Month: June 2018

Jun 29, 2018 by Jessica Summers (Bloomberg)  Oil posted the biggest weekly rise in more than two months as shrinking stockpiles and supply disruptions from Canada to Libya compounded the growing isolation of OPEC’s third-largest oil producer. Futures advanced 8.1 percent this week in New York, above London-traded Brent crude’s gain of 5.1 percent. The … Read more

June 29, 208, by Arpan Varghese and Koustov Samanta (Reuters) – Oil prices look set to stay strong for the rest of this year and in 2019 thanks to supply disruptions and as extra oil from OPEC fails to meet rising demand, a Reuters poll showed on Friday. A survey of 35 economists and analysts … Read more

June 28, 2018 WASHINGTON (Reuters) – U.S. Energy Secretary Rick Perry said on Thursday that he is confident that Saudi Arabia and Russia can increase their crude oil production to stabilize the world oil market, and compensate for supply losses caused by renewed U.S. sanctions on Iran. “We look at this as an opportunity for … Read more

June 28, 2018, by Gabriel Stargardter PARAISO, Mexico (Reuters) – Until recently, Edgar Barrera enjoyed a life many Mexicans could only hope for. In a few short years, the 36-year-old bookkeeper rose from handyman to white-collar worker at what seemed to be one of the most stable companies in Latin America: state-owned oil firm Pemex. … Read more

June 29, 2018, by Lorcan Roche Kelly (Bloomberg) Dividend boost  More than 20 banks announced how they would reward shareholders following yesterday’s release of the Federal Reserve stress test. JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., the four biggest lenders in the U.S., said they would increase payouts … Read more

June 29, 2018 by Grant Smith and Heesu Lee (Bloomberg) – Oil surged this week by the most in two months as Saudi Arabia’s assurance of increased output failed to assuage concerns that disruptions from Canada to Libya and Iran will strain global markets. Futures advanced about 7 percent this week in New York, rising … Read more

June 28, 2018, by Lorcan Roche Kelly (Bloomberg) Summit European Union leaders gather in Brussels for a two-day meeting as the bloc faces a range of challenges from immigration to trans-Atlantic tensions to Brexit. With German Chancellor Angela Merkel beset by growing domestic political pressure to forge EU agreement over border controls, that item is likely to dominate … Read more

June 28, 2018, by Nidhi Verma NEW DELHI (Reuters) – India’s oil ministry has asked refiners to prepare for a ‘drastic reduction or zero’ imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran. … Read more

June 27, 2018 Reuters WASHINGTON (Reuters) – Natural gas production from U.S. shale fields can keep growing for decades, giving Washington a powerful diplomatic tool to counter the geopolitical influence of other energy exporters such as Russia, industry executives and government officials said at a conference here. Already the world’s largest gas producer, the United States … Read more

June 27, 2018, by Tsuyoshi Inajima, Serene Cheong and Sharon Cho (Bloomberg) At least some buyers of Iranian supplies in the world’s biggest oil market are considering acquiescing to U.S. President Donald Trump’s demands. As the American administration piles pressure on its allies to entirely halt purchases of Iranian supplies, Japan’s Fuji Oil Co. and … Read more

June 27, 2018, by Kelly Gilblom (Bloomberg) Oil companies have for now managed to avoid the legal liability of paying potentially billions of dollars for protection against the impact of climate change. But the fight could only just be beginning. A judge this week dismissed lawsuits from the cities of San Francisco and Oakland, California, … Read more

June 27, 2018 by Grant Smith (Bloomberg)  Oil rose to a one-month high as the risk of a supply crunch continued to buoy markets, with a U.S. demand that Iran’s customers halt their imports overshadowing Saudi Arabia’s promise to boost output. New York futures gained as much as 1.3 percent, after advancing 3.6 percent on … Read more

June 27, 2018, by Grant Smith (Bloomberg) OPEC is heeding consumers’ calls to pump more crude, but that’s only making the oil market more nervous. The fleeting reassurance that came from Saudi Arabia’s pledge last week to lead a substantial production increase was swept away on Tuesday as tougher U.S. sanctions on Iran shifted focus … Read more

By Ernest Scheyder and Scott DiSavino WASHINGTON, June 26 (Reuters) – The administration of President Donald Trump wants to help allies and trade partners replicate the U.S. natural gas and oil production boom by exporting American know-how, U.S. Energy Secretary Rick Perry said on Tuesday, even as trade disputes intensified. “We are bearing witness to … Read more

