Oct 21 - Asia's oil markets are tightening as China cuts output, fuel stocks dwindle
From sharp cuts to Chinese oil production to falling inventories of refined fuel products, signs are mounting that Asia's oil markets are slowly returning to balance. Global inventories of refined products - made up from light and middle distillates like gasoline and diesel, as well as residual fuel such as fuel oil - have all fallen since the beginning of the month. They are now at or below levels seen this time last year, data in Thomson Reuters Datastream shows. Click here to read full stories.
Oct 21 - As Iran oil tenders near, investors still in the dark on terms
Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January. Their teams spent weeks meeting local officials ahead of investment tenders due to start next month. Click here to read full stories.
Oct 21 - China diesel exports hit another record in Sept as demand slackens
China exported record volumes of diesel and gasoline in September, data showed on Friday, as oil majors in the world's top energy market sell excess product abroad amid slackening local demand and surging output. Diesel exports jumped 44 percent to 1.6 million tonnes in September, overtaking July's previous all-time high of 1.53 million tonnes, according to Chinese customs figures. Click here to read full stories.
Oct 21 - World Bank boosts 2017 crude oil forecast to $55 per barrel
The World Bank raised its crude oil price forecast for 2017 to $55 a barrel on Thursday from $53 a barrel, as it expects an output agreement among the Organization of the Petroleum Exporting Countries (OPEC) to help trim excess supply. Energy prices, which include oil, natural gas and coal, are expected to jump nearly 25 percent next year, a larger increase than previously forecast, the World Bank said in a quarterly commodity markets outlook report. Click here to read full stories.
Oct 21 - Schlumberger profit beats as North America activity ramps up
Schlumberger Ltd, the world's No.1 oilfield services provider, reported a quarterly profit that topped analysts' expectations as more oil producers put rigs back to work in North America. The company expects improved activity in onshore North American, Middle Eastern and Russian markets next year, Chief Executive Paal Kibsgaard said on Thursday, although he warned of limited visibility into customers' investment plans for 2017. Click here to read full stories.
Oct 21 - Rosneft's Sechin says Russia has potential to raise oil output
Russia, already the world's top oil producer, has the potential to further increase oil output in the future by up to 200 million tonnes a year, or 4 million barrels per day, Rosneft's chief executive Igor Sechin said on Thursday. Russia and OPEC are seeking a way to cooperate to prop up oil prices, hit by global oversupply. But consensus must first be found inside OPEC for Moscow to join, officials have said. Click here to read full stories.
Oct 21 - Martin Midstream puts Corpus Christi crude terminal up for sale
Martin Midstream Partners is in the process of selling its Corpus Christi, Texas, crude terminal, according to three sources familiar with the matter, as the company scrambles to boost cash flows. Interested buyers have offered between $80 million and $100 million for the facility, two of the sources said. The facility is located on 10 acres of land leased from the Port of Corpus Christi in South Texas. Click here to read full stories.
Oct 20 - Exxon boss tells peers, Saudis their oil supply crunch bet is wrong
Exxon Mobil's boss Rex Tillerson told Saudi Arabia's energy minister on Wednesday that fears of a new global oil supply crunch were exaggerated as the U.S. oil industry was adapting to the low price shock and was set to resume growth. The remarks by Tillerson, who is due to retire before March next year, about the resilience of the U.S. oil industry come as the Saudis have effectively abandoned their strategy to drive higher cost producers out of the market by ramping up cheap supplies from their own fields. Click here to read full stories.
Oct 20 - U.S. crude stocks fall sharply as imports drop
U.S. crude oil stocks fell last week as refineries continued to run down inventories during a seasonally slower period, while distillate inventories fell and imports dropped, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell 5.2 million barrels in the week to Oct. 14, compared with analysts' expectations for an increase of 2.7 million barrels. Click here to read full stories.
Oct 20 - Venezuelan congressional probe says $11 bln missing at PDVSA
A report by a Venezuelan congressional commission accused Petroleos de Venezuela (PDVSA) of corruption on Wednesday, saying about $11 billion in funds went missing from the state-run oil company while Rafael Ramirez was at the helm from 2004-14. "It is more than the (annual) budget of five Central American countries," said Freddy Guevara, comptroller commission president and a member of one of Venezuela's hardline opposition parties, alleging widespread malfeasance at the state oil producer. Click here to read full stories.
Oct 20 - Halliburton says "meaningful" rise in activity likely at $50 oil
Halliburton Co, the world's No.2 oilfield services provider, said oil prices would have to stabilize at above $50 per barrel for producers to meaningfully increase oilfield activity. The company posted a surprise quarterly profit on Wednesday by "relentlessly managing costs" and taking advantage of a rise in the number of rigs operating in North America. Click here to read full stories.
Oct 20 - Woodside sees deal activity picking up in oil and gas
The environment for getting deals done in oil and gas is better now than it was a year ago as sellers have lowered their expectations, Woodside Petroleum's Chief Financial Officer Lawrie Tremaine said on Thursday. Woodside, Australia's biggest independent oil and gas producer, has announced two deals over the past four months together worth up to $830 million, picking up stakes in a major oil find off Senegal and undeveloped gas fields off Australia. Click here to read full stories.
Oct 20 - Venezuela's Maduro to visit oil producers, China
Venezuelan President Nicolas Maduro will visit OPEC and non-OPEC countries in coming days to push a deal to stabilize oil markets and will also travel to key financier China, as the cash-strapped nation seeks to ease a steep recession. OPEC agreed in Algiers on Sept. 28 to reduce production to a range of 32.5 million to 33.0 million barrels per day, which would be its first output cut since 2008. Another meeting on Nov.30 is set to firm up details of the accord. Click here to read full stories.
Oct 20 - Singapore firm to launch new funds, boost oil trade in yuan
Singapore investment firm New Silkroutes Group Ltd is set to launch two new China-focused funds worth $1.6 billion in total and is looking to expand its oil trading business with Chinese customers following a restructure. The former loss-making information technology firm repositioned itself last year as an investment company under new management led by Goh Jin Hian, a former healthcare executive and son of Singapore's former Prime Minister Goh Chok Tong. Click here to read full stories.
Oct 20 - Canada energy regulator could be curbed after pipeline fiasco
Canada's government may curb the national energy regulator's power, including stripping it of sole oversight for new projects, as part of reforms to a body under pressure over a botched pipeline hearing, according to two sources familiar with the matter. Ottawa, responding to what it says is general public displeasure with how environmental assessments of energy projects are carried out, is eyeing major reforms and tentatively plans to push them through in 2018, said one of the sources. Click here to read full stories.
Oct 19 - China September crude output in second-biggest decline on record
China's crude oil production fell 9.8 percent in September from a year earlier, marking the second-biggest year-on-year decline on record, government data showed, as major producers shut high-cost wells to rein in spending.Domestic crude output fell to 15.98 million tonnes, or 3.89 million barrels per day (bpd), near the lowest in six years on daily basis, the National Bureau of Statistics data showed, reflecting both spending cuts at oil fields and the closure of old wells. Click here to read full stories.
Oct 19 - OPEC sec-gen optimistic on reaching oil output deal in Nov
OPEC should be able to reach a deal next month to limit oil production without too much disagreement about individual countries' output levels, the producer group's secretary-general said on Tuesday. Mohammed Barkindo also told journalists on the sidelines of the Oil & Money conference that Russia, which is not in OPEC, was not backtracking on its pledge to contribute to output limits should OPEC reach a deal at its next meeting on Nov. 30. Click here to read full stories.
Oct 19 - Another quarter of weak results looms for U.S. refiners
U.S. independent refiners such as PBF Energy and Phillips 66 are expected to report another quarter of disappointing profits in coming weeks, as hopes that a record summer driving season would turn the industry's fortunes around do not appear to have materialized. U.S. refiners are in the midst of their worst year since the shale boom began in 2011. High fuel inventories have punished margins this year, forcing some refiners to voluntarily cut production, delay capital work, lay off workers and slash employee benefits. Click here to read full stories.
Oct 19 - Deepwater projects survive low oil price, executives say
The deepwater oil industry is not dead, even after the brutal drop in oil prices in recent years, but activity will focus on regions such as Brazil and the Gulf of Mexico where resources are large and costs low, executives said on Tuesday. Sanctioning of multi-billion dollar projects, that take years to develop and which drove oil supply growth earlier this decade, ground to a near halt since the oil price collapse in mid- 2014 as companies dealt with a sharp drop in revenue. Click here to read full stories.
Oct 19 - Where does most of Britain's inflation-busting oil come from?
Oil priced in sterling is set for its biggest yearly rise since 1999 and has already pushed UK fuel prices to their highest since August 2015, even thought much of the crude that Britain uses comes from UK-based oilfields. Expectations of lower supply and stronger demand have put the oil price in dollar terms on course for its first yearly rise since 2012, having touched a one-year high above $52 a barrel this month. Click here to read full stories.
Oct 18 - Double Eagle Energy, a Texas unicorn, preps for a rare oil IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion, according to a half dozen bankers who have examined its value. Click here to read full stories.
Oct 18 - Bullish bets on oil highest since 2014: Kemp
Hedge funds and other money managers have raised their bullish bets on U.S. crude prices to the highest level since the slump started in the summer of 2014. Saudi Arabia and other OPEC members have successfully pushed oil prices back above $50 by squeezing bearish fund managers. Click here to read full stories.
Oct 18 - Dakota Access construction equipment set ablaze in Iowa - sheriff
Construction equipment for Dakota Access LLC's controversial $3.7 billion oil pipeline suffered about $2 million in damage in an intentionally set fire over the weekend in Iowa, authorities said on Monday. The Jasper County Sheriff's office said the fire occurred late Saturday near the town of Reasnor, Iowa, near where other equipment was set ablaze in August along the pipeline route, which is planned to carry oil from North Dakota to the U.S. Gulf Coast. State and federal authorities are investigating. Click here to read full stories.
Oct 18 - U.S. shale output drop seen for 12th straight month in Nov - EIA
U.S. shale oil production was expected to fall for a 12th consecutive month in November, according to a U.S. government forecast released on Monday, on the back of a two-year global rout in oil markets. November oil production was expected to fall by 30,000 barrels per day to 4.43 million bpd, according to the U.S. Energy Information Administration's drilling productivity report, the lowest output since March 2014. Click here to read full stories.
Oct 17 - Oil majors experiment with technology to weather crisis
Oil majors including Statoil, Shell and Chevron are experimenting with various technologies, from drones and drill design to data management, to drive down costs and weather a deep downturn. Crude prices have more than halved since mid-2014, forcing companies to cut billions of dollars in costs. Determined to shield dividends and preserve the infrastructure that will allow them to compete and grow if the market recovers, they are increasingly looking to smarter tech and design to make savings. Click here to read full stories.
Oct 17 - India's Essar agrees to sell oil arm to Rosneft-led group
India's debt-laden Essar Group confirmed on Saturday that it has agreed to sell a 98 percent interest in its Essar Oil unit to a consortium led by Russia's Rosneft, giving the energy giant a gateway into the world's fastest growing fuel market. The deal will see Rosneft, along with its partners Trafigura and United Capital Partners (UCP), pay $10.9 billion for Essar's refining and retail assets. Separately, $2 billion will be paid toward the acquisition of the Vadinar port in the western state of Gujarat, along with certain import and export facilities. Click here to read full stories.
Oct 17 - Traders chase dwindling oil refining profits
Trade firms that profited from the renaissance in global refining over the past two years are bracing for tougher times as ample stocks, dwindling volatility and newly powerful refineries in China squeeze opportunities, the chiefs of major trade houses told the Reuters Commodities Summit. The oil price crash was a windfall for traders, who cashed in by helping the world manage the imbalance in supply and demand it created – for example, by ferrying gasoline churned out at a breakneck pace in Europe to millions of new car and motorcycle owners in India and China emboldened by cheaper fuel. Click here to read full stories.
Oct 17 - Mexico's Pemex risks compensation bust from lost oil fields
Mexican state oil company Pemex risks getting little or no compensation for the billions it invested in fields now set aside for private competitors in a landmark energy reform, according to an energy ministry document seen by Reuters. Already struggling with low oil prices and mounting debt, Pemex faces a bruising battle to recoup money from the government for its investments due to strained public finances. Click here to read full stories.
Oct 17 - Hedge funds turn most bullish on U.S. crude in over two years
Hedge funds boosted their bullish bets on U.S. crude oil for the third week in a row to a more than two-year high, data showed on Friday, as non-OPEC countries raised expectations of a joint effort with OPEC members to cut output. Money managers raised their net long U.S. crude futures and options positions in the week to Oct. 11 to the highest since late July 2014, just after the two-year price rout began, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Oct 17 - Canada energy companies, police scramble to protect pipelines
Canadian energy companies and officials share intelligence, scour social media and send up surveillance drones but even so they say preventing a disruption to the country's vast pipeline network is near impossible and each side wants the other to do more. This week, five oil pipelines carrying Canadian crude were halted in the United States in an audacious act by protesters opposed to oil sands development and a proposed new pipeline in North Dakota. Click here to read full stories.
Oct 14 - Oil traders increase risky lending even as some deals go bad
Trading houses' lending to distressed producers and refiners is booming and cheaper than ever even though many are owed hundreds of millions of dollars after the collapse of some risky pre-financing deals. The suspension of production at Morocco's oil refinery Samir last year cost a string of trading firms and oil majors a total estimated at close to $1 billion, and similar arrangements this year have come under stress in Nigeria. Click here to read full stories.
Oct 14 - U.S. crude stocks rebound as refineries reduce output - EIA
U.S. crude stocks rose much more than analysts expected last week, the first gain in six weeks asrefineries cut output in the less-active maintenance season, the U.S. Energy Information Administration said onThursday. Crude inventories swelled by 4.9 million barrels in the week to Oct. 7, trouncing the build of 650,000 barrels that analysts had forecast. It followed five consecutive weeks of drawdowns attributed to refiners running down stocks and as imports have declined from late August. Click here to read full stories.
Oct 14 - Daring U.S. pipeline sabotage spawned by lobster boat coal protest
Pipeline sabotage by environmental activists that shook the North American energy industry this week had its roots in a 2013 protest off Massachusetts, when two men in a 32-foot lobster boat blocked a 40,000-ton coal shipment to a power station. Three years on, Jay O'Hara and Ken Ward, the activists involved in the "Lobster Boat Blockade", helped mastermind Tuesday's audacious attempt to shut five major cross-border pipelines which can carry millions of barrels of crude from Canada's oil sands region to the United States. Click here to read full stories.
Oct 13 - China goes on unexpected commodities binge even as concerns linger
China went on an unexpectedly big buying spree for crude oil, coal and iron ore last month, customs data showed on Thursday, even as Beijing cools its overheated property market and concerns linger about the health of the world's No. 2 economy. Daily crude imports hit an all-time high as the nation again overtook the United States as the world's top oil consumer, while iron ore imports were the second highest on record, propelling Shanghai rebar steel futures to five-week highs. Click here to read full stories.
Oct 13 - Investors may be betting oil glut will end soon, but crude traders beg to differ
Investors may have driven crude oil futures prices above $50 a barrel and amassed large bullish positions in expectations of further gains to come but their optimism isn’t shared by the people who produce, refine, ship or trade the real stuff on a daily basis. They inhabit a very different world in which there is plenty of oil sloshing around and buyers can get cargoes of crude at discounts to their official selling prices. Neither do they see much of animpact anytime soon from plans bymembers of the Organization of the Petroleum Exporting Countries (OPEC) to cut production from record highs as they seek to rein in two years of oversupply. Click here to read full stories.
Oct 13 - Glencore shipping arm charters VLCC to ship Asian gasoil
Glencore's shipping unit ST Shipping has chartered a newly built very large crude carrier (VLCC) to ship gasoil from South Korea possibly to Africa in a rare move, shipbrokers and traders said on Wednesday. Gasoil is usually shipped on medium and long-range vessels carrying up to 700,000 barrels. It is unusual for the industrial and motor fuel to be shipped in VLCCs able to carry about 2.2 million barrels of the oil product. Click here to read full stories.
Oct 13 - First U.S. crude stock build in 6 wks forecast, even as refiners run hard
After five straight weeks of falls in U.S. crude stockpiles confounding expectations, oil market analysts calling for a rise in storage this week are banking on refineries finally cutting output in the way they typically do at this time of year. Crude inventories rose by 2.7 million barrels in the week to Oct. 7, the American Petroleum Institute, a trade group reported on Wednesday, suggesting that official U.S. government data due on Thursday could show the first crude stockpile rise since the end of August. Click here to read full stories.
Oct 13 - OPEC points to larger 2017 oil surplus despite deal to cut
OPEC reported a increase in its oil production in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group's deal to cut output. The Organization of the Petroleum Exporting Countries pumped 33.39 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, up 220,000 bpd from August, OPEC said in a monthly report on Wednesday. Click here to read full stories.
Oct 13 - Canada-U.S. oil pipelines resume operations after activists halt flow
Five oil pipelines disrupted by environmental protesters were back up and running on Wednesday after an unprecedented act of sabotage left policy makers and energy executives from Calgary to Washington mulling how to secure key energy infrastructure. Protesters simultaneously broke into valve stations at five different remote locations on Tuesday to stop the flow of crude through arteries that carry millions of barrels of crude from Canada to the United States every day. Click here to read full stories.
Oct 13 - OPEC deal strengthens Andurand's resolve on bullish oil bet
OPEC's plan to try to limit global oil production have served to reinforce renowned hedge fund manager Pierre Andurand's bullish stance on the prospects for crude prices. Andurand, whose Andurand Capital fund manages $1.36 billion, shot to financial fame in 2008 by correctly predicting the spike and subsequent drop in the price of crude that year and he was right again last December when he forecast a drop to $25 in the first three months of this year. Click here to read full stories.
Oct 13 - U.S. gasoline glut disappears as refiners tweak production: Kemp
U.S. gasoline stocks remain at record levels for the time of year but once they have been adjusted for record fuel consumption by U.S. motorists do not appear excessive. The gasoline glut, which dominated discussions about the outlook for crude and fuel markets during the spring and early summer, quietly evaporated during August and September. Click here to read full stories.
Oct 13 - Russia says completes Bashneft sale to Rosneft for $5.3 bln
The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft to the Kremlin-owned Rosneft for 329.69 billion roubles ($5.30 billion), the economy ministry said on Wednesday. The sale is a part of a government privatisation drive aimed at narrowing the state budget deficit. Click here to read full stories.
Oct 12 - OPEC, key producers to discuss 6-month oil deal
OPEC will hold talks with non-member oil producers on Wednesday in a bid to hammer out details of a global agreement to cap production for at least six months as Russia lent its support for the plan.Ministers from OPEC members embarked on a flurry of talks at an energy conference in Istanbul to shore up support for the OPEC deal they agreed in Algeria last month hoping to adopt it at the end of November. Click here to read full stories.
Oct 12 - IEA says oil market may rebalance faster if OPEC sticks to target
Global oil supply could fall in line with demand more quickly if OPEC and Russia agree to a steep enough cut in production, but it is unclear how rapidly this might happen, the International Energy Agency said on Tuesday. OPEC, led by Saudi Arabia, agreed last month to cut production to around 32.5 to 33 million barrels per day (bpd) and Russia has signalled it is ready to join in any effort to temper supply and shrink a stubborn global surplus of unwanted crude. Click here to read full stories.
Oct 12 - Bolt cutters expose vulnerability of North America's oil pipeline grid
All it took was a pair of bolt cutters and the elbow grease of a few climate activists to carry out an audacious act of sabotage on North America's massive oil and gas pipeline system. For an industry increasingly reliant on gadgets such as digital sensors, infrared cameras and drones to monitor security and check for leaks, the sabotage illustrated how vulnerable pipelines are to low-tech attacks. Click here to read full stories.
Oct 12 - Saudi Aramco eyes 2018 for listing, says CEO
Saudi Aramco is targeting 2018 for what could be the world's largest public listing as it expects oil prices and market conditions to improve in the coming years, its chief executive Amin Nasser said on Tuesday. Speaking at the World Energy Congress in Istanbul, Nasser said that all markets were still being considered for the initial public offering (IPO) of up to 5 percent of Aramco, though the exact size of the offering will be determined by the Saudi Supreme Council. Click here to read full stories.
Oct 11 - Global oil producers say possible to reach output cut when OPEC meets
OPEC's top oil producer Saudi Arabia said on Monday a global production deal to limit supplies could be reached by the group's next formal meeting in November, when an invitation to join cuts could be extended to non-OPEC nations such as Russia. "OPEC needs to make sure we don't crimp too tightly and create a shock to the market. We are going to be very responsible," Saudi Arabia's Energy Minister Khalid al-Falih told the World Energy Congress in Istanbul, adding that OPEC needed to behave in a balanced and responsible manner. Click here to read full stories.
Oct 11 - Goldman sees lower chance of oil market rebalancing in 2017
Goldman Sachs said a planned oil output cut by producer cartel OPEC and other exporters like Russia has become a "greater possibility", but warned that any reduction likely won't be deep enough to re-balance markets in 2017. "Higher production from Libya, Nigeria and Iraq are reducing the odds of such a deal rebalancing the oil market in 2017," Goldman analysts said in a note to clients dated Oct. 10. Click here to read full stories.
Oct 11 - Saudi Arabia squeezes hedge funds with bearish bets on oil: Kemp
Saudi Arabia successfully confounded hedge funds with bearish views on oil by reaching an unexpected production deal with OPEC members in Algiers on Sept. 28, sending prices soaring in a short-covering rally. Hedge funds and other money managers increased their net long position in the three main Brent and WTI futures and options contracts by a record 142 million barrels over the seven days ending on Oct. 4 Click here to read full stories.
