Monday, October 14, 2019

American Petroleum Institute News

Milito Named NOIA President

Erik Milito (Photo: NOIA)

Veteran energy industry association executive Erik Milito has been named as the new president of the National Ocean Industries Association (NOIA) and will to take the helm of the offshore energy association effective November 1, 2019.“Erik is a strong leader and an effective communicator, qualities that make him a great fit for NOIA President and will serve our membership well. I am confident in his ability to inspire the NOIA membership and convey to the public the important role that offshore energy plays in America and beyond…

Brent Oil Prices Rise Above $60

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Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but lingering worries about a possible global recession capped gains.Brent crude had gained 26 cents, or 0.43%, to $60.29 a barrel by 0900 GMT, after settling 0.5% higher on Tuesday, while U.S. crude was up 3 cents, or 0.05%, at $56.16 a barrel.U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday.

Oil Rises Toward $65

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Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program.Benchmark Brent crude rose 33 cents to $64.44 a barrel by 1211 GMT. U.S.

Oil Prices Mixed Ahead of US Crude Sstock Data

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Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand.Benchmark Brent crude futures settled up 19 cents, or 0.3%, at $65.05 a barrel.U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel.Investors shrugged off U.S. President Donald Trump's comments on Tuesday that the United States would obliterate parts of Iran if it attacked…

Oil Falls Near 2% as U.S.-China Trade War Intensifies

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Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate crude was down $1.14, or 1.8 percent, at $61.11 per barrel.If the futures close at their current levels…

Trump Administration to Revise Offshore Safety Rules

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The Trump administration will unveil on Thursday its final plan to roll back offshore drilling safety measures put in place by the Obama administration after the fatal 2010 BP Deepwater Horizon oil spill, the worst in U.S. history, raising concerns by some groups over potential risks to workers and the environment.The Interior Department will announce the final revised rule at an afternoon event in Port Fourchon, a Louisiana seaport that services over 90% of the Gulf of Mexico’s deepwater oil production.Last year…

Oil Edges Above $71

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Oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.In Libya, fighting between Khalifa Haftar's Libyan National Army and the internationally-recognised government has raised the prospect of lower supplies from another OPEC member. U.S. sanctions on two others, Iran and Venezuela, are cutting shipments."Collapsing Venezuelan oil output and sanctioned Iranian exports have a put big question mark over supply…

Oil Slips from Five-Month High

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Oil slipped from a five-month high above $71 a barrel on Tuesday as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could further tighten global markets.Supply curbs led by the Organization of the Petroleum Exporting Countries have underpinned a more than 30 percent rally this year for Brent crude, despite downward pressure from fears of an economic slowdown and weaker demand.Brent, the global benchmark…

Oil Hovers Near Five-Month Highs

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Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, with gains capped by a surprise increase in American inventories.Brent futures had moved up 24 cents, or 0.35 percent, to $69.61 by 1220 GMT. They earlier reached $69.96 - the highest since Nov. 12, when they last traded above $70.U.S. West Texas Intermediate crude rose a cent to $62.59, having briefly hit $62.99, the highest since Nov.

Oil Rises 2 Percent

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Oil rose nearly 2 percent on Tuesday as attention centered on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining U.S. inventories.Despite concerns about weaker demand due to an economic slowdown, oil prices have risen more than 25 percent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and losses due to U.S. sanctions on Iran and Venezuela.Venezuela's…

Oil Prices Near Flat

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Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S. West Texas Intermediate (WTI) futures rose 11 cents to $59.15 a barrel.Crude oil pared earlier losses as the U.S. stock market turned positive."The oil market was worried about a global recession, and now we're kind of shaking that off and thinking that if the U.S.

Oil Gains as OPEC Sticks to Supply Cuts

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OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to prevent steeper price rises.Saudi Energy Minister Khalid al-Falih said OPEC and its partners were "taking it easy" in response to a tweet from Trump on Monday that called on the group to slacken its restrictions on crude production."We are taking it easy.

Oil Edges Up Despite Trump's OPEC Pressure

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U.S. crude inventories seen up for sixth week; prices helped by OPEC cuts, U.S. sanctions.Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S. President Donald Trump.Prices slid on Monday, when many traders were out of the office attending IP Week, a series of industry events in London, after Trump called on OPEC to ease its efforts to boost the oil market.

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…