Oil prices sink on last trading day of the year
A slight build in U.S. crude oil inventories and an overall yearly gain in stockpiles helped send oil prices lower on the last trading day for 2016. Data from the Continue Reading
Oil on Pace for Biggest Annual Gain Since Financial Crisis
Oil is on pace for its biggest annual gain since the financial crisis, even in a year that also sent prices dipping to a decade low. Saudi Arabia and its Continue Reading
Oil Ends 2016 On A Bullish Note
2016 has been a tumultuous year in the energy markets, but both oil and natural gas are showing promising signs heading into the New Year, with oil prices having nearly Continue Reading
Hedge Funds Bet Oil Rally to Extend Into 2017 as Output Cuts Hit
Investors are showing no sign of turning their backs on oil heading into 2017. Money managers’ wagers on rising West Texas Intermediate crude prices are triple what they were at Continue Reading
Gazprom offers loan for Turkish gas pipeline
Russian energy company Gazprom said it approved financing of up to $320 million to help build a natural gas pipeline planned through Turkey. Russian news agency Tass reported that Gazprom Continue Reading
Why Saudi Arabia Is Likely to Postpone a Huge Oil Company I.P.O.
Saudi Arabia’s oil producer, Saudi Aramco, is its crown jewel. And jewels ought not to be given away too freely. The company’s initial public offering was meant to be the Continue Reading
Two blasts in central Baghdad kill at least 21: police, medics
Two bombs exploded at a busy market in central Baghdad on Saturday killing at least 21 people and wounding more than 40 others, police and medics said. There was no Continue Reading
Economy strained for OPEC-member Angola
The steady decline in crude oil prices from 2014 peaks above $100 per barrel has left lasting impacts on the economy of OPEC-member Angola, the International Monetary Fund said. Angola Continue Reading
More oil possible from Nigeria
LONDON, Dec. 30 (UPI) — A minority player in OPEC-member Nigeria said it was able to stimulate crude oil production at one of its operating areas by about 15 percent. Continue Reading
Rising Rig Count Sees Oil Edge Lower On Final Trading Day Of 2016
Baker Hughes this week reported yet another increase in the U.S. oil and gas rig count, with 5 more rigs coming online. The previous two weeks have seen increases of Continue Reading
US gasoline exports to Mexico hit record high on refinery issues, strong demand
Mexico’s record-low refinery production and growing consumer demand helped push US gasoline exports there to a new high in October, a trend that has boosted prices in both countries. Gasoline Continue Reading
Baker Hughes: US Oil Rig Count Recovers To End 2016 Near Year-Ago Levels
Dec 30 (Reuters) – The U.S. oil rig count ended 2016 just below year-ago levels as drillers added rigs this week as part of the biggest recovery since a global Continue Reading
Tillerson called to testify on climate issues
Exxon Mobil CEO and U.S. secretary of state nominee Rex Tillerson should testify before the inauguration on his climate change knowledge, lawyers said. Lawyers representing more than a dozen U.S. Continue Reading
Denmark’s largest gas field to close
COPENHAGEN, Denmark, Dec. 30 (UPI) — The lack of a viable economic solution for the largest natural gas field in the Danish North Sea means production will end in late Continue Reading
Energy Sector Highlights Of 2016
A lot happened in the energy sector in 2016, with two major stories leading the way. Both the surprising election of Donald Trump to the presidency, and OPEC’s November announcement Continue Reading
Brent Oil Set for First Annual Gain in 4 Years Before OPEC Cuts
Brent oil, the global benchmark, is headed for its first annual advance in four years before supply cuts from OPEC and other producing nations next month intended to stabilize the Continue Reading
Oil Falls First Time in Nine Days as U.S. Crude Supplies Climb
Oil fell for the first time in nine sessions in New York after a government report showed U.S. crude stockpiles increased for a second week. Crude stockpiles rose 614,000 barrels Continue Reading
Dollar Drops to Weekly Low as Dip in Treasury Yields Adds Weight
The dollar dropped to its lowest of the week and remained defensive as U.S. Treasury yields fell to fresh lows after another well-received auction saw $28 billion of 7-year notes Continue Reading
Crude stocks up, while product inventories fall: EIA
U.S. crude stocks rose last week as refineries cut output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories rose by 614,000 Continue Reading
The Five Countries Threatening OPEC Unity
Amidst the wave of populism sweeping through the world, the triggering of Article 50 in May, the fear in the Eurozone of the cessation of Quantitative Easing, and the prospects Continue Reading
Saudi Non-Oil Economy Suffered as Kingdom Cuts Spending: Chart
Saudi Arabia’s austerity drive to counter the impact of low oil prices came at a cost. Domestic demand has been hurt by lower spending on infrastructure projects and cuts in Continue Reading
Feature: India aims to revive oil, gas output in pursuit of energy security
India is making a concerted effort to lower its reliance on imported crudes with the government focused on boosting domestic production, promoting renewables and improving the refining process, at a Continue Reading
Divestment streak for Petrobras continues
Brazil’s state-run oil company said it closed on the sale of a refinery on the Japanese island of Okinawa as its divestment streak continues. State-run Petroleo Brasileiro, known informally as Continue Reading
Venezuela president extends date to use 100-bolivar bills
President Nicolas Maduro has again extended the deadline for Venezuelans to stop using their old 100-bolivar bills. Maduro said in a television and radio broadcast address on Thursday that people Continue Reading
Venezuela’s President Once Again Extends 100-Bolivar Note’s Deadline
Venezuelan President Nicolás Maduro announced the extension for the 100-bolivar notes during a television program… CARACAS, Venezuela—President Nicolás Maduro has again extended the deadline for Venezuelans to stop using their Continue Reading
Can Chinese Crude Demand Continue To Grow In 2017?