Oct 11 - Trafigura says can boost oil volumes further to catch rival Vitol
Commodities trading house Trafigura aims to expand its oil trading business further to rival that of top trader Vitol in the next few years and believes rising barriers to entry into the sector will squeeze out potential newcomers. The firm's chief financial officer, Christophe Salmon, told the Reuters Commodities Summit that Trafigura, which over the past year overtook Glencore as the world's second largest oil trading house, was still very much in growth mode. Click here to read full stories.
Oct 11 - Bulgarian watchdog accuses six oil firms of price-fixing
Bulgaria's anti-monopoly commission on Monday accused six oil companies operating in its retail fuel market of involvement in cartel agreements on fuel prices. The commission said the Bulgarian units of LUKOIL, Royal Dutch Shell, OMV, Hellenic Petroleum, Gazprom Neft and Bulgarian Petrol had collaborated to fix retail prices of diesel and gasoline. Click here to read full stories.
Oct 11 - New China refinery faces delay as Myanmar seeks extra oil tax -sources
A newly built Chinese refinery near its border with Myanmar is facing a delayed start-up after state firm PetroChina balked at paying an extra tax for piping crude oil through the Southeast Asian nation, two senior Chinese industry sources said. PetroChina parent CNPC early last year began trial operations of a deep sea port and 2,400-km (1,490 mile) pipeline through Myanmar to China's Yunnan province. The pipeline is aimed at easing China's reliance on the Malacca Strait, through which about 80 percent of its oil imports now pass. Click here to read full stories.
Oct 10 - Fighting OPEC only for the 'brave,' says oil bull Hall
OPEC is back in the business of influencing oil prices as Saudi Arabia works with Russia and Iran to limit output, and only "a brave person" would bet against this, oil bull Andy Hall said in his latest investor letter. The hedge fund manager is up nearly 18 percent for the year at his $2.5 billion Astenbeck Capital Management in Southport, Connecticut, after his fund rose 6 percent in September as oil rallied. Click here to read full stories.
Oct 10 - Saudis cancel rare prompt oil offer to Asia after OPEC deal - sources
Top global crude oil exporter Saudi Aramco last week cancelled a rare offering of prompt cargoes to buyers in Asia, five sources with knowledge of the matter said on Friday, pulling back on a private tender after OPEC unexpectedly agreed to an output cut. The state oil giant has excess crude to sell as at least two domestic refineries are scheduled for maintenance in the fourth quarter, while Asian buyers may have opted to lift minimum term volumes next month after official monthly prices rose more than expected, the sources said. Click here to read full stories.
Oct 10 - Noble Group agrees $1.05 bln sale of U.S. unit in planned move to cut debt
Singapore-listed commodities trader Noble Group agreed to sell its North American energy distribution unit to U.S. firm Calpine Corp for $1.05 billion, moving a step closer to completing a restructuring to raise $2 billion to help cut debt. The sale of Noble Americas Energy Solutions (NAES) includes repayment of working capital of about $248 million, Noble said in a statement. Noble's shares rose nearly 7 percent in early trading on Monday. Click here to read full stories.
Oct 10 - Trafigura ends tanker foray with sale to Chinese bank unit
Trafigura has sold five oil vessels to a unit of China's Bank of Communications, ending the trading house's move into owning tankers, the company said on Friday. Under the deal, the five medium-range tankers, ordered by Trafigura in 2013 from a shipyard in China, were sold to Bank of Communications Financial Leasing Company Ltd and subsequently leased back to the Swiss trading house. Financial terms were not disclosed. Click here to read full stories.
Oct 10 - ConocoPhillips sues Venezuela's PDVSA, calls bond swap 'fraudulent'
Subsidiaries of U.S. oil company ConocoPhillips have sued Venezuelan state oil company PDVSA in Delaware, according to a court filing, accusing it of fraudulent operations involving its U.S. subsidiary Citgo. ConocoPhillips said in an Oct. 6 filing PDVSA operations, including an ongoing bond swap that uses shares in Citgo Holding Inc as collateral, are part of an effort to prevent Conoco from collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings. Click here to read full stories.
Oct 10 - Oil and gasoline terminals begin restart in wake of hurricane
Hurricane Matthew's damage to oil and gasoline storage infrastructure in the U.S. Southeast was limited, according to terminals and trade associations contacted by Reuters. Oil and gasoline terminals in Fort Lauderdale and Orlando reopened over the weekend, following Hurricane Matthew, and select terminals in Jacksonville also have reopened, according to Ned Bowman, chief executive of the Florida Petroleum Marketers Association, a trade association focused on gasoline distribution in the state. Click here to read full stories.
Oct 10 - Funds hike bullish U.S. crude bets to 4-mth high amid OPEC talks
Money managers have amassed their largest bullish position in U.S. crude futures in more than four months after OPEC's plans to cut output for the first time in eight years drove oil prices to the $50 a barrel mark, trade data showed on Friday. Hedge funds and other speculators were net long on 253,393 contracts of both futures and options of West Texas Intermediate (WTI) crude for the week ended Oct. 4, data from Commodity Futures Trading Commission (CFTC) showed. Click here to read full stories.
Oct 10 - Crude realities for Bakken oil as Shell ditches W. Coast rail plan
North Dakota oil producers were dealt another blow this week when Royal Dutch Shell said it would scrap plans to build an oil train terminal in Washington state that would have taken over 400,000 barrels per week of Bakken and other inland crudes. Shell's move on Thursday comes at a bad time for Bakken producers, who have endured a two-year price rout and need new routes to move their oil to coastal refineries. Click here to read full stories.
Oct 10 - U.S. oil rig count extends recovery amid crude rally - Baker Hughes
The number of rigs drilling for oil in the United States rose this week, extending one of its best recoveries with no cuts for 15 straight weeks, with analysts expecting more additions after crude prices climbed back over $50 a barrel. Drillers added three oil rigs in the week to Oct. 7, bringing the total count up to 428, the most since February, but still below the 605 rigs seen a year ago, according to energy services firm Baker Hughes Inc on Friday. Click here to read full stories.
Oct 07 - Fuel crunch looms, terminals in path as Hurricane Matthew nears U.S.
The Southeast United States is expected to be hit with fuel shortages in the aftermath of Hurricane Matthew, as the storm barrels toward one of the largest energy-consuming regions in the country.Some states are already experiencing supply constraints as motorists fill up tanks as an emergency precaution. The region is not known for energy production, but there are significant storage facilities directly in the path of the storm that have already been evacuated. Click here to read full stories.
Oct 07 - PDVSA eyes $4.7 bln debt issue to pay service companies
Venezuelan state oil company PDVSA is seeking to issue up to $4.7 billion in debt securities to settle unpaid bills to contractors, according to a document seen by Reuters, as the cash-strapped firm scrambles to cope with low oil prices.The proposal signals PDVSA's increasing reliance on complex financial engineering to make ends meet after a slump in crude output and a severely depressed economy left it struggling to tap cheaper and more traditional forms of credit. Click here to read full stories.
Oct 07 - UK gives go-ahead to second-ever shale gas permit
Britain's government approved its second-ever shale gas fracking permit on Thursday, overruling a local authority decision and boosting the country's position as Europe's most promising shale gas exploration ground.Britain's Secretary of State for Communities and Local Government Sajid Javid gave the go-ahead for shale gas company Cuadrilla to carry out hydraulic fracturing, or fracking, at a site in northwest England. Click here to read full stories.
Oct 07 - Asia flows boost shipping rates, displace U.S. crude imports
Robust Asian demand for West African crude is fueling a worldwide surge in shipping rates for the largest oil tankers that is being felt from Houston to Singapore.Chartering rates for Suezmaxes and very large crude carriers (VLCCs) have recovered rapidly in recent weeks after plunging to their lowest in more than year this summer. Click here to read full stories.
Oct 07 - OPEC and Russian officials plan informal talks in Istanbul
Energy ministers from Saudi Arabia, Iran and Iraq will be among representatives of key OPEC producers meeting Russian officials for informal talks on oil output in Istanbul next week, OPEC sources and the Russian energy minister said on Thursday.The Organization of the Petroleum Exporting Countries last week agreed a deal to limit crude production and is looking to secure the cooperation of non-OPEC members such as Russia to help to support oil prices. Click here to read full stories.
Oct 06 - Iraq opens up to agencies on output ahead of OPEC wrangles
Iraq will later this month host influential bodies that assess oil production levels, ahead of an OPEC meeting when the topic will become even hotter as members jostle over allocations.OPEC's second largest producer has invited international organisations and media groups who estimate its production to visit the oil ministry in Baghdad and possibly the southern oil city of Basra. Click here to read full stories.
Oct 06 - U.S. crude oil stockpiles drop for fifth straight week - EIA
U.S. crude stockpiles fell last week for the fifth time in a row despite slowing refinery activity, although overall oil inventories remained at their highest in this century, the U.S. Energy Information Administration said on Wednesday.Crude inventories fell 3.0 million barrels in the week to Sept. 30, the opposite of analysts' expectations for an increase of 2.6 million barrels. Click here to read full stories.
Oct 06 - Egypt stocks up on strategic commodities ahead of devaluation
Egypt said it plans to build a six month reserve of essential food items, adding to other recent purchases of commodities such as oil and wheat, in what traders said was a move to build up stocks ahead of a currency devaluation.Prime Minister Sherif Ismail said late on Tuesday the country would look to import 500,000 tonnes of rice and 400,000 tonnes of sugar to boost reserves and keep prices in the domestic market down. Click here to read full stories.
Oct 06 - Saudi Aramco cuts November Arab Light crude OSP to Asia
Top oil exporter Saudi Arabia has cut the price of flagship crude grade Arab Light to its Asian customers for November, state oil giant Saudi Aramco said on Wednesday, tracking weakness in the Dubai benchmark.Saudi Aramco has cut its November price for its Arab Light grade for Asia by 25 U.S. cents a barrel versus October to a discount of 45cents a barrel to the Oman/Dubai average, it said on Wednesday. Click here to read full stories.
Oct 05 - Iran signs key oil contract with Khamenei-linked firm
Iran signed the first oil output contract under a new, less restrictive model on Tuesday, Iranian oil officials were quoted as saying, with a firm identified by the United States as part of a conglomerate controlled by Iran's Supreme Leader.Iran hopes its new Iran Petroleum Contracts (IPC), part of an effort to sweeten the terms it offers on oil development deals, will attract foreign investors and boost production after years of sanctions. Click here to read full stories.
Oct 05 - OPEC sights set for now on $50-60/bbl oil- PIRA's Ross
OPEC producers have their sights set on a sustained oil price of $50-$60 per barrel, a modest ambition for the first cut in supply by the oil exporting group in eight years, says one of the industry's top forecasters.Benchmark U.S. oil prices have risen around $4, or around nine percent, to over $48 per barrel since the Organization of the Petroleum Exporting Countries (OPEC) agreed last week to shave output. Click here to read full stories.
Oct 05 - Selling uniforms for food, Venezuela oil workers feel the pinch
For decades, jobs at Venezuela's state-run oil giant PDVSA were coveted for above average salaries, generous benefits and cheap credit that brought home ownership and vacationing abroad within reach for many workers. Now, in Venezuela's asphyxiating economy, even PDVSA employees are struggling to pay for everything from food and bus rides to school fees as triple-digit inflation eats away incomes. Click here to read full stories.
Oct 04 - Iran oil exports hit pre-sanctions high on run-up in condensate shipments
Iran's total crude oil and condensate sales likely reached around 2.8 million barrels per day in September, two sources with knowledge of the matter said, nearly matching a 2011 peak in shipments before sanctions were imposed on the OPEC producer.The run-up from shipments of around 2.5 million bpd in August comes mainly from condensate, a light oil excluded from OPEC supply quotas that is often produced with natural gas and can be used to make naphtha for petrochemical production.
Oct 04 - U.S. helped clinch Iraq oil deal to keep Mosul battle on track
Shuttle diplomacy by the United States' envoy to the anti-Islamic State coalition brokered an oil deal between Iraq and its Kurdish region vital to a climactic battle with the jihadists, diplomats, officials and oil men say.The oil revenue-sharing deal sealed in August was critical to getting the central and regional governments to coordinate planning for a push on the Islamic State stronghold Mosul, which Kurdish peshmerga forces surround on three sides, as soon as this month, the sources said.
Oct 03 - OPEC oil output hits record on Iraq, Libya boost - Reuters survey
OPEC's oil output is likely to reach its highest in recent history in September, a Reuters survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals.The increase comes despite lower output in top exporter Saudi Arabia and this week's agreement by the Organization of the Petroleum Exporting Countries in Algeria to limit supply to support prices, its first such decision since 2008. Click here to read full stories.
Oct 03 - Russian oil output jumps 4 pct in September to a new record
Russian oil output jumped by almost 4 percent in September from the previous month to 11.11 million barrels per day (mbp), a new post-Soviet record-high, as companies ramped up drilling amid improved oil prices, Energy Ministry data showed on Sunday.The oil output rose amid the talks between the leading global producers, including Russia, to curb production in order to support oil prices, depressed by oversupply. Click here to read full stories.
Oct 03 - U.S. rig count recovery hinges on $50 oil post-OPEC meeting
U.S. oil drilling has seen its best quarter since crude prices tumbled two years ago mainly due to small operators returning to the well pad, but analysts say the continued recovery in the rig count depends on whether OPEC's output reduction plan can bring the market back to $50 a barrel.Since May, drillers have added 109 oil rigs with the rig count rising to 425 rigs this week, that included the most additions in a quarter since the first quarter of 2014, according to oil service firm Baker Hughes Inc. Click here to read full stories.
Oct 03 - Russia, bowing to budget pressures, revives oil firm sell-off
Russia said on Friday that it was resuming the shelved privatisation of oil firm Bashneft, in a sign of how anxious the Kremlin is to raise money to fill holes in the budget left by the economic slump.The Bashneft privatisation, the most significant sell-off of Russian state assets in years, had been postponed indefinitely in August. Click here to read full stories.
Oct 03 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to September 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.The speculator group raise its combined futures and options position in New York and London by 43,030 contracts to 180,332 during the period. Click here to read full stories.
Oct 03 - Petronas weighs sale to exit $27 bln Canada LNG project - sources
Malaysian state oil firm Petroliam Nasional Bhd is considering selling its majority stake in a $27 billion Canadian liquefied natural gas (LNG) plant, three people familiar with the matter said this week.Petronas, as the company is known, said in a statement on Saturday that it "categorically denied" the Reuters report on Friday that the company is considering the stake sale. Click here to read full stories.
Oct 03 - U.S. oil demand falls for first time in six months in July - EIA
U.S. oil demand fell in July on a year-over-year basis for the first time in six months, as gasoline sales could not overcome weak distillate demand, the U.S. Energy Information Administration said on Friday.Total oil demand in July fell by 1.3 percent, or 267,000 barrels per day (bpd), from a year ago to 19.712 million bpd, EIA data showed. Click here to read full stories.
Sep 30 - Iraq's OPEC revolt shows Saudi-Iran oil deal fragility
For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran.But as the two managed to find a rare compromise on Wednesday - with Riyadh softening its stance towards Tehran - a third OPEC superpower emerged. Click here to read full stories.
Sep 30 - Technology designed to detect U.S. energy pipeline leaks often fails
On a routine check of a surfacecoal mining facility in rural Alabama early this month, inspector Randall Aldridge first smelled gasoline. Then he saw dead plants and animals along a man-made pond that helps the region manage heavy rain. The cause had nothing to do with a mine.Aldridge happened upon a leak on the main fuel artery to the U.S. East Coast known as the Colonial Pipeline, in what turned out to be the company's largest gasoline spill in nearly 20 years. Click here to read full stories.
Sep 30 - Relief arrives for U.S. shale firms as OPEC folds in price battle
It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets.Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd, by around half the amount of global oversupply. Click here to read full stories.
Sep 30 - Russia aims to keep oil output around current level after OPEC deal
Russia is aiming to keep its oil production at near-record levels despite OPEC's decision to modestly reduce its output, Russian Energy Minister Alexander Novak said on Thursday.Oil producers' group OPEC agreed on Wednesday to limit its output to 32.5-33.0 million barrels per day (bpd) to prop up weak crude prices that have hurt commodity-dependent economies across the world. Click here to read full stories.
Sep 30 - U.S. says Glencore unit to pay record $27 mln for biofuels compliance
Glencore Plc's bunker fuel unit has agreed to pay a $27-million penalty and retire over $71 million worth of credits for compliance with the U.S. biofuels program to resolve charges it violated the policy, the U.S. government said on Thursday.The U.S. Department of Justice and the Environmental Protection Agency (EPA) alleged that Chemoil Corp exported at least 48.5 million gallons of biodiesel from the United States from 2011 to 2013 but failed to retire the associated renewable identification numbers generated for the exported fuel. Click here to read full stories.
Sep 29 - OPEC agrees modest oil output curbs in first deal since 2008
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices."OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," saidIranian Oil Minister Bijan Zanganeh, who had repeatedly clashed with Saudi Arabia during previous meetings. Click here to read full stories.
Sep 29 - Devil's in the details of OPEC deal as Asia buyers remain cautious
Asian crude oil buyers remained cautious, eyeing details of an OPEC deal after the oil-producers group agreed for the first time since 2008 to reduce output in an oversupplied market.Global oil prices held onto gains on Thursday after soaring 6 percent in the previous session as the Organization of the Petroleum Exporting Countries agreed on Wednesday to reduce output to a range of 32.5-33.0 million barrels per day. Click here to read full stories.
Sep 29 - Relief arrives for U.S. shale firms as OPEC folds in price battle
It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets.Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd, by around half the amount of global oversupply. Click here to read full stories.
Sep 29 - Now the hard work starts for OPEC's planned oil output cut: Russell
Under-promise and then over-deliver is a well-worn tactic to boost one's fortunes, with OPEC's somewhat woolly promise to cut crude oil output the latest example of this strategy.Virtually nobody thought the oil producer group had even the remotest chance of reaching an agreement on production at its informal meeting this week in Algeria, a view that was constantly reinforced by OPEC's energy ministers in comments and interviews. Click here to read full stories.
Sep 28 - OPEC set for no deal as Iran rejects Saudi oil output offer
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude."The gap (in views) between OPEC countries is narrowing. I don't expect that an agreement will come out of the consultations tomorrow," Saudi Energy Minister Khalid al-Falih told reporters. Click here to read full stories.
Sep 28 - Oil exporters focus on supply, but what of China demand?: Russell
Major oil exporters clearly would like higher crude prices and may even be getting closer to some sort of coordinated action, but they should be careful what they wish for as they may choke off demand growth in top importer China.On the surface, China's appetite for imported crude has seen robust gains this year, rising 13.5 percent in the first eight months to 250.45 million tonnes, equivalent to about 7.49 million barrels per day (bpd). Click here to read full stories.
Sep 28 - Goldman cuts Q4 crude oil price forecast by $7 on supply glut
Goldman Sachs on Tuesday slashed its fourth quarter 2016 oil price forecast by $7 per barrel, citing a mounting crude surplus that could outweigh any short-term price support from a potential deal among top producers to limit output.The Wall Street bank lowered its fourth-quarter West Texas Intermediate price outlook to $43 a barrel from $50 a barrel. Click here to read full stories.
Sep 27 - Iran downplays chances of oil deal, UAE keen on freeze
Iran downplayed on Monday the chances of OPEC and non-OPEC oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude.Oil prices have more than halved from 2014 levels due to oversupply, prompting OPEC producers and rival Russia to seek a market rebalancing that would boost revenues from oil exports and help their crippled budgets. Click here to read full stories.
Sep 27 - Russian oil majors raise output of hard-to-recover crude
Russian oil majors Rosneft and Gazprom Neft are raising the share of production from hard-to-recover reserves, to counter declining conventional output, showing the complexities facing producer nations seeking to tackle a global oversupply of crude.Top Russian producer Rosneft expects the share of hard-to-recover oil production to rise to 11 percent of its total crude output by 2020, from 7 percent this year, it told Reuters by email in response to queries about its output plans. Click here to read full stories.
Sep 27 - Saudi Aramco plans to spend $334 bln by 2025-official
Saudi Arabia's state-owned oil giant Aramco plans to invest a total of about $334 billion by 2025,including spending on infrastructure and projects to maintain oil capacity, a senior Aramco official said on Monday.Abdulaziz al-Abdulkarim, vice president for procurement and supply chain management, told a conference in Bahrain that the figure included spending on exploring for and developing unconventional resources, such as shale gas. Click here to read full stories.
Sep 27 - From prairie to the White House: Inside a Tribe's quest to stop a pipeline
Three days after guard dogs attacked Native Americans protesting an oil pipeline project in North Dakota in early September, an unprecedented event took place at the White House.Brian Cladoosby, president of the National Congress of American Indians, which represents more than 500 tribes, spoke to nearly a dozen of President Barack Obama's Cabinet-level advisers at a September 6 meeting of the White House's three-year-old Native American Affairs Council. Click here to read full stories.
Sep 26 - Algeria says all options 'possible' for Algiers OPEC gathering
All options are possible for OPEC concerning an output cut or freeze with producers agreed on the need to stabilize the market, Algerian Energy Minister Noureddine Bouterfa said on Sunday.Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum in Algeria from Sept. 26-28, where they will discuss a possible output-limiting deal. Click here to read full stories.
