Month: April 2019

(Reuters) – Oil prices are likely to stay buoyant this year as the U.S. decision to end waivers on Iranian oil and OPEC output curbs are expected to keep supply tight, a Reuters survey showed on Tuesday. A monthly survey of 31 economists and analysts forecast Brent crude would average $68.57 a barrel in 2019, more … Read more

NEW YORK (Reuters) – U.S. crude oil production fell 187,000 barrels per day in February to 11.7 million bpd as output dropped in the Gulf of Mexico and key on-shore oil producing states including Oklahoma and North Dakota, according to U.S. government data on Tuesday. The production decline was the second consecutive slip, following a … Read more

OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway is financing a bid by Occidental Petroleum for Anadarko, potentially upending Chevron’s $33 billion offer for the energy company.
Anadarko Petroleum accepted a buyout bid from Chevron earlier this mont…

(Reuters) – Tesla Inc plans to announce on Tuesday that it has started selling solar panels and related equipment for up to 38 percent below the national average price, the New York Times reported on Tuesday. The company aims to cut the prices by standardizing systems and requiring customers order the items online, the report … Read more

(Reuters) – U.S. refiner Phillips 66 on Tuesday beat analysts’ quarterly profit estimates, becoming the second major refiner to post bullish numbers at a time when investors and analysts had largely expected poor performance due to higher Canadian crude prices. Alberta, Canada’s largest crude-producing province, mandated temporary oil production cuts effective January to reduce excess … Read more

Apr 30, 2019, by David Stringer and Sohee Kim (Bloomberg) LG Chem Ltd., the South Korean electric-car battery giant, sued local rival SK Innovation Co. in the U.S. for allegedly stealing trade secrets by poaching scores of highly knowledgeable employees. The lawsuits, filed with the U.S. International Trade Commission and the District Court of Delaware, … Read more

Apr 30, 2019, by Grant Smith (Bloomberg) Oil rose as Saudi Arabia signaled OPEC and its allies could extend supply cuts to the end of the year, while Venezuela’s opposition leader called for a military uprising. Crude futures added 1.5 percent in New York. Saudi Energy Minister Khalid Al-Falih said that the Organization of Petroleum … Read more

Apr 30, 2019, by Lorcan Roche Kelly (Bloomberg) Picking up Investors got a huge helping of European economic data this morning. French output in the first quarter came in at 0.3 percent, matching the fourth-quarter pace in 2018, while Spain expanded 0.7 percent over the period, outpacing forecasts. That’s all helped to push euro-area growth to 0.4 percent, … Read more

Apr 29, 2019, by Heesu Lee and Grant Smith (Bloomberg) Oil fell again, extending its biggest retreat in two months, after U.S. President Donald Trump renewed his push for lower prices and Russia said it would soon resolve a problem with contaminated supplies. Futures retreated as much as 1.3 percent in New York in a … Read more

Apr 29, 2019, by Lorcan Roche Kelly (Bloomberg) Back at the table The next round of China-U.S. trade talks begins in Beijing this week, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin set to meet Chinese Vice Premier Liu He tomorrow. One senior administration official said, on the condition of anonymity, that significant issues remain unresolved … Read more

Apr 28, 2019 by Enda Curran and Michelle Jamrisko (Bloomberg) Surging crude prices are posing another headwind for the world economy after President Donald Trump’s “zero” pledge on Iran oil sales. Brent crude has risen about 33 percent this year and is close to the highest in six months. While higher prices due to strong … Read more

Apr 29, 2019 by Anthony DiPaola and Verity Ratcliffe (Bloomberg) The world’s biggest oil exporter is ramping up efforts to develop natural gas with plans for a 15-fold boost in output from unconventional deposits of the fuel. Saudi Aramco is building facilities to tap shale gas in the kingdom’s oil-rich eastern region and is making … Read more

(Reuters) – U.S. oil drillers this week cut the most rigs since the week to Jan. 18 and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions. Drillers cut … Read more

Apr 25, 2019, by Kevin Crowley (Bloomberg) Anadarko Petroleum Corp. is under pressure from investors to explain why it agreed to a takeover offer from Chevron Corp. despite it being substantially lower than Occidental Petroleum Corp.’s $38 billion proposal. Occidental went public with its offer Wednesday and said it was essentially the same one made … Read more

Apr 26, 2019, by Sharon Cho and Alex Longley (Bloomberg) Oil fell, paring an eighth weekly advance, even as supplies stopped flowing through a major Russian pipeline to Europe. Futures in New York lost as much as 1.4 percent, while Brent also fell. Futures in London had spiked briefly above $75 a barrel on Thursday … Read more

Apr 26, 2019, by Samuel Potter (Bloomberg) Abstract earnings Investors hoping to glean some clarity on the outlook from this earnings season could be forgiven for being disappointed — the picture thus far is more Jackson Pollock than Leonardo da Vinci. Tech stocks defied a downbeat day on Thursday thanks to strong results from Microsoft Corp. and … Read more

MEXICO CITY (Reuters) – In April 2017, a group of Mexican executives filed into the Texas governor’s mansion in Austin for a meeting they hoped would help save a trillion-dollar trade deal. They had a simple pitch for their audience – Republican Governor Greg Abbott, a handful of business leaders and some party donors: it … Read more

