Tuesday, March 31, 2020

White House News

Oil on Track for Biggest Yearly Rise Since 2016

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Oil fell on the last trading day of the decade on Tuesday but was still on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was down 74 cents at $65.93 a barrel by 1434 GMT. U.S.

USA to Make Paris Climate Exit Official

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The Trump administration will file paperwork with the United Nations as early as Monday to withdraw the United States from the Paris Agreement, marking the first formal step in a one-year process to exit the global pact to fight climate…

US Gives Chevron More Time in Venezuela

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The U.S. Treasury Department on Monday renewed a license allowing Chevron, the last U.S. operating energy company in Venezuela, to continue drilling in the country for another three months through Jan. 22.The license has been a subject…

Trump Camp Split on Chevron's Venezuela License

U.S. Secretary of State Michael R. Pompeo (US State Department photo by Ron Przysucha/ Public Domain)

The Trump administration is split over whether to renew a license this week for energy company Chevron Corp's operations in Venezuela, with Secretary of State Mike Pompeo supporting a renewal and others opposing it, three sources with…

US Extends Offshore Wind Tax Credit

Image: Government Europa

The American Wind Energy Association (AWEA) issued a statement in support of two bills introduced in the U.S. Senate this week, which would both extend the federal Investment Tax Credit (ITC) for offshore wind energy.The legislation comes at a critical time for offshore wind in America…

US Considering Sanctions Over Nord Stream 2

Pipelaying operations underway (© Nord Stream 2 / Axel Schmidt)

President Donald Trump said on Wednesday he was considering sanctions over Russia's Nord Stream 2 natural gas pipeline project -- which the United States has told European companies to avoid -- and warned Germany against being dependent…

Trump, Saudi Arabia at Odds Over Oil Price

(File photo: Official White House photo by Shealah Craighead)

U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.In keeping with his iconoclastic approach to governing…

NOPEC Bills: Leverage for White House

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For a proposed statute still at the first stage of the legislative process, with only a handful of sponsors in the U.S. Congress, the “No Oil Producing and Exporting Countries Act of 2019” (NOPEC) is generating a lot of comment.The amount…

Trump Warns Saudi Arabia on Oil Prices

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U.S. President Donald Trump has warned OPEC not to tighten the oil market too much and risk another spike in prices that could harm the global economy – and his re-election campaign in 2020.“Oil prices getting too high,” the president warned in a message posted on Twitter on Monday.

Traders bet on Saudis, White House Lifting Oil Prices

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Oil traders are becoming very bullish on the outlook for prices, betting that Saudi Arabia will do whatever it takes to tighten the market even if consumption growth slows, helped by U.S. sanctions on Iran and Venezuela.Brent's calendar…

Tankers with Venezuelan Oil Collect off US

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A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders…

Hedge Funds Enforce Correction to Oil Market's Course

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Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money…

US Judge Halts Keystone XL Oil Pipeline

Photo: TransCanada Corp

A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in…

Oil Falls Below $79 as Rising U.S. Stockpiles Weigh

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Oil fell more than $1 a barrel to below $79 on Thursday as the fourth weekly increase in U.S. crude inventories suggested ample supply, while Saudi-U.S. tension and falling Iranian exports lent support.U.S. crude inventories rose 6.5 million barrels last week…

Trump Calls Saudi's King to Discuss Oil Supplies

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U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, Saudi state news agency SPA reported.The call comes days after the U.S.

Oil Slips From 4-month Highs on Economic Concerns

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Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 60 cents a barrel at $79.14 by 1330 GMT. U.S.

Oil Slips from 4-month Highs

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Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 65 cents a barrel at $79.09 by 1200 GMT. U.S.

Brent Oil Stabilizes Near $72 as Economic Concerns Weigh

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Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.Brent crude futures…

Federal Judge Orders Keystone XL Pipeline Review

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A federal judge in Montana on Wednesday ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL oil pipeline, possibly delaying the project's construction and dealing the latest setback for Canada's TransCanada Corp.For more than a decade…

​​​​Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance

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China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for…