U.S. Crude Stocks Rise Unexpectedly - EIA
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Wednesday.Crude inventories rose 4.7 million barrels in the week ended May 17, compared with analysts' expectations for a decrease of 599,000 barrels. That boosted overall crude inventories, not including the U.S.
Brent Oil Climbs Toward $73
Oil prices rose on Thursday for a third day running as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. crude inventories.Brent crude futures were up $1.03 cents at $72.80 a barrel by 1344 GMT, heading for the biggest weekly rise in about three months.U.S. West Texas Intermediate (WTI) crude futures were up 83 cents at $62.85.Oil was drawing support from the risk of conflict in the Middle East, with helicopters carrying U.S.
Oil Price Risks Rise
Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term…
SBM Wins ExxonMobil Guyana FPSO Order
Dutch-based floating production and mooring systems (FPSO) provider SBM Offshore has won a contract to deliver an FPSO for ExxonMobil’s second phase of the Liza development offshore Guyana.Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the next phase of the Liza project in Guyana, said a press release from the company.Under these contracts…
U.S. Energy Hits Records in 2018: EIA
U.S. energy consumption, production, and exports have reached record highs in 2018, said U.S. Energy Information Administration (EIA).The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.At the same time, U.S.
U.S. Crude Stocks Fall as Imports Fall
U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said on Wednesday, and strong gasoline demand could point to additional drawdowns in coming weeks as driving season approaches.Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts' expectations for an increase of 1.2 million barrels.Net U.S. crude imports fell 432…
Suncor Q1 profit beats estimates
Canada's Suncor Energy Inc reported a profit on Wednesday that beat analysts' estimates as the integrated oil producer reaped the benefits of improved Canadian heavy crude pricing due to Alberta's production curtailments.The government's mandated cuts that came into effect on January 1 have helped free up some pipeline space for the country's crude, sharply reducing a price discount on Canadian versus U.S.
Oil Shipments from Georgia's Batumi Port Drop
Oil and oil-related shipments from Georgia's Black Sea port of Batumi dropped 24 percent in the first four months of 2019 from a year earlier, an official at a KazMunaiGas-operated terminal at the port said on Wednesday.Shipments of crude oil and refined oil products from Batumi have fallen in recent years, partly because Azerbaijan prefers to send its oil through the Baku-Tbilisi-Ceyhan pipeline or via its own terminal at the Georgian port of Kulevi…
Teekay Sells Offshore Stake to Brookfield
The provider of international crude oil and gas marine transportation, Teekay Corporation announced an agreement to sell to Brookfield Business Partners all of the Company’s remaining interests in Teekay Offshore Partners for total proceeds of $100 million in cash.The interests includes the Company’s 49% general partner interest, common units, warrants, and an outstanding $25 million…
Pemex Swings to Q1 Loss
Petroleos Mexicanos swung to a 35.7 billion peso ($1.84 billion) net loss during the first quarter as revenues and crude output at the heavily-indebted Mexican state oil company fell, results posted to the stock exchange showed on Tuesday.Revenues at Pemex were 356.3 billion pesos during the January-March period, down 10.4 percent from 397.4 billion pesos in the same period in 2018…
Higher Output Cushions BP's Profit Fall
BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.The slump in profits marks the first significant dent in BP's steady recovery over the past 18 months following the sector's 2014 downturn."We produced resilient earnings and cash flow through a volatile period that began with weak market conditions and included significant turnarounds…
Ichthys Ramps Up Output
A tanker carrying liquefied natural gas (LNG) has been floating off Australian waters for nearly two weeks as production at Ichthys project ramps up, industry sources told Reuters.The tanker 'Symphonic Breeze' has been moored at Darwin anchorage since April 17 after loading a cargo from the recently launched Ichthys LNG facility, shipping data from Refinitiv Eikon showed.The LNG cargo has already been sold to a North Asian buyer, who chose to lift it at a later date due to hi
Chevron Profit Falls 27%
Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko, a smaller oil and gas producer…
US Oil Sees Growing Reach
Two cargoes of U.S. crude oil have been booked to sail to Australia, trade sources and data companies said, highlighting the increasing global reach of exports from the United States.Aframax tanker Esther Spirit loaded U.S. oil in early April at Enterprise Houston Terminal and is scheduled to discharge at Kwinana in Western Australia on May 20, ship-tracking data from Refinitiv and Vortexa showed.BP Plc chartered the Silver Sun, an Aframax, to load from the U.S.
Saudi Arabia Can Replace Lost Iranian Oil
The decision by the US government not to extend sanctions wavers for eight countries importing crude oil from Iran could remove around 1.1 million b/d from the market. But Saudi Arabia and several allies can replace the lost barrels, says a report.According to Rystad Energy, the production will drop to 2.27 million bpd for the second half of 2019, reaching this level by July 2019, which…
US Rig Count Dips
U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker Hughes energy services firm said in its closely followed report on…
Oil Prices Rise on Lower U.S. Stocks, OPEC+ Supply Cuts
Oil prices rose slightly on Thursday, boosted by a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran.Brent crude futures were at $71.80 a barrel at 1313 GMT, up 18 cents from their last close and near Wednesday's five-month high of $72.27 a barrel.U.S. West Texas Intermediate (WTI) crude futures were at $63.83 per barrel, up 7 cents.Both contracts traded slightly lower earlier in the day.U.S.
Wintershall Wins Argentina Offshore Bid
Germany's largest crude oil and natural gas producer Wintershall won the bidding process for two blocks in the promising Malvinas Basin off the coast of Tierra del Fuego as part of the “Costa Afuera” licensing round.In addition to the CMA-1 exploitation concession, with this award, the company will participate in further offshore exploration projects in Argentina. The exploration licenses…
Hyundai Heavy Sells Oil Stake to Saudi Aramco
South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion…
Chevron to Buy Anadarko for $33 Bln
Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S.