Sep 26 - Sunoco, behind protested Dakota pipeline, tops U.S. crude spill charts
Sunoco Logistics, the future operator of the oil pipeline delayed this month after Native American protests in North Dakota, spills crude more often than any of its competitors with more than 200 leaks since 2010, according to a Reuters analysis of government data.The lands of the Standing Rock Sioux Tribe sit a half mile south of the proposed route of the Dakota Access pipeline. The tribe fears the line could destroy sacred sites during construction and that a future oil spill might pollute its drinking water. Click here to read full stories.
Sep 26 - Niger Delta Avengers claim first attack in energy hub since ceasefire
Nigerian militant group the Niger Delta Avengers said on Saturday it had carried out its first oil pipeline attack in the country's southern energy hub since declaring a break in hostilities in August to pursue talks with the government.The Avengers have previously launched attacks that have reduced the OPEC member's crude oil production by around a third from the 2.1 million barrels per day average at the start of the year.The group said in a statement on its website that it had "brought down oil production activities at the Bonny 48 inches crude oil export line" in an attack on Friday night. Click here to read full stories.
Sep 26 - U.S. oil rig count set for biggest quarterly rise in 2 years -Baker Hughes
U.S. drillers this week added oil rigs for a 12th week in the past 13 and were on track to add the most rigs in a quarter since crude prices plummeted two years ago, although the momentum has slowed as prices hold below $50 a barrel.Drillers added two oil rigs in the week to Sept. 23, bringing the total rig count up to 418, the most since February but still below the 641 rigs seen a year ago, energy services firm Baker Hughes Inc said on Friday. Click here to read full stories.
Sep 26 - Federal Reserve proposes new limits on Wall Street energy bets
The Federal Reserve on Friday outlined a plan to limit Wall Street bets on the energy sector by forcing companies like Goldman Sachs and Morgan Stanley to hold more capital against such investments.Under current law, Goldman Sachs Group Inc and Morgan Stanley may invest in energy storage and transportation in ways that other banks cannot, but the U.S. central bank's new plan would make such bets more costly. Click here to read full stories.
Sep 26 - Libyan oil port takeover gives edge to eastern commander
Less than a fortnight after forces loyal to Khalifa Haftar swept into four of Libya's oil ports, tankers are loading, production has jumped, and momentum has shifted firmly in the divisive former general's favour.For Haftar's opponents, and for Western powers, the move on the ports was alarming. Haftar and his backers in eastern Libya have been in a stand-off for months with a unity government in Tripoli, blocking any parliamentary vote to endorse it and challenging the U.N.-mediated deal to unify Libya. Click here to read full stories.
Sep 26 - Hedge funds boost bullish bets on U.S. gasoline, trim U.S. crude bets
Hedge funds and other speculators boosted their large bullish position in U.S. gasoline to the highest in four months amid supply worries due to an outage in the largest refined products system in the United States, data showed on Friday.Net long positions in gasoline futures and options rose by 1,525 contracts to 21,835 in the week to Sept. 20 from a week ago, the U.S. Commodity Futures Trading Commission (CFTC) said, as Colonial Pipeline prepared to restart its main gasoline line after its biggest leak in nearly two decades. Click here to read full stories.
Sep 26 - Brookfield-led group to pay $5.2 bln for Petrobras natgas unit
Brazil's state-owned oil producer Petrobras agreed to sell 90 percent of a natural gas pipeline unit to a group led by Canada's Brookfield Asset Management Inc for $5.2 billion, the companies said Friday.The move is part of an asset-sale program at financially troubled Petroleo Brasileiro SA, as Petrobras is formally known, designed to reduce the company's $125 billion of debt, the largest in the global oil industry. Click here to read full stories.
Sep 23 - OPEC in new push to clinch first deal to curb output since 2008
As far as OPEC decision-making is concerned, Algeria, which plays host to oil ministers next week, has always been the land of surprises.The last two meetings of the Organization of the Petroleum Exporting Countries (OPEC) held in Algeria -- in 2004 and 2008 -- shocked the market with unexpected production cuts to prop up prices. Click here to read full stories.
Sep 23 - Egypt's GASC buys 240,000 tonnes of Russian wheat after amending terms
Egypt's General Authority for Supply Commodities (GASC) bought 240,000 tonnes of Russian wheat on Thursday in a tender, its first successful purchase since abolishing a "zero ergot fungus" rule that had halted its previous three tenders.GASC bought 180,000 tonnes of Russian wheat at an average price of $187.11 per tonne cost and freight, and another 60,000 tonnes at $186.80 per tonne cost and freight, traders said. Click here to read full stories.
Sep 23 - U.S., Canada aboriginal tribes form alliance to stop oil pipelines
Aboriginal tribes from Canada and the northern United States signed a treaty on Thursday to jointly fight proposals to build more pipelines to carry crude from Alberta's oil sands, saying further development would damage the environment.The move came as Native American tribes on Thursday took their fight to Washington to stop development of the $3.7 billion Dakota Access oil pipeline, which would cross federally managed and private lands in North Dakota, South Dakota, Iowa and Illinois. Click here to read full stories.
Sep 23 - Cargo giant Maersk to bulk up transport as steers away from energy
The world's biggest shipping firm, A.P. Moller-Maersk, set a new course on Thursday that will see the $30 billion firm bulk up its transport business while seeking alliances or a separate listing for its energy operations.Low freight rates and oversupply have rocked the container shipping sector, with South Korea's Hanjin Shipping Co Ltd forced into receivership last month, stranding an estimated $14 billion in cargo on its ships. Click here to read full stories.
Sep 22 - Oil bet gone wrong: rusting tankers and rigs clog up Asian waters
Some 15 km (9 miles) from the bustling port of Singapore,a rusting tanker as big as the world's largest aircraft carriers lies idle in a muddy estuary flanked by mangrove trees on the coast of southern Malaysia.The 340-metre (1,115 ft) "FPSO Opportunity", a hulking so-called Floating Production, Storage and Offloading (FPSO) vessel capable of drilling for oil in deep waters, is currently surplus to requirements along with scores of other rigs, tankers and support vessels in an era of cheap oil. Click here to read full stories.
Sep 22 - Oil analysts cite 'adjustment factor' for shocking U.S. crude draw
The large weekly draw in U.S. crude inventory data that sent oil prices surging and left traders scratching their heads can be mostly attributed to timing, as well as a large swing in the "adjustment" factor, analysts said on Wednesday.Earlier, the U.S. Energy Information Administration (EIA) shocked the market when it said U.S. crude inventories fell 6.2 million barrels to 504.6 million barrels, even as imports rose and refinery runs edged down. Click here to read full stories.
Sep 22 - Venezuela PDVSA awards $3.2 bln oil service contracts, protest brews
Venezuela's state oil company PDVSA said on Wednesday it has awarded $3.2 billion in contracts to drill wells in the Orinoco Belt, although sources close to the matter said some foreign partners had complaints the tender was rushed and there were structural problems that could hinder projects.The fresh discontent comes after Reuters reported in July that tiny Colombian trucking firm Trenaco, whose management was close to Venezuelan President Nicolas Maduro, won a multibillion-dollar contract to carry out similar work despite having no relevant experience. Click here to read full stories.
Sep 22 - Colonial says gasoline line safely restarted after leak
Colonial Pipeline Co said its main gasoline line, Line 1, was safely restarted and returned to service on Wednesday after its biggest leak in nearly two decades squeezed supply and led to increased prices at the pump in the Southeast United States.The biggest refined products system in the United States restarted parts of the line a few days after a leak was discovered on Sept. 9. The damaged section of the 1.3 million-barrel-a-day line that connects the refining hub of the Gulf Coast to the East Coast has been shut for more than 12 days. Click here to read full stories.
Sep 22 - UAE says Algiers oil talks aimed at consultation, not decision-making
An oil meeting next week in Algiers due to be attended by OPEC countries is aimed at holding consultations rather than making decisions, the energy minister of the United Arab Emirates said on Wednesday."Wait until we meet next week," Suhail bin Mohammed al-Mazroui told reporters. "Wait for us to discuss first before we jump to any conclusion." Click here to read full stories.
Sep 21 - OPEC chief: oil market stabilisation deal may last one year - RIA
A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated.OPEC and non-member producers including Russia are discussing a deal to stabilise the market by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge. Click here to read full stories.
Sep 21 - Petrobras cuts spending, raises asset sales goal in five-year plan
Brazil's state-led oil company Petrobras on Tuesday cut planned investments by 25 percent in a drive to reduce the largest debt burden among global petroleum producers and revive investor confidence battered by a corruption scandal.Petrobras contributes about 10 percent of the nation's economic output and Brazil's government, the company's controlling shareholder, is counting on it to help pull the economy out of its worst recession in decades. SEC probes Exxon's climate, reserves accounting -report The U.S. Securities and Exchange Commission is investigating how Exxon Mobil has valued its oil reserves in the wake of low prices and potential curbs on carbon emissions, the company said, confirming an earlier report. Click here to read full stories.
Sep 21 - U.S. government approves Colonial Pipeline restart after leak
The U.S. government approved a Wednesday restart for Colonial Pipeline Co's main gasoline pipeline,authorities said on Tuesday, after the line's biggest leak in nearly two decades caused supply shortages that pushed pump prices higher.The largest gasoline conduit in the United States was partially shut down after a leak was discovered on Sept. 9 in Alabama, and motorists have since suffered long waits to fill up at forecourts across the southeast. Click here to read full stories.
Sep 21 - Citgo asks PDVSA for $100 mln to revive Aruba refinery - document
Citgo Petroleum, aiming to start a $685 million renovation project to revive Aruba's idled refinery, has asked its cash-strapped parent company PDVSA to provide initial funding of $100 million, according to an internal document seen by Reuters.The U.S.-based refining firm in June received approval from Aruba's government to refurbish, restart and operate the 235,000-barrel-per day idled refinery and an attached terminal under a 25-year lease contract. Click here to read full stories.
Sep 20 - Venezuela says global oil supply exceeds demand by 10 percent
Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela's Oil Minister Eulogio Del Pino said on Monday.Del Pino, whose country is pressing for OPEC and non-OPEC producers to reach a deal to bolster crude prices, said a "fair price" would be around $70 per barrel. Click here to read full stories.
Sep 20 - Easy resolution unlikely for contentious Dakota pipeline
A potential rerouting of a long-anticipated pipeline at the center of a protest inNorth Dakota would be a laborious and costly task, possibly delaying a startup by months and provoking further opposition from Native American and environmental groups who were instrumental in halting construction.The 1,172-mile (1,886 km) Dakota Access pipeline was slated to start up by the end of the year, transporting more than 470,000 barrels per day of crude oil through four states into Illinois before it hooks up to another pipeline down to Texas. Click here to read full stories.
Sep 20 - U.S. pump prices rise as Colonial preps gasoline line restart
Gasoline prices in the southeast United States kept rising on Monday as Colonial Pipeline Co worked to fix a more-than-week long disruption on a key gasoline line due to a leak that has led to long lines and complaints of price gouging.The leak, which was discovered on Sept. 9, released about 6,000 to 8,000 barrels (252,000-336,000 gallons) of gasoline in Shelby County, Alabama. The partial shutdown of the damaged Line 1, which carries about 1.3 million barrels per day of gasoline from the refining hub on the Gulf Coast to the East Coast, also roiled markets. Click here to read full stories.
Sep 20 - Hedge funds scale back short positions as oil steadies: Kemp
Hedge funds scaled back some of their short positions in crude oil futures and options after prices failed to fall further, suggesting the market was running out of negative momentum.Along with other money managers they cut their combined short position in the three main Brent and WTI contracts by 36 million barrels in the week to Sept. 13. Click here to read full stories.
Sep 20 - Libya's NOC calls for end to blockade of western oil pipelines
Libya's National Oil Corporation (NOC) called on Monday for the reopening of pipelines from major oil fields in the south west of the country. Last week the NOC said it would restart exports from the eastern "Oil Crescent" ports of Es Sider, Ras Lanuf and Zueitina, which were seized on Sept. 11-12 by forces loyal to eastern commander Khalifa Haftar. Click here to read full stories.
Sep 19 - Clashes at Libyan oil ports as counter-attack repelled - officials
Eastern Libyan forces said they had reestablished control over two oil ports where an ousted faction launched a counter-attack on Sunday, briefly seizing one of the terminals.The ports of Es Sider and Ras Lanuf were among four seized by forces loyal to eastern commander Khalifa Haftar's Libyan National Army (LNA) on Sept. 11-12 from a Petroleum Facilities Guard (PFG) faction led by Ibrahim Jathran. Click here to read full stories.
Sep 19 - Venezuela says OPEC, non-OPEC oil stabilizing deal close
Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets and that he aimed for a deal to be announced this month.OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria, the country's state news agency, APS, reported on Sunday. Click here to read full stories.
Sep 19 - Gasoline prices spike as Colonial begins bypass around damaged line
Retail gasoline prices surged due to continuing problems with Colonial Pipeline Co's gasoline line that carries fuel to the U.S. East Coast, as the company started to construct a bypass line around the leak.Colonial said on Saturday evening that it would construct a bypass that circumvents the leak, which occurred more than a week ago in Shelby County, Alabama. It is unclear when construction will be completed but the company has previously said it anticipates reopening the line, which can carry up to 1.2 million barrels of gasoline a day, later this week. Click here to read full stories.
Sep 19 - Brazil oil workers reject Petrobras wage offer; strike is possible
Brazil's largest oil workers union strongly rejected on Friday a proposal from Petrobras for a deal over salaries and benefits in their annual talks, increasing the risk of a new strike at the state-led oil company.Leaders of the Federação Única dos Petroleiros (FUP) union said the terms broke agreements made in November to end a 20-day strike that was the company's longest in 20 years. Click here to read full stories.
Sep 19 - U.S. oil drillers add rigs for 11th week in 12 - Baker Hughes
U.S. drillers this week added oil rigs for an 11th week in the past 12, according to a closely followed report on Friday, although the rate of increases has slowed as crude prices remain below the key $50 a barrel level that spurs a return to the well pad.That is, however, the longest streak of not cutting rigs since 2011 with the rig count increasing or holding steady every week so far this quarter. Click here to read full stories.
Sep 16 - Libya resuming oil exports from some major ports
Libya is resuming oil exports from some of its main ports which forces loyal to eastern commander Khalifa Haftar seized in recent days and has lifted related "force majeuere" contractual clauses, the National Oil Corporation (NOC) said on Thursday.The north African nation is highly dependent on hydrocarbon revenues and needs oil exports to resume to save its economy from collapse. Conflict since Libya's 2011 uprising has reduced its oil output to a fraction of the 1.6 million barrels per day the OPEC member once produced. Click here to read full stories.
Sep 16 - North Dakota governor hopes for quick pipeline resolution
North Dakota Governor Jack Dalrymple said on Thursday he hopes federal officials will soon lay out a path for how the Dakota Access Pipeline can obtain regulatory approval, adding he believes recent delays by the Obama administration are not an attempt to block the controversial project.The remarks in an interview come as more than 7,000 protesters from around the world have descended on the sparsely populated state to protest the pipeline, amplifying concerns from the Standing Rock Sioux tribe that it would disrupt nearby historical Native American sites. Click here to read full stories.
Sep 16 - Tankers seized in Yemen port, risking deeper import crisis
Authorities in a port controlled by Yemen's Houthi movement have seized two oil tankers from international traders in a payment dispute, according to the ships' owners, an incident which could make it more difficult for the country to import vital supplies.Ocean Tankers, the Singapore-based owner of the two 74,000 tonne ships, the Chao Hu and the Hong Ze Hu, confirmed that the vessels were being denied permission to leave the Red Sea port of Hodeida, Yemen's second-biggest port, which is controlled by the Houthi movement that also holds the capital Sanaa. Click here to read full stories.
Sep 16 - India's new motorcycle owners drive gasoline boom: Kemp
India’s gasoline consumption is growing rapidly as millions of additional households buy motor cars and especially motorcycles as a status symbol amid growing prosperity.Gasoline consumption averaged 550,000 barrels per day between June and August, an increase of nearly 15 percent from 480,000 bpd a year earlier. Click here to read full stories.
Sep 15 - BP has no plans to raise annual investments this decade - CEO
BP does not plan to increase annual investments this decade but still expects to bring nine new projects online in 2017 as it focuses on improving efficiency, Chief Executive Bob Dudley said in an interview on Wednesday.Dudley met with government officials during an investment forum in Argentina and said BP is testing in the Vaca Muerta shale area, where U.S. rivals Exxon and Chevron have invested, and expects results next month. Click here to read full stories.
Sep 15 - Libya's NOC aims to lift Zueitina force majeure - Facilities Guard
The chairman of Libya's National Oil Corporation (NOC) visited the port of Zueitina on Wednesday and said he would work to lift force majeure there, according to the head of a guard force now in control of the terminal.The visit by NOC Chairman Mustafa Sanalla comes days after forces loyal to eastern commander Khalifa Haftar seized Zueitina and three other oil ports from a rival force allied to the U.N.-backed government in Tripoli. Click here to read full stories.
Sep 15 - Persistence of instability in the oil market: Kemp
Volatility has always been the defining characteristic of oil and other commodity markets, defying repeated attempts to stabilise prices.Volatility is present at all timescales from seconds, minutes and hours to days, weeks, months and years (“Oil makes only one promise and that’s volatility”, Reuters, December 2015). Click here to read full stories.
Sep 15 - National oil companies to retain investment dominance - IEA's Birol
National oil companies (NOCs) will continue to dominate upstream oil and gas investments if oil prices remain at current low levels, creating a new dynamic in the market, the head of the International Energy Agency (IEA) told Reuters.NOCs, which include huge state-run firms Saudi Aramco, China's CNPC and Mexico's Pemex, have raised their share of upstream investments to a 40-year high of 44 percent, the IEA said. Click here to read full stories.
Sep 14 - Global upstream oil and gas spending to fall 24 pct in 2016 - IEA
Global upstream oil and gas investments are expected to plummet 24 percent this year, with little signs of improvement for 2017, the International Energy Agency (IEA) said on Wednesday.This year's dip will come on top of a 25 percent drop in spending in the sector recorded in 2015 with its total of $583 billion, the IEA said in a report. Click here to read full stories.
Sep 14 - Libya's NOC to 'begin work immediately to restart exports' from seized ports
Libya's National Oil Corporation (NOC) said on Tuesday it would immediately start working to resume crude exports from ports seized in recent days by forces loyal to eastern commander Khalifa Haftar.Welcoming pledges from Haftar's Libyan National Army and the pro-Haftar head of Libya's eastern parliament that the ports would be placed under NOC control, NOC Chairman Mustafa Sanalla said he hoped for a "new phase of cooperation", and that production could be raised to 600,000 barrels per day (bpd) from about 290,000 bpd within a month. Click here to read full stories.
Sep 14 - Dancing lions herald arrival of more Chinese oil traders in Singapore
Dancing lions that jumped to deafening drum beats marked the opening of one of two new Chinese trading companies in Asia's oil hub of Singapore last week, a sign of the increasing reach of China's energy sector. While guests at China Merchants Energy Trading (CMET) watched the dance, those at Zhejiang Rongsheng lunched on catering from the Ritz-Carlton hotel as the companies timed their office openings with the industry's biggest regional meeting, the Asia Pacific Petroleum Conference (APPEC). Click here to read full stories.
Sep 14 - Protesters slam N. Dakota pipeline but company 'committed'
Holding signs and banners and chanting "Oil Kills," protesters in Atlanta and other U.S. cities on Tuesday shouted support for Native American activists trying to stop construction of a North Dakota pipeline they say will desecrate sacred land and pollute water.The protests against the Dakota Access pipeline have drawn international attention, sparking a renewal of Native American activism and prompting the U.S. government to block its construction on federal land, even as the company building the line expressed its commitment to the project on Tuesday. Click here to read full stories.
Sep 14 - Venezuela's PDVSA offers $7 bln bond swap to ease debt burden
Venezuela's state oil company PDVSA on Tuesday proposed a bond swap for $7 billion in outstanding debt to lower the financial burden on the cash-strapped company, which is at the center of the OPEC nation's unraveling socialist economy.Reducing the hefty maturity payments due by the end of 2017 could help President Nicolas Maduro's government ease chronic shortages by making more dollars available to import goods ranging from rice to cancer medicine. Click here to read full stories.
Sep 13 - China fuel exports cast fourth-quarter pall over global oil products
China's state oil refiners are readying to export more diesel and gasoline in coming months as a bleak outlook for what is typically the nation's period of greatest consumption sends shivers through an already saturated global market. Even with winter heating demand looming and drivers expected to hit the roads for a week-long national holiday in October, more than a dozen refiners, traders and analysts in the world's second-largest oil consumer said the fourth quarter will be governed by a supply glut and sluggish local uptake. Click here to read full stories.
Sep 13 - OPEC points to larger 2017 oil surplus as rivals keep pumping
OPEC raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and U.S. shale drillers prove more resilient than expected to cheap crude, pointing to a larger surplus in the market next year. Demand for crude from the Organization of the Petroleum Exporting Countries will average 32.48 million barrels per day (bpd) in 2017, OPEC said in a monthly report on Monday. That is down 530,000 bpd from the previous forecast. Click here to read full stories.
Sep 13 - Hedge funds temper bullishness on oil: John Kemp
Hedge funds tempered their bullishness towards the entire petroleum complex during the first week of September, according to positioning data from regulators and exchanges. Hedge funds and other money managers cut their combined net long position in the three major Brent and WTI futures and options contracts by 80 million barrels in the week ending Sept. 6. Click here to read full stories.
