Wednesday, May 22, 2019

Oil Prices News

Brent Oil Climbs Toward $73

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Oil prices rose on Thursday for a third day running as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. crude inventories.Brent crude futures were up $1.03 cents at $72.80 a barrel by 1344 GMT, heading for the biggest weekly rise in about three months.U.S. West Texas…

Oil Price Risks Rise

Image: Saudi Aramco

Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen…

Belships Hedges 2020 Fuel Oil Prices

Photo: Belships ASA

Norwegian shipping company Belships has has entered into an agreement to hedge the price differential between compliant 0.5% sulphur fuel oil (VLSFO) and 3.5% sulphur fuel oil (HSFO).The secured exposure is for 24,000 tons of bunkers for the full calendar year 2020. The volume equals the annual fuel consumption of about four vessels.

'We Are the Rightful Owners' of Anadarko -Oxy CEO

Occidental Petroleum Chief Executive Vicki Hollub (Photo: Occidental Petroleum)

Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.Hollub, 59, beat out larger rival Chevron…

From KPMG: Visions of Cheese

Geoff Jacobs (Photo: KPMG)

Whilst we are seeing a clear uptick in activity and the UK oil and gas industry is certainly on the way up again, the industry must continue to move forward. However, under current market conditions, how can companies capitalize on change whilst remaining stable and sustainable and, more importantly, will there be enough return for all?Over the past five years…

Oil Falls Near 2% as U.S.-China Trade War Intensifies

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Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S.

Oil Prices Fall After Trump's Tariff Threat Against China

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Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session…

Shell Outperforms Rivals in Q1

(Photo: Shell)

Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.Shell's results outshone those of rivals Exxon Mobil, Chevron and BP which all saw sharp declines in profits in the first three months…

Marathon Oil Beats Profit Estimates

Marathon Oil Corp beat analysts' estimates for first-quarter profit on Wednesday, boosted by higher production and lower costs at its U.S. shale assets in the Bakken and Northern Delaware regions.Total oil production averaged 203,000 net barrels per day (bpd) in the first quarter, up 6 percent from a year ago, with U.S.

Chevron Profit Falls 27%

(File photo: Chevron)

Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko…

Total Profits Take a Hit

(Photo: Total)

French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged, and said production growth should exceed 9 percent during the year…

Exxon, Chevron Q1 Earnings Expected to Dip

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Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year's first quarter, though their stocks have outperformed smaller companies with both in the midst of aggressive expansion plans in shale oil.A combination of lower oil prices, weakness in liquefied natural gas…

Delek Nearing Deal for Chevron's North Sea Fields

(Photo: Chevron)

Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days, two of five sources said.U.S.

IEA Says Oil Markets Adequately Supplied

Image: IEA/Shutterstock

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.Further tightening of sanctions on Iran will have an impact on its export capacity. Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April…

Oil Hits 2019 High

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market…

Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market…

Halliburton Reports Activity Uptick

(Photo: Halliburton)

Halliburton Co said on Monday a pricing downturn that has plagued the oilfield services sector was bottoming out, as it reported modestly higher activity levels in North America in the first quarter from a year earlier.Oilfield services providers have been struggling with a tightening of spending by U.S. oil producers…

US Rig Count Dips

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U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825, General Electric Co's Baker…

Woodside Q1 Revenue Rises 4%

(Photo: Woodside Petroleum)

Australia's Woodside Petroleum Ltd on Thursday posted a 4 percent rise in first-quarter revenue on higher realized prices for its oil and gas.Revenue rose to $1.22 billion for the three-months ended March 31, compared to $1.17 billion a year ago.Australia's largest listed oil and gas explorer said total production for the quarter came in at 21.7 million barrels of oil equivalent (mmboe), down

Oil Prices Rise on Lower U.S. Stocks, OPEC+ Supply Cuts

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Oil prices rose slightly on Thursday, boosted by a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran.Brent crude futures were at $71.80 a barrel at 1313 GMT, up 18 cents from their last close and near Wednesday's five-month high of $72.27 a barrel.U.S.