Friday, July 19, 2019

Oil Prices News

Oil at Six-week High

BP, the second-largest oil producer in the US Gulf of Mexico by volume, is shutting all production at its four Gulf platforms, including Na Kika (pictured). (File photo: BP)

Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.Brent crude futures were up 32 cents at $67.33 a barrel by 1153 GMT. Earlier in the session they hit their highest since May 30 at $67.65, after ending Wednesday up 4.4%.U.S.

Oil Rises Toward $65

© Pavel Ignatov / Adobe Stock

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East…

Floater Sector Active Despite Market Volatility

© Igor Kardasov / Adobe Stock

Activity in the floating production sector has not been slowed by the recent volatility seen across global oil markets, according to a recent report by World Energy Reports (WER).Brent oil, which had reached as high as the mid $70 range earlier this year, fell 17% from mid-May and mid-June on demand growth fears and swelling crude inventory…

OPEC+ Extends Output Cuts

© Shah / Adobe Stock

OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States…

Icahn Steps up Fight with Occidental

(Photo: Anadarko)

Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats.In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors…

Oil Prices Mixed Ahead of US Crude Sstock Data

© Ron Sumners / Adobe Stock

Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand.Benchmark Brent crude futures settled up 19 cents, or 0.3%, at $65.05 a barrel.U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel.Investors shrugged off U.S.

Oilfield Services Pricing Rises

Graph: Rystad Energy

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground…

US Rig Count Climbs

© ronniechua / adobe Stock

U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week.Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig count forecasts for 2019 and 2020.Companies added one oil rig in the week to June 21…

Brent Oil Climbed 5% This Week

© Pavel Ignatov / Adobe Stock

Brent oil rallied above $65 per barrel on Friday and was on track for a 5% gain this week on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.Brent crude was up $0.69, or 1.07%, at $65.14 a barrel at 1210 GMT. The global…

OPEC Output to Remain Flat: Rystad

Photo: OPEC

OPEC and its allies, including Russia, can maintain their current cuts and not reduce outputs any more because there will be a crude oil demand surge later this year from changing shipping fuel standards worldwide.The OPEC+ countries will not be able to increase their collective oil production levels in the second half of 2019 without having a detrimental effect on oil prices.

Okea's IPO Falls Short

Gjoea platform (File photo: Equinor)

Norwegian oil firm Okea has raised 315 million crowns ($36 million) in an initial public offering, the company said on Monday, less than half of what it had initially planned due to a fall in the oil price.Europe's oil and gas sector has built up a crowded pipeline for stock market flotations but investors are cautious…

US Leads World Oil Reserves

Graph: Rystad Energy

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published…

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies…

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament on Wednesday…

Two Tankers Attacked in Gulf of Oman

(Photo:  Islamic Republic News Agency)

Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine.

Oil Rises on Likely OPEC+ Supply Cuts

© denisismagilov / Adobe Stock

Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.Front-month Brent crude futures, the international benchmark for oil prices, were at $63.71 at 0017 GMT, 42 cents, or 0.7%, above Friday's close.U.S.

US Oil Output Heads for More Records in 2019

Graph: Rystad Energy

U.S. total oil production, which is already off to an amazing start in 2019,  is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019.

Lower oil prices start to rebalance the market

© zhu difeng / Adobe Stock

Lower oil prices are starting to rebalance the oil market by slowing the rise in U.S. crude output and encouraging Saudi Arabia and its allies to extend production cuts through the end of 2019.U.S. crude production rose 241,000 barrels per day (bpd) to 11.905 million bpd in March from February, according to the U.S.

Ithaca Buys Chevron's UK North Sea Fields

(Photo: Chevron)

Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas companies in the North Sea have been forced to…

Only 10% of Shale Firms Reports Positive Cash Flow

Graph: Rystad Energy

Only four, out of the financial performance of 40 dedicated US shale oil firms under study, reported a positive cash flow balance in the first quarter of 2019, bringing down the share of companies with a positive cash flow balance from the recent norm of around 20% to just 10%.Nine in ten US shale oil companies are burning cash…