Sep 13 - China strategic oil buying slowed in 2016 as teapot imports dominated
China's strategic crude oil stockpiling slowed in the first half of 2016 because of delays in facility construction and as existing sites were filled, resulting in more imports flowing to the country's independent refineries, analysts said. The competition highlights the increasing buying power of the independent plants, known as teapots. The slowdown in Chinese stockpiling likely limited Chinese crude demand in the first half of the year but that may change as new Strategic Petroleum Reserve (SPR) sites come online later in 2016 and early 2017. Click here to read full stories.
Sep 13 - U.S. shale output drop seen for 11th straight month in Oct – EIA
U.S. shale production is expected to fall for an 11th consecutive month in October, according to a U.S. government forecast released on Monday, on the back of a two-year global rout in oil markets. October oil production is set to drop by 61,000 barrels per day to 4.41 million bpd, according to the U.S. Energy Information Administration's drilling productivity report, the lowest output since March 2014. Click here to read full stories.
Sep 13 - Russian oil output seen at up to 547 mln T in 2016 - sources
Russia's oil output, the world's largest, is seen rising 2.2 percent this year, above expectations, to reach almost a 30-year high of 546-547 million tonnes as companies ramp up drilling, two sources close to the Energy Ministry said on Monday. Russia has constantly exceeded forecasts for oil production which has been on a steady rise since 2009 when a slump in oil prices dragged down output. Click here to read full stories.
Sep 12 - Eastern Libyan commander's forces seize key oil ports
Forces loyal to east Libyan commander Khalifa Haftar on Sunday seized at least two key oil ports from a rival force loyal to the U.N.-backed government, risking a new conflict over the OPEC nation's resources.Ahmed al-Mismari, a spokesman for Haftar's self-styled Libyan National Army (LNA), said its fighters had full control of Es Sider, Ras Lanuf, Brega and Zueitina after launching an early morning military operation on the eve of the Muslim holiday of Eid. Click here to read full stories.
Sep 12 - North Dakota oil pipeline delays could hit producers, shippers
With the U.S. government siding in favor of Native American protests against a key North Dakota pipeline, local oil producers and shippers are facing the possibility of greater delays in getting a quick route to ship oil to the Gulf of Mexico.On Friday, following ongoing protests from environmentalists and Native American tribes, the U.S. Justice Department asked operators of the Dakota Access pipeline to suspend construction along a 40-mile (64 km) stretch in North Dakota, just minutes after a U.S. district court said construction could resume. Click here to read full stories.
Sep 12 - Jobless recovery looms for white-collar US oil workers
Elizabeth Huber lost her job inspecting oilfield pipes nearly 20 months ago and her prospects remain bleak even as oil executives cautiously plot production and budget increases.Despite crude trading 75 percentabove its February lows and energy companies shifting focus from survival to recovery, white-collar jobs in the sector remain as scarce as during the depths of the two-year oil price rout. Click here to read full stories.
Sep 12 - U.S. oil drillers add rigs in longest streak in 5 years - Baker Hughes
U.S. drillers this week added oil rigs for a tenth week in the past 11, according to a closely followed report on Friday, the longest streak of not cutting rigs since 2011, as the rig count recovered to February levels.After falling 206 rigs in the first half of the year, the rig count has increased or held steady every week so far this quarter. The rig count plunged from a high in October 2014 after crude prices collapsed in the biggest price rout in a generation. Click here to read full stories.
Sep 12 - Iranian oil output stagnates for 3rd month amid OPEC bargaining
Iran's steep oil output growth has stalled in the past three months, new data showed, suggesting Tehran might be struggling to fulfil its plans to raise production to new highs while demanding to be excluded from any OPEC deals on supply curbs.Iran's oil output soared to 3.64 million barrels per day in June from an average of 2.84 million bpd in 2015 following the easing of Western sanctions on Tehran in January, adding to a global crude glut which has slashed oil prices. Click here to read full stories.
Sep 12 - US crude stocks plunge as tankers delay arrival on storm warning: Kemp
U.S. crude oil inventories plunged by more than 14.5 million barrels in the week ending on Sept. 2, the largest weekly drop since 1999.The reasons for the drawdown are not hard to find with a modest acceleration in refinery processing rates and a sharp slowdown in crude imports. Click here to read full stories.
Sep 09 - Iranian oil output stagnates for 3rd month amid OPEC bargaining
Iran's steep oil output growth has stalled in the past three months, new data showed, suggesting Tehran might be struggling to fulfil its plans to raise production to new highs while demanding to be excluded from any OPEC deals on supply curbs.Iran's oil output soared to 3.64 million barrels per day in June from an average of 2.84 million bpd in 2015 following the easing of Western sanctions on Tehran in January, adding to a global crude glut which has slashed oil prices. Click here to read full stories.
Sep 09 - Adios Algiers, oil options hint output deal may lie further ahead
The oil options market indicates traders are not betting big on OPEC and rival Russia clinching a meaningful deal this month to control output, although investors have turned more optimistic.The oil price is heading for its first weekly rise in nearly a month after Saudi Arabia and Russia said on Monday they would work closely to monitor fundamentals and to recommend measures to ensure market stability, including a potential production freeze. Click here to read full stories.
Sep 09 - Biggest weekly U.S. crude oil inventory drop since 1999 - EIA
U.S. crude stocks slumped more than 14 million barrels last week in the biggest weekly drawdown since 1999as imports to the Gulf Coast hit a record low, which analysts attributed to Tropical Storm Hermine.Crude inventories fell 14.5 million barrels for the week ended Sept. 2, compared with expectations for an increase of 225,000 barrels, the U.S. Energy Information Administration said on Thursday. Click here to read full stories.
Sep 09 - Saudi, Algeria oil ministers to meet OPEC head in push for output deal
Algeria's energy minister will meet his Saudi counterpart and OPEC's secretary-general in Paris on Friday as part of moves towards clinching a global deal on stabilising crude output to support oil prices, an Algerian official and OPEC sources said.Algeria will host the informal meeting with Saudi Energy Minister Khalid al-Falih and OPEC's Mohammed Barkindo, said the Algerian official, who asked not to be identified. Click here to read full stories.
Sep 09 - New Caspian oil fields to add to glutted global market
Two new Caspian Sea oil fields are due by the end of this year to add significant volumes of crude to a world market already in glut, possibly depressing prices just as producers including Russia talk about reviving them.According to industry sources and a loading schedule seen by Reuters, the Kashagan field in Kazakhstan's sector and Lukoil's Filanovsky field in the Russian sector - both of which are scheduled to come on stream soon - will together produce at least 200,000 barrels of crude per day (bpd) by the end of 2016.Click here to read full stories.
Sep 08 - Annual Asia oil shindig sobers up as downturn lingers
Conspicuous consumption, mostly liquid, has long been a feature of Singapore's annual APPEC oil gathering, but it is a more sober affair in 2016, as executives in the third year of an industry downturn keep a clear head for deal opportunities.There are still takers for the many dinner and cocktail receptions, but with oil prices down about 60 percent since mid-2014, and refinery margins hitting multi-year lows in August, delegates are putting business before partying to compete in a volatile and cut-throat market. Click here to read full stories.
Sep 08 - Time to stop over-analysing oil freeze, it's not helping: Russell
One of the enduring features of oil markets is a tendency to over-analyse and interpret every word uttered by the various players, with the current debate over a mooted output freeze being the latest case in point.But perhaps it's time to halt the practice of both industry and media commentators to pontificate over what the leaders of oil producing countries meant when they speak, and focus on the actual words used. Click here to read full stories.
Sep 08 - A resilient Apache Corp strikes oil in overlooked Texas field
Apache Corp announced a major oil discovery in Texas on Wednesday, the latest sign the strongest shale companies are not only surviving the steepest price crash in a generation, but growing despite it.Apache's shares spiked as much as 14 percent to $58.99 in early trading after the company said it had assembled contiguous parcels of more than 300,000 acres for $1,300 an acre in the field it calls "Alpine High," most of which is in Reeves County, Texas. Click here to read full stories.
Sep 08 - N. Dakota pipeline fight gives spark to Native American activism
A Native American tribe's efforts to halt construction of a crude oil pipeline in North Dakota have swelled into a movement, drawing international attention and the support of movie stars and social media, and making a major oil company blink.While the tribe's lawyers work to persuade a federal judge to withdraw permits for the pipeline in a ruling expected on Friday, thousands of protesters gathered at campgrounds near Standing Rock Sioux Tribe lands. Click here to read full stories.
Sep 08 - Italy's Eni expands in Singapore to capture Asia oil, gas demand
Italy's Eni plans to expand its trading office in Singapore as it sells more of its growing oil and liquefied natural gas output to Asia to meet the region's rising import needs, company officials said this week. The Italian oil and gas producer is part of a growing group of European companies seeking to sell their output to Asia as demand in Europe falls and shale oil displaces some crude oil imports in the United States. Click here to read full stories.
Sep 08 - EIA forecasts oil output to fall by less than previously expected
The U.S. Energy Information Administration forecast U.S. crude production for 2016 and 2017 will fall by less than previously expected, according to a report issued on Wednesday, adding to growing fears that drillers are returning to the wellhead and increasing production.The agency said 2016 crude production will fall by 650,000 barrels per day (bpd) to 8.77 million bpd, while 2017 crude output will fall by 260,000 bpd to 8.51 million bpd, according to the EIA's short term energy outlook. Click here to read full stories.
Sep 07 - Iran gives cautious nod to oil deal as bargaining starts
Iran signalled on Tuesday it was prepared to work with Saudi Arabia and Russia to prop up oil prices as Tehran began to bargain with OPEC on possible exemptions from output limits.Iran has been the main factor preventing an output deal between OPEC and non-OPEC Russia as Tehran argued it should be excluded from any such agreement before its production recovers from Western sanctions that ended in January. Click here to read full stories.
Sep 07 - Enbridge buying Spectra in $28 bln deal
Canada's Enbridge Inc said on Tuesday it would buy Spectra Energy Corp of Houston in an all-stock deal valued at about $28 billion (C$37 billion) to create the largest North American energy infrastructure company.The takeover, the most significant energy deal since oil and natural gas prices crashed in mid-2014, highlights how pipeline companies are under pressure to merge as they grapple with overcapacity and sliding tariffs that have slowed dividend growth and unnerved investors. Click here to read full stories.
Sep 07 -Company agrees to temporarily halt some N. Dakota pipeline work
A Native American tribal chairman said his people were "disappointed" that a company agreed on Tuesday to temporarily halt construction of an oil pipeline only in some but not all parts of North Dakota where the tribe says it has sacred sites.After violent clashes over the weekend between protesters and security officers near the construction site, the Standing Rock Sioux tribe and a neighboring Native American tribe had asked the U.S. District Court for the District of Columbia on Sunday for a temporary restraining order against Dakota Access, the company building the pipeline. Click here to read full stories.
Sep 06 - Saudi Arabia, Russia sign oil pact, may limit output in future
Saudi Arabia and Russia agreed on Monday to cooperate in world oil markets, saying they will not act immediately but could limit output in the future, sending prices higher on hopes the two top oil producers would work together to tackle a global glut.The joint statement was signed by the country's energy ministers in China on the sidelines of a Group of 20 summit and followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman. Click here to read full stories.
Sep 06 - Saudi Arabia, Russia try to bake an oil magic pudding: Russell
It's difficult to be anything other than cynical about Saudi Arabia and Russia saying they will work together in global oil markets through a newly-announced joint taskforce.While Monday's media release boosted the price of crude oil as once again traders reacted to the latest moves in the ongoing soap opera of will they or won't freeze output, the news was short of any real substance. Click here to read full stories.
Sep 06 - Despite cuts, Big Oil to expand production into the 2020s
Never mind the drop in crude prices, huge spending cuts and thousands of job losses - the world's top oil and gas companies are set to produce more than ever for some time.While top oil companies struggle with slumping revenues following a more than halving of prices since mid-2014 after years of spectacular growth, their production has persistently grown as projects sanctioned earlier in the decade come on line. Click here to read full stories.
Sep 05 - Iran ready to raise oil output to 4 mln bpd depending on demand -NIOC
Iran is ready to raise its oil production to 4 million barrels per day (bpd) in the next two to three months depending on market demand, a senior official from the National Iranian Oil Company (NIOC) said on Monday."We can increase crude production based on market requirement," Seyed Mohsen Ghamsari, the director for international affairs at NIOC, said at the Argus Crude Forum. Click here to read full stories.
Sep 05 - Rising oil import costs may become Asia's growing pain
A widening gap between Asia's oil production and demand is creating a growing capital drain for the region and leaving countries vulnerable to global supply disruptions and a sudden surge in oil prices.Asia's net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade. Click here to read full stories.
Sep 05 - Japan's Cosmo Oil plans to triple fuel trade volume in Singapore
Japan's Cosmo Oil expects to triple the volume of oil products it trades out of Singapore in 2016 from a year ago, pushing to expand its business beyond its tepid domestic market.Japanese refiners have increasingly been turning abroad as local appetite for oil products falters on an upsurge in fuel-efficient vehicles and as the country's population rapidly ages. Click here to read full stories.
Sep 05 - Venezuela's PDVSA takes over barge operations from Schlumberger in Lake Maracaibo
Venezuela's state oil company PDVSA said on Saturday it had taken operational control of six barges in Lake Maracaibo after a contract expired with Houston-based oilfield services company Schlumberger NV and added it would guarantee employment for the 358 workers involved.In a statement, PDVSA said that the barges were used to drill and repair wells in Lake Maracaibo, a traditional hub of oil production, and that the workers had received severance pay from Schlumberger, the former operator of the vessels. Click here to read full stories.
Sep 05 -Hedge funds trim bullish bets on U.S. crude for first time in a month
Money managers, including hedge funds, cut their bullish bets on U.S. crude oil for the first time in nearly a month, data showed on Friday, as hopes faded for market intervention by the world's top producers to prop up oil prices.The speculator group cut its combined futures and options position in New York and London by 20,810 contracts to 220,386 in the week to Aug. 30, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. Click here to read full stories.
Sep 05 - U.S. oil drilling rig count rises for ninth week in 10 - Baker Hughes
The U.S. oil drilling rig count rose this week for the ninth week in ten, but the pace of additions slowed as crude prices hold below the key $50-a-barrel mark that analysts and drillers say makes drilling more viable.The U.S. oil rig count rose by one to reach 407 for the week ended Sept. 2, compared with 662 a year ago, data from oil services company Baker Hughes Inc showed on Friday. Click here to read full stories.
Sep 02 - Tired of cheap oil, Saudis eye price boost to drive Aramco IPO
Two years after triggering an oil price war, Saudi Arabia has seemingly had enough of cheap crude amid budget pressures, fear of a future supply shortage, and as it seeks to offload a stake in state-owned producer Aramco. The change in tone comes as OPEC and other producers such as Russia may resume talks on stabilising output when they meet in Algeria later this month, after a similar effort to boost oil prices collapsed in April due to Saudi-Iranian tensions. Click here to read full stories.
Sep 02 - Oil glut to ease by 2017, clean energy investment to rise - IEA's Birol
The International Energy Agency (IEA) expects oil markets to reach a balance between supply and demand in 2017 as the current oil glut slowly eases, IEA chief Fatih Birol said during meetings in South Korea. The head of the Paris-based agency also exchanged views with energy minister Joo Hyung-hwan on the direction of the world's energy markets in the wake of the renewed commitment to tackle climate change after last year's Paris climate talks, South Korea's Energy Ministry said in a statement on Thursday. Click here to read full stories.
Sep 02 - Iraq, Kurdistan jointly export Kirkuk oil again - trading sources
Iraqi state oil firm SOMO and Iraq's semi-autonomous region of Kurdistan have begun jointly exporting crude from the giant Kirkuk oilfield again after cutting a preliminary deal on revenue-sharing, trading sources said on Thursday. The development signals a breakthrough in relations between Baghdad and Erbil, which have been disputing how to share oil and budget revenues for several years amid fiscal problems on both sides and their fight against Islamic State militants. Click here to read full stories.
Sep 02 - Saudi Aramco, Japan to expand Okinawa crude storage deal
Saudi Aramco and the Japanese government are set to agree on a roughly 2 million barrel expansion of crude storage capacity in Okinawa, used by the state-run firm to store oil, Saudi Aramco CEO Amin Nasser said on Thursday.Under an agreement with Tokyo, Saudi Aramco and Abu Dhabi National Oil Co (ADNOC) each store up to 1 million kilolitres (6.3 million barrels) of crude oil in Okinawa, southwest of mainland Japan. Click here to read full stories.
Sep 02 - U.S. gasoline consumption and exports hit record highs: Kemp
U.S. motorists used a record volume of gasoline in June as good weather and cheap fuel encouraged a strong start to the summer driving season. The volume of gasoline supplied to domestic consumers averaged 9.664 million barrels per day, an increase of 273,000 bpd compared with the same month in 2015. Click here to read full stories.
Sep 01 - Saudi Arabia doesn't target specific level of oil output - Falih
Saudi Arabia does not target a specific level of oil production and its output is based on customers' needs,the energy minister of the world's largest oil exporter said.Speaking during an official visit to China, Khalid al-Falih told al-Arabiya TV channel that despite low crude prices he was optimistic for global demand, that demand for crude in China remains "very healthy" and India's demand was "very good" too. Click here to read full stories.
Sep 01 - OPEC oil output hits record as Gulf gains counter African losses
OPEC's oil output is likely in August to reach its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members make up for losses in Nigeria and Libya.Production in top OPEC exporter Saudi Arabia has likely reached a fresh record, sources in the survey said, as it meets seasonally higher domestic demand and focuses on maintaining market share. Click here to read full stories.
Sep 01 - Oil price outlook cut as doubts grow over output freeze - poll
Oil analysts have cut their price forecasts for the first time since February, as the prospect of the world's largest producers agreeing to freeze output dims and U.S. production shows signs of gradually picking up. After five consecutive months of upward revisions, the 34 analysts and economists polled by Reuters forecast Brent would average $45.44 a barrel in 2016, slightly lower than last month's forecast of $45.51. Click here to read full stories.
Sep 01 - U.S. crude oil, distillate stockpiles surprisingly higher - EIA
U.S. crude oil stockpiles rose much more than expected last week, while distillate inventories surged as well, the U.S. Energy Information Administration said on Wednesday.Crude inventories rose 2.3 million barrels in the week to Aug. 26, compared with expectations for an increase of 921,000 barrels.Prices across the petroleum complex dipped on the data, as traders reacted to the build in inventories at a time when stocks have overall already been at high levels seasonally. Click here to read full stories.
Aug 31 - Oil firms deepen cost cuts as price recovery remains elusive
Oil companies are deepening cost cuts through efficiency and standardisation to stay profitable while maintaining dividends as a supply glut pushes back a potential recovery in the price of crude, top executives and analysts said. The sector has slashed jobs, projects and investments to cope with a 60 percent downturn in crude prices over the past two years, with consultancy Wood Mackenzie putting the drop in exploration and production spending by the top 56 oil and gas firms at 49 percent, or $230 billion, over the period. Click here to read full stories.
Aug 31 - Iraq to support oil output freeze at OPEC meeting - PM
Iraq would support a decision by OPEC to freeze oil output to prop up prices, Iraqi Prime Minister Haider al-Abadi told a news conference in Baghdad on Tuesday. "We are with freezing production at the OPEC meeting," he said, in the clearest indication yet about the position Iraq will support when the oil exporters' group meets next month. Click here to read full stories.
Aug 31 - Shell's U.S deal to unlock global oil asset disposals
Royal Dutch Shell's first oil field sale after its $54 billion BG Group acquisition bodes well for its disposal talks in the North Sea, Gabon and New Zealand, according to sources, signalling buyers will meet its expectations on value. The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled to kick off its plan to dispose of $30 billion of assets by 2018 or so in order to pay for the February deal and maintain a generous dividend policy amid soaring debt. Click here to read full stories.
Aug 31 - Rebound in Asian refining margins may be short-lived
A rapid rebound in Asian refining margins ahead of the autumn maintenance season could prove short-lived as it may prompt refiners to lock in quick profits by increasing their run rates. Singapore refining margins to Dubai crude hit a five-month high of $6.30 a barrel on Friday, rising 119.5 percent since they fell to a two-year low of $2.87 a barrel on Aug. 10. But the rally has since been tamed with margins falling back to $5.03 a barrel on Tuesday. Click here to read full stories.
Aug 31 - Exxon Mobil preparing to put Montana refinery on block - sources
Exxon Mobil Corp is in the first stages of seeking a potential buyer for its Billings, Montana, refinery, one of the company's only U.S. plants that is not integrated with its chemical operations, according to people familiar with the plans. At least one potential bidder has already visited the 60,000 barrel-per-day (bpd) plant, according to two people, who spoke on the condition of anonymity. The refinery could fetch $500 million to $700 million, according to a person familiar with refinery valuations. Click here to read full stories.
Aug 31 - Libya oil guards say closed two oilfields over payment delays
A Libyan armed force controlling some of the country's southern oilfields has stopped pumping at two of them because the government has not paid the funds needed to maintain security operations, a brigade commander said on Tuesday. The closures underscore the new Libyan government's complex task in reviving oil production, which has been battered by strikes, protests and Islamist militant attacks since the fall of Muammar Gaddafi in the 2011 uprising. Click here to read full stories.