June 27, 2018, by Lorcan Roche Kelly (Bloomberg) Softly, softly Following the intervention from White House trade adviser Peter Navarro on Monday, President Donald Trump added his voice to those trying to defuse concerns over the administration’s plans to hit Chinese investment in U.S. tech. Trump signaled he may take a less confrontational approach, and that any … Read more

June 27, 2018 ANKARA (Reuters) – Removing Iranian oil from the global market by November as called for by the United States is impossible, an Iranian oil official told the semi-official Tasnim news agency on Wednesday. “Iran exports a total of 2.5 million barrels per day of crude and condensate and eliminating it easily and … Read more

June 26, 2018, by Javier Blas, Will Kennedy and Wael Mahdi (Bloomberg) Saudi Arabia is planning to pump a record amount of crude in July, embarking on one of its biggest-ever export surges to cool down oil prices, according to people briefed on the country’s output policy. State oil company Saudi Aramco is aiming to … Read more

LONDON, June 26 (Reuters) – China will become the world’s top importer of natural gas next year, boosted by liquefied natural gas (LNG) purchases, as its superpower economy grows and weans itself off coal-generated energy, the International Energy Agency said on Tuesday. In its Gas 2018 annual report, the IEA said Chinese demand for natural … Read more

June 26, 2018 LONDON (Reuters) – Iran’s oil minister said that OPEC’s oil output agreement did not specify a production increase and that a figure of 800,000 barrels per day (bpd) was an interpretation by some members of the group. The Organization of the Petroleum Exporting Countries and other top crude producers, meeting in Vienna, … Read more

June 26, 2018, by Lorcan Roche Kelly (Bloomberg) Calming words White House trade adviser Peter Navarro said that a Treasury Department report later this week on American restrictions on foreign investment won’t be as broad as investors fear as he sought to allay a trade standoff. His words came after increasing worries that the world is heading … Read more

June 24, 2018 by Zainab Fattah (Bloomberg)  Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco. The move, which went into effect on Sunday, could add as much as $90 billion to economic output by 2030, with the benefits extending beyond that date, according to … Read more

June 25, 2018 (Reuters) – EQT Midstream Partners will stop construction in West Virginia of parts of its $3.5 billion Mountain Valley natural gas pipeline after a U.S. federal appeals court issued an order last week against a permit, a U.S. regulator and the company said. The pipeline company will not proceed with construction in … Read more

June 25, 2018 by Pratish Narayanan (Bloomberg)  The most dramatic events in the oil market last week occurred in North America as opposed to OPEC’s get-together in Europe, according to Goldman Sachs Group Inc. The bank says the outage of an oil-sands facility in Canada could lead to a shortage in North America for all … Read more

June 25, 2018, by Lorcan Roche Kelly (Bloomberg) Security issue In the latest blow to trade relations, the Treasury Department will heighten scrutiny of Chinese investments in sensitive U.S. industries, according to eight people familiar with the plans. The administration may use national security rules to create a two-track system for the Committee on Foreign Investments … Read more

June 25, 2018, by Heesu Lee (Bloomberg) The world’s two most important oil benchmarks are behaving very differently in the aftermath of OPEC’s meeting in Vienna. Brent crude is being pared back by Saudi Arabia’s pledge to boost output after an ambiguous OPEC pact and contradictory statements from other nations spurred a price jump on … Read more

y Timothy Gardner WASHINGTON, June 22 (Reuters) – U.S. Energy Secretary Rick Perry will meet Russia’s oil minister next week in Washington, a person familiar with the situation said on Friday, as the two countries compete to supply global markets with natural gas and crude. Perry will meet Russian Oil Minister Alexander Novak on Tuesday, … Read more

June 22, 2018, by Liz Hampton HOUSTON (Reuters) – Shares of U.S. oilfield service companies have fallen by more than 8 percent in the past month as worries about margins in the shale patch are clouding the sector’s nascent recovery. The Philadelphia SE Oil Service Index, which tracks the 15 largest publicly traded oilfield service … Read more

14 of 32 derailed oil tanker cars dumped an estimated 871,000 litres of crude oil The Associated Press · Posted: Jun 23, 2018  A freight train from Alberta derailed in northwest Iowa on Friday, leaking crude oil into flooded fields flanking the tracks 1:24 A freight train from Alberta derailed in northwest Iowa on Friday, leaking approximately 871,000 litres of crude … Read more

(Reuters) – U.S. energy companies this week cut one oil rig, the first reduction in 12 weeks, after drillers started to slow down the rate of additions this month as pipeline constraints put a damper on future production. The total oil rig count dipped to 862 in the week to June 22, General Electric Co’s … Read more