The OPEC deal might have revived oil prices for now, but a combination of elevated inventories and the threat of lower demand growth in China in 2017 could come back Continue Reading
China’s Largest Oilfield To Cut Capex By 20% In 2017
PetroChina has reported plans to cut capital spending at China’s largest oilfield by 20 percent in 2017. In its statement the oil major claimed that, despite the decrease in drilling Continue Reading
Troubled Chinese Nuclear Project Illustrates Toshiba’s Challenges
Toshiba Corp.’s ambitions to make nuclear power a centerpiece of its future have instead led to an accounting scandal and billions of dollars in potential losses. For clues to what Continue Reading
China slashes first round of oil products export quotas – sources
China has cut oil product export quotas to the nation’s four oil majors by 40 percent in the first round of licences for 2017, according to two sources who have Continue Reading
U.S. Refiners Open Export Spigot to Meet Latin American Need
U.S. refiners exported record amounts of oil products last week, taking market share from struggling competitors in Mexico and the Caribbean. Almost 4 million barrels a day of gasoline, distillates Continue Reading
U.S. Shale Could Break The OPEC Deal Within Months
OPEC is currently pumping crude at a record rate yet has managed to fool algos and “experts” into bidding up crude to multi-month highs on “promises” it will cut a Continue Reading
Nymex Trading Pits Shut Down, Marking End of an Era
Oil traders work in the pit of the New York Mercantile Exchange in 2007. The open-outcry trading floor of the New York Mercantile Exchange in lower Manhattan will shut down Continue Reading
Outlook For Coal Unlikely To Improve
The election of Donald Trump as President of the United States has a lot of implications for a lot of different segments of the economy – coal may not be Continue Reading
The End Of The Oil And Gas Bankruptcy Wave
Even as oil prices are rebounding, we are closing out one of the worst years for the oil and gas industry in decades. In 2016, the U.S. oil and gas Continue Reading
Peabody extends debt deadline amid creditor support
Peabody Energy Corp said on Thursday it extended a deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy amid growing creditor Continue Reading
Prospects for Irish explorer Circle Oil dwindle
Irish exploration company Circle Oil said its listing on the London stock exchange will be canceled by the end of the week amid financial strains. “The company’s financial position remains Continue Reading
Russia’s finance minister sees growth ahead
With oil prices recovering, growth in the Russian economy may be twice as high as official government estimates, the country’s finance minister said. The Central Bank of Russia this week Continue Reading
Oil Retreats From 17-Month High After Report of U.S. Supply Gain
Oil futures fell from the highest close in 17 months as an industry report was said to show U.S. crude stockpiles climbed last week. Futures retreated 45 cents from the Continue Reading
Dollar and Oil Retreat Along With European Shares: Markets Wrap
The dollar dropped the most in two weeks while oil retreated from its highest close in 17 months as investors prepared to close out a volatile year for financial markets. Continue Reading
WTI prices fall on surprise build in U.S. crude stocks
U.S. oil prices fell on Thursday after an industry report showed a surprise build in the country’s crude inventories, while Brent futures came off early lows to trade marginally higher. Continue Reading
OPEC Bears Feel The Squeeze
Investors appear to be increasingly confident that OPEC is going to live up to its word. Professional money managers have trimmed bearish bets on West Texas Intermediate to the lowest Continue Reading
Has The OPEC Rally Gone Too Far?
Oil prices continue to edge up as 2016 comes to a close, a dramatic turnaround for the industry compared to the start of the year. In January, oil prices were Continue Reading
The Two Nations Racing To Host The Next Oil And Gas Rush
Bit of a quiet week for major resource news. But several small items are suggesting some potentially explosive developments coming over the next several months. One of those comes in Continue Reading
Asia’s November imports of Iranian oil more than double from year ago
Imports of crude oil by Iran’s four major buyers in Asia in November more than doubled for a second straight month from a year ago, with purchases by India and Continue Reading
Iraq commits to OPEC cuts, sends oil prices higher
Crude oil prices edged higher in early trading Wednesday in thin volumes amid expectations OPEC will hold the production line, though doubts persist. Members of the Organization of Petroleum Exporting Continue Reading
Iran: There are no guarantees with OPEC
Following an announcement regarding an increase in oil production, Iran’s oil minister said there are no guarantees an OPEC production ceiling will be enforced. Iran is the only party not Continue Reading
Eni gains stronger position in Egypt
Italian energy company Eni said it continued its track record of success in the Mediterranean Sea by securing two new agreements in an Egyptian auction. Eni secured the bulk of Continue Reading
In Venezuela, lynchings kill one person every three days: report
Roughly one person is being lynched in crisis-ridden Venezuela every three days as frustrated residents take revenge on suspected criminals, a monitoring group said on Wednesday. The Venezuelan Observatory of Continue Reading
China to cap 2017 energy consumption at 4.4 bln tonns coal equivalent
China aims to cap total primary energy consumption at around 4.4 billion tons of coal equivalent in 2017, the director of the National Energy Administration (NEA) said on Wednesday, close Continue Reading
U.S. shale companies to boost spending as banks loosen purse strings
U.S. shale drillers are set to ramp up spending on exploration and production next year as recovering oil prices prompt banks to extend credit lines for the first time in Continue Reading