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Month: July 2017

Category:
  • Prices

Oil hits two-month high on tighter U.S. market, Venezuela sanctions risk

Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. U.S. West Texas Intermediate (WTI) futures briefly Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Prices

Oil analysts more bearish as OPEC deal under scrutiny

Oil analysts have cut their 2017 crude price forecasts for a sixth straight month in July, citing concerns over compliance with an OPEC-led deal to limit production that could dampen Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Prices

Oil Skeptics Exit as Market Dispels Gloom to Flirt With $50

Short positions tumbled for a fourth week, CFTC data show Net-long position on WTI most bullish in three months Start your day with what’s moving markets in Asia. Sign up Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Oil Supply
  • Prices

Peak Oil Demand in 10 Years?

Venezuela is sliding closer and closer toward the brink, and things look as if they’ll get worse, unfortunately, before they improve. A country that boasts the largest proven oilfield in Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • OPEC

OPEC’s Existential Sucker Punch

You wait decades for an existential crisis, then two come along at once. At least that’s how it must feel for OPEC’s beleaguered ministers. In the short term the market Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • OPEC

OPEC, Non-OPEC Nations to Meet on Compliance With Oil Targets

Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on Aug. 7-8 to discuss why some of them are falling behind in their pledges to cut production, Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • OPEC

OPEC Has a Crippling Problem: Its Members Can’t Stop Pumping

OPEC, the once powerful oil cartel, is struggling to hold the line in a make-or-break fight to limit oil production, prop up crippling low prices and prove its relevance. Why? Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Iran
  • Iraq

Iran, Iraq moving closer to construction of Kirkuk pipeline: minister

Iran and Iraq are moving closer to building a pipeline that would export crude oil from the northern Iraqi fields of Kirkuk via Iran, Iranian Oil Minister Bijan Zanganeh said Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Arabia says calls for internationalization of holy sites ‘a declaration of war’

General view of the Kaaba at the Grand Mosque in Mecca, Saudi Arabia September 9, 2016. Ahmed Jadallah/File Photo DUBAI (Reuters) – Saudi Arabia’s foreign minister called Qatar’s demands for Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Mexico

Pemex crude output drops slightly in June, exports up 21 percent

Mexican national oil company Pemex’s [PEMX.UL] crude output dropped slightly in June compared with the previous month, while exports rose 21 percent, the company said. Pemex produced 2.01 million barrels Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria: Boko Haram Attack On Nigeria Oil Team Killed Over 50

More than 50 people were killed in a Boko Haram ambush on an oil exploration team in northeast Nigeria earlier this week, multiple sources told AFP news agency on Thursday, Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Venezuela

U.S. considering oil-related sanctions on Venezuela: sources

The Trump administration is considering imposing some U.S. sanctions on Venezuela’s vital oil sector in response to Sunday’s election of a constitutional super-body that Washington has already denounced as a Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Venezuela

U.S. Weighs Sanctions Against Venezuela’s Oil Industry

U.S. government officials are considering stepping up sanctions against Venezuela by targeting its vital oil industry, although an embargo against Venezuelan crude oil imports into the U.S. is off the Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Venezuela

Defying international calls, Venezuela holds contentious election

CARACAS, Venezuela — President Nicolás Maduro defiantly followed through Sunday with his pledge to hold an internationally condemned election, creating a critical new stage in a long-simmering crisis that could Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Venezuela

U.S. oil sale ban to Venezuela’s PDVSA would hit refining, blending

HOUSTON (Reuters) – Potential U.S. sanctions on sales of light crude to Venezuela’s oil company PDVSA would hamper its already weak refining network while leaving at least one tanker in Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Australia

Renewables Could Overtake Fossil Fuels In South Australia By 2025

Declining renewables and energy storage costs will increasingly squeeze out gas-fired generation in South Australia as early as 2025, a joint research report conducted by Wood Mackenzie and GTM Research Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Shale Oil