June 22, 2018 Reuters NEW YORK (Reuters) – Oil prices soared on Friday after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand. U.S. light crude was up $3.11, or 4.7 percent at $68.65, supported by the OPEC announcement and by an expected drawdown … Read more

June 22, 2018 by Alex Longley (Bloomberg)  Brent crude gained in London as OPEC ministers were said to agree upon a deal in principle too boost production. Futures gained as much as 3 percent, reversing a slump on Thursday when it appeared that Iran might walk away from a deal, encouraging rival producers including Saudi … Read more

June 21, 2018, by Nate Raymond (Reuters) – A Texas oil and gas businessman who called himself the “Frack Master” has been charged with securities fraud in connection with a scheme that defrauded investors out of $62.6 million, U.S. prosecutors said on Thursday. Christopher Faulkner, 41, was arrested on Monday at the Los Angeles International … Read more

June 22, 2018, by Lorcan Roche Kelly (Bloomberg) Peace plan Some officials in the Trump administration are trying to restart high level talks with China, ahead of the imposition of $34 billion of new tariffs on the country’s goods on July 6, three people familiar with the matter said. Staff of the National Economic Council are … Read more

Jun 21, 2018  by Elena Mazneva, Francois de Beaupuy and Golnar Motevalli (Bloomberg) With fewer than 24 hours to go before a pivotal meeting, Saudi Arabia urged OPEC to help consumers by boosting oil supply as opposition from arch-rival Iran showed signs of wavering. “The most important thing is the consumers,” Saudi Energy Minister Khalid … Read more

June 21, 2018 by Lorcan Roche Kelly (Bloomberg)  U.S. trade partners fight back, it’s decision day at the Bank of England, and OPEC inches towards an output deal. Here are some of the things people in markets are talking about today. Trade tensions India became the latest country to hit back at U.S. tariffs when it announced … Read more

June 19, 2018, by Christopher Martin (Bloomberg) Here’s one way to get more power from solar panels: use both sides of the cells. But don’t expect that to double the output. China is expected to jump-start the market for panels that can absorb light on both sides with plans to install 2.7 gigawatts this year, … Read more

June 20, 2018, by Lorcan Roche Kelly (Bloomberg) Growth warnings President Donald Trump’s threat to impose 10 percent tariffs on $200 billion of Chinese imports could curtail growth in the Asian nation by as much as half a percentage point, if implemented, according to analysts. Bloomberg Economics’ Fielding Chen and Tom Orlik warn China’s  regional neighbors may be even more exposed to a … Read more

June 20, 2018 by Grant Smith, Nayla Razzouk and Salma El Wardany (Bloomberg)  OPEC officials meeting in Vienna raced to salvage an oil-production deal on Wednesday after Iran said it was likely to reject any agreement that raised output from the group. With two days before OPEC ministers formally meet in Vienna to decide on … Read more

June 20, 2018 by Javier Blas (Bloomberg)  The biggest U.S. shale region will have to shut wells within four months because there aren’t enough pipelines to get the oil to customers, the head of one of the industry’s largest producers said. The worsening bottleneck in the Permian region that straddles west Texas and New Mexico … Read more

June 19, 2018 by Alex Longley (Bloomberg)  Oil fell below $65 a barrel as traders assessed escalating tensions between the world’s two biggest economies as well as an upcoming OPEC meeting that could see the group lift production. Futures in New York fell 1.4 percent, erasing gains from Monday. The prospect of a U.S.-China trade … Read more

June 19, 2018 by Brian Eckhouse (Bloomberg)  With batteries getting cheaper and governments promoting their use, electric vehicles are going to be sucking up a whole lot more of the world’s power in coming years. How much? About 9 percent of total global electricity demand by 2050 will come from vehicles, according to a report … Read more

June 19, 2018, by Lorcan Roche Kelly (Bloomberg) Escalation China is vowing to retaliate ” forcefully” against President Donald Trump’s threatened tariffs on another $200 billion of its goods. Trump ordered the identification of $200 billion in Chinese imports for an additional 10 percent tariff, with another $200 billion after that if Beijing retaliates. Should cooler heads not … Read more

June 19, 2018, by Liz Hampton HOUSTON, June 19 (Reuters) – Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico. There have been nearly 21,000 requests … Read more

June 18, 2018 Dubai (Reuters) – United Arab Emirates’ Energy Minister Suhail Al- Mazrouei said on Monday that the oil market is moving closer to rebalancing, according to a statement sent by his ministry. Mazrouei, who holds the OPEC presidency in 2018, also said he acknowledged concerns expressed by some countries regarding potential shortages in … Read more