Oil Edges Up as Investors Cash Out After a Weak April – WSJ
Oil prices rebounded on Friday as traders appeared to be closing out a recent raft of bearish bets. April turned out to be a bad month for oil, with stockpiles Continue Reading
Crude Drawdowns Can’t Save Oil Prices
Oil prices got walloped this week on growing concerns that U.S. shale is coming back too quickly, offsetting the progress made by OPEC. Meanwhile, disrupted Libyan production could come back Continue Reading
Oil’s April Rollercoaster Takes It Back to $50 on Supply Dilemma
U.S. crude production expands to highest level since 2015 Novak says Russia implemented full 300,000 barrel-a-day cut After a rally in the first half of April, oil is set to Continue Reading
Hedge funds slash bullish wagers on U.S. crude as prices tumble
Hedge funds slashed bullish bets on U.S. crude oil for the first time in four weeks in the week to April 25, data showed on Friday, as prices fell amid Continue Reading
Oil prices face second weekly loss as oversupply lingers
Oil prices stabilized on Friday but were on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market. Continue Reading
Extension of OPEC-led cuts could end oil glut by end-2017: Poll
Supply and demand in the oil market could fall into balance by the end of this year if OPEC and its partners extend their deal to reduce crude output, a Continue Reading
Libya confirms restart of its largest oil field
Libya’s national oil company said there may be long-standing agreements in place to keep the taps open in the company to the tune of 200,000 barrels per day. Crude oil Continue Reading
French major Total impresses with Venezuelan (?) shale
At a time when volatility is an emerging trend in the energy sector, French supermajor Total remains an attractive player, an investment profile read. A floor price for crude oil Continue Reading
Canada oil bets on tech, scale in face of foreign majors’ exodus
As global oil majors pull out of Canada’s oil sands, domestic companies are buying up assets and betting technology and economies of scale will enable them to turn a profit Continue Reading
BP finds hidden trove of oil in Gulf of Mexico
British oil major BP has discovered 200 million barrels of oil in a hidden cache in the Gulf of Mexico, thanks to a technological breakthrough allowing the company to see Continue Reading
Murray subsidiary to lay off 255 employees at New Future coal mine in Illinois
A Murray Energy subsidiary has notified an Illinois state agency that it plans to lay off 255 employees in three months in a move that industry sources say would likely Continue Reading
U.S. Oil Rig Count Increases For 15th Straight Week
The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig Continue Reading
Donald Trump Signs Executive Order Easing Offshore-Drilling Regulations
President Donald Trump signed an executive order Friday to ease regulations on offshore drilling and eventually allow more to occur, particularly in the Arctic Ocean. The order, which takes aim Continue Reading
Exxon, Chevron Profit Up in Sign of Strengthening Oil Companies
The world’s biggest oil companies are seeing their highest profits in more than a year, an early signal that they may be turning a corner on their long path to Continue Reading
U.S. GDP Growth Slowed on Tepid Consumer Spending
The U.S. economy stumbled in the first months of the Trump administration, growing at the slowest pace in three years in a sobering reminder of the nation’s economic sluggishness. Gross Continue Reading
Trump’s offshore oil move already facing legal challenge
With the ink barely dry on an order to review U.S. offshore drilling rights, environmental groups said preparations are already underway for a legal challenge. U.S. Interior Secretary Ryan Zinke Continue Reading
More Rigs Don’t Mean More U.S. Gas
Gas rigs have doubled since August; output falls 1.2% Average Marcellus well produces 51% of what it did a year ago U.S. natural gas producers are running hard to stand Continue Reading
Big Oil Heads for Back-to-Back Profit Triumphs as Fortunes Turn
U.S. supermajors exceed analysts’ estimates with cost cuts Chevron turns corner after worst annual performance since 1980 Fresh off Big Oil’s best quarter in years, Exxon Mobil Corp . and Continue Reading
U.S. gasoline demand falls for second straight month: EIA
U.S. gasoline demand fell 2.4 percent in February from a year earlier, the second straight monthly decline, according to data released on Friday by the U.S. Energy Information Administration that Continue Reading
Russia Hits 100% Compliance With OPEC Cut
Russia has effectively reached its 300,000-bpd production cut target under its agreement with OPEC, Energy Minister Alexander Novak said. “Yesterday it was about 298,000 barrels. We can say that we Continue Reading
Oil’s April Rollercoaster Takes It Back to $50 on Supply Dilemma
U.S. crude production expands to highest level since 2015 Novak says Russia implemented full 300,000 barrel-a-day cut After a rally in the first half of April, oil is set to Continue Reading
Oil prices face second weekly loss as oversupply lingers
Oil prices stabilized on Friday but were on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market. Continue Reading
Oil prices fall on lingering oversupply concerns
Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels. U.S. West Continue Reading
Is The Geopolitical Risk Premium In Oil Overrated?
When OPEC instituted their recent production cuts, the theory was that oil markets would balance after crashing in 2014. After Donald Trump won the presidency, many speculated that price fluctuation Continue Reading
World Bank Maintains Oil Price Forecast At $55
In its latest Commodity Markets Outlook, the World Bank maintained its Q1 forecast for oil prices at $55 a barrel, saying, however, that overall energy prices will increase 26 percent Continue Reading
Is The Market Running Out Of Patience With OPEC?
