Oil hedging activity reaches record levels in October as traders take on market risks
Oil futures and option trading reached record levels during October as investors sought to hedge against the growing uncertainty caused by the ongoing war in the Middle East, and an upcoming bearish supply and demand forecast for 2025.
Colombia's Cenit has reported five attacks on two oil pipes
Cenit is a subsidiary owned by Colombia's largest oil company Ecopetrol. On Monday, Cenit reported five attacks against the Cano Limon - Covenas - and Bicentenario - pipelines. The company released a statement…
OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat
These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate Sweet Crude Oil (WTI) futures contract for May delivery plunged into the negative…
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions…
South Sudan to Offer Oil Blocks for 2020
South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday, switching from its previous method of direct negotiations…
BY THE NUMBERS - Offshore Supply Vessels: Balanced Continued Pressure with Gradual Recovery
Global consulting firm AlixPartners, in a new paper entitled, “Too many ships, too few rigs: why recovery is still a distant dream for the OSV sector,” warns that companies counting on a quick return to…
Mexico's Pemex to Operate Two Shallow Water Projects With Partners
Mexican national oil company Pemex plans to operate at least two new blocks it won with partners in a shallow water auction on Tuesday, the company's exploration chief said in an interview. Pemex expects…
Attack on Cano Limon Pipeline Extends Pumping Halt
A bomb attack by Marxist ELN rebels destroyed a stretch of Colombia's second largest oil pipeline, the Cano Limon-Covenas, extending an almost month-long pumping stoppage, sources from the military and state oil company Ecopetrol said on Tuesday.
Vitol, Nigeria's Shoreline in $350 Million Oilfield Deal
European trading house Vitol has reached a $530 million deal with Nigeria's Shoreline to finance an oilfield in exchange for access to some of the 50,000 barrels per day (bpd) of oil it produces, the Nigerian company said on Thursday.
Colombia's Transandino Pipeline Bombed, Damaged
Pumping on Colombia's southern Transandino pipeline was halted on Sunday after a bomb attack by the ELN rebels spilled crude into a river, state-run oil company Ecopetrol and the military said. The National…
Ecopetrol Restarts Cano-Limon Pipeline
Colombian state oil company Ecopetrol has restarted the country's second-largest oil pipeline, the Cano-Limon Covenas, after a series of bomb attacks halted movement of crude for seven weeks. The pipeline began pumping again during the night…
Oil Steady, Supply Outlook Unclear
Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year.
Oil Rises as Market Balances, and Dollar Weakens
OPEC and rivals have announced cuts of almost 1.8 mln bpd; analysts expect relatively high compliance with targeted cuts. Oil prices rose on Monday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks…
ExxonMobil Mulls Alternate Route for Qua Iboe Liftings
ExxonMobil is working on a plan to export Qua Iboe crude oil via an alternate pipeline while it repairs damage to the main export line sustained in July, sources told Reuters. The crude oil grade, Nigeria's largest export stream…
Brent off 7-month High, Momentum Continues
Brent oil prices inched lower on Tuesday after hitting a seven-month high a day earlier, but the market momentum looked strong on a weak dollar, attacks on Nigerian oil infrastructure and falling U.S. crude inventories, analysts said.
IEA: 2016 Oil Market Balance, Followed by 2017 Surplus
Oil demand growth to reach 1.3 mln bpd in 2017, same as 2016. The oil market is now in balance thanks to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tilt into surplus again early next year…
Oil Rebounds on Post-Brexit Bargain Hunting, Norway Strike
Oil prices rose 2 percent on Tuesday as investors took advantage of a two-day slide in crude triggered by Britain's vote to leave the European Union and as their focus returned to potential supply outages and drawdowns in crude.
South Africa's fuel fund Heads Resign After Chevron bid
The heads of South Africa's state-owned Strategic Fuel Fund resigned on Friday, a day after the Department of Energy said it would investigate the fund's unauthorised bid to buy Chevron's assets in the country.
Colombia's No. 2 Oil Pipeline Halted After Rebel Attack
The ELN rebel group bombed Colombia's second biggest pipeline on Monday, military sources said, forcing state-run oil company Ecopetrol to stop the pumping of crude. The attack on a section of the 485…
Oil Edges Up but Biggest Drop in Brent since January
Crude prices inched up in choppy trading on Friday but Brent notched its largest weekly drop in nearly six months, as strong U.S. jobs data and bargain hunting by investors pitted against seasonally weak consumption of oil.
