtah field As the Financial Times reported on 12 July , Saudi Arabia’s oil-output reached record highs in June 2016. Increasing production 280,000 barrels/day to 10.6m b/d, Saudi Arabia has Continue Reading
Nigeria Loses 700,000 bpd Crude Output To Militant Attacks
Pipelines Niger Delta Recent military attacks on oil infrastructure in Nigeria have dragged the country’s daily crude production down by 700,000 barrels per day (bpd), figures by the Nigerian National Continue Reading
Exxon Said in Advanced Talks With Eni Over Mozambique Gas Stake
CEO met Mozambican President Nyusi last week to discuss deal Exxon also in parallel talks with Anadarko over stakes Exxon Mobil Corp. is in advanced negotiations with Eni SpA over Continue Reading
Drop in the ocean: India’s strategic oil reserves unlikely to stir market
India’s initial plan to build-up its strategic petroleum reserves (SPR) is not shaping out to be the dramatic event that some in the market had hoped could help reignite global Continue Reading
Russian Ruble Falls for a Seventh Day as Rate Cut Seen Unlikely
Currency reverses gains after U.S. crude stockpiles increase Bonds gain first time in 11 days as debt auction demand rises The ruble fell for a seventh day and bonds gained Continue Reading
Shell misses expectations with 70 percent earnings plunge
Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. Royal Dutch Shell ( RDSa.L ) Continue Reading
Oil falls close to three-month low as oversupply weighs
Oil prices fell close to three-month lows on Wednesday after U.S. industry data showed weekly oil stocks declined by less than expected, feeding into concerns over persistent oversupply dragging down Continue Reading
Oil Heads Back To $30, And Probably Lower
Financial players are now bailing out of their bullish positions in oil markets. The US dollar’s recovery means they have no need for a “store of value”. They are leaving Continue Reading
U.S. Oil Prices Hit 3-Month Lows on Growing Oversupply Concerns
U.S. oil prices sank to a fresh three-month low Tuesday as a glut of gasoline keeps weighing on the market. U.S. oil for September delivery settled down 21 cents, or Continue Reading
Oil falls towards $44, lowest since May, on glut worries
Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply. Continue Reading
How Much Oil Is in Storage Globally?
The waterways surrounding this island nation have become home to one of the world’s biggest oil-storage sites. The problem: It is unclear how much oil is in the tankers anchored Continue Reading
Low Oil Prices Kill Off 7 Billion Barrels Of Oil Production
Offshore Oil Rig The Trent Capital expenditure cuts of $150 billion for 2016 and 2017 by U.S. exploration and production companies are expected to result in average production losses of Continue Reading
Increased drilling may slow pace of crude oil production declines
Baker Hughes Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate Continue Reading
Libya’s Oil Deal Turns Sour As Army Chief Threatens To Bomb Tankers
The chief of staff of the Libyan army has warned foreign companies the army will fire at any non-Libyan tanker entering the country’s territorial waters. The warning comes after a Continue Reading
What Will Happen To Turkey’s Energy Security Following The Failed Coup?
On July 15, 2016, a new chapter opened in Turkish political history. A group of military officers attempted a coup to overthrow the Erdogan regime in Turkey. Recep Tayyip Erdogan Continue Reading
Militant Attacks Slash Nigeria Revenue in May, Central Bank Says
Nigeria’s revenue fell to the lowest in at least one year in May as militant attacks in the oil-producing Niger River delta caused crude production to slump. The federal government Continue Reading
Venezuela’s economic woes send a chill over closest ally Cuba
The crisis in Venezuela has spread to its closest ally Cuba, with Havana warning of power rationing and other shortages that some fear could mark a return to the economic Continue Reading
Special Report: In Venezuela’s murky oil industry, the deal that went too far
Even for Venezuela’s notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders Continue Reading
Oil Refiners Struck by Glut Find Comfort in China Teapot Drought
Lack of infrastructure crimps exports from private refineries Not commercially viable to export fuel now: Teapot association Oil refiners rocked by a market glut in Asia are finding some solace Continue Reading
Climate change risk threatens 18 U.S. military sites: study
Rising sea levels due to hurricanes and tidal flooding intensified by climate change will put military bases along the U.S. East Coast and Gulf Coast at risk, according to a Continue Reading
Oil Majors Lost One Engine; Now the Second One Is Sputtering
BP says second-quarter refining margins drop to 6-year low Downstream business was key last year in cushioning cheap oil If Big Oil was a two-engine airplane, you could say it’s Continue Reading
Canada phasing out some oil railcars early
Getting older rail cars that carry crude oil out of service quicker means eliminating the weakest link in the chain of safety, the Canadian government said. Canadian Transport Minister Marc Continue Reading