Just as we warned yesterday following the EIA inventory and production data release, the exuberance over the crude draw was misplaced (due to the surge in product builds and almost Continue Reading
Aramco, IEA warn of future supply crunch
Two of the most influential voices in the oil market today separately set out a stark picture of a coming crude supply shortfall. The IEA and state-owned Saudi Aramco both Continue Reading
IEA Sees Much Tighter Oil Market As New Discoveries Crash
The volume of new oil discoveries hit a record low in 2016, the result of severe cuts to exploration budgets amid plummeting oil prices. The number of new conventional drilling Continue Reading
U.S. refiners bet on strong exports to balance market
U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer Continue Reading
OPEC wants further drop in oil stocks, is working for consensus
OPEC wants oil inventories to decline further and is working to ensure a policy-setting meeting in May reaches consensus, the group’s secretary-general said on Thursday in comments pointing to an Continue Reading
OPEC output cuts whet Asia’s appetite for North Sea oil
OPEC production cuts have created record Asian demand for European oil and made China the second biggest consumer of North Sea crude as flows from its usual Middle East suppliers Continue Reading
Iraq says will go with consensus at next OPEC meeting
Iraq will go with the consensus reached by OPEC when the oil exporter group meets in Vienna next month to discuss extending production cuts, the country’s oil minister said on Continue Reading
Saudi Aramco CEO Says Peak Oil Demand Is a Misleading Theory
Petroleum use will keep growing for decades to come: Nasser World’s largest producer remains on track for IPO next year The boss of Saudi Arabia’s state oil company defended petroleum Continue Reading
Libya’s Oil Chief Rebukes U.N.-Backed Government
A rift has opened between Libya’s U.N.-backed government and its powerful National Oil Co., threatening the fractured country’s political cohesion and its nascent petroleum-industry recovery. Libya’s oil-industry chief, Mustafa Sanallah, Continue Reading
Mexico’s Pemex approves new deep water Gulf joint venture
The logo of Mexico’s state-owned company Pemex is pictured at a refinery in Cadereyta, on the outskirts of Monterrey, Mexico, April 20, 2017. The board of Mexico’s state-owned oil company Continue Reading
China’s Oil Giants Buoyed by Higher Prices as Output Stagnates
Crude oil production falling as focus shifts to natural gas PetroChina swings to profit, Sinopec income more than doubles Oil’s recovery is helping ease the pain of shrinking output by Continue Reading
Why Is China Funding Unsustainable Coal Projects In Pakistan?
On April 16th, Chinese investments in Pakistan through the much-vaunted China-Pakistan Economic Corridor (CPEC) were revised upwards, from $46 billion to a whopping $62 billion . The project, part of Continue Reading
Fast-rising U.S. shale oil output puts OPEC cut at risk: Rystad
Shale oil output in the United States is rising much faster than expected and gaining market share globally, increasing the risk of a “volume war” with OPEC and weaker oil Continue Reading
On Trump Tax Play, Watch What You Wish for, Drillers Warned
Energy producers among most taxed sectors in U.S.: BI report But cut in corporate rate may also jeopardize tax deductions While President Donald Trump’s plan to cut corporate income taxes Continue Reading
Trump order may seek to reverse offshore drilling ban
U.S. presidential remarks about Alaska and senate measures on offshore drilling may point to an executive action on oil and gas, authorities on the matter said. “We’re going to take Continue Reading
Texas oil production in February increased slightly from last year
Preliminary data from Texas show total crude oil production for February was slightly more than figures from the same time last year, a regulator reported. The Railroad Commission of Texas, Continue Reading
Shale revolution casts shadow over longer-dated US oil futures
While the US is breaking population records, states such as Illinois and West Virginia have lost people in recent years. Something similar is happening in the US crude oil futures Continue Reading
Permian Basin oil production and resource assessments continue to increase
Drilling Productivity Report Crude oil production in the Permian Basin is expected to increase to an estimated 2.4 million barrels per day (b/d) in May, based on estimates from EIA’s Continue Reading
Exxon Hikes Dividend Yet Again, Despite Low Oil Prices
ExxonMobil has continued its streak of hiking its dividend, announcing another increase in its payout to shareholders on Wednesday. The oil major has boosted its dividend every year for more Continue Reading
A first-ever for Poland in the way of U.S. natural gas
A Polish energy company said Thursday it closed on a deal to take its first-ever shipment of liquefied natural gas sourced from reservoirs in the United States. Polish Oil & Continue Reading
France’s Total Approves First Project Since 2014 As Profits Surge
French energy company Total gave the go-ahead on Thursday to develop its first major project since 2014 after reporting a sharp rise in quarterly profit that underscored its drive to Continue Reading
Oil prices fall on lingering oversupply concerns
Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels. U.S. West Continue Reading
Oil Seen at or Below $40 If OPEC Doesn’t Extend Output Cuts
ADIA’s Ruehl Iraq, Iran seen gaining from production cuts at Saudi expense Crude will probably drop to $40 a barrel or below unless OPEC and allied producers extend their collective Continue Reading
Oil Shortage Feared by 2020 as Discoveries Fall to Record Low
Global oil discoveries fell to a record low in 2016, the International Energy Agency says, raising fresh concerns about the potential for a petroleum-supply shortage as soon as 2020. The Continue Reading
Oil Tankers to Cruise Ships Fueled by LNG Offer Hope on Glut
LNG-fuelled fleet may rise to 200 by 2020: Energy Aspects Total, Shell sign deals to develop LNG bunkering operations When Russia’s biggest tanker operator launches four new vessels next year, Continue Reading