Tuesday, March 19, 2019

Dale Hudson News

Oil Drops 3 pct, U.S. Supply Surges

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Oil prices fell about 3 percent on Friday and were set for a second straight week of declines after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil.With surging U.S. oil supply also unsettling markets, Brent crude futures fell $1.85, or 2.8 percent, to $64.45 a barrel by 10:42 a.m. EST (1542 GMT).

Ineos to Upgrade Forties Pipeline

(Image: Ineos)

Billionaire Jim Ratcliffe's petrochemicals company Ineos said on Wednesday it would spend 1 billion pounds ($1.33 billion) on UK energy assets, including the Forties pipeline, which carries almost half of Britain's oil and gas from the North Sea.Ineos said it would invest 500 million pounds on overhauling its ageing Forties pipeline…

As Traders Tussle Turkmenistan Cuts Exports

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A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni…

As Renewables Soar, BP sees China Hitting Brakes

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Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China's energy growth is seen sharply decelerating as its economic expansion slows.Still, China is set to remain the largest energy consumer by a long stretch…

Oil Up On Saudi and OPEC Cuts

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Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.65, or 2.7 percent, at $63.16 a barrel by 1445 GMT. U.S.

Kvaerner to Pay First Dividend Since 2015

(Photo: Sydvest / Kvaerner)

Oil platform builder Kvaerner on Tuesday unexpectedly proposed its first dividend since 2015 and said it may make another such payment later this year, sending its shares soaring.The company said it expected to compete for contracts worth 30-50 billion Norwegian crowns ($3.5-5.7 billion) over the next five years…

Oil Falls on U.S. Factory Data

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Oil prices fell on Tuesday, a day after data showing a decline in U.S. factory orders dragged both benchmarks down from 2019 highs.Despite the slide, investors expect U.S. sanctions on Venezuela and production cuts led by OPEC to head off a glut this year, buoying prices.U.S. crude futures were down 50 cents, or 0.9 percent, at $54.06 a barrel by 1400 GMT.

Oil Falls as U.S. Adds New Rigs, China Weakness

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Oil fell nearly 2 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest January gain for 14 years.Further weighing on oil markets, the trade dispute between the United States…

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

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When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising…

Aramco reportedly seeks advisers for SABIC Debt Financing

Saudi Aramco is seeking advisers to arrange debt financing needed for the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), banking sources familiar with the matter said on Thursday.The Saudi oil giant could borrow as much as $50 billion from international investors to fund the acquisition…

Gazprom Neft Considering Arctic LNG Production

Novoport field (Photo: Gazprom Neft)

Gazprom Neft, the oil arm of Russian gas giant Gazprom, is studying the possibility of its own liquefied natural gas (LNG) production in the Arctic as it tries to monetize its vast natural gas reserves.The discussions follow the successful launch of the Arctic-based Yamal LNG plant, controlled by Novatek, in December 2017.

Newcomers Pile into Race for Qatar LNG

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Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest…

Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook

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Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S.

Oil Refining Capacity to Grow at Record Pace

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Global oil refining capacity is set to increase at its fastest pace on record this year, possibly boosting stocks of products such as diesel, gasoline and marine fuel, the International Energy Agency said on Friday.Oil refining capacity will rise by 2.6 million barrels per day (bpd) and demand for refined products by around 1.1 million bpd…

PetroChina Boosts European LNG Activity with Yamal Cargoes

Photo courtesy of PetroChina

China's top oil and gas company PetroChina is selling spot liquefied natural gas (LNG) cargoes on the European market from Russia's Yamal plant, adding to a flood of volumes to the continent amid subdued Asian demand, trade sources said.PetroChina's increased presence in Europe is an example of how Asian energy companies are expanding their role as LNG traders…

Oil Rises On U.S.-China Trade Talk Optimism

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Oil prices climbed around 3 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff.U.S. West Texas Intermediate (WTI) crude oil futures were at $51.36 per barrel at 1500 GMT, up $1.58, or 3.17 percent…

Oil Falls in Line with Stricken Stock Markets

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Oil fell on Monday, in line with another decline across global stock markets, which came under pressure from concern about a U.S. government shutdown and a worsening world economy.The price of oil has already fallen by more than 30 percent so far this quarter to its lowest since the third quarter of 2017…

FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders

Photo courtesy of Hoegh LNG

Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America…

OPEC to Release Country Quotas for Oil Output Cut

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Oil producer group OPEC plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPEC's secretary-general said in a letter seen by Reuters on Thursday.Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day…

Iraq in Deal with Schlumberger to Drill in Majnoon

Iraq has agreed a deal with U.S.