Friday, February 22, 2019

American Petroleum Institute News

Oil Rises on Market Rebalance, Trade Deal Hopes

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Trump open to extending March 1 deadline for China trade talks.Crude prices rose nearly 2 percent on Wednesday, with Brent hitting its highest this year, on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela.Prices were also supported by strong equity markets after signs of progress in trade talks between the United States and China.U.S. President Donald Trump…

Oil Rises After Saudi Pledge, Declining U.S. Inventories

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Oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, and after an industry group reported a surprise decline in U.S. oil inventories.Brent crude, the global benchmark, was up $1.07, or 1.7 percent, at $63.49 a barrel at 9:55 a.m. EST (14:55 GMT), while U.S. West Texas Intermediate futures were up 91 cents, or 1.7 percent, at $54.01."The feel-good factor is back in play but oil bulls are by no means out of the woods yet…

Oil Slips Below $62 as U.S. Inventories Rise

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API reports increase in U.S. crude stocks; Venezuela sanctions yet to spark rally but still supportive.Oil fell below $62 a barrel on Wednesday after a report showed a rise in U.S. crude inventories, countering expectations of a tightening market in 2019 because of OPEC-led supply cuts and U.S. sanctions on Venezuela.U.S. crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said. The government's official supply report is due later on Wednesday."The fact that U.S.

US to Become Third Largest LNG Exporter in 2019

Pic: Center for Liquefied Natural Gas (CLNG)

The coming year is expected to make the U.S. the third largest exporter of liquefied natural gas (LNG) in the world, creating jobs stateside while reducing emissions and providing reliable energy to countries around the world, said American Petroleum Institute (API).API, Center for LNG, and LNG Allies, the three national trade associations specializing in U.S. LNG, today issued a first-of-its-kind joint statement on the extraordinary developments expected in U.S.

Oil Rises Above $57 on China-U.S. Trade Talks, OPEC Cuts

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Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.The Organization of the Petroleum Exporting Countries cut crude output in December, a Reuters survey showed, and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.Brent crude, the global benchmark, was up $1.40 at $57.35 a barrel at 1423 GMT. U.S.

Oil Slips Back Toward 18-month Lows

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Oil prices fell on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.Brent crude oil dropped $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.45 by 1415 GMT. U.S. light crude oil slipped $1.30 to $44.92 and was last 70 cents lower at $45.52.Oil prices reached multi-year highs in early October but are now approaching their…

U.S. Crude Oil Stockpiles Dip, Gasoline Builds - EIA

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U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.The crude drawdown was also short of an over 10 million-barrel decline reported late Tuesday by industry group The American Petroleum Institute."The…

Oil Rise as Global Equities Climb, Libya Output Drops

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Oil futures rose on Tuesday with the help of an increase in global stock markets, an outage reducing Libyan crude production and a gradual decrease in Russian output.Brent futures rose 45 cents, or 0.7 percent, at $60.44 a barrel by 11:58 p.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 1.5 percent, at $51.79. Earlier, both contracts rose over $1 a barrel."The complex is getting a lift from a pop in global risk appetite this morning as underscored by a strong advance in U.S.

Oil Slips Below $60

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Oil slipped to below $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.U.S. crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday. Saudi Arabia on Wednesday dampened hopes of production cuts by OPEC and its allies by saying it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.The outcome of next week's OPEC meeting "remains clouded by uncertainty", said Stephen Brennock of oil broker PVM.

Oil Bounces Above $63 After Slide

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Oil bounced above $63 a barrel on Wednesday to claw back some of the previous day's 6 percent plunge, lifted by a report of an unexpected decline in U.S. crude inventories.The American Petroleum Institute (API) said on Tuesday that U.S. crude stocks last week fell by 1.5 million barrels, easing concerns for now that a supply glut is building up."The move yesterday was extremely sharp; after such moves you expect to have some rebound," said Olivier Jakob, analyst at Petromatrix.

Oil Slumps 7 Percent

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Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT). The contract fell as much as 7.7 percent earlier in the session to $52.77 a barrel, the lowest since October 2017.So far in the session…

Oil Drops 4 pct as Equities Slide Sparks Demand Worries

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Oil prices fell about 4 percent on Tuesday, with U.S. crude plunging to its lowest in over a year, caught up in Wall Street's broader selloff fed by growing concerns about slowing global growth.U.S. West Texas Intermediate (WTI) crude futures were at $54.72 per barrel, down $2.48, or 4.3 percent by 11:14 a.m. EST (1614 GMT). The contract fell as much as 6.2 percent earlier in the session to $53.63 a barrel, the lowest since October 2017.So far in the session, more than 585,000 U.S.

Oil Gains Despite Potential Supply Glut on the Horizon

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Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, is considering a cut of up to 1.4 million barrels per day (bpd) next year to avoid the kind of build in global inventories that prompted the…

API Enhances Offshore Safety Standard

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The American Petroleum Institute (API) released its newest valve standard as part of the industry’s continuous efforts to improve operational safety and environmental protection.According to a release from the agency, the “Specification 6A” governs the design and operations of the critical safety valves at wells used in the offshore and onshore oil and gas industry. The latest edition includes new automatic closure requirements, to ensure additional protection…

Oil Prices Fall as Global Supply Rises

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Oil prices fell for a third day on Wednesday on evidence of rising global supply despite the imposition of U.S. sanctions next week that are already curbing Iranian crude supply.Benchmark Brent crude oil was down 40 cents at $75.51 a barrel by 1410 GMT. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09.U.S. light crude was 25 cents down at $65.93. It hit a two-month low of $65.33 a barrel on Tuesday.New U.S. sanctions on Iran begin on Nov.

Oil Rises Towards $77 After Slide, Demand Outlook Weighs

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Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming U.S. sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed.In a sign Iranian exports will drop further once the sanctions take effect on Nov. 4, two people with direct knowledge of the matter said two Chinese state-owned refiners were not planning to load Iranian oil for November.Brent crude, the global benchmark, was up 52 cents at $76.96 a barrel at 1325 GMT. It fell earlier in the day to $75.11, the lowest since Aug. 24. U.S.

Oil Prices Fall Ahead of U.S. Crude Stocks Data

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Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.U.S. light crude oil was 80 cents lower at $71.12.Official oil inventory data from the U.S.

Oil prices rise on signs of falling Iranian oil exports

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Oil prices rose on Tuesday on signs of falling Iran oil exports ahead of U.S. sanctions against Tehran in November, while geopolitical tensions remain over a missing Saudi journalist.International benchmark Brent crude for December delivery rose 9 cents, or 0.1 percent, to $80.87 per barrel by 0032 GMT.U.S. West Texas Intermediate crude for November delivery was up 5 cents at $71.83 a barrel.Iran has exported 1.33 million barrels per day (bpd) to a few countries including India and China in the first two weeks of October…

Bill Allowing US to Sue OPEC Drawing Renewed Interest

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With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.The bill would change U.S.

Oil Eases, but Iran Sanctions Keep Prices Well Above $80 a Barrel

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Oil prices eased on Wednesday but were still heading for a fifth consecutive quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.Brent crude futures were last down 49 cents on the day at $81.38 a barrel by 1351 GMT, after having risen to as much as $82.55 on Tuesday, the highest since November 2014.U.S. crude futures were down 35 cents at $71.93 a barrel.The United States will apply sanctions to halt oil exports from Iran…