Friday, June 5, 2020

Energy Complex News

Spirit Energy Hires PD&MS for Complex E&P Modifications

Illustration only; A Spirit Energy platform - Credit; Spirit Energy

Aberdeen-based engineering and design firm PD&MS has been awarded a new three-year contract with options for a further three-year extension with oil company Spirit Energy. The deal, worth an undisclosed multimillion-pound sum, will see PD&MS deliver complex modifications for the E&P business.The engineering…

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

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Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents…

Oil Slips 2 Percent

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Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S.

Oil Slips on Falling U.S. Equity Market, Weak China Economic Data

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Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S.

Oil Falls Below $60 a barrel as Inventories Stay High

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North Sea Brent crude oil fell below $60 a barrel on Thursday, under pressure from high global inventories and a smaller-than-expected drawdown in U.S. crude stockpiles."The energy complex is drifting lower as sellers continue to bask in the bearish afterglow of yesterday's (U.S.) stats…

Oil Prices Steady Near Year Lows Ahead of G20 and OPEC

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Oil prices steadied on Tuesday, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week.Brent crude oil was up 10 cents a barrel at $60.58 by 1445 GMT, not far above a 13-month low of $58.41 reached on Friday. U.S.

Oil Falls as Concern Deepens Over Global Economic Outlook

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Oil prices dropped on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.Brent crude oil futures had fallen 58 cents to $77.04 a barrel by 1423 GMT. U.S. crude futures were down 63 cents at $66.96 a barrel.Even with U.S.

Oil Falls on Gloomier Economic Forecast

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Fund managers cut bullish crude holdings to 15-month low.Oil prices fell on Monday, as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.Brent crude oil futures were down 34 cents at $77.28 a barrel at 1005 GMT, while U.S. crude futures fell by 30 cents to $67.29.Even with U.S.

Oil Falls by $2 After Saudi Arabia Reassures Market on Supply

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Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark Brent crude oil dropped $2.03 a barrel to a low of $77.80…

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.

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.

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.

Oil Slips as Focus Shifts to Demand in Coming Months

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Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S.

Trump Effort to Lift U.S. Offshore Wind Sector Sparks Interest

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The Trump administration wants to fire up development of the U.S. offshore wind industry by streamlining permitting and carving out vast areas off the coast for leasing - part of its 'America First' policy to boost domestic energy production and jobs.The Europeans…

Oil Steadies Ahead of Key OPEC Meeting

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Oil prices steadied on Thursday, but still faced pressure from evidence of rising U.S. output and uncertainty over the outlook for supply before a meeting next week of the world's largest exporters.Benchmark Brent crude oil was up 10 cents at $76.84 a barrel by 1320 GMT, while U.S.

U.S. Crude, Refined Product Stockpiles Drop Sharply - EIA

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U.S. crude oil, gasoline and distillate stockpiles fell more than expected last week, as crude imports dropped sharply, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.2 million barrels in the week to May 4, compared with analyst expectations for a decrease of 719…

Oil Strong as U.S. Decision on Iran Sanctions Looms

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Investors "wait-and-see" before Iran deadline as EU stakeholders work to save Iran nuclear accord. Oil prices strengthened on Friday but stayed below recent highs as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran.

North Sea Pipeline, Dropping U.S. Stocks Support Prices

File Image (CREDIT: AdobeStock / (c) scanrail)

North Sea Forties pipeline shut due to crack; U.S. crude oil inventories expected to fall further. Brent crude prices steadied on Wednesday while WTI futures edged higher, supported by expectations of a fall in U.S. inventories and the continued outage of the North Sea Forties pipeline system.

Oil Stronger as Iraq, US-Iran Tension Raises Risks

Oil prices firmed on Tuesday, building on gains made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while tension rose between the United States and Iran. After months of rangebound trading, during which OPEC-led supply cuts supported crude but rising U.S.

Oil Rises with U.S. Demand, but Glut Weighs

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U.S. crude stocks fall 5.8 mln barrels to 503.7 mln; but Global markets well supplied as OPEC exports rise. Oil rose on Thursday, recovering some ground after a surprisingly upbeat picture of U.S. demand halted the previous day's steep slide, although the prospect…