Palm oil ahead of the lead on production data and poised to gain weekly
Malaysian palm futures were slightly higher on Friday and on course for a weekly increase as traders awaited more information on production data. At the midday break, the benchmark contract for palm oil on Bursa Derivatives Exchange, August delivery, gained 24 ringgit (0.63%) to 3,844 Ringgit ($904.90). The contract has gained 1.13 % so far this week.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S.
Norway's oil & gas production higher than expected in April
Norwegian Offshore Directorate said that Norway's combined gas and oil production in April exceeded the official forecast by 1,2%, despite a slight decline year-on-year. In April, the total oil, gas liquids, natural condensate and gas production was 0.663 standard cubic metres per a day, which is equivalent to 4,17 million barrels. This represents a 2.4% decrease year-on-year.
China's refinery production in April fell by 1.4% on an annual basis
China's crude throughput in April fell from a year ago, according to official data released on Monday. This was due to maintenance carried out at state-owned refining plants and because independent plants reduced production amid low margins. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 14,12 million barrels of crude per day in April.
Texas oil drilling applications at 4-year low as producers consider OPEC+ increase, trade war
Enverus, a consultancy, said that oil and gas drilling permits in Texas, which is the leading U.S. state for oil production, dropped to their lowest level since February 2021. This was due to concerns about rising OPEC+ supply and a trade conflict continuing to impact crude prices. Enverus reports that operators in Texas filed 570 new drilling permits in April…
Argentina's YPF suffers a net loss in the first quarter
YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand during the season and lower export volumes. This loss is compared to the net profit of $657 millions in the first quarter 2024. The revenue, on the other hand, increased by 7% over a year earlier to $4.61 billion.
Industry leaders claim that despite volatility, US Gulf oil production could reach 2.4 millions bpd.
Leaders in the oil and gas sector said that the U.S. Gulf of Mexico could continue to grow oil production despite geopolitical instability not seen for decades. Since last month, U.S. President Donald Trump’s global tariff announcements contributed to a drop in oil prices, and fears of a recession, making it harder for oil producers who follow his "drill baby, drill" call.
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the…
US refiners are unlikely to spend large amounts to process more domestic crude oil
It can be expensive and time-consuming to change refinery configuration. The margins and yields of refineries can be affected by using different types of crude. By Arathy S. Analysts and industry sources said that U.S. refiners do not plan to invest heavily to process more crude oil domestically and less oil imported from Canada and Mexico.
Palm extends its losses as soyoil and crude oil prices fall
Malaysian palm futures dropped to a 10-week-low on Monday. Pressured by lower soyoil prices and crude oil, fears of a trade war arose from China's retaliatory duties on U.S. products. The benchmark contract for palm oil delivery in June on Bursa Derivatives exchange fell 146 ringgit or 3.37% to close at $4,182 Ringgit ($934.32) per metric ton.
VEGOILS-Palm falls tracking weaker soyoil, crude oil prices
Malaysian palm futures declined on Monday for the third consecutive session. They were weighed down on lower soyoil prices and crude oil, while China's retaliatory duties on U.S. products raised fears of an international trade war. At midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery fell 57 ringgit or 1.32% to 4,271 Ringgit ($957.62).
Mexico's Finance Ministry estimates crude oil production at 129,000 bpd less than target
Mexico has lowered its average crude oil production estimate for this year, citing "prudent" approach that takes into consideration the trajectory of the early months of the year. This would put the country under the ambitious target of 1.8 million bpd set by President Claudia Sheinbaum. The revised estimate of the Finance Ministry in its preliminary budget criteria…
US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024. The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S.
Texas oil and gas upstream jobs increase in February, says industry group
The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff.
Exports of crude oil by Mexico's Pemex rose 33% from January to February
The crude oil exports of the Mexican state energy company Pemex increased 33% from January to February, recovering from the drop in the previous month but still being down 25% when compared with February 2024. Pemex published data late Tuesday showing that crude exports reached 709,793 barrels a day (bpd) in February. About 60%, or 428 357 bpd of these exports went to the United States.
Sinopec's net profit for 2024 plunges 16.8% because of falling oil prices
China Petroleum & Chemical Corp, also known as Sinopec reported a 16.8% drop in net profit for 2024 on Sunday. The company cited lower crude oil prices, and the accelerated growth of the new energy vehicles (NEV) sector. This decline in net income is comparable to a drop of 9.9%, which also occurred in 2023 due to falling oil prices. Diesel sales dropped 4.8% and gasoline fell 0.7%.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China…
EIA: Alaska crude oil production will grow in 2026 for the first time since 2017.
The U.S. Energy Information Administration forecast on Wednesday that Alaska's crude oil production would increase in 2026. This is the first time since 2017. If realized, it will be the largest production since 2002. The 29 wells of the ConocoPhillips owned Nuna project are expected to produce combined 20,000 barrels per day (b/d) at its peak.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China…
