Oil continues to fall on the back of weak China data and the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday, as OPEC+ is expected to increase production in October. Meanwhile, signs of sluggish consumption in China and America, the two biggest oil consumers in the world, have raised concerns over future growth. Brent crude futures dropped 61 cents or 0.8% to $76.32 a bar by 0450 GMT, while U.S. West Texas intermediate crude fell 52 cents or 0.7% to $73.03 a bar. Last week, Brent fell by 0.3% and WTI dropped 1.7%.
Oil prices continue to fall on the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday as investors weighed higher OPEC+ output in October against a sharp decline in Libyan production amid sluggish demands in China and the U.S. Brent crude futures dropped 57 cents or 0.7% to $76.36 per barrel at 0108 GMT, while U.S. West Texas Intermediate Crude fell 50 cents or 0.7% to $73.05 per barrel. Last week, Brent fell by 0.3% and WTI dropped 1.7%.
Oil Rises to $76 as OPEC+ Committee Sees Production Increasing
Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains.International Brent crude oil futures were at $76.04 per barrel at 1326 GMT, up 22 cents from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 13 cents at $68.85 a barrel.Trading activity was limited due to a public holiday in Britain…
Norway Oil Workers Threaten to Strike
Some 2,250 workers on Norwegian offshore oil drilling rigs and in drilling and catering services on oil producing platforms could go on strike this summer after rejecting a proposed wage deal, the Safe labor union said on Thursday.Industri Energi, the largest labor union representing drilling workers, last month agreed to a deal, while the smaller Safe said it would ask its members to vote on the offer made by the Norwegian Shipowners' Association.A strike could hit oil companies' expl
U.S. drillers Add Most Rigs since June -Baker Hughes
U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. report on Friday. price crash. over the summer. The U.S. of a 380,000 bpd increase. U.S. 8.9 million bpd in 2016, the EIA said. million bpd in 1970. The largest U.S. long as oil prices stay above $50 per barrel. U.S. week, their highest since July 2015. year's $43.47 average.
US Shale Producers Promise Higher Output and Returns
U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders. Investors have pushed top U.S. shale companies to focus on returns, rather than higher output, a move that threatened to slow the breakneck growth in supply sparked by the shale revolution in the world's top oil consumer.
Oil Falls as Global Supplies Increase
OPEC may ask Libya, Nigeria to cap output. Oil fell on Monday, adding to heavy losses at the end of last week due to rising drilling activity in the United States and no let-up in supply growth from both OPEC and non-OPEC exporters. Prices dropped even as OPEC signalled it may widen its production caps to include Nigeria and Libya, whose output has recovered in recent months after being curtailed by years of unrest.
Oil Prices at Seven-month Lows as Supplies Weigh
OPEC supply jumps in May as Libya, Nigeria output recover; U.S. production also feeds glut. Oil prices fell to seven-month lows on Tuesday after news of increases in supply by several key producers, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output. Benchmark Brent dropped $1.29 to a low of $45.62 a barrel, its weakest since Nov.
Keppel's Q1 Profit up 23 pct
Singapore's Keppel Corp on Thursday reported a 23 percent rise in its first-quarter profit as improved earnings from the infrastructure and investments divisions helped offset weakness in its offshore and marine business. Keppel reported a net profit of S$260 million ($186.17 million) for the quarter ended March, versus S$211 million a year ago. Total revenue fell 28.4 percent to S$1.25 billion. This comes after Keppel posted its smallest annual profit in a decade in 2016.
Sembcorp Marine Swings to Q4 Profit
Annual revenue lowest since 2006. Singapore's Sembcorp Marine Ltd (SembMarine) swung to profit in the fourth quarter of 2016 after provisions pulled the rig builder into a loss the year earlier, but a downturn in oil prices pushed annual revenue to its lowest in a decade. SembMarine and compatriot Keppel Corp Ltd have been suffering from an oversupply of offshore oil drilling rigs, with customers…
Keppel Shuts Down Three Yards in Singapore
Keppel Corp, the world's biggest oil rig builder, is still hard hit by the downturn in the oil industry and will now shut down three yards in its homeland. Singapore-based offshore company Keppel reduced its direct work force by about one third. The workforce has been reduced by 2,620 employees in the fourth quarter a cut of 11.8%. For 2016 as a whole Keppel reduced its direct workforce by 10,600, some 3,800, and about 6,800 overseas, or 35% of its total direct workforce.
