Thursday, February 23, 2017

Bernstein News

Record LNG Supply Drops Price, Increases Demand

Global LNG demand to rise 9.8 pct this year. U.S. LNG exports to Asia are uncompetitive at current prices. The next two years will see the biggest ever additions made to liquefied natural gas (LNG) supplies, almost all in Asia…

Oil Prices Slip as Inventories Outweigh OPEC Cuts

Crude supplies remain plentiful in major regions; demand growth falters in China, India. Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might…

Oil Prices Slip as High Stocks Overshadow OPEC Cuts

Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.42 per barrel at 1448 GMT…

Low Commodity Prices Drive 2016 Defaults, Oilfields to Shut

Commodity prices at multi-year lows drove a rise in defaults early this year, and the oil sector could see still more unprofitable fields shut, industry analysts said on Wednesday. Debt defaults in the commodity…

Glencore Ready to Snap up Assets after Profit Rebound

Commodities trader and miner Glencore reported an 18 percent rise in 2016 profit on Thursday, buoyed by a rebound in raw material prices, and said it was well-placed financially for small acquisitions or a special dividend payout.

Pemex Appoints New Director for Commercial Arm

Mexico's state oil company Pemex said on Tuesday it had named Isaac Volin Bolok as head of its commercial arm, PMI Comercio Internacional. Volin Bolok will replace Jorge Sanchez and start the post on June 27.

Pemex Posts Q2 Loss of $4.6 Billion

Mexican national oil company Pemex said on Thursday losses narrowed in the second quarter to 83.5 billion pesos ($4.6 billion) from 84.6 billion pesos in the year-ago quarter.

Grupo Mexico Seeking Partners for Mexico Oil Auction

Mexican mining, rail and infrastructure company Grupo Mexico said on Thursday that it was looking at partnering up with companies to bid in the second phase of Mexico's first round of oil field auctions. "We are…

Workers Evacuated After Gas Leak at Mexico Platform

Mexico's state-owned oil company Pemex said on Tuesday that it was working to control a gas leak at the Sihil A platform in the Gulf of Mexico. Eighty-five workers have been evacuated, Pemex said in a tweet, but…

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields, the country's energy regulator said on Friday.

Bad Weather Closes 3 Major Mexican Oil Ports

Photo courtesy of the Port of Dos Bocas

Three of Mexico's major oil export ports along the Gulf coast have been closed due to bad weather, the Communications and Transport Ministry said on Tuesday. Cayo Arcas, Dos Bocas and Coatzacoalcos have been closed since Sunday.

Oil Rises on Russian Output Commitment

Oil near-term fundamentals positive- Bernstein. Oil edged higher on Friday as Russia reiterated its commitment to joining a producers' output freeze to stem a two-year slide in prices, but a strong dollar capped the gains.

'Ducks' and Oil: Near Term US Crude Deluge Unlikely

Conventional wisdom holds that come June a pending $5.3 billion tax break in the No. 2 U.S. oil producing state, combined with a modest uptick in oil prices, will unleash a tsunami of new shale crude supply so big that prices may slump again.

Pemex Posts Lower Oil Output in August, Exports up

Pemex HQ

Crude production from Mexico's state-owned oil company Pemex dipped slightly in August, the company said on Friday. Crude oil production last month averaged 2.255 million barrels per day (bpd), down 0.7 percent from July.

Pemex Posts Higher Output, Exports in October

Pemex HQ  Photo Pemex

Crude production from Mexico's state-owned oil company Pemex rose slightly in October, the company said on Friday. Crude oil production last month averaged 2.279 million barrels per day (bpd), up 0.4 percent from September.

Oil Lower on Exporters' Possbile Talks

Reaction to Saudi market comments cools; China crude oil production slips 8 pct to five-year low. Oil prices fell slightly on Friday, remaining near the previous day's highs, on the prospect of talks by exporters…

Oil Down as Banks Downplay Producers' Meeting Impact

Oil prices slipped on Monday after banks dampened hopes that the result of next Sunday's meeting of producers in Qatar aimed at freezing current output levels would improve the current supply-demand balance. Brent crude futures…

Big Spending Cuts Expected for Oil Companies in 2015

Plunging oil prices will prompt energy companies to cut investments in new projects by 25 percent or more in 2015, analysts said over the past week, as firms try to stay cash-flow positive and keep debt in check.

Aker Solutions Shares Jump, Beat Forecasts

Norwegian oil services company Aker Solution posted forecast-beating results in all key divisions on Friday, defying tightened spending in the sector and boosting its share price by more than 13 percent on Friday.

Oil Steady on OPEC Cuts, Dipping world Inventory

OPEC exporters appear to be cutting output as promised; world oil inventories fell sharply in Q4. Oil prices were steady on Tuesday as news of lower production by OPEC and other key exporters was balanced by reports…