Aug 30 - Niger Delta Avengers says halted hostilities in Nigerian Delta
A Nigerian militant group, which has claimed responsibility for a series of attacks on oil and gas facilities in the southern Niger Delta energy hub in the last few months, said on Monday that it had halted hostilities.The statement by the Niger Delta Avengers comes just over a week after the militant group said it was ready for a ceasefire and talks with the government. Click here to read full stories.
Aug 30 - Australian state to permanently ban onshore gas fracking
The state of Victoria plans to ban shale and coal seam gas fracking in what would be Australia's first permanent ban on unconventional gas drilling, citing the concerns of farmers and potential health and environment risks.However the government left the door open to allowing onshore conventional gas drilling after 2020.Click here to read full stories.
Aug 30 - Libya's NOC warns budget delays causing oil output losses
Delays in the budget from Libya's new government for the state energy company are undermining oil production, losing around 200,000 barrels per day at the cost of millions of dollars, the company chief said on Monday.The statement from National Oil Corporation Chairman Mustafa Sanalla reflected general frustration among Libyans with the slow pace of the Tripoli government in tackling economic problems.Click here to read full stories.
Aug 30 - Mexico says 2017 oil hedge guarantees $42 per barrel
Mexico's Finance Ministry on Monday said it had wrapped up what traders consider the world's biggest sovereign derivatives trade, guaranteeing an average price of $42 per barrel for crude oil exports in 2017.Due to the government's dependence on oil income, Mexico hedges its crude every year and the deals are closely watched by the market since the trades are big enough to affect prices.Click here to read full stories.
Aug 30 - Refinery wars: China, India win; S.Korea, Japan, Singapore lose: Russell
There is little doubt that China's surging exports of refined fuels have cut profit margins for Asia's refiners, but the pain is unlikely to be shared equally across all the region's exporters of oil products.Given the scarcity of detailed official data on oil product imports and exports among many Asian countries, it's nigh impossible to build a completely accurate picture of the likely winners and losers.Click here to read full stories.
Aug 30 - Iraqi government, Kurds to start talks on oil dispute
The Iraqi government and the Kurdish regional authorities agreed to start talks to resolve a dispute on oil revenue-sharing that is holding back the nation's crude exports, according to a statement from the Iraqi prime minister's office.The statement was published after a meeting in Baghdad between Iraqi Prime Minister Haider al-Abadi and Nechirvan Barzani, prime minister of the Kurdistan Regional Government.Click here to read full stories.
Aug 30 - Protesters shut down TransCanada pipeline approval hearing
Canada's National Energy Board has indefinitely postponed hearings in Montreal onTransCanada Corp's proposed Energy East pipeline after protesters on Monday disrupted the first day's session, an agency spokeswoman said.Montreal police said three protesters were arrested on obstruction charges, with two of the three also charged with assaulting a police officer.Click here to read full stories.
Aug 29 - Iraq plans to sell oil through Iran if talks with Kurds fail
Iraq's government would consider selling crude through Iran should talks with the autonomous Kurdish region on an oil revenue-sharing agreement fail, a senior oil ministry official in Baghdad told Reuters.Iraq's State Oil Marketing Organisation (SOMO) plans to hold talks with the Kurdish Regional Government (KRG), possibly next week, about Iraqi oil exported through Turkey, Deputy Oil Minister Fayadh al-Nema said in an interview on Friday evening. Click here to read full stories.
Aug 29 - Venezuela, Iran seeking consensus to stabilize oil markets
Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen OPEC, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif."We continue to build common ground and a new consensus on stabilizing oil markets, strengthening industries, strengthening OPEC," Maduro said in a ceremony broadcast on state television. Click here to read full stories.
Aug 29 - Profit at China's Sinopec slumps 21.6 percent in first half
China Petroleum and Chemical Corporation, or Sinopec Corp, said on Sunday its net profit fell 21.6 percent in the first half of 2016, hurt by a steep decline in international oil prices.The state-controlled energy firm, Asia's largest refiner, said in a separate statement that Dai Houliang had replaced Li Chunguang as company president and become vice chairman of the board. It said Chunguang had resigned due to his age. Click here to read full stories.
Aug 29 - Refinery wars: China, India win; S.Korea, Japan, Singapore lose: Russell
There is little doubt that China's surging exports of refined fuels have cut profit margins for Asia's refiners, but the pain is unlikely to be shared equally across all the region's exporters of oil products.Given the scarcity of detailed official data on oil product imports and exports among many Asian countries, it's nigh impossible to build a completely accurate picture of the likely winners and losers. Click here to read full stories.
Aug 29 - Some Colonial shippers looking to sell 'history' as losses climb
Some shippers on the largest U.S. refined products pipeline are looking to unload their coveted space after holding onto it has cost them for months, several sources said.Over the last four years, many small companies rushed to win capacity on Colonial pipeline's Line 1 - the main artery that moves gasoline from the U.S. Gulf Coast to the Atlantic Coast - in the hope of building "shipper history," sources at large U.S. refiners said. Click here to read full stories.
Aug 29 - Hedge funds pile into bullish bets on U.S. crude by most on record
Hedge funds and other speculators raised their bullish bets on U.S. crude oil in the past week by the most on record fueled by speculation that Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC members.Money managers, including hedge funds, raised their net long U.S. crude futures and options positions in the week to Aug. 23 for the third consecutive week to the highest since early June, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday. Click here to read full stories.
Aug 26 - Saudi energy minister tempers expectations for production freeze
Saudi Arabian Energy Minister Khalid Al-Falih tempered expectations that the world's major oil producers would look to freeze production next month, telling Reuters on Thursday that the "market is moving in the right direction" already."We don’t believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us," he said in an interview following a speech at the U.S.-Saudi Arabian Business Council in Los Angeles. Click here to read full stories.
Aug 26 - More fully laden LPG tankers gather off Singapore awaiting buyers
Tankers full of liquefied petroleum gas (LPG) are gathering off Singapore waiting for buyers as a flood of supply from the U.S. and Saudi Arabia has outpaced demand for the fuel, trade and industry sources said on Thursday.The number of ships congregating near Singapore, a key ship-fueling and oil product trading area for Asia, has surged to over 10 from under seven just five weeks ago, said trading and industry sources that are familiar with the market. Shipping data carried on Thomson Reuters Eikon shows that there are at least eight Very Large Gas Carriers (VLGCs) anchored near Singapore including the Chaparral, Ming Long, Promise, Cratis, British Commerce and Berge Nantong. Click here to read full stories.
Aug 26 - Venezuela's oil imports slump on payment woes, economic meltdown
Venezuela has not been able to import all the crude and fuel it needs this year to cover shortfalls at oilfields and refineries as state-run PDVSA struggles to pay suppliers on time, according to trade sources and internal company data seen exclusively by Reuters.The decline is the largest in five years as the worst economic crisis in decades undermines PDVSA's [RIC:RIC:PDVSA.UL] ability to buyoil imports, which fell 21 percent in the first seven months of this year to 154,465 barrels per day (bpd), the data showed. Click here to read full stories.
Aug 26 - Low prices may hobble potentially massive new Canada oilfield
A deepwater oilfield off the coast of eastern Canada could hold 25.5 billion barrels of crude, according to a new seismic report by the Newfoundland and Labrador government, potentially making it the country's largest offshore resource.But the West Orphan Basin, 300 km (186 miles) northeast of Newfoundland, may still struggle to attract exploration bids in a November land sale due to persistently low crude prices. Click here to read full stories.
Aug 25 - Oil refiners face reprieve as maintenance tames fuel glut
Oil refiners reeling from tumbling profits can expect some reprieve in the coming weeks as lower production will tame a huge global excess of gasoline and diesel.Dozens of plants that will switch off for regular autumn maintenance will help slow the downward spiral in margins (the profit from refining crude into oil products) that have fallen to barely break even in 2016 from highs of around $11 a barrel a year earlier, analysts said. Click here to read full stories.
Aug 25 - Brazil to let ethanol tax break expire in December - sources
The Brazilian government has no plans to extend a tax exemption for ethanol sales that expires in December as it pushes to rebalance the country's depleted public accounts, two government officials told Reuters on Wednesday.Ending the exemption, a de facto tax increase, should make the biofuel less attractive for mills and motorists, and prompt Brazil to produce and export more sugar while importing more gasoline. Click here to read full stories.
Aug 25 - Iran, Ecuador discuss ways to strengthen oil prices
Iran and Ecuador on Wednesday discussed ways that the two countries can strengthen oil prices as Iran signals it may support joint efforts by exporters to prop up flagging crude.Iran has been boosting output since Western sanctions were eased in January. Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilize production, and talks collapsed in April. Click here to read full stories.
Aug 25 - U.S. crude, gasoline stocks build unexpectedly as refineries cut output -EIA
U.S. crude and gasoline inventories rose unexpectedly last week as refineries cut output, the U.S. Energy Information Administration said on Wednesday, prompting a drop in oil futures.Crude inventories rose 2.5 million barrels in the week to Aug. 19, compared with expectations for a decrease of 455,000 barrels. Crude stocks on the U.S. East Coast soared 3.1 million barrels, the biggest build since February 2015. Click here to read full stories.
Aug 24 - Iran signals more willingness for OPEC action to boost oil price
Iran is sending positive signals that it may support joint action to prop up the oil market, sources in OPEC and the oil industry said, potentially aiding efforts to revive a global deal on freezing production levels at talks next month.OPEC's third-largest producer has been boosting output after the lifting of Western sanctions in January. Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilise production, and talks collapsed in April. Click here to read full stories.
Aug 24 - Saudi Arabia isn't flooding oil market ahead of freeze talks: Kemp
Saudi Arabia’s oil production hit a record in July, according to published statistics, and is likely to hit another in August, according to industry sources.Some analysts have interpreted the increases as an aggressive demonstration of the kingdom’s ability to ramp up output ahead of an informal meeting of oil ministers in Algeria next month. Click here to read full stories.
Aug 24 - Iraq has not yet reached its full oil market share, says PM
Iraq's prime minister said the country has not yet reached its full oil market share, suggesting his government would not restrain crude output as part of any possible OPEC agreement to lift prices."And the capping, we are not open to that because Iraq is still below what it should produce," Haider al-Abadi told reporters, responding to a question about whether the second-largest OPEC producer would be open to such a deal. Click here to read full stories.
Aug 24 - ConocoPhillips hits snag in Senegal deepwater stake sale to Woodside
ConocoPhillips' plan to sell its stake in an oil find off Senegal to Woodside Petroleum hit a speed-bump on Tuesday as a junior partner attempted to buy time to pre-empt the deal at the same time it announced an increase in the size of the field.ConocoPhillips agreed in July to sell its 35 percent stake in the deepwater SNE field offshore Senegal to Woodside for up to $430 million. At the time, the SNE field was estimated to hold 561 million barrels of oil. Click here to read full stories.
Aug 23 - Saudi Arabia to discuss energy cooperation with China, Japan - SPA
Saudi Arabia, the world's top oil exporter, plans to discuss energy cooperation agreements with China and Japan, the Saudi cabinet said on Monday."The cabinet has approved to delegate a number of ministers to discuss with the Chinese side the following projects: a memorandum of understanding (MOU) to cooperate in the energy sector; an initial cooperation memorandum in the field of crude storage," a cabinet statement on state news agency SPA said. Click here to read full stories.
Aug 23 - Iran to start using new oil and gas contract
Iran's Vice President Eshaq Jahangiri has told the oil and finance ministries to start using the approved new draft for the Iran Petroleum Contract (IPC) for oil and gas deals, the Oil Ministry's news agency SHANA reported on Monday.The launch of the IPC has been postponed several times as hardline rivals of President Hassan Rouhani resisted any deal that could end the so-called buy-back system under which foreign firms were banned from owning stakes in Iranian companies. Click here to read full stories.
Aug 23 - China's surging fuel exports less worrisome than costly crude for refiners: Russell
A surge in China's diesel exports last month to record levels is probably the last thing refiners in the rest of Asia wanted to hear, but they should probably worry more about rising crude oil prices.While China's booming fuel exports appears to have contributed to a structural lowering of profit margins for the region's refiners, the ups and downs still seem to be largely inversely linked to movements in crude prices. Click here to read full stories.
Aug 23 - CME Group suspends gold, natural gas trader for spoofing
CME Group Inc on Monday suspended from its markets a futures trader who used the manipulative practice known as spoofing and was suspected of money laundering, the exchange operator said.CME, which owns Comex, the Chicago Mercantile Exchange and other markets, barred Andrey Sakharov from trading for 60 days and could extend his ban, according to a disciplinary notice. Click here to read full stories.
Contact information for Sakharov could not immediately be found.
Aug 23 - Iraq's new oil minister sticks by demand to review foreign contracts
Iraq wants to review contracts with oil companies to cut the fees that the firms receive when crude prices are low, the OPEC nation's new oil minister said, standing by a demand made by his predecessor.Oil Minister Jabar Ali Al-Luaibi conveyed his position at a meeting on Monday in Baghdad with BP's head in Iraq, Michael Townshend, the ministry said in a statement. Click here to read full stories.
Aug 22 - China's oil product exports surge in July- customs
China's diesel, gasoline and kerosene exports surged in July from a year earlier, customs data showed on Monday, the latest sign the world's top commodities consumer can't cope with its domestic oversupply of fuel.Diesel exports rose 181.8 percent to 1.53 million tonnes, gasoline shipments were up 145 percent at 970,000 tonnes and kerosene exports jumped 46 percent to 1.09 million tonnes. Click here to read full stories.
Aug 22 - U.S. speculators raise net crude longs by most in five years - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to Aug. 16 by the most seen in five years, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.The move came as speculators braced for planned talks next month between Organization of the Petroleum Exporting Countries and non-OPEC nations. OPEC is expected to revive discussions on freezing oil output levels, which could prove bullish for oil futures. Click here to read full stories.
Aug 22 - Distressed-debt investor Ross bets on troubled energy debt -report
Distressed-debt investor Wilbur Ross is taking a large bet on troubled energy debt amid a two-year global price slump, according to a Wall Street Journal report citing people familiar with the matter.Ross' investment firm WL Ross & Co. has purchased hundreds of millions of dollars in troubled energy debt in a bid to take control of distressed oil and gas companies if they have to turn over ownership to creditors, according to the report on Saturday. Click here to read full stories.
Aug 22 - Chevron says no plan to exit Thailand, may keep stake in Myanmar gas field
Chevron is committed to its Thailand investments despite job cuts that have spurred rumours of the U.S. oil major's exit, and may keep a Myanmar gas field stake if no attractive offer is made for the asset, an executive said in a statement on Friday.The U.S. oil major - the country's largest oil and gas producer, supplying more than one-third of its natural gas demand - operates several exploration and production blocks in the Gulf of Thailand. Click here to read full stories.
Aug 22 - Exxon says no output impact from RHC unit shutdown at Baytown, Texas refinery
Exxon Mobil Corp said there was no impact to production from an unanticipated shutdown of a raffinate hydroconversion (RHC) unit at its 561,000 barrels per day (bpd) Baytown, Texas, refinery.The incident occurred on Saturday, according to a filing with the state pollution regulator over the weekend. Click here to read full stories.
Aug 19 - Nigeria oil minister says OPEC cuts unlikely, Algeria meeting could help price
Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country's oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. Click here to read full stories.
Aug 19 - Tanker sent by Libya's NOC starts to load oil from threatened port
A tanker sent by Libya's National Oil Corporation (NOC) began to load oil on Thursday at the country's eastern Zueitina port, after rival forces stationed in the area agreed to let it dock and take the oil to safety, a port official said. The NOC expressed concern earlier this month after reports of possible clashes between the Petroleum Facilities Guard (PFG), one of Libya's many armed brigades, and forces loyal to eastern commander Khalifa Haftar, fearing these might damage the port infrastructure. Click here to read full stories.
Aug 19 - Iraq resumes pumping oil through Kurdish pipeline
Iraq has resumed pumping oil from fields operated by state-run North Oil Company (NOC) via a Kurdish pipeline to Turkey, a spokesman for the oil ministry in Baghdad said on Thursday. About 70,000 barrels per day (bpd) are being pumped through the pipeline controlled by the Kurdish regional authorities, spokesman Asim Jihad told Reuters, giving no further details. Click here to read full stories.
Aug 19 - Vitol says Exxon Mobil lacked 'transparency' during Torrance outage
Swiss commodity trader Vitol SA criticized Exxon Mobil Corp this week for failing to be transparent about maintenance at its Los Angeles refinery following a February 2015 blast, which contributed to tighter gasoline supplies and higher prices. Speaking before a committee of the California Energy Commission on Tuesday, Brad Lucas, a West Coast trader for Vitol, said that lack of information from Exxon made it difficult to time cargo deliveries into the West Coast market. Click here to read full stories.
Aug 18 - Saudi signals it may hit new oil output record ahead of freeze talks -sources
Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for tough talks next month for a global output freeze pact. Industry sources say the kingdom, already the world's largest oil exporter, started to raise production from June, after holding it steady for the first half of the year, to meet rising seasonal domestic demand as well as higher export requirements. Click here to read full stories.
Aug 18 - Oil traders rush to secure vessels as U.S.-Europe export arb opens
A rare opening of an export window for crude moving from the U.S. Gulf to Western Europe has caused a flurry of interest among oil traders, with at least two securing vessels. On Tuesday, global marker Brent's premium traded to as much as $2.50 a barrel over U.S. crude futures, the most since late February. The widening of the premium presented an arbitrage opportunity, prompting oil traders to secure vessels to send crude eastward across the Atlantic, sources said. Click here to read full stories.
Aug 18 - Bashneft sale should be postponed for up to 5 years - regional boss
Russia should delay selling its majority stake in mid-sized oil producer Bashneft for up to five years, until it is worth more, the head of a region that holds 25 percent of the company told Reuters. Rustem Khamitov, president of the oil-producing internal Russian Republic of Bashkortostan, said he supported the government's decision to postpone selling its 50.08 percent stake, which was announced on Tuesday. Click here to read full stories.
Aug 18 - U.S. crude stocks fall unexpectedly in week - EIA
U.S. crude stocks fell unexpectedly last week, while gasoline stocks decreased more than expected and distillate inventories rose, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 2.5 million barrels in the last week, compared with analysts' expectations for an increase of 522,000 barrels.Click here to read full stories.
Aug 18 - Freight recovery offers hope for U.S. diesel demand in 2017: Kemp
U.S. freight shipments are showing tentative signs of a recovery which could underpin faster growth in diesel demand in 2017. Freight movements increased by 0.6 percent in June, building on gains of 0.1 percent in May and 1.5 percent in April. Click here to read full stories.
Aug 17 - Will OPEC agree to freeze output in Sept? Kemp
OPEC and non-OPEC countries are again flirting with the idea of a production freeze to accelerate oil-market rebalancing, according to recent statements by several oil ministers. "Rebalancing is already taking place," Saudi Energy Minister Khalid Al-Falih observed in comments published on Saturday, which had already leaked on Thursday. "We are on track and prices should reflect that," the minister explained. Current prices were unsustainably low and the minister blamed the "large short positioning" in the oil market for causing prices to "undershoot". Click here to read full stories.
Aug 17 - Russia orders surprise delay in Bashneft oil firm sale
Russian Prime Minister Dmitry Medvedev has postponed the privatisation of mid-sized oil producer Bashneft, his spokeswoman said on Tuesday, a decision she said was approved by President Vladimir Putin. The privatisation of Bashneft was meant to help plug gaps in Russia's budget caused by an oil price slump and Western sanctions imposed over the country's actions in Ukraine. Click here to read full stories.
Aug 17 - Iran says new oil contracts need more amendments
Iran's new oil and gas contracts will need amendments, its oil minister said on Tuesday after a meeting with the speaker of parliament, adding that the new contracts will not be sent to the assembly for final approval. The launch of the Iran Petroleum Contract (IPC) has been postponed several times as hardline rivals of pragmatist President Hassan Rouhani resisted any deal that could end the so-called buy-back system, under which foreign firms were banned from owning stakes in Iranian companies. Click here to read full stories.
Aug 17 - Siccar Point in first N. Sea oil deal as private equity warms to sector
Private equity-backed oil and gas venture Siccar Point Energy announced its first North Sea investment on Tuesday and said it planned to do more deals over the next year as cash-rich firms step up activity after a two-year rout in the sector. Siccar Point, headed by Jonathan Roger, a former Centrica executive, and backed by private equity firm Blue Water Energy and Blackstone, acquired a 8.9 percent stake in the UK North Sea Mariner field from JX Nippon. Click here to read full stories.
Aug 16 - OPEC deal a tough task, as oil output freeze expectations rise
OPEC will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal. Riyadh sharply raised expectations for a global production deal between on Thursday when Energy Minister Khalid al-Falih said Saudi Arabia will work with OPEC and non-OPEC members to help stabilise oil markets. Click here to read full stories.
Aug 16 - Oil may test 2016 highs if Brent passes $50, WTI breaches $48
Oil prices could set new highs for 2016 over the next four to six weeks if Brent crosses the $50-a-barrel threshold and U.S. crude pierces the $48 mark, technical analysts said on Monday. During the session, both benchmarks hit highs last seen in July, with Brent coming within $5 a barrel and U.S. West Texas Intermediate less than $6 from this year's peaks. Click here to read full stories.
Aug 16 - Volatility ahead for U.S. crude as investors split bets
U.S. crude oil is set for a volatile path ahead as both bullish and bearish wagers soar to record levels, with even large Wall Street banks at odds over future trends. Total long positions have risen to the highest level in over a year, while short positions climbed to a fresh record high, data from the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed. Click here to read full stories.
