Sunday, April 5, 2020

Oil Market News

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago…

Oil Prices Fall as Demand Woes Eclipse U.S. Stimulus

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Oil prices slipped into negative territory on Wednesday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.Brent crude was down 45 cents, or 1.66%, at $26.70 per barrel at 1029 GMT after earlier rising to a high of $28.29.U.S.

Oilfield Services Giant to Cut Spending by 30%

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Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company expects…

Oil Up 5% as U.S. Fed steps in to Prop Economy

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Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.The Fed on Monday rolled out an array…

Saudi Arabia's Tanker Power Play Could Backfire

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Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That could leave the kingdom stuck with tens of…

U.S. Crude Stocks Jump More Than Anticipated -EIA

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U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 442.5 million barrels…

Shale Pioneer Hess Says Key U.S. Fields Starting to Plateau

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Shale pioneer John Hess said Tuesday that key U.S. shale fields are starting to plateau, calling shale "important but not the next Saudi Arabia."Production in the Eagle Ford Shale in South Texas is starting to plateau, while the Bakken field in…

Iran Oil Minister says China's Virus Impacted Oil Demand

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Iranian Oil Minister Bijan Zanganeh said on Monday that the spread of China's new coronavirus had hit oil demand and called for an effort to stabilise oil prices, Iran's official news agency IRNA reported.The minister also said Iran would agree…

Oil Falls as Coronavirus Hits Demand

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Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.U.S.

Oil Market Shrugs Off Libya Crisis

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Oil prices fell more than 1% on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle.Brent crude was down 97 cents at $64.23 a barrel by 1258 GMT, having risen to its highest in more than a week on Monday. U.S.

What Does US-China Trade Deal Mean for Oil Markets?

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After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by $52.4 billion above 2017 levels over the next two years. What could it mean for the oil market?Ann-Louise Hittle…

Oil Hits $70 a Barrel

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Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures…

Oil Consumption Tracking is All About Asia

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Oil market analysts must make sense of a bewildering array of statistics about production, consumption and inventories, compiled and published with varying definitions and degrees of accuracy and timeliness.The challenge is to form an accurate and…

Nigeria Commits to OPEC Agreements

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Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members, its minister of state for petroleum said on Sunday, ahead of an OPEC meeting in Vienna.Timipre Sylva said he had told Saudi Energy Minister bin Salman that…

Oil Traders Bet on Economic Upswing in 2020

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Crude oil traders are betting the market will tighten significantly next year, even as the major statistical agencies predict production will outstrip consumption and oil inventories will rise.Most of the divergence can be explained by differing…

EIA, IEA Grossly Overestimating US Shale: ESAI

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ESAI Energy, an oil & energy data provider, believes both the US Energy Information Administration (EIA) and the International Energy Agency (IEA) are overly optimistic in their November projections of US crude oil production in 2020, according…

Oil Rises on U.S. Crude Stocks Fall

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Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from OPEC about lower-than-expected U.S. shale production in 2020 also provided some support.Prices were capped by mixed signs for oil demand in China, the world's biggest crude importer.

Equinor Begins Search for New CEO

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Norwegian oil producer Equinor has started a search for a new chief executive, the Stavanger Aftenblad newspaper reported on Friday, citing unnamed sources.CEO Eldar Saetre, 63, who led the company through the oil market's downturn in 2014-2016…

Oil surges as China Pushes Tariff Rollbacks

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Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S.

Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks

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Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent…