Oil Gains Despite Potential Supply Glut on the Horizon
Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.The Organization of the Petroleum Exporting Countries (OPEC)…
Noble Group Halves Net Loss in Q3
Noble Group Ltd halved its quarterly net loss from continuing operations to $43.3 million and said its soon-to-be-completed $3.5 billion debt restructuring would enable the commodity trader to reposition its business in Asia Pacific and the Middle East.The Singapore-listed company is…
Oil Rises as Fuel Drawdown Sparks Rebound
Saudi assurance on oil supplies, economic worries weigh as two China state refiners to skip Iran oil bookings for November. Oil prices jumped on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured for a coming seasonal increase in refining demand.Looming U.S.
Oil Rises Towards $77 After Slide, Demand Outlook Weighs
Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming U.S. sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed.In a sign Iranian exports will drop further once the sanctions take effect on Nov. 4, two…
China Keeps LNG off Tariff List - for Now
China embroiled in festering trade dispute with United States even as Chinese imports of U.S. LNG expected to surge -Morgan Stanley. China's omission of liquefied natural gas (LNG) from its vast list of U.S. products that face hefty import duties from Friday has preserved a potential weapon should the trade war with Washington deepen.
U.S. Crude Hits $75 as Oil Supply Risks Mount
U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports…
Oil Climbs on Libya Force Majeure, Canada Outage
Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S.
Oil Rises Ahead of OPEC, Pressured by China Tariffs
Oil prices rose on Monday ahead of an OPEC meeting this week and as investors assessed the impact of a trade dispute between the United States and China.U.S. light crude oil hit a two-month low of $63.59 a barrel but then recovered strongly to trade at $65.40, up 34 cents, by 1350 GMT.
OPEC Output Hike Will Squeeze Oil Buffer to Historic Lows
The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice…
LyondellBasel Valued Braskem at $11.4 billion
LyondellBasell Industries has valued Brazilian petrochemical company Braskem SA at 41.5 billion reais ($11.4 billion) in an offer to Brazilian conglomerate Odebrecht SA months ago, newspaper Valor Econômico reported on Thursday. LyondellBasell made the offer in February but talks stalled in early May…
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component…
Morgan Stanley Raises Brent Forecast
Morgan Stanley has raised its Brent crude oil price forecasts saying strong demand for middle distillates will drive up oil prices over the next two years. Oil benchmarks on Wednesday remained close to their November 2014 highs hit on Tuesday, as ongoing production cuts by OPEC and the prospect of U.S.
Oil Drops as Demand Shows Signs of Slowing
U.S. crude stocks rise by 4.9 mln bbl to 435.6 mln bbl even as production by oil majors is rising. Oil eased on Wednesday after a rise in U.S. crude inventory added to signs demand may be slowing in spite of ongoing output cuts by producer group OPEC and imminent U.S. sanctions against Iran.
Mexican Presidential Front-Runner Eyes Pemex Reforms
Andres Manuel Lopez Obrador, the leftist leading the race to win Mexico's presidency in July, will root out corruption at Pemex and also aims to slim down the state-owned oil and gas company, his pick for finance minister said on Thursday. In an interview with Reuters, Carlos Urzua, a respected economist trained at the University of Wisconsin-Madison…
MS, Citi Bullish on Big Oil, but Differ on Shell
Says the intrinsic value of IOC upstream businesses is currently at 5.3x 2020E EV/debt-adjusted cash flow vs traditional U.S. E&P companies trading at 5.7x. Upgrades BP and Repsol to "buy", joining Chevron, Exxon and ConocoPhillips. Cuts Statoil to "sell" to join Shell, saying ratings…
Oil Rises on Saudi Talk of Extending Output Cuts into 2019
Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil's rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China.
Unipec Hires Veteran Crude Trader for Hong Kong Office
Unipec, the trading arm of Asia's largest refiner Sinopec, has hired veteran crude oil trader Lee Yee Meng, who will join its office in Hong Kong in May, trade sources familiar with the matter said on Friday. Lee left Trafigura Singapore earlier this week after more than a year with the European commodities trading company, the sources said.
Oil Rally Fades, but Weak Dollar Underpins
Rising U.S. output undermines OPEC/Russia supply cuts. The oil rally paused for breath on Friday after hitting fresh three-year highs in the previous session, but weakness in the dollar continued to underpin prices. Brent crude futures stood at $70.22 per barrel at 1250 GMT, 20 cents below their last close.
Oil Edges Lower as Libyan Output Undermines 2018 Rally
Restarting Libyan oilfield puts brake on rally. Oil slipped on Monday under pressure from rising Libyan output and concerns that a rally that had sent prices to their highest since December 2014 had run out of steam. But losses were limited by comments from top exporter Saudi Arabia that…
India Will Need at Least $125 Bln to Fund Renewables Dream
India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, a top government official told Reuters, underlining the immense financing challenge ahead. The South Asian nation is one of the world's most important growth markets for renewable energy.