Oil ticks up on supply cuts, rising U.S. output caps gains
Brent oil prices edged up on Monday and were set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production Continue Reading
Investors See Oil Break Out of Narrow Range With Record Bets
Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally. Money managers boosted Continue Reading
Total in talks to buy Iranian LNG project: sources
Total ( TOTF.PA ) is in talks to buy a multi-billion dollar stake in Iran’s partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves. Continue Reading
Iraq Plans Offshore Oil and Gas Exploration to Boost Reserves
Iraq is planning to start offshore oil and gas exploration to boost the OPEC nation’s reserves, Oil Minister Jabar al-Luaibi said in a statement on Monday. Luaibi said he “gave Continue Reading
Saudi Aramco buys $7 billion stake in Petronas’ RAPID refinery project
Saudi oil giant Aramco IPO-ARMO.SE will buy an equity stake in Malaysian firm Petronas’ refining and petrochemicals project in the southeast Asian country, the companies confirmed on Tuesday, investing a Continue Reading
Exclusive: Saudi Arabia wants oil prices to rise to around $60 in 2017 – sources
Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the level the Continue Reading
Cooking The Books? Saudi Aramco Could Be Overvalued By 500%
The world’s most valuable oil company, Saudi Aramco, is approaching its first IPO in 2018, as the government of Saudi Arabia prepares to sell off portions of the company in Continue Reading
Inside the black heart of IS’s oil sector
On the Mosul outskirts, the IS group’s Iraqi oil refining hub – recently seized by Iraqi forces – shows how the militants used savvy management to fuel their killing machine. Continue Reading
Nigeria: Buratai Says Niger Delta Now Witnessing Less Oil Theft
The Chief of Army Staff, Tukur Buratai, a Lieutenant General, says contrary to notion in some quarters, illegal bunkering, refinery and oil theft in the Niger Delta had reduced. Fielding Continue Reading
Is Mexico’s Oil Boom Under Threat?
In 2013, Mexican President Enrique Pena Nieto launched the Reforma Energética (RE) to reverse the nation’s decline in oil production and encourage green energy initiatives by ending the monopoly of Continue Reading
Mexico’s Pemex sharply reduces losses as oil prices rise
Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion (32.6 billion pesos) Continue Reading
Shell Shuns New Oil-Sands Projects as Low Prices Force Cost Control
Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves. While Continue Reading
A cornerstone of global oil supply — Canada at a cross roads
Canadian heavy crude is a cornerstone of global oil supply now and into the next decade. But growth is likely to be increasingly affected by investor sentiment soured by environmental Continue Reading
U.S. Shale Surge Threatens OPEC Strategy
Could U.S. Oil Production Derail OPEC Deal? OPEC’s Nov. 30 output agreement to cut production by 1.2 million barrels a day may have put a floor under the oil price, Continue Reading
Exxon extends life of Norwegian gas field
Consent was given to Exxon Mobil to extend the life of a natural gas field in the North Sea because of new production calculations, Norway’s government said. Exxon started production Continue Reading
Russia sees U.S. oil production as a lid on oil prices
Gains in oil production from the United States should establish a ceiling over crude oil prices on the global market, the head of Russia’s Lukoil said Monday. Russia is coordinating Continue Reading
Oil ticks up on supply cuts, rising U.S. output caps gains
Brent oil prices edged up on Monday and were set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production Continue Reading
Investors See Oil Break Out of Narrow Range With Record Bets
Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally. Money managers boosted Continue Reading
Funds prepare $2 billion oil market play as supply tightens
Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week, anticipating an energy market rally as a historic OPEC Continue Reading
Exclusive: Algeria’s Sonatrach in talks to begin offshore drilling – source
Algeria’s Sonatrach wants to start offshore oil drilling and has begun discussions with U.S. operators Exxon Mobil Corp ( XOM.N ) and Anadarko ( APC.N ) as well as Italy’s Continue Reading
One dead in Bai Hassan oil field bombing
Two IED attacks have hit northern Iraqi oil fields in the past week. Fire burns from an oil storage tank after a militant attack at the Bai Hassan South oil Continue Reading
Russia says in talks over Iranian oil purchases
Russia has been in talks of buying oil from Iran, Energy Minister Alexander Novak said on Monday, confirming earlier reports. At the sidelines of a economic forum in the Black Continue Reading
Economic Slump Squeezes Nigerians Fearing Pain Isn’t Over
The ‘Computer Village’ in the Ikeja suburb of Lagos, where electronic products such as mobile phones, computer hardware and accessories are sold. It’s 4 p.m. in Nigeria’s capital and Ahmed Continue Reading
Saudi Arabia and Iraq Crude Exports to US Hit Five-Year High
Crude oil imported to the United States from Saudi Arabia and Iraq combined has reached a peak not seen since 2012, but the U.S. Energy Information Administration says the volume Continue Reading
Coal Industry Casts Itself as a Clean Energy Player
President Trump has questioned the science behind climate change as “a hoax” in positioning himself as a champion of coal. The three largest American coal producers are taking a different Continue Reading
Have The Majors Given Up On Canada’s Oil Sands
Canada’s oil sands could struggle to rebound, with potentially billions of barrels of oil being kept underground permanently. Canada’s oil sands are incredibly expensive, some of the costliest sources of Continue Reading
Lukoil’s Middle East Head Sees Oil at $55-$65 a Barrel on Cuts
Al-Jebouri Says Iran Is a Lukoil Focus Oil will stabilize around $55 to $65 a barrel as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping Continue Reading
How Russia Is Using Oil Deals To Secure Its Influence In The Middle East
A string of oil deals between Russian oil companies and Arab petrostates have shifted the center of political gravity in the Middle East and North Africa towards Moscow – counteracting Continue Reading
Oil Prices Ease as U.S. Crude Stocks Rise Again
Oil prices eased Friday as still bloated U.S. supplies continued to weigh on prices. The selloff came just as it appeared crude prices were poised to break out of the Continue Reading
Oil Trades Near 19-Month High on Decline in Crude Flows to U.S.
Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. Futures in New York are set Continue Reading
Oil volatility migrates from flat prices to spreads: Kemp
“Volatility can be neither created nor destroyed, rather it transforms from one form into another,” is a pretty fair summary of how the oil market works (with apologies to physicists). Continue Reading
What Will It Take For Oil To Breakout?
Oil prices gained some ground this week on the drawdown in gasoline stocks in the U.S., which the markets interpreted as a sign that the glut could be easing. However, Continue Reading
Expert Commentary: Inventory Draws Should Tighten Oil Markets Soon
Oil traders saw more of the same this week with range bound flat price, strong brent and WTI spreads, weak gasoline spreads and option implied volatility at multi year lows. Continue Reading
OPEC compliance seen growing as laggards Iraq and UAE pledge action
OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards – the United Arab Continue Reading
Bizarre Oil Trades Pose Menace for OPEC in Its Prized Market
OPEC pumped at will the past two years to defend its turf against rivals. Its recent volte-face has left it contending with additional threats in the world’s biggest oil market. Continue Reading
4.7 Billion Barrels Just Evaporated In This World Class Oil Play
It’s reserves reporting season in the oil and gas business. And one of the world’s biggest plays saw some major casualties this week as new numbers hit the street. The Continue Reading
Is OPEC Lying To The Oil Markets?
Has no-one really done a ‘getting riggy with it’ pun yet? Ok then, here it goes. We’ve made it to Friday, which means we get a couple of data points Continue Reading
OPEC: We’re at 86 percent compliance to cuts
Parties to an agreement to limit crude oil production starting in January were 86 percent in line with commitments, a joint OPEC, non-OPEC group said. Members of the Organization of Continue Reading
As Saudis prepare to sell shares in oil giant, some have misgivings
Mohammed Jamil Farsi, a prominent Saudi Arabian jewelry tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. “I don’t Continue Reading
China’s coal imports from North Korea ease after sanctions
China’s coal imports from North Korea eased last month after new U.N. Security Council sanctions curbing the isolated country’s sales abroad came into effect, while Russia, Mongolia, Australia and Indonesia Continue Reading
U.S. Oil Rig Count Rises – Up 125 Since OPEC Deal
The number of active oil and gas rigs in the United States increased again, although modestly, on Friday by 3. Both benchmarks were trading down earlier on Friday despite reports Continue Reading
Economy in oil-rich Alberta turning corner
Reconstruction in the wake of wildfires that idled parts of its oil industry and improved energy economics means Alberta is growing, a minister said. “Alberta’s economy is forecast to return Continue Reading
Texas oil production down from 2015
If preliminary data are accurate, total Texas crude oil production for 2016 was down 10 percent from the previous year, the state government reported. The Railroad Commission of Texas reported Continue Reading
Canada Stocks Tumble as Trump Trade Concerns Spread, Oil Falls
Canadian stocks plunged the most in five months as earnings and dividend disappointments among gold companies, along with weakening oil prices and trepidation over President Donald Trump’s border tax proposals, Continue Reading
Speculators cut U.S. natgas net longs for 5th consecutive week: CFTC
U.S. natural gas speculators cut their net long positions for a fifth week in a row on forecasts that the weather will remain warmer than normal for the rest of Continue Reading
Oil Prices Settle Higher After Stockpiles Report
Oil prices settled higher but didn’t break out of the narrow band they have traded in this year after government data showed the U.S. crude glut grew more slowly than Continue Reading
Oil Trades Near 19-Month High on Decline in Crude Flows to U.S.
Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. Futures in New York are set Continue Reading
Goldman Says Commodities Need Proof of Demand to Rally More
Are Commodities Approaching Last Inning of Cycle? Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the Continue Reading
Why Oil Demand Forecasts Have Become A Guessing Game
Get yourself a ruler, a pencil and a piece of paper. Place the ruler at about 45 degrees and draw a line upward across the page. That’s what a chart Continue Reading
Goldman Sachs: Global Oil Inventories To Continue Dropping
Although crude oil inventories in the U.S. are expected to rise, the global oil market is showing signs of tightness and will continue to see crude stocks draw down, Goldman Continue Reading