Tuesday, September 18, 2018

Crude Oil News

Oil Higher on Lower Iran Exports, Rising U.S. Supply

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Oil prices rose on Wednesday, supported by news of a fall in Iranian crude supplies as U.S. sanctions deter buyers, but gains were limited by evidence of a rise in U.S. inventories.Benchmark Brent crude oil was up 45 cents at $76.40 a barrel by 1225 GMT. U.S. light crude was 50 cents higher at $69.03 a barrel.Iran's crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov.

Oil Prices Jump as Gulf of Mexico Rigs Evacuated

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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…

Indonesia to Issue Rules on Crude Oil Sales Next Week

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* Indonesia expects to issue rules next week prioritising Pertamina and other domestic refinery operators in sales of crude oil produced locally by contractors, Oil and Gas Director Djoko Siswanto said on Wednesday* The rules require Pertamina to agree on crude purchases at prices based on business negotiations with domestic oil producers, Siswanto told reporters at a news conference* This could affect up to 110,000 barrels per day (bpd) of oil produced by Chevron and 27,000

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

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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.

Oil Falls as Refined Products' Stocks Rise

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Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel.Both contracts were set for their first weekly loss in three.U.S. commercial…

PDVSA to Reopen Damaged Port Dock by Month's End

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PDVSA expects to reopen the south dock of Venezuela's main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters.Last week, PDVSA began diverting tankers to Puerto la Cruz for loading, but the South American country's crude exports have remained slow in recent weeks as few customers have accepted the 500…

Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline

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An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.Iran's oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil.The millions of unsold barrels of crude that had pooled around northwest Europe…

Oil Slips from 4-month Highs

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Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 65 cents a barrel at $79.09 by 1200 GMT. U.S. light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.50, down 87 cents."A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains…

Oil Slips From 4-month Highs on Economic Concerns

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Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 60 cents a barrel at $79.14 by 1330 GMT. U.S. light crude fell $1.31 to a low of $69.06 a barrel and was last at $69.42, down 95 cents."A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains…

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

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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…

Oil Hits Multi-Week Highs on U.S. Inventories, Falling Iran Exports

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Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.Brent crude jumped $1.19, or 1.6 percent, to settle at $77.14, after touching $77.41, its highest since July 11.U.S. oil settled 98 cents…

BP, Vitol Go Head to Head in West African Crude Trading

Oil major BP has clashed with rival Vitol in the once-languid West African crude market, buying up cargoes and taking a big derivative position that may have raised costs for European refiners.The West African crude market typically sees cargoes of Nigerian and Angolan change hands in back-to-back deals outside the Platts window, a system widely used by the industry to price crude.

Oil Slips as Trade War Worries Outweigh Iran Sanctions

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Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S. President Donald Trump threatened on Thursday to withdraw from the World Trade Organization…

Oil Higher as U.S. Sanctions on Iran Raise Supply Concerns

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Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.U.S. Energy Secretary Rick Perry said in an interview with Reuters on Friday that he did not expect any price spikes and that the world's top three oil…

China Harbour Engineering to Build Berri Field in Saudi Arabia

Image: Saudi Arabian Oil Co.

Saudi Arabian oil giant Saudi Aramco has awarded a contract to China Harbour Engineering Arabia for the construction of two  drilling islands under the company’s Berri Increment Program (BIP).The objective of the BIP is to produce an additional 250,000 barrels per day of Arabian Light crude oil from the Berri Oil Field to reach 500,000 barrels per day to maintain Saudi Aramco’s maximum…

Gulf Platforms Shut ahead of Hurricane

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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…

CNOOC Starts New Oil Production at Penglai Field

China's CNOOC Ltd started producing crude oil at 1/3/8/9 block of the Penglai 19-3 oilfield off north China's Bohai Bay, the company said in a statement on Tuesday.The new block currently has two wells in production and daily output is expected to reach a peak rate of 58,700 barrels in 2020.CNOOC Ltd owns 51 percent of the block and acts as operator, while U.S. firm Conocophillips owns 49 percent.(Reporting by Chen Aizhu; Editing by Susan Fenton)

US Gulf Oil Output Takes a Hit from Storm

(Photo: NOAA)

Tropical Storm Gordon forced a cut of 9.36 percent of crude oil production in U.S.-regulated areas of the Gulf of Mexico, slightly more than Tuesday, the U.S.

U.S. Crude Oil Stockpiles Decline More Than Expected Last Week

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U.S. crude stocks fell more than expected in the latest week, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.Crude inventories fell by 4.3 million barrels in the last week, compared with analysts' expectations for a decrease of 1.3 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 549,000 barrels, EIA said.Refinery crude runs rose by 81,000 barrels per day, EIA data showed.

Oil Shipments From Georgia's Batumi Drop 45%

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Oil and oil-related shipments from Georgia's Black Sea port of Batumi fell by 45.3 percent in the first eight months of 2018 from a year earlier, an official at the KazMunaiGas operated terminal said on Monday.Some crude oil has been re-routed to the Baku-Tbilisi-Ceyhan pipeline and to the Caspian Pipeline Consortium this year, the official added, while some fuel oil has been sent to the port of Taman in Russia and Georgia's other Black Sea port of Kulevi.The fall is partly b