|Day's range||69.39 - 69.59|
Asian and Middle Eastern Independent oil companies are expanding their presence in South-East Asia as Big Oil has been shrinking their portfolio in this region
Investing.com – Crude oil prices settled higher Thursday as data showing U.S. crude supplies fell and comments that Saudi Arabia's exports would fall in August renewed expectations for a global shortage in crude supplies.
Despite the production surge in June and July, Saudi Arabia announced on Thursday that it expects a reduction in crude exports in August
US crude oil exports fell 28% to 1,461,000 bpd (barrels per day) last week, but rose by 733,000 bpd (101%) YoY (year-over-year) due to the oil export ban being lifted, domestic oil production rising, and the Brent-WTI spread widening.
Iran has filed a complaint against the United States with the International Court of Justice, claiming U.S. sanctions are ‘unlawful’
Whiting Petroleum (WLL) stock has been increasing since the beginning of this year. The stock has risen ~82.93% since the beginning of 2018 and 144% on a year-over-year basis.
Yesterday, the EIA (U.S. Energy Information Administration) released its oil inventory report. It reported that US crude oil inventories increased by 5.8 MMbbls (million barrels) to 411 MMbbls between July 6 and 13, but fell by ~80 MMbbls (16.2%) YoY (year-over-year). A Reuters survey had earlier estimated that US crude oil inventories fell 3.6 MMbbls last week.
Investing.com - Oil prices rose on Thursday, as a Saudi Arabian official indicated that the country’s exports will be little changed despite a large increase in production.
The EIA (U.S. Energy Information Administration) estimates that US crude oil output rose by 100,000 bpd (barrels per day) to 11,000,000 bpd last week, a record high. It was 1,571,000 bpd (~16.6%) higher YoY (year-over-year).
The S&P 500 rose ~0.2% to 2,815.62 yesterday, its highest closing since February 1, supported by US banking stocks’ better-then-expected second-quarter results. Five out of the S&P 500’s 11 key sectors advanced yesterday. Meanwhile, the SPDR S&P 500 ETF (SPY) rose ~0.2% to $281.06 yesterday, and E-Mini S&P 500 futures fell 0.04% in early morning trading today.
Whiting Petroleum (WLL) is expected to release its second-quarter earnings on July 31 after the market closes. Wall Street analysts’ revenue estimate for the second quarter is $505.37 million—compared to $311.51 million in the second quarter of 2017. Higher revenue estimates on a year-over-year basis reflect higher production forecasts and higher expected crude oil price realizations due to a better crude oil price environment.
Russia used stocks held in tanks at its oilfields to help boost crude production in June, three industry sources told Reuters, in a sign of supply flexibility as OPEC kingpin Saudi Arabia pushes other major producers to increase spare output capacity. Russian oil production last month rose by around 100,000 barrels per day from May. From July 1-15, the country's average oil output was 11.215 million bpd, an increase of 245,000 bpd from May, two industry sources said.
(In this version of the July 18 story, the 4th paragraph has been corrected to barrels, not barrels per day for Serene Sea.) By Collin Eaton HOUSTON (Reuters) - An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show. For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in oil-rich Alberta have limited capacity to move crude to the nation's western coastline.
OPEC/non-OPEC compliance to the output cut deal has fallen somewhat in June as Saudi Arabia and Russia ramped up production after the June Vienna meeting
In early February, oil production broke through the 10 million barrels a day threshold for the first time in nearly 50 years and has maintained the record levels thereafter.
July 19 (Reuters) - Shaanxi Yanchang Petroleum Chemical Engineering Co Ltd: * SAYS TRADING IN SHARES TO HALT FROM JULY 20 PENDING REGULATORY REVIEW OF ITS ASSET ACQUISITION Source text in Chinese: https://bit.ly/2uyqVZU ...
July 19 (Reuters) - Xinjiang Zhundong Petroleum Technology Co Ltd: * SAYS CHAIRMAN XU HAOJUN RESIGNS DUE TO PERSONAL REASONS Source text in Chinese: https://bit.ly/2O15rwM Further company coverage: (Reporting ...
The S&P 500 went sideways in the CFD market initially on Wednesday, as the 2800 level should offer a bit of support. If we can stay above that level, the market is likely to continue going higher, perhaps reaching towards the 2880 level.
Employment numbers give the Aussie Dollar a boost as focus shifts to today’s stats out of the UK. Another set of weak numbers and the Pound could be looking at sub-$1.30 levels, progress on Brexit doing few favors.
The prices have been steady as the bulls try and hold on to the gains to inspire other traders and investors to join their lot
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures jumped more than 2 percent to a one-week high on Wednesday ...
Oil prices saw a steep correction last week, but a slowdown of the global economy could be a much bigger threat for oil markets in the mid-term
About 76% of the analysts covering Anadarko Petroleum (APC) rated the stock as a “buy,” 21% rated it as a “hold,” and 3% rated it as “underperform.”
Papua New Guinea is one of the least explored oil & gas frontiers, but several environmental challenges and domestic opposition make it a difficult place to actually produce hydrocarbons
The natural gas rig count was at 189 last week, two higher than in the previous week. The natural gas rig count has fallen ~88.2% from its record level of 1,606 in 2008. However, US natural gas marketed production rose ~45.8% between January 2008 and April 2018, despite the natural gas rig count falling. As a result, natural gas active futures have fallen 65.1% since January 2008.