Apr 25, 2019, by Grant Smith (Bloomberg) The biggest threat to President Donald Trump’s hopes for low gasoline prices is his growing entanglement in the politics of OPEC nations. The White House plans to choke off oil exports from Iran without triggering a spike in prices largely by getting Saudi Arabia, the only OPEC member … Read more

Apr 25, 2019, by Samuel Potter (Bloomberg) Everything is fine Well done to Facebook Inc., whose first-quarter revenue rose a better-than-projected 26 percent on the strength of its advertising business. (Five Things loves it when the good guys win. Speaking of which, the company also said it’s setting aside a few billion dollars or so related to … Read more

(Reuters) – U.S. crude oil stockpiles rose last week to their highest in about a year and a half as imports increased, even as refiners sharply ramped up output ahead of the summer driving season, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels in the week to April 19, … Read more

(Reuters) – Ford Motor Co said on Wednesday it will invest $500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley’s Tesla Inc. Ford said it will use Rivian’s “skateboard” – a chassis that bundles electric motor, batteries and controls – to build a … Read more

Apr 24, 2019, by Simon Casey and Kevin Crowley (Bloomberg) Occidental Petroleum Corp. is starting a bidding war for Anadarko Petroleum Corp., making a $38 billion counteroffer in attempt to break up the proposed takeover by Chevron Corp. Occidental said Wednesday it’s offering $76 per share in cash and stock, a premium of about 20 … Read more

Apr 24, 2019, by Sharon Cho and Grant Smith (Bloomberg) Oil pulled back from a six-month high as an industry report signaling a gain in U.S. crude inventories partly offset concerns over America’s campaign to halt Iranian exports. Futures in New York fell as much as 0.8 percent. Crude stockpiles rose by 6.86 million barrels … Read more

Apr 24, 2019, by Anthony DiPaola, Matthew Martin and Yousef Gamal El-Din (Bloomberg) Saudi Arabia’s energy minister said the world’s biggest oil exporter sees no need to take immediate action in the crude market, signaling a cautious response to the U.S. decision to tighten sanctions on Iran. The kingdom won’t significantly raise output in May … Read more

Apr 24, 2019, by Lorcan Roche Kelly (Bloomberg) April 30 Negotiators led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing next week as both sides seek to have a trade agreement signed in the coming weeks. Despite market confidence that a deal will be done, economists continue to count … Read more

DUBAI (Reuters) – Gulf OPEC producers can step in to meet any oil supply shortage following a U.S. decision to end waivers on buyers of Iranian crude, but will first wait to see whether there is actual demand, OPEC and industry sources said. The United States has decided not to renew exemptions from sanctions against … Read more

Apr 23, 2019, by Anna Andrianova and Dina Khrennikova (Bloomberg) Vladimir Putin’s poll ratings are down after a tax hike squeezed cash-strapped consumers. But the Kremlin has opened the coffers to give as much as $8 billion this year to another key constituency: oil companies awash in record profits. The handouts are part of a … Read more

LONDON (Reuters) – Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply. Brent crude futures were at $74.25 per barrel at 1055 GMT, up 21 cents or 0.28 … Read more

NEW YORK (Reuters) – U.S. independent refiners are expected to roll out lower than expected first-quarter profits after a spate of outages, weak gasoline margins and a surge in the price of Canadian oil, according to analysts. Major independent refiners cut production dramatically during the quarter, with some electing to undergo maintenance rather than produce … Read more

Apr 23, 2019, by Ben Bartenstein (Bloomberg) Emerging markets got a lift from the Federal Reserve, Donald Trump and Xi Jinping to start the year. Oil may be the next saving grace. Investors say a potential uptick in crude prices might be the latest tailwind for the developing world after the White House scrapped waivers … Read more

Apr 23, 2019, by Lorcan Roche Kelly (Bloomberg) Crude jump Oil is adding to yesterday’s gains, with a barrel of West Texas Intermediate for June delivery trading above $66 this morning while Brent crude was also higher. The move comes in the wake of the Trump administration’s decision to end waivers on the ban of Iranian … Read more

Apr 22, 2019, by Salma El Wardany (Bloomberg) The U.S. is ending waivers that let countries buy Iranian crude without running afoul of sanctions, threatening to squeeze oil supplies in an already tight market. The decision may also jeopardize the deal that OPEC and allied suppliers including Russia reached to limit output until the end … Read more

Apr 22, 2019, by Lorcan Roche Kelly and Samuel Potter (Bloomberg) Crude jump The Trump administration won’t renew waivers that allowed countries to buy Iranian crude without facing U.S. sanctions, according to four people familiar with the matter. Oil rose to the highest level in almost six months as investors, already concerned about supply constraints, … Read more

Apr 22, 2019 by Sharon Cho, Tsuyoshi Inajima and Verity Ratcliffe (Bloomberg) Oil rose to the highest level in almost six months as the U.S. government was said to eliminate sanction waivers that allowed buyers to import Iranian crude. Futures in London jumped as much as 3.3 percent to the highest intraday price since early … Read more