Aug 16 - Top U.S. investors take profits, hold out hopes on energy in Q2
Top U.S. investors such as Berkshire Hathaway and Paulson & Co slashed some energy investments in the second quarter amid strong gains in crude and natural gas prices, while also appearing optimistic by maintaining or placing new bets on the sector, regulatory filings showed on Friday and Monday. Warren Buffett's conglomerate Berkshire Hathaway cut its stake in oil exploration and production (E&P), refining and marketing company Suncor Energy by 7.7 million shares to 22.3 million shares over the quarter, filings with the Securities and Exchange Commission filing showed. The company's stock price was little changed at the end of the quarter. Click here to read full stories.
Aug 16 - Only special Russian decree could bar Rosneft from Bashneft sale -ministry letter
Russia's Economy Ministry has advised Prime Minister Dmitry Medvedev he would have to issue an unprecedented special decree if he wants to bar state-controlled oil major Rosneft from the privatisation of a mid-sized energy group, according to a letter seen by Reuters. The planned auction of a 50 percent stake in state-owned oil producer Bashneft later this year will pit some of Russia's most powerful businessmen, executives and officials against each other if Rosneft and other state-controlled groups are allowed to participate.Click here to read full stories.
Aug 15 - Oil reshuffle in Poland: Urals out, Iran in
Poland is replacing Russian oil with Iranian oil and unsold Urals crude is being redirected to Asia, industry sources told Reuters. Trader Mercuria, once the largest seller of Urals in Poland, is closing down and emptying Russian oil out of its tanks in the port of Gdansk. Mercuria will use a tanker bringing in Iranian oil to transport out its unwanted Urals. Click here to read full stories.
Aug 15 - Lack of investment, payment delays hamper Venezuela oil output
Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in14 years as it suffers the effects of an economic crisis and years of under investment and mismanagement, according to data seen by Reuters and interviews with company sources and workers. The state-run oil company, Petroleos de Venezuela (PDVSA), is struggling to stem a production decline that has accelerated this year as a result of payment delays to suppliers, lack of investment in equipment, and poor planning in the country's vast oil fields. Click here to read full stories.
Aug 15 - Money managers boost bullish bets on oil for first time in a month
Hedge funds and speculators raised their bullish wagers on U.S. crude for the first time in a month, data showed on Friday, after resurgent rumors on producer action to prop up the market helped oil rebound above $40 a barrel. Money managers, including hedge funds and other speculators, raised their net long position on NYMEX's West Texas Intermediate (WTI) crude by 17,671 contracts to 97,973 in the week to Aug. 9, data from the U.S. Commodity Futures Trading Commission (CFTC) showed. Click here to read full stories.
Aug 12 - Big Dakota pipeline to upend oil delivery in U.S.
It may seem odd that the opening of one pipeline crossing through four U.S. Midwest states could upend the movement of oil throughout the country, but the Dakota Access line may do just that. At the moment, crude oil moving out of North Dakota's prolific Bakken shale to "refinery row" in the U.S. Gulf must travel a circuitous route through the Rocky Mountains or the Midwest and into Oklahoma, before heading south to the Gulf of Mexico. The 450,000 barrel-per-day Dakota Access line, when it opens in the fourth quarter, will change that by providing U.S. Gulf refiners another option for crude supply. Click here to read full stories.
Aug 12 - China crude output falls to five-year low in July
China's crude oil production in July fell 8.1 percent from a year ago to the lowest since October 2011 on a daily basis, as low prices limit the incentive to keep some wells operating in the world's fourth-largest oil producer. Crude output last month was 16.72 million tonnes in July, data from the National Bureau of Statistics showed on Friday. On a daily basis July's production is about 3.94 million barrels per day (bpd), down from June's 4.03 million bpd and the fifth straight month of declines in terms of daily output. Click here to read full stories.
Aug 12 - Iran cuts Sept Iranian Light crude price to Asia to 8-mth low
Iran cut the official selling price (OSP) of its Iranian Light grade for its Asian buyers to the lowest since January, the latest among Middle East producers to cut prices to the region this month in an ongoing battle for market share. The OSP for Iranian Light was at $0.85 below the Oman/Dubai average for September, down $1.30 from the previous month, an industry source with direct knowledge of the matter said on Friday. Click here to read full stories.
Aug 12 - Iraq, oil companies agree to restart investment, boost output
Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing, allowing projects that were halted this year to resume and crude production to increase in 2017, Iraqi oil officials said. The agreements, reached in July and August, effectively delay to the second half of the year projects that the three companies had planned to carry out in the first half, which had been suspended because of low oil prices. Click here to read full stories.
Aug 12 - Saudi minister: Algeria meeting may discuss stabilising oil market
Saudi Arabia will work with OPEC and non-OPEC members to help stabilise oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28, Qatar's energy ministry said on Monday. Click here to read full stories.
Aug 12 - Oil demand likely rising in sweltering Middle East: Kemp
Saudi Arabia raised its oil production to a record last month while much of the kingdom sweltered in record temperatures that have also hit neighbouring countries across the Middle East. There is not enough statistical data to draw a direct connection between the two but it is likely most if not all the extra oil production was burned in the kingdom's power plants to meet electricity demand. Click here to read full stories.
Aug 11 - OPEC points to 2017 oil surplus as Saudi output hits record
Top oil exporter Saudi Arabia boosted its oil output to a record high in July, it told OPEC, in a sign key members remain focused on market share rather than tackling a supply glut by curbing production. The monthly report from the Organization of the Petroleum Exporting Countries also said output from the 14-member group hit a new high last month, indicating excess global supply may persist into next year. Click here to read full stories.
Aug 11 - U.S. oil stocks rise, but product inventories fall - EIA
U.S. crude stocks rose last week, but stocks of gasoline and distillates fell, the U.S. Energy Department said on Wednesday. Crude inventories rose 1.1 million barrels in the last week, compared with analysts' expectations for a decrease of 1.0 million barrels. Click here to read full stories.
Aug 11 - Refiners on track to spend record on U.S. clean fuel standards
Major refiners like Valero Energy Corp are on track to pay record amounts this year for credits to comply with U.S. renewable fuel rules, corporate filings show, a trend that hurts profits and has some looking to export more to avoid the cost. Refiners and fuel importers are required to meet a U.S. biofuel quota of roughly 10 percent through blending products like ethanol into gasoline and diesel. If they fall short, they can buy credits generated by companies in compliance. But the cost of the credits, known as Renewable Identification Numbers (RINs), has jumped. Click here to read full stories.
Aug 11 - U.S. oil stocks rise, but product inventories fall-EIA
U.S. crude stocks rose last week, but stocks of gasoline and distillates fell, the U.S. Energy Department said on Wednesday. Crude inventories rose 1.1 million barrels in the last week, compared with analysts' expectations for a decrease of 1.0 million barrels.
Aug 10 - Global glut of oil products threatens crude recovery
Gasoline and diesel stockpiles have swollen to record highs across the globe, leaving refiners and traders few places to dump excess supplies and threatening large-scale production cuts that could derail an oil price recovery. Typically, U.S. and European refiners deal with excess regional inventories by exporting extra supplies to markets where margins for diesel, gasoline, or other oil products remains strong. However, months of above-average global refinery utilization rates and the addition of refining capacity globally has left storage tanks from Houston to Singapore full to the brim. Click here to read full stories.
Aug 10 - Venezuela tries to rally support for oil producer meeting
Venezuela on Tuesday said it was trying to rally support for a meeting of oil producers to agree measures to prop up oil prices, the struggling Latin American country's biggest source of income. Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is suffering from an economic and political crisis and relies heavily on oil export revenues. Click here to read full stories.
Aug 10 - Brent oil price held back by crude stored offshore Britain
The volume of crude held in floating storage off Britain's coast has grown this year due to excess supply, trade sources say, helping to put a cap on some parts of the Brent market which helps set global prices. More than 10 million barrels of crude - over 10 percent of daily world production - was parked in tankers off the British coast for part of July, according to trade sources and shipping data. While some floating storage is not uncommon, traders say the amount has been rising this year. Click here to read full stories.
Aug 10 - Oil short-selling cycle may be at or near turning point: Kemp
The enormous concentration of bearish short positions in U.S. crude oil futures and options contracts by hedge funds and other money managers left the market ripe for a short-covering rally. The rebound in futures prices, with the September WTI contract up by 10 percent since Aug 2, has all the characteristics of a short-covering rally (“Hedge fund short covering probably accounts for oil rally”, Reuters, Aug 8). Click here to read full stories.
Aug 10 - EIA sees smaller drop in U.S. 2016 crude output as drilling picks up
The U.S. Energy Information Administration said on Tuesday that it expects a smaller decline in U.S. crude oil production in 2016than it forecast a month agoas an uptick in drilling will lead to more output later this year. The agency said 2016 crude production will fall by 700,000 barrels per day (bpd) to 8.73 million bpd, according to the EIA's short term energy outlook. Previously, it forecast a drop of 820,000 bpd to 8.61 million bpd. Click here to read full stories.
Aug 09 - Venezuela says OPEC, non-OPEC countries may meet in 'coming weeks'
A meeting between OPEC and non-OPEC countries may take place "in the coming weeks," Venezuelan Oil Minister Eulogio del Pino said on Monday, as the crisis-stricken South American nation seeks to prop up weak oil markets. "We are actively promoting a meeting of producers, which we estimate could take place in the coming weeks, so that OPEC and non-OPEC countries can sit down to see what the scenario for the winter looks like," Del Pino told state television. Click here to read full stories.
Aug 09 - BP seeks buyers for China petchem JV stake in up to $3 bln deal -sources
British oil major BP is seeking buyers for its 50 percent stake in a Chinese petrochemicals joint venture, its single largest investment in China, in a deal that would fetch $2-$3 billion, people familiar with the matter told Reuters. BP has hired an investment bank to sell its shareholding in SECCO as part of a drive to cash out of businesses where it lacks control, the people added. A successful deal would mark BP's first significant exit from a business in China. Click here to read full stories.
Aug 09 - Hedge fund short covering probably accounts for oil rally: Kemp
Benchmark crude prices have risen almost 8 percent since early last week in what has all the hallmarks of a short-covering rally. Brent futures for October have risen by more than $3 per barrel from a low of $41.80 on Aug. 2 to over $45 in trading earlier on Monday. Click here to read full stories.
Aug 09 - Texas oil regulator expects $60/barrel crude by 2017
A Texas oil industry regulator expects crude oil prices to eclipse $60 per barrel by next year as global supply and demand balance, a price that would again make production profitable across the largest producing U.S. state. Any rise in oil prices would be a welcome relief to Texas energy companies, especially those who operate in the Eagle Ford shale region, where production has slumped with prices slumped near $43 per barrel. Click here to read full stories.
Aug 08 - China fuel exports hit record in July, crude imports up 1.2 pct
China's fuel exports rose to a record in July as easing demand growth and a surplus in refined oil products pushed refiners to increase shipments to overseas buyers. The refined fuel exports surged 52.3 percent from a year ago to a monthly record 4.57 million tonnes, data from the General Administration of Customs showed on Monday. Click here to read full stories.
Aug 08 - Four-month hangover from Singapore fuel oil party finally ends
Singapore's long hangover from a near-record fuel oil trading binge in March is ending as tonnage traded that month and held offshore moves into landed tanks, signalling a tighter market in the world's biggest trading hub for the shipping fuel. The excess floating storage taken up in March is now virtually empty. With fuel oil supplies coming into Asia expected to remain low because of inventory declines in Europe and strong seasonal demand from the Middle East, onshore stocks are also expected to fall, while prompt values for the bottom-of-the-barrel product improve. Click here to read full stories.
Aug 08 - Libya's NOC calls on rival factions to protect Zueitina terminal
Libya's state oil company on Sunday called on rival armed factions to avoid damaging the oil terminal in Zueitina, following reports of possible clashes at the eastern port. The National Oil Corporation (NOC) said it was concerned by reports of "imminent conflict" between the Libyan National Army (LNA) and the Petroleum Facilities Guard (PFG) in the vicinity of Zueitina. Click here to read full stories.
Aug 08 - Oil traders prepare fond farewells to Yahoo Messenger
Oil traders on Friday were lamenting the imminent demise of their main communication tool, Yahoo Messenger, which has been an industry standard since the late 1990s. To some traders' surprise, the software was still operating and in use during New York trading hours, even though Yahoo Inc had set Aug. 5 as the date for shutting down the legacy version of its chat that many were reluctant to give up. Click here to read full stories.
Aug 08 - China overtakes S. Korea as Asia’s biggest Forties crude buyer for 2016
China has surpassed South Korea as the top destination in Asia for North Sea Forties crude this year after Royal Dutch Shell sent 10 million barrels of the oil for arrival between May and September. Stuck with excess North Sea crude after a strike in France dampened European demand, Shell is pushing crude to the world's second-largest oil consumer as it struggles to find an outlet for its share of the Forties stream close to home. Click here to read full stories.
Aug 05 - Chevron to sell assets in Asia worth up to $5 bln - WSJ
Chevron Corp, the second-largest U.S. oil company, is selling some assets in Asia worth up to $5 billion, the Wall Street Journal reported, citing people familiar with the matter. The company is set to start selling its offshore China assets this month, the Journal reported on Thursday. Click here
Aug 05 - Private equity funds eye ending drought in U.S. energy IPOs - sources
Private equity funds are looking to sell shares in two U.S. energy companies, people familiar with the plans said this week, deals that could end a year-long drought for Initial Public Offerings (IPOs) in the oil and gas sector. Denver-based Extraction Oil & Gas LLC, an oil explorer and driller in Colorado’s Denver-Julesburg (DJ) basin backed by private equity firm Yorktown Partners LLC, has fileda confidential registration with the U.S. Securities and Exchange Commission (SEC) indicating it is planning on going public, people familiar with the matter said. Click here
Aug 04 - As U.S. crude wobbles near $40, new oil rally in doubt
U.S. crude's slide below $40 a barrel this week has hardened the resolve of oil market bears to drive prices lower, with oversupply, refining cutbacks and a breakdown in the oil/dollar trade spelling an end to this year's rally. Few believe oil will revisit the 12-year lows of $26 to $27 a barrel seen in the first quarter, but many are zeroing in on $35 a barrel or lower for U.S. crude. Short bets have increased in recent weeks as investors believe the spring rally that nearly doubled the price of oil took the market too far, too fast. Click here
Aug 04 - Idemitsu, Showa Shell shares slide after Idemitsu family moves to block deal
A move by Idemitsu Kosan Co Ltd's founding family to block management's plan to acquire smaller rival Showa Shell Sekiyu KK sent shares in the Japanese refiners tumbling on Thursday as concerns grew that the family might well succeed. Idemitsu has said its planned takeover of Showa Shell, which would create Japan's No.2 refiner by capacity, is necessary to cope with lower demand but the family argues the two companies are too culturally different for a merger to work. Click here
Aug 04 - Enbridge's Sandpiper looks to be latest victim of pipeline overbuild
The long-planned and oft-delayed Sandpiper pipeline through the U.S. Midwest may not be dead, but it appears to be on life support, a likely casualty of the oil-and-gas industry's infrastructure overbuild amid a two-year global oil rout. After years of delays, refiner Marathon Petroleum Corp and midstream giant Enbridge Inc on Tuesday announced they would scrap their joint venture agreements and transportation services for the 450,000 barrels per day Sandpiper project, instead agreeing to acquire a portion of the rival Dakota Access Pipeline. Click here
Aug 04 - Why is oil market rebalancing taking so long? Kemp
Rebalancing the oil market is proving a long and frustrating process because the oil-exporting countries hit hardest by the slump were the themselves some of the fastest growing oil consumers before prices tumbled. As oil revenues have shrivelled, their economies have slowed or gone into recession, removing one of the most dynamic drivers of oil demand, and leaving the rest of the world economy to fill the gap. Click here
Aug 04 - Overstated supply risks likely to offer limited support to oil bulls - Citi
The potential easing of supply disruptions of crude oil in Libya has been likely overstated and could provide "cold comfort" to bulls in the oil market, Citi said in a note this week. Global output disruptions are likely to increase a little in August as output from Libya and Nigeria are expected to remain challenged, the bank said. Click here
Aug 04 - U.S. crude inventories rise unexpectedly as distillate stocks grow
U.S. crude stocks rose unexpectedly for a second week last week as distillate inventories jumped, while gasoline stocks sank more than expected, the U.S. Energy Department said Wednesday. Crude inventories rose by 1.4 million barrels in the last week, compared with analysts' expectations for a decrease of 1.4 million barrels. Click here
Aug 04 - U.S. frackers surprise themselves as tweaks keep adding barrels
Nimble U.S. shale oil producers continue to show an uncanny ability to squeeze more and more crude from new wells, allowing them to do more with less as they try to weather another dip in oil prices to $40 a barrel. Comments from Noble Energy, Devon Energy and Occidental Petroleum on Wednesday were significant because only six months ago many analysts were fretting that shale producers had hit a wall after slashing costs and lifting well output by as much as 50 percent since the steepest price crash in a generation started in mid-2014. Click here
Aug 03 - Big investors pare energy junk bond holdings after big rally
Investors in junk-rated energy bonds, who have made a mint this year betting on this battered sector, are paring their holdings as oil flirts with sub-$40-a-barrel levels on concerns about a persistent overhang in supplyand choppy demand. Thanks to the two-year slump in the price of oil, energy debt securities yielded a whopping 21 percent in Februarywhen crude hit its lowest in over a decade at about $26. That brought in opportunistic buyers who watched prices rise, pushing yields to around 9.5 percent now, a level that these investors see as overvalued relative to oil's weakening price. Click here
Aug 03 - Libya's NOC wary of broken promises in oil ports deal
Libya's National Oil Corporation, which hopes to more than quadruple the country's oil output by the end of this year, remains wary that promises to reopen blockaded ports could be broken, the NOC chief in Tripoli told Reuters on Tuesday. Libya's U.N.-backed government has signed a deal with an armed brigade controlling the major Ras Lanuf and Es Sider oil ports to end a blockade and restart exports from the terminals, which have been shut since December 2014.
Aug 03 - Husky oil spill in Canadian river followed two others nearby -records
A Husky Energy Inc oil spill into a major Canadian river on July 20 was the third in the same area in eight months, government records showed, and could put new pressure on the province of Saskatchewan's energy regulator to improve its monitoring of pipelines. The economy ministry is the energy regulator in the western Canadian province and officials there told Reuters it has never physically inspected the 19-year-old Husky pipeline since it was constructed.
Aug 03 - Delta's refinery sacrifices profits for lower fuel cost - memo
Delta Air Lines Inc is flooding the New York market with jet fuel from its refinery, sacrificing refining profits in order to lower the carrier’s fuel costs, according to a company memo seen by Reuters. The memo, written by the head of Delta’s Monroe Energy subsidiary, says the refinery will act against its own financial interest to try to maintain lower jet fuel prices and save the nation’s second-largest airline money on fuel, its top operating expense.
Aug 03 - ADM eyes ethanol asset sales as weak margins hit Q2 profit
U.S. grain trader Archer Daniels Midland Co is pulling back in ethanol and exploring sales of its corn dry mills that produce the biofuel, the company said Thursday after reporting a lower second-quarter profit due partly to weak ethanol results. Chicago-based ADM, one of the world's top ethanol makers, has made presentations to seven potential buyers and expects bids for the ethanol assets by the end of August, the company said during a earnings-day call with analysts.
Aug 02 - Iran says crude market oversupplied, balance to be restored
Iran's Oil Minister said on Monday the oil market was oversupplied but predicted balance between demand and supply will be restored, Iranian state television reported on Monday. "The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market," Bijan Namdar Zanganeh was quoted as saying by Iran's state TV, without saying when that may happen.
Aug 02 - Hedge funds turn ultra-bearish on crude and gasoline: Kemp
Hedge funds have turned very bearish towards both crude and refined products over the last two months amid signs of an oversupply of gasoline. Hedge funds and other money managers added the equivalent of 56 million barrels of extra short positions in the three main Brent and WTI futures and options contracts in the week ending July 26.
Aug 02 - Maurel et Prom chief sells out to Indonesia's Pertamina
Indonesian state energy firm Pertamina plans to buy a one quarter stake in France's Maurel et Prom from its boss and extend the offer to take over the rest of the Africa-focused oil company in a deal that could value it at close to $1 billion. Pertamina said the acquisition of the 24.5 percent stake from Maurel et Prom (M&P) Chairman and Chief Executive Jean-Francois Henin would fit well with plans to bolster its upstream business globally.
Aug 01 - Is Saudi Arabia back in the oil market share game? Russell
Sometimes actions really do speak louder than words, with Saudi Arabia's slashing of crude oil prices to customers in Asia contrasting with recent comments from the kingdom's top oil executive that chasing market share isn't a priority. Saudi Aramco, the state-controlled oil company, cut its official selling price (OSP) for its benchmark Arab Light grade for September-loading cargoes by $1.30 a barrel to a discount of $1.10 to the regional marker Oman-Dubai.
Aug 01 - Libya's NOC welcomes opening of ports, aims for 900,000 bpd by end of year
Libya's state oil company said on Sunday it welcomed the "unconditional" reopening of blockaded oil ports following a deal between the U.N.-backed government and an armed force which controls key facilities, saying it would begin work to restart exports from the terminals. The agreement, signed on Thursday, could be a major step in reviving Libya's crippled oil output.
