Thursday, April 27, 2017

Hamza Khan News

OPEC's War On Oil Overhang Starts to Bear Fruit

© Stephen Allen / Adobe Stock

OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline. The price of oil may not reflect this just yet, as Brent crude futures are struggling to recover its losses for the year to date and break above $55 a barrel.

Oil at One-Month High after U.S. Missile Strike

Syria missile strike bears no impact on oil market fundamentals; two Canadian oil sands producers cut output after fuel shortage. Oil prices hit a one-month high on Friday after the United States fired missiles at a Syrian government airbase, sending shockwaves…

Oil Rises Ahead of U.S. Data, Asia Weighs

Worries over Asian growth weigh on demand outlook. Oil prices rose on Thursday ahead of weekly U.S. stocks data, despite fresh signs of an economic slowdown in China and Japan. Crude prices have fallen more than 3 percent this week on persistent worries over global demand and a supply glut.

Oil Up on OPEC Price Optimism

Weaker dollar, OPEC demand outlook support. Oil futures rose towards $48 a barrel on Monday as OPEC said it expected global demand to remain strong next year, while weak Chinese trade data and concerns over rising supplies weighed. A weaker dollar further supported oil…

Oil Trades Near Three-month Low

Iraqi grades selling as low as $30 a barrel; EIA data shows 8th consecutive week of U.S. stock build. Brent crude oil futures traded near three-month lows on Friday as the pressure of a persistent supply glut quashed any optimism about a price recovery. An early rally in Brent crude proved difficult to sustain…

Brent Oil Set for Biggest Monthly Gain

Brent crude was heading for its biggest monthly rise in seven years on Friday, touching 2016 highs as a weak dollar and falling U.S. production tempered concerns about an excess of physical oil. A looming rise in Middle East output capped gains, but investor…

Brent Crude Defies Glut with Big Monthly Gain

Weakening dollar, falling U.S. output lift market. Brent crude was heading for its biggest monthly rise in seven years on Friday, touching fresh 2016 highs as a weak dollar and falling U.S. production tempered concerns about a lingering excess of physical oil.

Oil Bounces Back From Two-month Lows on Weaker Dollar

Crude futures on Tuesday bounced back from two-month lows, helped by a weaker dollar, but an oil inventory glut and a drop in bullish bets by investors weighed on prices. Brent crude was up $1.29 at $47.54 per barrel at 1218 GMT. U.S. West Texas Intermediate crude was up $1.10 at $45.86 a barrel.

Oil Falls on Persistent Glut Fears, China Data Supports

Crude futures dipped towards $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery. Losses were capped by slightly better-than-expected Chinese economic data reflecting government efforts…

Oil Ebbs as Supply Undermines Futures Push

Analysts warn of financial/physical oil price. Brent crude futures fell on Friday after briefly nearing their 2016 high, as financial market confidence in the rally came up against a physical excess of crude. Brent traded at $52.11 at 1000 GMT, 40 cents down…

Oil Prices Volatile as OPEC Contemplates Cuts

Saudis say oil markets may re-balance even without cut. Most analysts still expect some form of cut this week. Oil prices gained more than one percent on Monday in volatile trading after falling as much as 2 percent, recouping the losses as the market reacted…

Oil Prices Regain Ground, but Glut Looms

Brent, WTI on track for strongest March rally in years; OPEC's March production up despite freeze proposal. Oil futures rebounded from early losses on Thursday but the recovery was muted as the market's focus switched back to signs of growing oil stocks. Brent crude had gained ground by midday…

Ineos to Add Talent to Support North Sea Expansion

North Sea oil and gas would supply INEOS plants in Europe; advertised positions include CEO, geologist, engineer. Swiss-based petrochemical and refining company Ineos is looking to expand into North Sea oil and gas production by hiring a number of senior and mid-level staff, its website showed on Monday.

EnQuest PLC Notifies Shares Transaction

EnQuest PLC were informed on 19 August 2014, by Capita Asset Services, that 22,069 shares previously granted to Faysal Hamza (a PDMR of the Company) on 18 August 2011 under the EnQuest PLC Restricted Share Plan, vested on 18 August 2014. The 22,069 shares have been retained by Faysal Hamza.

Shares Rise, Euro Slumps as ECB Hints at Fresh Stimulus

Stocks in major markets gained on Friday, with the benchmark U.S. index poised for its best week in a year, while the euro lost ground against the dollar as Europe's central bank said it was ready to act quickly to boost inflation. U.S. crude dipped to its…

Former BP Boss Browne is DEA Chairman

FRANKFURT, March 3 (Reuters) - DEA, the oil and gas company that German utility RWE sold to Russian billionaire Mikhail Fridman, has appointed former BP boss John Browne as its new supervisory board chairman. Fridman's investment vehicle LetterOne bought the…

UK blocks Russian Oligarchs' Deal to buy North Sea fields

The British government blocked on Saturday a deal by Russian billionaires, Mikhail Fridman and German Khan, to buy 12 oil and gas fields in the North Sea as part of their acquisition of Germany's oil firm DEA from RWE , citing possible sanctions against Russia.

Militia Clashes Spread Towards Zawiya Oil Port

Photo courtesy UK Libyan Embassy

Clashes in Libya spread from Tripoli to the western town of Zawiya near Tunisia's border, where a large oil port is located, killing four people over the last two days, local town council officials said on Thursday. Foreign governments have mostly closed their…

Bangladesh Plans to More Than Triple Oil Refining Capaci

Eastern Refinery Ltd (ERL), which supplies around 40 percent of Bangladesh's fuel needs, said it plans to more than triple its oil-processing capacity with a 3.5 million tonne-a-year unit to help meet rising domestic demand. The new unit at Patenga refinery in Chittagong will cost $1.7 billion…

UK Firm on RWE North Sea Deal

Britain will not back down over its opposition to Russian tycoon Mikhail Fridman's purchase of North Sea gas licences having cemented its objections at a meeting attended by Prime Minister David Cameron, a government source told Reuters. The British government…