As OPEC Looms, Hedge Funds More Cautious On Oil: Kemp
Hedge funds have taken a more cautious stance on oil prices amid a flurry of diplomatic activity aimed at securing a production-limiting deal among OPEC members by the end of the month. The funds cut their combined net long position in the three major Brent and West Texas Intermediate (WTI) futures and options contracts by just 3 million barrels to 422 million barrels in the week ending Nov. 15.
US O&G Producers Stir from Hibernation: Kemp
U.S. oil and gas drillers are reporting the biggest and most sustained upturn since oil prices began slumping in the middle of 2014. The number of rigs drilling across the country has risen by 149, or 40 percent, since hitting a cyclical low at the end of May, according to oilfield services company Baker Hughes. The active rig count has risen in 18 of the last 21 weeks confirming that a sustained upturn in drilling is occurring.
U.S. Rig Count Steady after 8 Weeks of Hikes
The number of U.S. oil drilling rigs were unchanged this week after eight weeks of consecutive rises, according to a closely followed report on Friday, although traders and analysts expect the rig count to keep rising given the recovery in crude prices. The rig count remained steady at 406 in the week to Aug. 26, compared with 675 a year ago, energy services firm Baker Hughes Inc said. <RIG-OL-USA-BHI>.
Norway Rig Workers Agree to Wage Deal
Workers will get a 0.5 percent pay rise; those being laid off will have the right to be rehired. Workers on Norwegian offshore oil drilling rigs signed a new wage deal on Wednesday, avoiding a strike, labour unions and employers said in separate statements. Some 280 rig workers had threatened to strike if the talks failed, including staff on Rowan Companies' Viking and Gorilla rigs, and on the Statoil-operated Heidrun, Statfjord, Aasgard, Volve and Oseberg fields.
Hedge Funds Bullish on Brent, not WTI: Kemp
Hedge funds are turning more positive about the outlook for crude oil prices, according to the latest positioning data from regulators and exchanges. Hedge funds and other money managers held a combined net long position in the three main crude oil futures and options contracts amounting to 383 million barrels on Feb. 23. The combined net long position has increased in eight of the last 11 weeks from a recent low of 230 million barrels on Dec.
Maersk Drilling Sees Continued Overcapacity
As much as one third of the global offshore fleet of oil drilling rigs could be idled in 2016 as energy firms scale back investments on the back of weak crude prices, the head of Danish conglomerate A.P. Moller-Maersk's rig unit said on Thursday. "I would probably estimate that we have in 2016 between 25 percent to one third of the fleet suffering form idle times," Maersk Drilling Chief Executive Claus Hemmingsen told Reuters.
U.S. Oil Rig Cut Deepens in 7th week of Declines
U.S. energy firms deepened their cuts in oil drilling rigs in the seventh week of declines to the lowest levels since March 2010, data showed on Friday, as they continue to cut spending due to the collapse in crude prices. Drillers removed 31 oil rigs in the week ended Feb. 5, the biggest cut since April last year, bringing the total rig count down to 467, oil services company Baker Hughes Inc said in its closely followed report.
Oil Ends Down 2% as U.S. Drilling Points to Glut
U.S. oil prices traded below $40 a barrel for the first time since the 2009 financial crisis, ending 2 percent lower on Friday on signs of U.S. oversupply and weak Chinese manufacturing and notching the longest weekly losing streak in almost three decades. U.S. crude dipped below the $40 threshold following weekly data that showed U.S. energy firms added two oil drilling rigs last week, the fifth increase in a row.
Average U.S. Gasoline Price Steady for 2 Weeks
The average price of a gallon of gasoline in the United States remained steady in the past two weeks, as price rises in several Midwest cities offset cuts in the West, according to the Lundberg survey released on Sunday. Regular grade gasoline dropped just one-third of a cent to average $2.71 per gallon, according to the biweekly survey conducted on Aug. 21. While a rebound in gasoline supply has helped lower prices in California…