Aug 01 - Saudi Aramco cuts crude prices to Asia ahead of weak demand
Saudi Arabia has slashed the September price for its Arab Light crude oil for Asian customers by $1.30 a barrel, the largest cut for the flagship grade in nearly a year, helping to shore up sales ahead of fall in demand in October. About 1 million barrels a day of processing capacity in Asia will be shut in October, according to data on Thomson Reuters Eikon, the biggest shutdown in 2016 as refiners try to cope with weak refining margins and high fuel inventories.
Aug 01 - OPEC oil output set to reach record high in July - survey
OPEC's oil output is likely in July to reach its highest in recent history, a Reuters survey found on Friday, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations. Top OPEC exporter Saudi Arabia has kept output close to a record high, the survey found, as it meets seasonally higher domestic demand and focuses on maintaining market share rather than trimming supply to boost prices.
Aug 01 - Fight for survival returns to Europe's battle-hardened refineries
Energy companies' lifeline during the rout in oil prices - refining and downstream - has withered but the fall in margins is hardly a surprise for European refiners, which are turning again to survival strategies honed during the tough years. Results this week from integrated oil majors including Shell, Total, BP and ENI show refinery margins crashing by as much as half from last year.
Aug 01 - Oil rout erodes 2nd-qtr profits for U.S. majors Exxon, Chevron
Chevron Corp posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector. The weak results from two of the world's largest oil producers come as the energy industry is at a crossroads, trying to survive in an era of low prices, which many analysts see as the new status quo, while funding expensive growth projects crucial for long-term survival.
Aug 01 - La Nina set to boost U.S. winter heating oil demand: Kemp
Middle distillates remain the one ray of hope for U.S. oil refiners still struggling to clear a glut of gasoline caused by over-production earlier in the year. Stocks of distillate fuel oil are higher than normal but have been trending down for the last 15 weeks according to the U.S. Energy Information Administration.
Aug 01 - Hedge funds dump U.S. oil, turn record short on gasoline
Hedge funds have turned more negative on oil amid worry about fundamentals, holding a record net short position on gasoline while cutting bullish wagers on crude to five-month lows, industry data on Friday showed. Oil markets have been gripped by fear in recent weeks that the oversupply in crude could get out of hand again like two years ago. Rising stockpiles of gasoline despite the peak summer driving season in the United States have added to the worries.
Aug 01 - U.S. oil drillers add the most rigs in a month in over 2 years - Baker
U.S. drillers this week added oil rigs for a fifth consecutive week as part of the biggest monthly rig count increase in over two years, Baker Hughes Inc said on Friday. The oilfield services provider and some analysts, however,have cast doubts on a substantial recovery in drilling this year with U.S. crude prices heading for their biggest monthly loss in a year.
Jul 29 - Oil industry suppliers see light at the end of the tunnel
European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and investments to cope with the fallout from a 60 percent drop in the oil price since 2014. Click here
Jul 29 - Valero blames excess winter production for U.S. gasoline glut: Kemp
The accumulation of gasoline stocks in the United States has been driven by excess gasoline production rather than lack of demand, according to Valero, the largest independent refiner in the United States. “A lot of it is really more a result of utilisation, especially utilisation in periods where we typically see refineries cut,” the company noted during its second quarter earnings call on Tuesday. Click here
Jul 29 - 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 oil demand. While New Delhi has not shown its full hand in revealing its intentions, the first reports that SPRs might provide 90 days of net import coverage had stoked industry hopes of an important new pillar of oil demand. Click here
Jul 29 - Noble's head of Asia energy, oil products traders quit - sources
Several traders from Noble Group, including its head of Asia energy and metals, have left the company, trade sources said on Thursday, a month after its chief executive quit. The latest staff departures point to a hollowing out of its oil trading team, which expanded less than a year ago, adding to the embattled commodity merchant's woes. Click here
Jul 29 - PES buying gasoline after Philadelphia refining unit shuts
Philadelphia Energy Solutions Inc was in the market for gasoline after the company shut a gasoline-making unit at the Girard Point section of its Philadelphia refinery complex, according to traders. Gasoline prices rose almost 2 percent, before easing. That PES was said to be buying gasoline would suggest it is bracing for a longer shutdown, two market participants said, as they would need that product to meet customer agreements. Click here
Jul 28 - Investors eye signs of improvement in U.S. energy earnings
Investors reeling from several quarters of declines from U.S. energy companies are optimistic that a recent oil rebound may help boost results of exploration and production companies reporting in the coming days. After a nearly two-year slide in crude, higher oil prices may lead to higher production this year and in 2017, investors believe. However, a lot depends on whether the big rally in oil prices from February lows has run its course. Click here
Jul 28 - Statoil second quarter lags forecasts, cuts 2016 capex outlook
Norway's Statoil cut its 2016 capital spending guidance as it missed quarterly earnings forecasts on Wednesday, hit by persistently low crude prices and higher-than-expected costs. Statoil's adjusted operating profit fell almost 70 percent to $913 million in the second quarter from $2.9 billion a year ago, well below analysts' expectations for about $1.4 billion. Click here
Jul 28 - U.S. crude oil stockpiles rise unexpectedly - EIA
U.S. crude oil stocks rose for the first time since mid-May in the latest week as refinery utilization declined and imports increased, the U.S. Department of Energy said on Wednesday. Gasoline inventories also increased, even as refinery production slowed, the Energy Information Administration said. Click here
Jul 28 - South Africa oil workers' strike could hit refineries
South African energy workers plan to strike indefinitely from Thursday over pay, the union representing them said, a stoppage that will potentially hit oil refineries of companies including Shell, BP Chevron, and Sasol. Around 23,000 workers in the petrochemical and pharmaceutical sectors are expected to take part in the strike, Clement Chitja, head of collective bargaining, the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (CEPPWAWU), said on Wednesday. Click here
Jul 28 - Suncor turns to loss as wildfire shutdown drags on earnings
Suncor Energy Inc, Canada's largest oil and gas company, reported a second-quarter loss on Wednesday, as it was hit by a significant decline in oil sand production due to the shut in of operations during the Fort McMurray wildfire. The Calgary-based company posted an operating loss of C$565 million, or 36 Canadian cents per share. That was below the average analyst estimate of an operating loss of 26 Canadian cents per share, according to Thomson Reuters I/B/E/S. Click here
Jul 27 - 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 in recent years: a multi-billion dollar project in the Orinoco Belt, the world's largest crude reserve. The project was designed to shore up the OPEC country's stagnating oil production and ease an economic crisis. Click here
Jul 27 - Why haven't oil prices fallen further as hedge funds boost short positions? Kemp
Hedge funds and other money managers have begun to amass another large short position in futures and options contracts linked to the price of crude oil. But the current wave of short-selling has been associated with a much smaller decline in WTI prices than last summer, at least so far. Click here
Jul 27 - British oil major BP pursues new projects despite profit miss
BP will forge ahead with at least three more new projects this year, its CEO said, despite the British oil major reporting a 45 percent drop in second-quarter earnings that prompted a cut in its 2016 investment budget to below $17 billion. Tuesday's results missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from BP's stake in Russian oil producer Rosneft. Click here
Jul 27 - Freeport-McMoRan takes foot off gas on asset sales, to issue shares
Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, put its high-profile asset sales plan on the rear burner on Tuesday, and instead unveiled a $1.5 billion share issue to help it cut debt. Freeport's chief executive said he was confident the company could reduce its $18.8 billion of net debt to between $13.2 billion and $10.5 billion by the end of 2017 on the back of already executed asset sales and excess cash it expects to earn from higher mined volumes and metals prices.Click here
Jul 26 - 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. Mounting fears that demand has fallen short of expectations as production increases and rig counts rise has analysts believing that any oil price recovery may be a year or more in the future. Click here
Jul 26 - 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 an agreement for exports to resume. The PFG has been demanding payment of workers' wages as part of any deal to end the blockade of Ras Lanuf, Es Sider and Zueitina. Details of the negotiations have not been made public. Click here
Jul 26 - Hedge funds in new cycle of oil short-selling: Kemp
Hedge funds have been liquidating their former record bullish position in crude futures and options putting downward pressure on oil prices in recent weeks. But now the liquidation of old long positions is being replaced by the establishment of new short positions as fund managers try to capitalise on the downward cycle in prices. Click here
Jul 26 - China plans 70 mln cubic meters for strategic oil storage - state paper
China plans to construct a total of 70 million cubic meters of storage for its strategic petroleum reserve (SPR) in three construction phases, a state-run newspaper said on Monday. Equivalent to 441 million barrels, that would equal about 60 days of China's current crude imports of about 7.4 million barrels per day, according to Reuters calculations. Click here
Jul 26 - U.S. refiners, stuck with lots of gasoline, switch to winter brew
Winter has come early for U.S. refiners and blenders. In a summer of discontent with high inventories and an unseasonably weak demand, some refiners have started blending winter grade gasoline earlier than usual to sell later in the year,two trading sources told Reuters last week. Click here
Jul 26 - Russian oil industry close to major taxation overhaul
Russia is planning to overhaul its oil industry tax, introducing a profit-based system designed to boost government revenue and lift output from 2018, according to documents seen by Reuters and industry sources. The current tax is currently based on production and exports. Companies have long been lobbying for profit-based taxation, saying it will spur production and it better reflects exploration costs and risks. Click here
Jul 26 - Husky shuts pipeline indefinitely after Canadian oil spill
Husky Energy Inc has indefinitely closed a pipeline that leaked oil into a major Canadian river, a company official said on Monday, as the spill forced a second city to stop drawing drinking water. Heavy oil and diluent leaked from a 19-year-old pipeline in Husky's Saskatchewan Gathering System on Thursday, flowing into the North Saskatchewan River, which supplies water to several communities in the western Canadian province. Click here
Jul 25 - Libya oil exports threatened as NOC warns against port deal
Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports. In a letter seen by Reuters to U.N. Libya envoy Martin Kobler and a number of oil and diplomatic officials, NOC chairman Mustafa Sanalla said it was a mistake to reward Ibrahim Jathran, head of the Petroleum Facilities Guard (PFG), for a blockade of the oil ports of Ras Lanuf, Es Sider and Zueitina. Click here
Jul 25 - At least 40 percent of Canada oil spill recovered - officials
Authorities have recovered at least 40 percent of the 1,572 barrels of oil that leaked into a major western Canadian river, but the spill is still moving downstream and threatening the drinking water of riverside communities, officials said on Sunday. The heavy oil and diluent leaked from Husky Energy Inc's Saskatchewan Gathering System pipeline on Thursday, flowing into the North Saskatchewan River. Click here
Jul 25 - Hedge funds' bullish oil bets at 4-month low as outlook weakens
Hedge funds have slashed positive bets on U.S. crude oil to a four-month low, industry data released on Friday showed, as weakening fundamentals flushed more bullish speculators out of the market. The U.S. Commodity Futures Trading Commission reported that money managers, including hedge funds and other big speculators, cut their combined net longs in U.S. crude futures and options in both New York and London by 24,912 contracts to 155,652 in the week to July 19. That was the lowest net long position for money managers since the week ended March 8. Click here
Jul 25 - Squeezed out by China, Japan's JX slashes Russian ESPO crude buys
Japan's JX Nippon Oil & Energy Corp, a major buyer of Russia's ESPO crude blend, has slashed purchases in favour of cheaper Middle East oil, reflecting the impact of China's "teapot" refineries on global oil flows. A long-time buyer of ESPO crude from Russia's Far East, JX has changed contract terms with Russia's top oil firm Rosneft and trading firm Tenergy, enabling it to take less oil or buy alternative blends, two sources with direct knowledge of the matter said. Click here
Jul 25 - U.S. oil drillers add rigs for fourth straight week - Baker Hughes
U.S. drillers this week added oil rigs for a fourth consecutive week, according to a closely followed report on Friday, with the recent return to the well pad expected to soften the decline in domestic crude production. Drillers added 14 oil rigs in the week to July 22, bringing the total rig count up to 371, compared with 659 a year ago, energy services firm Baker Hughes Inc said. That is the biggest weekly increase since December. Click here
Jul 25 - Singapore floating storage, Bukom restart offset lower fuel oil arbitrage volumes
Fuel oil arbitrage volumes into Singapore have fallen for three consecutive months, but so far the drop-off has not led to any supply constraints in the trading hub as there is plenty of the shipping and industrial fuel stored offshore in tankers. Total fuel oil flows into East Asia - most of which finds its way to Singapore - are down 23 percent in July compared with the previous month and are nearly half of the year-to-date average, according to data from Thomson Reuters Supply Chain and Commodities Research. Click here
Jul 22 - Traders eye export markets as U.S. crude futures pummeled
A ballooning spread between the price of U.S. and European oil, coupled with lower shipping costs, has traders scrambling to take advantage of what may be a brief window of opportunity to ship crude to higher priced markets. The premium for Brent futures relative to U.S. West Texas Intermediate (WTI) crude rose above $1.50 barrel on Thursday, its largest level since April, up 50 cents from the start of the week. click here.
Jul 22 - Saudi Arabia regains top ranking in China crude supply
Saudi Arabia, the world's biggest oil exporter, regained its position as China's top crude supplier in June, after losing out to Russia over the previous three months, customs data showed on Thursday. China imported 4.569 million tonnes of crude from Saudi Arabia in June, or 1.112 million barrels per day (bpd), down 14.2 percent on the year but beating 961,000 bpd in May. click here .
Jul 22 - U.S. refinery profits set for worst year since start of shale boom
U.S. independent refiners such as Valero Energy Corp and Phillips 66 look set to post another quarter of disappointing earnings, putting the industry on track for its worst year since the U.S. shale boom began in 2011. The companies had hoped to rebound from a weak first quarter on the back of strong U.S. gasoline demand. But while U.S. motorists have taken to the highway in record numbers, refiners have been undone by record supplies of gasoline and diesel products. click here .
Jul 22 - Iraq oil exports set to rise in July, despite leak
Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after after two months of declines. Iraq in 2015 provided OPEC's biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials say seasonally higher domestic use has curbed volumes available for export. click here .
Jul 22 - U.S. refiners carry on processing despite gasoline glut: Kemp
Fears that U.S. refiners will cut crude processing in response to deteriorating margins and rising gasoline stocks have haunted the oil market for the past two months. But so far there are few signs that U.S. refiners are actually making voluntary "economic run cuts" as a result of the glut of gasoline and sharp falls in gasoline prices. click here .
Jul 22 - Indonesia plans to start building strategic oil reserves this year
Indonesia plans to start installing tanks for its strategic petroleum reserves (SPR) and filling them this year with the goal of covering 30 days worth of emergency stocks eventually, the energy minister said on Thursday. "This year we already got an allocation of 800 billion rupiah ($61.07 million) from the state budget for the SPR, so we can start to have it this year," Energy Minister Sudirman Said told reporters. click here .
Jul 21 - More pain seen for U.S. crude as product glut adds to gloom
A glut of refined products has worsened the already-grim outlook for U.S. crude oil for the rest of the year and the first half of 2017, traders warned this week, as the spread between near-term and future delivery prices reached its widest in five months. A stubborn, massive supply overhang punished crude over the winter as U.S. oil futures hit 12-year lows in February. As supply outages and production cuts increased, crude rallied and spreads tightened significantly in May. click here.
Jul 21 - Saudi Aramco not worried about others gaining market share in Asia -CEO
Saudi Aramco is not worried about competition from other producers raising their crude sales in Asia as the number of customers the state oil giant deals with is also increasing, its chief executive said on Wednesday. Iraq overtook Saudi Arabia for the first time to be India's top oil supplier in the June quarter, helped by sales of discounted heavy crude that refiners have also been using to make bitumen to build roads in the world's No.3 oil consumer. click here.
Jul 21 - Russia's energy minister: No discussions about coordination with OPEC on oil output
Russian Energy Minister Alexander Novak said in an interview there were no discussions about possible coordination with OPEC on oil output after a failed attempt to jointly maintain production levels earlier this year. "We do not discuss the issues of coordination of actions between Russia and OPEC... We can't agree on production cuts as we don't have such tools and mechanisms," Novak told Reuters in interview cleared for publication on Wednesday. click here.
Jul 21 - Oil investors may get another shot at cheap barrels
Oil investors who missed the chance to buy crude at multi-year lows earlier this year might get another shot at securing a bargain, as prices are likely to slip in the near term before recovering more steadily, analysts said. Crude prices have risen more than 70 percent to around $46 a barrel since hitting 12-year lows in January. However, investors baulked at pushing the price beyond $50, unsettled by the risk an uncertain global economic outlook poses to the broader market, analysts noted. click here.
Jul 21 - Oil Search bows to ExxonMobil in battle for InterOil
Australia's Oil Search Ltd has cleared the way for ExxonMobil Corp to take over InterOil Corp for $2.2 billion, giving the U.S. giant access to a rich new gas field to expand its exports from Papua New Guinea. The move could lead ExxonMobil and French giant Total SA to tie together their competing gas interests in the South Pacific nation, cooperating to reduce costs as they battle cheap oil and liquefied natural gas (LNG) prices. click here .
Jul 21 - Halliburton signals better demand for fracking equipment
Halliburton Co indicated that demand for its fracking equipment was returning, despite the fewer number of rigs at work, as high-intensity shale drilling soaked up all the available capacity in the market. Halliburton is the world's largest provider of equipment used in hydraulic fracturing or fracking - the process of pumping water and chemicals, known as proppants, into shale rocks to extract oil and gas. click here.
Jul 21 - U.S. crude stockpiles fall for ninth week, gasoline builds - EIA
Crude oil stocks in the United States fell for the ninth consecutive week and gasoline stockpiles posted a surprise build last week, data from the U.S. Energy Information Administration showed on Wednesday. Crude inventories fell 2.3 million barrels in the week ending July 15, data from the statistical arm of the Energy Department showed, largely in line with analysts' expectations for a decrease of 2.1 million barrels. click here.
Jul 20 - Silver Run buys into U.S. shale producer Centennial -source
Silver Run Acquisition Corp, run by energy industry veteran Mark Papa, has taken a stake in privately held Centennial Resource Development LLC and plans to develop the crude producer's Texas shale acreage, according to a source familiar with the matter. The move by Silver Run, which went public in February with the aim of investing in U.S. energy companies, is the latest sign that major investors are moving more quickly to secure assets and acreage at depressed prices as U.S. crude prices climb off 2016 lows. click here
Jul 20 - Oil traders lose millions as LPG glut shocks market
Traders in the liquefied petroleum gas (LPG) market face a "career-ruining" glut that has led to millions of dollars in losses as Chinese buyers, far from coming to the rescue, are in a stand-off with oil companies to cancel deals. LPG, a historically niche and dislocated market, has ballooned with the advent of U.S. exports due to the shale boom. The United States went from an importer to the largest single exporter of propane in just a few years, rivalling the Middle East Gulf producers. click here .
Jul 20 - U.S. fuel terminal operator to offer higher ethanol blend
Midwest fuel terminal operator HWRT Oil Company LLC will become the first U.S. company to sell pre-blended fuel with 15 percent ethanol content in the coming months, the latest sign that more of the biofuel is making its way to the gas pump. HWRT will begin selling the preblended fuel out of its four terminals in Illinois, Arkansas and Indiana in mid-September, the company said on Tuesday, a move that follows announcements by fuel retailers including Power Energy Corp and Thorntons that they will add pumps to sell higher ethanol blends in the Chicago area. click here .
Jul 20 - Chesapeake sued for allegedly rigging U.S. oil, natgas leases
Investors who sold oil and natural gas land leases to Chesapeake Energy Corp and now-bankrupt SandRidge Energy Corp sued Chesapeake and Tom Ward, SandRidge's former CEO, alleging that they conspired to depress the market for those leases. Chisholm Partners LLC, an investment firm that owned leases in Kansas, and other leaseholders said the alleged conspiracy started around Dec. 27, 2007 and continued until at least March 31, 2012, according to a complaint filed in federal court in Kansas on July 13. click here .
Jul 20 - Libya suspends Sarir oil output due to Hariga port protest
A protest over wages that has shut the eastern Libyan oil terminal of Hariga has forced the operator of the Sarir oil field to suspend production of 100,000 barrels per day, an oil company spokesman said on Tuesday. Omran al-Zwai, spokesman for Libya's eastern state oil firm AGOCO, said production at the Messla oil field would also be reduced to a minimum within four or five days if exports continued to be blocked from Hariga. click here .
Jul 19 - Iraq undercuts Saudi Arabia in Q2 to grab top spot in India oil market
Iraq overtook Saudi Arabia for the first time to become India's top oil supplier in the June quarter, helped by sales of discounted heavy crude that refiners have also been using to make bitumen to build roads in the world's No.3 oil consumer. State oil firm Saudi Aramco has traditionally been the main supplier to India and Riyadh could face pressure to deepen crude price cuts to regain market share, particularly ahead of the planned listing of Saudi Aramco. click here .
Jul 19 - Dark cloud of offshore fuel storage rising over oil price
This has not been the summer many oil traders had expected after last year's bumper profits. Banking on more of the same, the world's refineries have churned out more diesel, gasoline and jet fuel than eager drivers and holiday makers have been able to consume even over the summer travel season. click here .
Jul 19 - ExxonMobil's offer for InterOil a model for buying at the bottom: Russell
ExxonMobil Corp's bid to buy a junior natural gas explorer in a remote Pacific country shows that rare corporate ability of planning a deal at the bottom of the commodity cycle that holds the promise of long-term returns. ExxonMobil has offered at least $2.2 billion for InterOil Corp in order to obtain the smaller company's natural gas assets in Papua New Guinea. click here .
