Saudi Arabia to Restrain March Oil Exports
Saudi says to keep exports below 7 million bpd in March; OPEC's Barkindo says 2018 oil demand growth to be healthy. Saudi Arabia will restrain its oil exports in March despite lower domestic need for crude as OPEC's leader is pushing to eliminate fully the global oil glut and combat worries about a new cycle of oil price weakness. The kingdom will keep its crude exports below 7 million barrels per day (bpd) in March…
Shale Producers Urge FERC to Deny Pipeline's Rate Request
Top shale oil producers asked a U.S. regulator this week to reject White Cliffs pipeline's application to charge market-based rates for shipments from Platteville, Colorado, to the storage hub at Cushing, Oklahoma. U.S. shale producers ConocoPhillips Co, Kerr McGee Oil & Gas Onshore LP, a unit of Anadarko Petroleum Corp, Noble Energy Inc along with Bill Barrett Corp told regulators White Cliffs will likely raise fees if given the authority to charge market-based rates.
Oil Falls as Stronger Dollar Eclipses U.S. Inventory Drop
Stronger dollar makes oil costlier for some buyers; API report showed lower U.S. crude inventories. Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in U.S. crude inventories. Brent crude futures were down 11 cents at $65.31 per barrel by 1218 GMT, while West Texas Intermediate (WTI) futures eased 24 cents to $61.44 a barrel. The dollar rose to a one-week high against a basket of major currencies on Thursday…
Oil Slips Towards $66 as U.S. Output Trumps OPEC Cuts
U.S. daily crude output stays above 10 million barrels; Libyan oilfield pumping 70,000 bpd shut. Oil slipped towards $66 a barrel on Friday as rising U.S. oil output and exports countered OPEC-led attempts to erode stockpiles with output curbs and a dip in Libyan production. U.S. oil production last week was steady at 10.27 million barrels per day, a record level if confirmed by monthly figures. Crude exports jumped to more than 2 million bpd, close to a record 2.1 million hit in October. "The U.S.
Brent Crude Eases, as Canadian Supply Drop Boosts U.S. Futures
Monday U.S. holiday pulls WTI's Friday gain into Tuesday. Brent crude oil prices eased on Tuesday, pulled down by a stronger dollar and a bout of profit-taking, while U.S. futures gained, bringing the discount between the two key futures contracts to a six-month low. Brent crude futures were down 51 cents from Monday's close at $65.16 a barrel by 1253 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 41 cents from their last close on Friday at $62.09 a barrel.
Oil Rebounds on U.S. Inventory Figures, Saudi Comments
U.S. crude inventories rise less than expected - EIA. Oil prices rose on Wednesday, rebounding from earlier losses after U.S. crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than to end supply cuts too early. U.S. crude inventories rose 1.8 million barrels last week, Energy Information Administration (EIA) data showed compared with expectations for an increase of 2.8 million barrels.
Oil Eases as Dollar Rises, U.S. Inventories Expected to Rise
Dollar steadies against other leading currencies; ongoing OPEC-led output cuts provide some support. Oil prices eased on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and by an expected rise in U.S. crude production. Brent crude futures were last down 14 cents at $65.11 a barrel by 1235 GMT, while West Texas Intermediate (WTI) crude futures dipped 35 cents to $61.44 a barrel.
Maersk Energy: Uptick in Offshore Oil
COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting plans and a crude price recovery. Although this has spurred new investment…
Inflation Buiilds, Oil Slides
Oil fell for a third day on Wednesday, dropping nearly 1 percent on concerns about rising U.S. production and another drop in financial markets after U.S. consumer prices rose more than expected. Brent crude futures fell 55 cents to $62.17 a barrel by 1350 GMT. The price has lost 11 percent since hitting a high above $71 in January and has now wiped out all its 2018 gains. U.S. West Texas Intermediate crude futures dropped 77 cents to $58.42 a barrel. U.S.
Rising U.S. Supply Knocks Oil Prices Again
Physical crude price falls as exporters chase customers; U.S. crude inventories rise. Oil fell for a third day on Wednesday, under pressure from concern about rising U.S. production and how much it would hurt efforts by OPEC and its partners to control global supplies. Brent crude futures fell 26 cents to $62.46 a barrel by 1028 GMT. The price has lost 11 percent since hitting a high above $71 in January. It has now wiped out all the 2018 gains. U.S.
