Thursday, August 16, 2018

North America News

Oil Drops on OPEC Output Deal, Markets to Stay Tight

File Image (CREDIT: AdobeStock / © mikesjc)

OPEC to raise output to make up for unforeseen disruptions; Canadian outage helps support U.S. crude. Brent crude oil fell by more than 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production. Despite the increase…

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

© Lasse Pape / MarineTraffic.com

Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into…

Halliburton Revenue Beats on Higher North America Rig Count

© Volodymyr Shevchuk / Adobe Stock

Oilfield services provider Halliburton Co's quarterly revenue rose 24 percent to beat analysts' estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report…

EnBW, Trident Winds JV for Offshore Wind Project in California

Photo: Trident Winds Inc

EnBW Energie Baden-Württemberg AG is continuing its strategy of capturing growth in new international markets in the renewable energy sector. Following its recent entry into Taiwan, EnBW has now expanded its activities to the United States of America by establishing a regional subsidiary, EnBW North America, and forming a joint venture with Trident Winds Inc.

Gas to Overtake Oil as Primary Energy Source by Mid-2030s

Photo: DNV GL

Nearly two-thirds (64%) of oil and gas sector leaders expect to increase or sustain spending on gas projects in 2018, as the sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s. Confidence in the case for gas is growing, according to a survey by DNV GL, the technical advisor to the industry.

Oil Rises on Supply Losses, U.S. Push to Isolate Iran

U.S. tells countries to cut Iran crude imports to zero as Canada supply disruption and Libya uncertainty push up crude. Oil prices rose on Wednesday on supply disruption in Canada, falling U.S. crude stocks, uncertainty over Libyan exports and U.S. demands that importers stop buying Iranian crude from November. Brent crude was up 65 cents a barrel at $76.96 by 1155 GMT. U.S.

Oil Drops as Demand Shows Signs of Slowing

File Image (CREDIT: AdobeStock / © Leeylutung)

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. Brent crude futures were last down 65 cents at $77.78 a barrel by 1147 GMT, while U.S.

Oil Rises on Supply Losses, U.S. Push to Isolate Iran

© Kadmy / Adobe Stock

Oil prices rose on Wednesday on supply disruption in Canada, falling U.S. crude stocks, uncertainty over Libyan exports and U.S. demands that importers stop buying Iranian crude from November.Brent crude was up 85 cents a barrel at $77.16 by 1335 GMT. U.S. light crude was $1.20 higher at $71.73."Fundamentals still remain favorable for oil prices to rise over the next six months…

Oil Responds to U.S. Sanctions on Iran

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U.S. sanctions on Iran to remove crude oil from market; oil markets tight on supply losses in Libya, Venezuela. Oil prices climbed on Friday as U.S. sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand. Benchmark Brent crude jumped $1.49 to a high of $79.34 a barrel before easing back to around $78.75 by 1230 GMT. U.S.

Oil Jumps as Market Anticipates U.S. Sanctions on Iran

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Oil prices rose strongly on Friday as U.S. sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand.Benchmark Brent crude jumped $1.49 to a high of $79.34 a barrel before easing back to around $79.10 by 1350 GMT.U.S. light crude rose 77 cents to $74.22 a barrel…

Hardide Coatings Invests in North America

Mark Hanania, Business Development Engineer, Hardide Coatings (Photo: Hardide Coatings)

Surface coating technology company Hardide Coatings has appointed Mark Hanania as Business Development Engineer based in Houston to help drive growth in the oil, gas and energy sectors throughout North America.Strong growth in demand from oil and gas customers in North America and recent entry into the aerospace market…

HENDERSON Opens New Service Center

(Photo: HENDERSON)

Drilling rigs and capital drilling equipment sales and service provider HENDERSON has expanded its service capabilities with a newly opened 60,000 square-foot service center on a 4.8 acre site in Odessa, Texas.The new center serves as a spare parts warehouse and provides rig and equipment services including rebuilding and recertifying rigs, top drives, mud pumps and other drilling rig equipment.

Schlumberger Revenue Misses Estimates

Schlumberger Inc missed analysts' quarterly revenue estimates on Friday, as weakness in its international business overshadowed another strong performance in North America.The Houston-based company, a bellwether for the oilfield services industry, said revenue from its international business dipped 1.4 percent to $5.07 billion.

Baker Hughes Reports Slight Profit Miss

General Electric Co's oilfield services arm Baker Hughes on Friday reported a slight profit miss on weaker sales in its oilfield equipment and turbomachinery businesses, sending the company's shares down 2.4 percent.Revenue from its oilfield equipment business, which includes deepwater drilling, fell 9.4 percent to $617 million…

EDF Trading, JERA Form LNG Joint Venture

On July 3, 2018 JERA Co., Inc and EDF Trading Limited (EDFT) announced their intention to form an LNG optimization and trading joint venture, JERA Trading Pte. Ltd. (JERAT).In addition to this transaction, EDF Trading North America (EDFT NA) and JERA Energy America (JERA EA), an affiliate of JERA, entered into an agreement…

Enestas Boosts SEA\LNG’s Presence in Americas

Image: SEA\LNG

SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, announced that it has welcomed Mexico-based LNG company Enestas to its membership coalition.With the addition of Enestas, the SEA\LNG coalition bolsters its efforts to drive forward LNG as a marine fuel…

Bay State Wind Revises Turbine Layout

(Image: Bay State Wind)

Bay State Wind, an offshore wind joint venture between developer Ørsted and New England electric transmission company Eversource, announced a significant change to its proposed wind farm layout in response to feedback from fishermen and community members.The revised turbine layout pattern accommodates historical fishing patterns and helps to provide greater ease of fishing within…

Oil Prices Pare Gains After Earlier Rise on Saudi News

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Oil prices traded broadly unchanged on Thursday after an announcement that Saudi Arabia would suspend some oil shipping in the Red Sea had initially sent prices higher.Brent futures had risen 19 cents to $74.12 a barrel by 1305 GMT, extending their rally into a third day but slipping from a 10-day high in earlier trading.U.S.

Gunvor Opening London Trading Office, Closes Bahamas

file Image: CREDIT Adobestock © Kasto

Global energy trader Gunvor Group is opening its first London office while also closing its trading desk in the Bahamas to increase efficiency in North America, sources familiar with the matter said.Gunvor had recently recruited a natural gas trading team for London, the sources told Reuters, adding that the Switzerland…

TWMA Acquires US Service Company

Photo: TWMA

TWMA, provider of specialized drilling waste management services, has announced its acquisition of US-based Dynamic Oilfield Services in an eight-figure deal. The move comes as TWMA continues to implement an ambitious growth strategy, with internationalization and service diversity at its heart. The US land drilling market…