Jul 19 - Iran targets oil sales to China teapots via Trafigura - sources
An Iranian crude cargo loaded by trading house Trafigura is set to arrive in east China this week, heating up the race among oil suppliers to meet the rise in demand for imports from China's independent refineries, trade sources said. Only last year, China's independent oil refiners, known as teapots, were granted licenses to import crude in line with Beijing's efforts to boost competition in a sector dominated by state-run groups. Frenzied buying by the teapots followed, drawing in rare supplies from both Saudi Arabia and Kuwait. click here .
Jul 18 - Saudi always reacts to oil supply and demand, watching market - minister
Saudi Arabia's energy minister said on Sunday the kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments. Khalid al-Falih also said that final agreements with foreign investors taking part in state oil giant Saudi Aramco's huge ship repair and shipbuilding complex that it is developing at Ras al-Khair would be signed "over the next few weeks and months". click here.
Jul 18 - U.S. gas prices must rise to rebalance market: Kemp
The U.S. natural gas market is on an unsustainable course as low prices stimulate strong growth in consumption while production is flat or falling. U.S. power producers burned a record amount of gas last winter despite mild weather as cheap prices and stricter environmental regulations encouraged a shift away from coal. click here.
Jul 18 - Speculators add to bullish U.S. crude bets for 1st time in 3 weeks - CFTC
Hedge funds raised their bullish bets on U.S. crude oil for the first time in three weeks, industry data released on Friday showed, as a technical rebound lifted the market from worries about a global glut that had hammered it to two-month lows. The U.S. Commodity Futures Trading Commission reported that money managers, including hedge funds and other big speculators, raised their combined net longs in U.S. crude futures and options in both New York and London by 8,306 contracts to 180,564 contracts in the week to July 12. click here.
Jul 18 - U.S. oil drillers add rigs for third week in a row - Baker Hughes
U.S. drillers this week added oil rigs for a third week in a row, according to a closely followed report Friday, as some producers boost spending and increase activity to capture higher prices in the future despite a recent slump in crude prices. Drillers added six oil rigs in the week to July 15, bringing the total rig count up to 357, compared with 638 a year ago, energy services firm Baker Hughes Inc said. click here.
Jul 15 - BP puts 2010 Gulf of Mexico penalties at $62bln
BP on Thursday estimated costs from its deadly 2010 Gulf of Mexico spill will total $61.6 billion after it agreed to a new $5.2 billion charge it said largely drew claims to a close.The company said it will record an after-tax charge of around $2.5 billion in its second quarter as a result of the latest charge. click here.
Jul 14 - OPEC delegates say Saudi comments show higher oil price desire
OPEC delegates say comments from top exporter Saudi Arabia, which two years ago led the group to drop its historic role of supporting oil prices, are a change in tone and a sign the kingdom is looking - verbally for now - to prop up the market.Khalid al-Falih, who took over this year from longserving Saudi oil minister Ali al-Naimi, told German newspaper Handelsblatt that an oil price higher than $50 is needed to achieve a balance in oil markets in the long term. click here .
Jul 14 - Depleted crews, idled rigs lie in shale oil's path to revival
Two years ago, Reg MacDonald's 20-day drilling classes were packed to capacity, with nearly 40 students eager to land lucrative jobs in the booming oil and gas industry. Now he is lucky if he gets half a dozen to enroll.The latest rout in oil prices has been the last straw for many workers just getting back on their feet after the last downturn in 2008, said MacDonald, president of Maritime Drilling Schools Ltd in Nova Scotia, Canada, which trains both entry-level and experienced workers for oilfield jobs all over the world. click here .
Jul 14 - Surprise U.S. gasoline stock build crimps refiner margins
U.S. gasoline and distillate stocks surged unexpectedly last week, data showed on Wednesday, crimping margins for refiners at the height of summer driving season, a time when they generally enjoy healthy demand and profits.Almost two months into the start of a summer when Americans were expected to take to the road at record rates, some 1.2 million barrels of gasoline landed in storage tanks last week, the Energy Information Administration said on Wednesday. click here .
Jul 14 - Nigerian oil trade union suspends strike
A Nigerian union representing oil workers has suspended a strike that some feared would lead to fuel shortages and disrupt crude production, one of its leaders said on Wednesday.The strike by about 10,000 members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which includes refinery workers and office staff, began on Thursday over issues that include oil sector reforms and pay. click here .
Jul 13 - Oil and shipping markets on edge after South China Sea ruling
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway.A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines and had no legal basis to its historic claims in the South China Sea, a major shipping lane between Europe, the Middle East and Africa. click here .
Jul 13 - OPEC sees tighter 2017 oil market, Brexit drag on economy
OPEC on Tuesday gave an upbeat outlook for the oil market in 2017, saying global demand for its crude would be higher than its current production and pointing to a supply deficit rather than a sizeable surplus that has weighed on prices.However, the Organization of the Petroleum Exporting Countries in a monthly report also cut its forecast for world economic growth this year, citing increased uncertainty following Britain's vote to leave the European Union and said the pace of oil demand growth would slow slightly next year, in its first 2017 forecast. click here .
Jul 13 - Supertankers loading oil at Iraq's Basra port after pipeline leak repair
Two supertankers are loading crude at Iraq's southern port of Basra, resuming operations after a brief outage caused by an oil pipeline leak that has been repaired, shipping sources said.Supertankers Front Commodore and New Frontier are currently loading oil at the Basra Oil Terminal, they said on Tuesday. click here .
Jul 13 - Kuwait studies privatisation of oil services, not output
Kuwait is considering privatising its oil services sector, a senior finance ministry official said on Tuesday, although any plans would not include its production capability.The finance ministry and state-run Kuwait Petroleum Corporation are studying which sectors and services may be privatised, Undersecretary Khalifa Hamada told a news conference. click here .
Jul 12 - Iraq halts Basra Light crude oil loading after pipeline leak
Iraq has suspended Basra Light crude oil loading at two export terminals in the country's south after a pipeline leak, four shipping and trade sources said on Monday.One of the sources said the suspension at the Basra Oil Terminal and the smaller Khor al-Amaya terminal took place on Sunday and there were 15 Very Large Crude Carriers (VLCCs) and Suezmax tankers in the queue. A VLCC can load up to 2 million barrels and a Suezmax has capacity of 1 million barrels. click here.
Jul 12 - Nigerian oil union leaders, government hold talks over strike
Leaders of a Nigerian trade union whose members are on strike held talks with government officials on Monday aimed at resolving the dispute, the Nigerian National Petroleum Corporation (NNPC) and a union leader said.The strike by about 10,000 Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) members, including refinery workers and office staff, began on Thursday over issues the union said were "critical to the survival of the oil and gas industry in the country". click here .
Jul 12 - Hedge funds push oil prices lower: Kemp
Continued hedge fund liquidation of former bullish bets on oil and the establishment of new short positions have kept crude prices on the defensive over the last month.Hedge funds and other money managers cut their bullish bets on crude oil by another 22 million barrels over the seven days ending on July 5. click here.
Jul 12 - CEFC Intl's Singapore oil trading team quits - sources
Singapore-listed CEFC International's oil trading team resigned over the weekend, three sources with direct knowledge of the matter said.The Singapore-based team, including the company's vice president of trading Liu Lei and six members Liu hired over the past six months, decided to quit because of an "internal policy shift" by the company, one of the sources said. click here .
Jul 12 - China to slow energy project construction, shifts to capacity cuts-Xinhua
China will ban the construction of new coal-based chemical facilities and coal-fired power plants until 2018 and continue to shed overcapacity in coal mining and oil refining, state news agency Xinhua reported on Monday.As part of China's 2016-2020 energy plan, expected to be officially unveiled soon, the new measures will cap total national energy consumption at 5 billion tonnes of standard coal equivalent by 2020, and put a ceiling on coal consumption at 4.1 billion tonnes, Xinhua reported. Coal equivalent measures the energy given off by different fuels in a standardised way regardless of type, such as coal, oil or natural gas. click here.
Jul 12 - North Sea oil output to resume decline in August-schedules
North Sea crude output is set to fall in August, tanker loading programmes indicated, potentially tightening a market that has been under pressure from ample supplies.Supply from 12 North Sea crude streams will average 1.86 million barrels per day (bpd), down from July's rate of 1.95 million bpd, according to Reuters calculations based on loading programmes provided by trade sources. click here .
Jul 11 - Oil funds hold down risk, eye volatility after weak first half
Oil's big rebound in the first half of the year was a squandered opportunity for most hedge funds with positions in crude, and a surge in volatility is likely to make it harder for them to call the market in the second half.The majority of hedge funds in the oil universe posted sparse returns in the six months to June even as crude rebounded from 12-yearlows to post a 30 percent gain. click here.
Jul 11 - Asian oil refiners cut output to fight oversupply, low margins
Oil refiners in Asia are processing less crude as they grapple with margins that plunged to five-year lows after the region was flooded with supply of refined products and as slowing economic growth hits demand for fuels.Asian refiners typically increase utilisation rates from July after carrying out regular maintenance in the second quarter, building stocks of fuels such as diesel and gasoline to meet demand that peaks in summer. click here.
Jul 11 - Bottlenecks expected as more Canadian oil meets tight pipe space
Deeply-discounted prices for heavy crude from the heart of Alberta's oil sands look set to sink further, thanks to hundreds of thousands of barrels of new supply that will have difficulty finding space in crowded pipelines, traders say.It would be another hit for Canada's ailing oil sands producers, who have slashed millions in capital expenditures and been forced to lay off thousands of workers over the two-year downturn in oil prices. click here.
Jul 11 - Hedge funds' bullish U.S. oil bets drop to near 4-month low
Hedge funds are holding the smallest numbers of bullish bets on U.S. crude oil since March, data showed on Friday, amid worries the global economy will slow and energy demand will not be enough to absorb a petroleum glut.Money managers, including hedge funds and other big speculators, cut their combined net longs in U.S. crude futures and options in both New York and London by 6,732 contracts to 172,258 contracts in the week to July 5, data from the U.S. Commodity Futures Trading Commission showed. click here.
Jul 11 - Shell CEO warns Brexit could slow $30 bln asset sale plan
Royal Dutch Shell's chief executive, Ben van Beurden, has told investors that Britain's decision to exit the European Union could slow its $30 billion asset sale plan, especially in the North Sea which had struggled to attract buyers for years.The comment, made during an investor and analyst event at the Wimbledon tennis tournament this week, came as Shell mandated Bank of America Merrill Lynch to find buyers for several key assets in the North Sea, including its stake in the lucrative Buzzard oilfield, hoping the sale would raise at least $2 billion. click here.
Jul 08 - Libya oil guards back NOC state oil company, preparing to reopen fields
Libya's oil guard brigades, which control Ras Lanuf and Es Sider, two major export terminals closed since 2014, are working with the unity government's state oil company, NOC, and preparing to reopen fields to pump crude again, a spokesman said on Thursday. The spokesman for Ibrahim Jathran's PFG forces did not give any details whether that would include reopening the two ports soon. Starting shipments there would restore a potential 600,000 barrels per day of crude export capacity. click here.
Jul 08 - U.S. crude inventories fall for seventh straight week – EIA
U.S. crude oil inventories fell for a seventh consecutive week, within analysts forecasts but far less than market expectations amid a drop in refinery runs and higher imports, while gasoline stocks also fell less than expected, the U.S. Energy Information Administration said on Thursday. Crude inventories fell 2.2 million barrels in the week to July 1, inline with analysts' expectations for a decrease of 2.3 million barrels. Crude futures, however, had risen after the American Petroleum Institute, a trade group, late Wednesday reported a much bigger 6.7 million-barrel drop. click here.
Jul 08 - Norway union warns of oil service strike, may hit output
Labour union Industri Energi on Thursday said a large number of workers at Norwegian oil service firms will go on strike later this year unless a wage deal is found in upcoming mediation. Voluntary wage talks for 6,500 union members at around 60 companies broke down on Wednesday. click here.
Jul 08 - Brazil committee votes to end exclusive Petrobras subsalt rights
A bill that would allow companies other than state-led Petrobras to run new oil and gas projects in Brazil's prolific subsaltregion advanced on Thursday when a committee of the lower house of Congress voted to recommend it in hopes of reviving stalled petroleum investment. The bill, already passed by Brazil's Senate, will now move to the full lower house in Brasilia for a vote expected as early as next week. click here .
Jul 07 - The oil industry is losing the burn of Asian demand
After half a year of strong oil price rises, Asian crude demand is slowing and by some measures falling, and many market participants suspect it is not just a cyclical phenomenon, but also a product of more permanent structural changes. With years of annual economic growth of 7-10 percent in China and similar recent figures from India, Asia-Pacific has overtaken the Americas to become the world's biggest oil consuming region, accounting for almost 40 percent of global demand. click here.
Jul 07 - Cruel summer for U.S. refiners as margins tank
Summer driving season is in full swing and American motorists are filling their tanks at a healthy clip, but that is not swelling the profit margins as much as usual at U.S. independent oil refiners such as PBF Energy Inc and Valero Energy Corp. In April, executives shrugged off the industry’s lousy first quarter as an aberration that would be remedied this summer. click here.
Jul 07 - Trade house Trafigura loads first cargo of Iranian crude
Trading house Trafigura has loaded its first major cargo of Iranian crude oil for delivery to Asia, industry sources and ship tracking showed. Trafigura loaded the crude onto the Olympic Target tanker, capable of holding 2 million barrels of oil at the end of June, according to a shipping source. click here.
Jul 07 - Norway oil service firms, unions fail to agree wage deal
Wage negotiations between Norwegian oil service workers and their employers failed early on Wednesday, the Industri Energi trade union said in a statement. The Norwegian Oil and Gas Association, which represents the employers, separately said the negotiations had been put on hold for the time being. click here.
Jul 07 - Russia grants broader access to exchanges before Urals futures launch
Russia has granted foreign firms direct access to commodities trading on Russian exchanges in a move intended to facilitate the launch of Urals crude futures later this year. Russia's largest commodities exchange said on Wednesday foreign companies could now trade commodities or derivatives based on them without having a registered branch in Russia, following changes approved by President Vladimir Putin. click here.
Jul 06 - Crisis-struck Venezuela sends fuel oil tankers into tight Singapore market
Crisis-struck Venezuela is sending two supertankers filled with fuel oil across the oceans to Singapore, in what traders described as a surprise move that could help reduce a tight market. Shipping data in Thomson Reuters Eikon shows that two fully-laden very large crude carriers, the New Dream chartered by PetroChina and the Trafigura-chartered Britanis, are heading to Singapore with 270,000 tonnes each of fuel oil from the Bonaire Terminal owned by Petroleos de Venezuela. click here.
Jul 06 - Commodity trade in UK may have some position limit leeway after Brexit
Britain-based commodity exchanges may have some leeway in the way they manage large positions after the UK exits the European Union, but they will still have to comply with EU rules from 2018, experts say. Position limits, a way of controlling how much of an individual commodity trading firms can hold, are being introduced for the first time in the Markets in Financial Instruments Directive II (MiFID II) from January 2018. click here.
Jul 06 - Saudi Arabia's oil reserves: how big are they really? Kemp
“How much oil lies beneath the desert sands of Saudi Arabia and how long will it last before running out?” is a question that has intrigued and confounded oil experts for five decades. The kingdom has proven reserves of 266 billion barrels according to government estimates submitted to the Organization of the Petroleum Exporting Countries (“Annual Statistical Bulletin”, OPEC, 2015). click here.
Jul 06 - US shale firms' Q1 hedging rush may squeeze margins, spur output
As oil prices began recovering from 13-year lows early this year, U.S. shale producers ramped up their hedges against another slump on a scale unseen for at least a year, a Reuters analysis of company disclosures shows. A review of disclosures by the largest 30 U.S. shale firms showed 17 of them increased their hedge books in the first quarter, the most at least since early 2015. click here.
Jul 06 - India's top shipping firm to resume sailing to Iran, boosting shares
Shipping Corporation of India (SCI) will resume sailing to Iran this month after a four-year gap, transporting an oil cargo for a state-run refiner, the chairman of India's biggest shipping company said on Tuesday. The news sent SCI shares trading on a weak Mumbai market up about 9 percent, marking the biggest percentage rise for the shipping company since September, 2015. click here.
Jul 06 - Kazakhs, Chevron-led group approve $37 bln Tengiz field expansion
Kazakhstan and a group of oil companies led by Chevron have approved a $36.8 billion plan to boost production at the Central Asian country's Tengiz field, a rare major investment in an industry hit by low prices and a boost to the local economy. The field, one of the world's biggest, already accounts for more than a third of total crude output in Kazakhstan, which is the biggest former Soviet oil producer after Russia. click here .
Jul 05 - Shell seeks $2bln from Aramco in Motiva JV breakup
Royal Dutch Shell has asked Saudi Aramco for up to $2 billion as part of the breakup of their giant Motiva Enterprises refining joint venture in the United States, the latest stumbling point in a partnership fraught with tension. The payment would be compensation for the Saudi company retaining a larger share of the nearly two decade-old JV. Its split was announced in March and is expected to be completed in October but disagreements over the payment could postpone the final date, sources close to the talks told Reuters. click here.
Jul 05 - Iranian officials revive ghost of oil deals disliked by majors
Iran's officials are reviving the idea of developing oil fields using buy-back deals that international oil companies dislike, suggesting renewed tensions between hardliners and reformists over the future of the industry. Iran needs money to boost output from its oil reserves, the world's fourth largest, because production has been crippled by years of Western sanctions. Some of these were removed in January. click here .
Jul 05 - China's CNOOC completes $2 bln upgrade at coastal refinery
China National Offshore Oil Company, or CNOOC, has started operating an upgraded refinery project in eastern China following a 13-billion yuan ($1.95 billion) revamp programme, which will enable the plant to produce premium-quality fuel and high-value petrochemicals, according to a company official and state media report. CNOOC added 15 production units at Daxie Petrochemical, located in coastal city of Ningbo, boosting its annual production capacity to 7 million tonnes, Xinhua news agency cited CNOOC as saying on Sunday, without giving a comparison. click here .
Jul 05 - Gunvor in talks to invest in U.S. refinery - sources
Swiss trading house Gunvor is in advanced talks to restart a New Jersey asphalt refinery in another attempt to expand in the United States as it continues to sever ties with Russia, sources close to the matter said. The pursuit comes a little more than two years after the U.S. Treasury Department placed sanctions on one of Gunvor's co-founders, Russian businessman Gennady Timchenko, briefly plunging the firm into a crisis. click here .
Jul 05 - Gasoline tankers drop anchor off New York as stocks brim
At least two tankers carrying gasoline-making components have dropped anchor off New York Harbor for nearly a week, unable to discharge their cargoes in the latest sign that storage for the fuel is running out, traders said. Several tankers with gasoline have also been diverted from the New York region to Florida and the U.S. Gulf Coast in recent days, a rare move that underscores oversupply in the pricing hub for the benchmark U.S. gasoline. click here .
Jul 05 - Hedge funds to U.S. refiners: produce more diesel, less gasoline
Hedge funds and other money managers are betting diesel and heating oil will take over from gasoline as the main driver of U.S. refinery profitability in the second half of the year. For the past 18 months, refiners have been rewarded for maximising output of gasoline and minimising production of diesel, but that could all be about to change. click here .
Jul 04 - Saudi energy minister says oil market heading toward a balance, prices beginning to settle -state media
The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA. The statement said Khalid al-Falih and the Organization of the Petroleum Exporting Countries' newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of OPEC in maintaining the stability of oil markets. click here.
Jul 04 - Asian buying of West African crude to edge higher in July
Loadings of West Africa oil heading for Asia are set to edge higher in July, supported by firm demand for Angolan oil from China and India, a Reuters survey of shipping fixtures and traders showed. The roughly 1.7 million barrels per day (bpd) scheduled to sail east in July as of now could well move higher, shipping sources said, as some buyers are waiting to book vessels amid weakening freight costs. click here .
Jul 04 - Saudi Arabia keen to expand China energy investments
Saudi Arabia wants to expand its investments in China's energy industry, its Energy Minister Khalid al-Falih said late on Friday, part of the world's top oil exporter's efforts to boost cooperation with a top customer. Falih's comments were made in an emailed statement after discussions with China's Vice Premier Zhang Gaoli and other officials in Beijing during a G20 ministerial meeting. click here .
Jul 04 - India's Iran oil imports surge in June - tanker data
India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows. In the first half of 2016 India's Iran oil imports surged by about 58 percent to about 342,000 bpd, the data showed, in comparison with 216,500 bpd in the same period last year. click here .
Jul 04 - In sign of progress, Libya's rival NOC oil companies agree to merge
Libya's state energy company National Oil Corporation has agreed to merge with a rival company established in the east by one of the country's two former competing governments, the NOC said in a statement. The merging of the two NOCs is a positive step to recovering the OPEC member's oil sector which has been battered by militant attacks, rival export attempts and closures of pipelines and oil ports by armed factions. click here .
Jul 04 - BP-Exxon impasse blocks renewal of giant Azeri oil deal - sources
U.S. oil major Exxon Mobil and Britain's BP are at loggerheads over a giant oil production deal with Azerbaijan, blocking renewal of what was once called "the contract of the century", three high-level industry sources told Reuters. BP, which operates the Azeri-Chigar-Guneshli (ACG) fields in the Caspian Sea and relies on them for a tenth of its global output, has tentatively agreed terms with the Azeri government on extending the 30-year contract, they said. click here .