Oil Prices Pare as Global Outlook Darkens
API to report storage estimates on Tuesday, EIA on Wednesday. Oil stabilised on Tuesday, paring gains made earlier in line with a recovery on global stock markets, after a forecasting agency estimated world crude supply could overtake demand this year, potentially undermining producer efforts to curb supply. The Paris-based International Energy Agency raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd.
Oil Falls as Outlook for Global Balance Dims
API to report storage estimates on Tuesday, EIA on Wednesday. Oil fell on Tuesday, losing gains made earlier in line with a recovery on global stock markets, after a forecasting agency estimated world crude supply could overtake demand this year, potentially undermining producer efforts to curb supply. The Paris-based International Energy Agency raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd.
Oil Falls Below $49 but Set for Weekly Rise on OPEC Hopes, U.S. Stocks
Oil prices edged lower on Friday but were still set for their first weekly gain in three weeks after Russia and Saudi Arabia agreed to work together to help rebalance the markets and after a surprisingly large drawdown in U.S. crude stocks. Brent and West Texas Intermediate crude futures were on course to gain about 5 percent this week following two consecutive weeks of declines. The Brent crude benchmark…
Noble Energy Profit Beats Estimates
U.S. oil and gas producer Noble Energy Inc reported adjusted quarterly profit on Tuesday that easily beat analyst estimates due to cost cuts and higher crude prices, sending shares surging more than 7 percent in morning trading. The results came as Noble's U.S. shale oil production jumped in the fourth quarter through Dec. 31, reflecting the greater attention the industry is giving to improving profit and output.
U.S. Crude Oil Stocks Unexpectedly Drop - EIA
U.S. crude stocks fell unexpectedly last week as imports dropped, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories fell by 1.6 million barrels in the week to Feb. 16, compared with analysts' expectations for an increase of 1.8 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.7 million barrels, EIA said. Net U.S. crude imports fell last week by 1.6 million barrels per day.
India's Oil Imports Reach Record High in January
India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed.
Oil Under Pressure from Rising OPEC Supplies
U.S. crude stockpile draw supports prices; Trump could pull out of global climate accord. Oil prices pared gains reached earlier in the session on Thursday, despite U.S. industry data showing a big drop in crude stocks last week, as the market remains suspicious whether OPEC cuts will be enough to rebalance an oversupplied market. Brent crude oil was up 11 cents at $50.87 a barrel by 1134 GMT, while U.S. light crude had gained 24 cents to $48.56.
Russia's Baltic Urals Exports Seen Rising in March
Russia's Urals crude exports from the ports of Ust-Luga and Primorsk are seen at 5.6 million tonnes in March compared to 5.0 million tonnes in the February plan, a preliminary loading schedule released on Wednesday showed Exports of Urals and Siberian light crude oil from the Black Sea port of Novorossiisk port are set at 2.3 million tonnes in March compared to 2.1 million tonnes in the February plan. Reporting by Ludmila Zaramenskikh; Writing by Maxim Rodionov
ConocoPhillips CEO: 2016 Crude Markets Will 'Rebalance'
ConocoPhillips Chief Executive Officer Ryan Lance expects crude prices to recover in 2016 as investment in new oil output facilities falter, he told reporters in Qatar's capital Doha on Monday. "I expect capital investment budgets next year will be flat to lower. So we have to expect some additional decline in supply as we go through to 2016. The market will rebalance, that's what happening," he said. Reporting by Angus McDowall
Price Rally Spells Fleeting Relief for Canadian Producers
Canadian heavy crude rallied to a two-month high relative to U.S. crude this week, offering some relief to oil producers in Alberta struggling with thin margins amid plentiful supply. The rally was likely to be short-lived, traders and analysts said, because output continues to grow without a corresponding increase in transportation capacity. Canada's crude typically trades at a discount to U.S. benchmark West Texas Intermediate (WTI) light oil, reflecting transportation costs to U.S.