|Day's range||68.80 - 69.07|
Despite a few hurdles following U.S. sanctions that banned Western oil companies from Arctic drilling, Gazprom will move forward in its Arctic ambitions
TORONTO (Reuters) - Canada's benchmark stock index ended higher on Monday, with gains in the price of U.S. crude oil driving up shares of companies in the energy sector. The Toronto Stock Exchange's S&P/TSX composite index rose 67.74 points, or 0.44 percent, to 15,552.06. Eight of the 10 main industry sectors on the index were positive. (Reporting by Fergal Smith, editing by G Crosse)
After several difficult years, Saudi Arabia is making a push to re-capture their position in oil markets, but the U.S. is likely to put up some resistance
As geopolitical pressure weighs on markets and global crude inventories fall to five-year averages, hedge funds are amassing near-record long positions on oil
Since late 2017, Anadarko Petroleum (APC) stock has mainly been in an uptrend. The stock has tracked crude oil prices (USO) (UCO).
Kuwait has announced plans to expand its oil tanker fleet twofold over the next 20 years, pointing to plans of significant production growth
Anadarko Petroleum (APC) expects a production guidance range of 611 Mboepd–644 Mboepd (thousand barrels of oil equivalent per day) for 1Q18—compared to 795 Mboepd reported in 1Q17.
Saudi Aramco's trading arm plans to start handling crude in Asia through its office in Singapore in the third quarter of this year and aims to boost its volumes for trading crude and refined products to 6 million barrels per day (bpd) by 2020. Ibrahim al-Buainain, CEO of Aramco Trading Co (ATC), told Reuters on Monday that the firm also aims to open its European office early next year, as it expands international business. "We will be targeting the third quarter of this year (for crude trading) out of Singapore for Southeast and North Asia.
On April 20, 2018, major oil producers’ meeting was held in Jeddah to discuss extending ongoing production cuts. The meeting highlighted OPEC’s higher compliance with ongoing production cuts. On April 20, Saudi Arabia’s energy minister said that production cuts could continue into 2019. The expectation of an extension supported oil prices last week. Brent and US crude oil prices increased ~2% and ~1.5% respectively, last week.
Before proceeding with Marathon Petroleum’s (MPC) refining earnings outlook for 1Q18, let’s recap refining earnings trends in 4Q17.
The pipeline that feeds crude from the Waha oil field into Libya’s Es Sider export terminal has been attacked by a terrorist group, taking 80,000 bpd offline
On April 20, 2018, Baker Hughes, a GE company (BHGE), released its US crude oil rig count report. Baker Hughes reported that US crude oil rigs increased by five or 0.6% to 820 on April 13–20. US crude oil rigs were at the highest level since March 20, 2015. The rigs also have risen by 132 or ~19.2% from last year.
June 2018 WTI oil futures contracts fell 0.1% from the previous settlement to $68.33 per barrel at 2:00 AM EST on April 23. However, WTI oil futures contracts rose 0.1% on April 20.
Iran's crude and condensate exports have recovered from a fall in March and currently stand at 2.5 million barrels per day (bpd), state TV on Monday reported Oil Minister Bijan Zanganeh as saying. It has increased now and currently all together we export 2.5 million barrels of oil and gas condensates," Zanganeh told state TV. March liftings from Iran, the third-biggest producer among the Organization of the Petroleum Exporting Countries (OPEC), were down 26 percent year on year.
* Market also seen range-trading -trader * Palm could retest resistance at 2,434 rgt/T -techs (Updates with closing prices) By Emily Chow KUALA LUMPUR, April 23 (Reuters) - Malaysian palm oil futures declined ...
April 23 (Reuters) - BLD Plantation Bhd: * MARCH CRUDE PALM OIL PRODUCTION 8,045 METRIC TONNE; MARCH PALM KERNEL PRODUCTION 1,703 METRIC TONNE Source text: ( https://bit.ly/2HnEyj1 ) Further company coverage:...
April 23 (Reuters) - China Coal Xinji Energy Co Ltd : * SAYS Q1 COMMERCIAL COAL SALES UP 19.0 PERCENT Y/Y AT 3.76 MILLION TONNES Source text in Chinese://bit.ly/2vErYdG https://bit.ly/2vErYdG Further company ...
OPEC has forecasted oil demand surging in 2018 which could push crude prices even higher, though U.S. shale production could offset this impact
From April 16, 2017, to April 16, 2018, the price correlation between National Oilwell Varco (NOV) stock and crude oil was 0.53, representing a strong positive relationship. The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil was 0.66, lower than in the previous year. Has NOV’s correlation with crude oil price changed?
The fundamentals are mostly bullish at this time. Ongoing OPEC-led supply cuts are proving the longer-term support. One factor that could limit gains is rising U.S. production, which has jumped by a quarter since mid-2016 to 10.54 million barrels per day.
Oil prices have rallied so far this year, as OPEC-led efforts have helped erase a big global surplus, but the market may soon suffer from a new dilemma: a shortage of crude supplies that would support further price gains. Stockpiles of the commodity among the industrialized nations that make up the Organization for Economic Cooperation and Development (OECD) stood at 2.84 billion barrels at the end of February, only 30 million barrels above the five-year average, according to a monthly report from the International Energy Agency (IEA). “The global market has tightened considerably in recent months,” says Matthew Parry, head of long-term research at research consultancy Energy Aspects.