Ruble Extends Year’s Worst Losing Streak as Oil Trades Below $45
Currency catching up with crude after verbal interventions Bonds fall, pushing five-year yields to highest in two weeks The ruble extended its worst losing streak of this year, pressured by Continue Reading
BP planning to bring more barrels online
Even though results for the second quarter show yet another loss, BP CEO Bob Dudley said thousands of barrels of new production is coming online this year. BP said Tuesday Continue Reading
Britain offers new oil and gas licenses amid exploration drought
Britain has cut rental fees by up to 90 percent in its latest tender for oil and gas licenses in the North Sea launched on Wednesday in a bid to Continue Reading
Renewed oil weakness sparks demand fears
U.S. oil prices topped $50 a barrel in June, boosting optimism a two-year price rout might end. Six weeks later, the long hoped for recovery has yet to take hold. Continue Reading
Oil Down on Bearish Outlook
U.S. oil fell to a three-month low as a summer glut coupled with fading demand keep pulling crude prices back from their strongest rally in years. U.S. oil for September Continue Reading
Oil prices dip on ongoing oversupply, economic headwinds
Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come. International Brent crude Continue Reading
Forget The Glut – This Is Why Oil Prices Will Rise
The rate of oil production decline in the United States will accelerate in the 3rd quarter. It has already started. Per the EIA: In the last six weeks: > U.S. Continue Reading
Faulty Data? Why The Oil Glut Could Be Much Smaller Than Believed
The oil price rally came to a quick end in June, topping $50 per barrel but quickly falling back again. Optimism stemming from the four-month rally has vanished, and since Continue Reading
Libyan deal to end oil ports blockade still needs signing – Guard’s Jathran
Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government still needs to sign Continue Reading
A Year After Iran Deal, Oil Flows But The Money’s Stuck
President Rouhani wants economic achievements before term ends Progress failing to meet Iranians’ expectations, analysts say A jump in oil exports, business deals signed with global companies and inflation tamed: Continue Reading
Russian company Gazprom Neft pumping 67,000 barrels of oil a day in eastern Iraq
Russian oil company Gazprom Neft said nearly half of the total production from an eastern Iraqi oil field came online this year. Photo courtesy of Gazprom Neft KUT, Iraq, July Continue Reading
India mulls merger of 13 state-run firms into oil giant
Should India proceed with a merger of 13 state-held oil companies, the Indian giant would be able to compete with the likes of Rosneft and BP on terms of size. Continue Reading
As market sours, LPG-carrying ships anchor off Singapore
Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers. Now, after a flood of U.S. exports into the region, the market is awash Continue Reading
North Dakota rig count up 10 percent
The number of rigs actively exploring for or producing oil and natural gas in North Dakota is up 10 percent from last week, state data show. State data shows 32 Continue Reading
Crude Slump, Pipeline Expansion Mark End of U.S. Oil-Train Boom
Even at its height in 2014, crude-by-rail accounted for less than 2% of total rail… The oil-train boom is waning almost as quickly as it began. Rail became a major Continue Reading
Russian economy recovering slowly
With oil holding relatively stable, there are few restrictions on meeting inflationary goals by the end of next year, a Russian finance minister said. “Inflation [in 2016] will be in Continue Reading
Russia’s Currency Is Turning a Blind Eye to Oil Prices
The Russian ruble is proving surprisingly impervious to the price of oil. The currency of the world’s largest energy exporter has more or less ignored the value of the commodity Continue Reading
Oil Continues To Plunge As Markets Turn Bearish
Oil prices fell again on Friday, endorsed by a stronger dollar and persisting fears of both a crude and refined products glut. (Click to enlarge) (Click to enlarge) (Click to Continue Reading
Oil Prices Fall on Glut in Refined Products
Oil prices pulled back on Friday, weighed down by a glut in oil products that is stoking market concerns that rebalancing will take longer than hoped. The global benchmark, Brent, Continue Reading
Crude oil prices face weekly decline as glut fears persist
Crude futures were on track for weekly losses on Friday as investors reassessed U.S. data on oil stocks and excesses in oil products in Europe and Asia. While many expect Continue Reading
Oil Glut Deeper Than Just Crude Exposed as Recovery Stumbles
Surplus of refined fuels like gasoline slows re-balancing Total oil inventories at record 3 billion barrels in June: IEA For almost two years, the spotlight in the global oil market Continue Reading
Oil Bulls Running Out of Time as Refiner Demand to Fall: Chart
Crude oil inventories in the U.S. have fallen 23.9 million barrels since the end of April. Oil bulls counting on further declines are fighting history, though, as over the past Continue Reading