Friday, July 19, 2019

Bnp Paribas News

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings…

Delek Nearing Deal for Chevron's North Sea Fields

(Photo: Chevron)

Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days, two of five sources said.U.S. oil major Chevron Corp kicked off the sale of its central North Sea oil and gas fields Alba…

MOL, Mitsui Join in Modec FPSO Project

Pic: MODEC

Mitsui O.S.K. Lines and Mitsui & Co have participated in a long-term charter business  operated by MODEC for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Area 1 block offshore Mexico and a loan agreement for the Project was entered into on April 12, 2019.Mitsui and MOL invested in Area1 Mexico MV34 B.V. ("MV34"), a Dutch company established by MODEC…

Oil Hovers Near Five-Month Highs

© Lukasz Z / Adobe Stock

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 Prices Near Flat

© namning / Adobe Stock

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.

Oil Rises on Market Rebalance, Trade Deal Hopes

file CREDIT: AdobeStock / © Redindie

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.

Oil Dips After Record U.S. Shale Forecast

file Image: AdobeStock / © LucaDP

U.S. sanctions on Iran, Venezuela tighten markets, but soaring U.S. shale output offsets some of the disruption.Oil fell on Wednesday after the U.S. government said shale output would rise to a record next month, denting a rally that sent prices to their highest this year.Brent futures eased by 53 cents to trade at $65.92 a barrel by 1312 GMT, still within sight of Monday's high for the year of $66.83. U.S.

Oil Below 2019 highs on OPEC Cuts

File Image: AdobeStock / © Redindie

U.S.-China trade talks this week also in focus.Oil was close to its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although gains were capped by concerns about slowing economic growth that could hit demand.The supply curbs led by the Organization of the Petroleum Exporting Countries have helped crude oil prices to rise more than 20 percent this year. U.S. sanctions…

Barclays Rejects Arctic Drilling

Image: NERC

U.K.-based international bank Barclays  announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy  rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London…

Oil Prices Climb on OPEC-led Cuts

(File photo: OPEC)

Oil prices ended more than 2 percent higher on Friday after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were capped by concerns that the cuts would not offset growing production.The Organization of the Petroleum Exporting Countries and its Russia-led allies, referred to as "OPEC+," agreed to slash production…

Oil Surges 5 pct as OPEC Agrees Output Cut

© sakhorn38 / Adobe Stock

Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.U.S. light crude rose $2.62 to a high of $54.11 a barrel before…

Oil Falls as High Inventories Outweigh Likely OPEC Cuts

© photollurg / Adobe Stock

Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20…

Oil Gains on Talk of Supply Cut

© Georg Lehnerer / Adobe Stock

Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies would agree to cut output next month, though prices were set to for a weekly drop on underlying concerns that the global market was oversupplied.OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week.

Bahrain's Oil Company Targets $1 Bln Through Dual-tranche Bond

Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa, Chairman (Photo: Nogaholding)

Bahrain's state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S.

Oil Extends Rally as Trump Reiterates Commitment to Iran Sanctions

© jaflippo / Adobe Stock

Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.Brent crude futures were up 87 cents, or more than 1 percent, at $82.07 a barrel by 10:43 a.m. EDT (1443 GMT) having touched a session peak of $82.22, the highest price since November 2014.The oil price is on course for its fifth consecutive quarterly increase…

Oil Prices Surge After OPEC Rebuffs Trump

© GalinaSt / Adobe Stock

Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal…

Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite

© Namthip / Adobe Stock

Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77.60 by 1330 GMT. U.S. light crude was 55 cents higher at $68.30."A higher oil price scenario is built on lower exports from Iran due to U.S. sanctions, capped U.S.

Gulf Platforms Shut ahead of Hurricane

© Robert Cocquyt / Adobe Stock

U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon…

Oil Prices Jump as Gulf of Mexico Rigs Evacuated

© Mike Mareen / Adobe Stock

Oil prices rose sharply on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.U.S. light crude rose $1.60 a barrel from Friday's close to a peak of $71.40, its highest since mid-July, before easing slightly to around $71.15 by 1140 GMT. U.S. markets were closed on Monday for Labor Day.Benchmark Brent crude, which traded on Monday, was up $1.10 at $79.25 a barrel…

Oil Rises on Iran Sanctions, and Dip in U.S. Fuel Inventories

File Image: CREDIT AdobeStock / © Scanrail

Global oil markets to tighten towards end of 2018 - IEA.Oil prices rose on Thursday, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.Benchmark Brent crude oil was up 60 cents a barrel at $77.74 by 1320 GMT. U.S. light crude was 40 cents higher at $69.91.Brent has risen by almost 10 percent over the past two weeks…