Investors Eager to Hear Shale Companies’ Plans for Rest of 2017

Some American oil producers may be pumping the brakes on new drilling, but as the leading shale players get set to report earnings this week, investors will be watching closely Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Climate

At EPA museum, history might be in for a change

An Environmental Protection Agency exhibit at the Ronald Reagan Building. (Melina Mara/The Washington Post) Scott Pruitt has repeated a particular line again and again since becoming the head of the Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. Shale Is Determined Not To Kill This Rally

Oil prices moved closer to a two-month high on Friday, closing out the week with some of the strongest gains in 2017. Market sentiment has turned “cautiously optimistic,” as Goldman Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. Shale Slashes Capex As Low Oil Prices Bite

Seven months into the OPEC production cut deal, oil prices are not higher than they were at the end of last year, as the stubborn global inventory overhang and rising Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. Shale Has Set An Example For Oil Majors

It took the oil supermajors quite a while to come to terms with the new oil price realities. The blow from the 2014 price crash was so severe and apparently Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Canada
  • Tar Sands

Canadian heavy oil plugs gap left by OPEC, Latam

Canada’s struggling oil market has found something of a lifeline as traders scramble for heavy crude due to OPEC production cuts and sinking Latin American output. Output has fallen in Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Coal

U.S. coal exports surge, but thank China, not Trump:

U.S. coal miners are almost certainly cheering the sharp rise in exports of their product, but their good fortune is mainly the result of Chinese domestic policies that have driven Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Russia
  • USA

Russia to Cut 755 U.S. Diplomats, Staff Amid New Sanctions

Russian President Vladimir Putin said Sunday that the U.S. would have to cut 755 diplomats and staff in the country by September in retaliation for impending U.S. sanctions on Moscow. Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Netherlands

Shell Shuts Down Europe’s Largest Refinery After Fire

Royal Dutch Shell is shutting down Europe’s largest refinery after a fire at a high-voltage electricity switch station. The fire at the Pernis refinery in Rotterdam, the Netherlands, started late Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Electric Cars

Oil tycoon promises his next car will be electric

Yes, you heard that right, the boss in charge of Europe’s biggest oil company says his next car will be electric. Does this revelation from the CEO at Shell say Continue Reading

Posted On : 31 Jul 2017 Published By : Tom Whipple
Category:
  • Prices

Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines

Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC’s ongoing efforts to curb production to ease Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Prices

Oil Gains on OPEC Cuts, Rising Demand

Oil prices rose every day this week, their best since December, as renewed optimism about falling supply and rising demand refuel a rally. U.S. crude is bumping up against $50 Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Prices
  • Saudi Arabia

Oil Prices Rise As Saudi Arabia Attacks The Glut

Back in late May, Saudi Oil Minister Khalid Al-Falih said that ‘exports to the U.S. will drop measurably ‘, as the OPEC Kingpin adjusted its focus to reducing exports to Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Prices

Physical oil market tightens as refiners scramble for crude:

Physical crude markets are at last showing signs of tightening as record refinery consumption in the United States coincides with a slowdown in oil exports from the Middle East Gulf. Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Oil Supply

Goldman Sachs: Oil Market To Rebalance By Early 2018

Recent data show that the rebalancing of the oil market is speeding up and if the drawdown trends are sustained, stockpiles will normalize by early 2018, Goldman Sachs said on Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Prices

Is This Oil Price Rally Sustainable?

Oil prices are on track for the biggest weekly gain so far this year, with Brent solidly above $50 per barrel and WTI not far behind. Shell’s CEO: Oil prices Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • International Oil Companies

Big Oil Posts Healthy Profits

The largest U.S. energy companies reported robust earnings on Friday, continuing a quarter in which the world’s big oil firms have posted some of their strongest gains since a pronounced Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Iran
  • Russia

Russia drafts agreement to tap Iranian oil fields

Russia and Iranian agreement involves the potential to tap into Iranian oil fields. The signing of the deal comes as both countries face tighter sanctions pressure from U.S. lawmakers. Image Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • USA
  • Venezuela

U.S. lawmakers expect more sanctions on Venezuela over vote

Republican U.S. lawmakers said on Friday they expected Washington would announce more sanctions on Venezuela if its government proceeds with an effort to elect a legislative body that critics call Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Venezuela

Venezuelan oil sanctions carry risks for U.S. economy

The U.S. Treasury Department is ready with tougher sanctions on Venezuela, including crude oil restrictions, but may hold back, an industry report read. On Wednesday, the U.S. Treasury Department sanctioned Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Venezuela

Fear spreads in Venezuela ahead of planned protest of controversial election

Venezuela prepared Friday for a possible showdown between opposition protesters and government forces ahead of a vote that critics decry as a final step toward authoritarian rule in the South Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Colombia
  • Venezuela

Colombia ‘will not recognise’ Venezuela’s assembly vote

“Down with the dictatorship,” reads graffiti on a Caracas wall Colombia’s President Juan Manuel Santos says his country will not recognise the result of Sunday’s vote in neighbouring Venezuela to Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Congress

Alaska energy threat a new low, House leader says

The Trump administration walked an ethical line by using a “bag man” to threaten Alaska’s energy over a healthcare vote, a leader in the U.S. House said. U.S. Sen. Lisa Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Wind

U.S. wind power momentum up 40 percent from last year

About half of the population in the state of Kansas could now be drawing energy from wind power as the U.S. sector gains momentum, an industry report showed. A quarterly Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • USA

US growth picks up but wage shadows remain

The rate of US growth picked up steam but wage growth undershot estimates, underscoring the economy’s recent patchy performance. Gross domestic product climbed at an annualised rate of 2.6 per Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • USA

Pace Of US Oil Rig Count Growth Slows As Prices Climb

The number of active oil rigs in the United States rose this week by 2 rigs showing a growth—albeit a slower one—in oil drilling as US players proceed more cautiously Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Oil Supply

API: Total US petroleum deliveries reach 10-year peak in June

Total US petroleum deliveries reached an average of more than 20.3 million b/d in June—their highest level for the month since 2007 and a 2.6% increase from June 2016, the Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • LNG
  • USA

Pennsylvania Senate votes to tax natural gas production, consumption

Pennsylvania’s Senate approved a tax reform bill with provisions to tax both natural gas production and consumption in the state. Oil and gas trade associations there strongly criticized the July Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

Next year U.S. oil production will exceed its 1970 peak

Crude oil production in the U.S. will reach an average of 9.9 million barrels a day in 2018, the Energy Information Administration projects in its latest Short-Term Energy Outlook report. Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Biofuels

Trump May Have to Boost Biofuel After Court Deals Blow to Oil

The Trump administration may have to reconsider its proposal from earlier this month to curb biofuel use after a U.S. appeals court in Washington ruled that the Environmental Protection Agency doesn’t have Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Electric Cars

Tesla’s Musk hands over first Model 3 electric cars to early buyers

Tesla Chief Executive Officer Elon Musk said on Friday the Model 3 had over half a million advance reservations as he handed over the first 30 to employee buyers, setting Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • International Oil Companies

Exxon Mobil profit disappoints Wall Street, Chevron shines

Exxon Mobil Corp (XOM.N) posted a rare earnings miss on Friday, the only international oil producer to do so last quarter, as production slipped in its African and Canadian operations. Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Italy

Vatican to Shut Off St. Peter’s Square Fountains Due to Italy’s Drought

The Vatican says it is shutting off all its fountains, including those in St. Peter’s Square, because of Italy’s drought. Vatican Radio on Monday said the decision is linked with Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple
Category:
  • Shale Oil
  • United Kingdom

Drilling set to begin in British shale

With its drilling rig on site, a British shale gas explorer said it expects to address offshore production declines with onshore operations by year’s end. Cuadrilla Resources said the drilling Continue Reading

Posted On : 29 Jul 2017 Published By : Tom Whipple

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