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. This led to big swings in oil prices. By locking in an oil price, hedging can protect producers from market volatility and reduce their risk.
Mexico Closes Oil Ports Ahead of Hurricane Delta
Mexico's naval authorities on Tuesday ordered the closure of oil, cargo and passenger ports in the Gulf of Mexico and Caribbean ahead of Hurricane Delta, expected to sweep the Yucatan peninsula overnight.Ports shuttered to large ships included Dos Bocas in Tabasco and oil installations in Campeche.(Reporting by Lizbeth Diaz; Writing by Frank Jack Daniel; editing by Drazen Jorgic)
Oil Jumps After US Kills Iran's Soleimani
Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel, its highest since mid-September when Saudi oil facilities were attacked…
Oil Traders Bet on Economic Upswing in 2020
Crude oil traders are betting the market will tighten significantly next year, even as the major statistical agencies predict production will outstrip consumption and oil inventories will rise.Most of the divergence can be explained by differing assumptions about global growth in 2020.The International Energy Agency (IEA), the U.S.
Ven's Blackout Halts Oil Exports From Primary Port
Venezuela's state-run oil firm PDVSA has been unable to resume crude exports from its primary port since last week's massive power outage, essentially crippling the OPEC nation's principal industry, people familiar with the matter said on Monday.Power remained patchy in most of the country after a blackout on Thursday…
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement…
OPEC Oil Output Jumps to 2017 High as Nigeria, Libya Pump More
OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped…
Bombing Halts Pumping on Colombia's Cano-Limon Oil Pipeline
Pumping operations along Colombia's second most important oil pipeline, the Cano-Limon Covenas, was halted due to a bomb attack by rebels from the Marxist ELN group, a high-ranking military official said on Friday. The attack occurred on Thursday in a rural area of northern El Carmen in Norte de Santander province…
Cano Pipeline, Occidental Oilfield Restart After Attacks
Occidental Petroleum Corp has restarted crude production at Colombia's Cano Limon oilfield and its pipeline is pumping again after a series of rebel attacks shut output and transport for several weeks, the military said on Monday. The 485-mile (780-km) Cano Limon pipeline, which has the capacity to transport up to 210…
Colombia's Cano Limon Oilfield Stops Production After Attacks
Crude production at Colombia's Cano Limon oilfield was halted on Friday after a series of pipeline attacks by leftist rebels prevented operator Occidental Petroleum Corp from moving oil to port, oil industry sources said. The field's pipeline, which moves crude from the country's northeast to the Caribbean, has been shut since Nov.
OPEC Deal Expected to Tighten Oil Market in 2017: Kemp
OPEC has reached an agreement to cut its oil output by almost 1.2 million barrels per day and been rewarded with an increase in nearby futures prices of around $5 per barrel. Saudi Arabia is likely to provide around half of the real cuts, and its Gulf allies most of the rest, with a high degree of expected non-compliance by other OPEC and non-OPEC countries.
Nigeria Needs Billions in New Investment to Raise Oil Output
Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria…
Blast Hits Oil Pipeline Feeding Forcados Terminal in Nigeria's Delta
A blast on Tuesday rocked a pipeline operated by Nigeria's state-run oil firm that feeds the Forcados terminal in the southern Niger Delta energy hub, a spokesman for Nigerian National Petroleum Corp (NNPC) said. The explosion occurred while the pipeline was being repaired following an attack last week, NNPC spokesman Garba Deen Muhammad said.
Statoil: Unclear Whether Common Pattern to Spate of Offshore Incidents
** Nylund says: "We have had many incidents in one short period of time. We don't like that and we take it seriously. ** "We are digging into those incidents. It is serious. We are investigating each and everyone. ** Asked whether Statoil had identified a pattern, Nylund said: "No, that is too early to say. We must…
Libya Exports First Oil Cargo From Ras Lanuf Since 2014
An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, boosting hopes of reviving Libya's battered oil output. The port manager of Ras Lanuf said a second tanker was preparing to load at the terminal, one of four seized on Sept.
OPEC Oil Output to Reach Record High in July
OPEC's oil output is likely in July to reach its highest in recent history, a Reuters survey found on Friday, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations. Top OPEC exporter Saudi Arabia has kept output close to a record high, the survey found, as…
Summer Cruise to North Sea Oil Rigs Amazes Tourists
Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway, and those onboard the four-day trip said it was jawdropping. "I couldn't believe that these big buildings could be made," said passenger Kari Somme…
Oil Prices Bounce on Nigeria Attacks, but Weekly Decline in Prospect
Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil. Prices have gyrated as a glut of refined products and slowing economic growth contrasted with supply disruptions…
Shell Nigeria Lifts Force Majeure on Bonny Light Exports
Royal Dutch Shell's Nigerian division lifted a force majeure on exports of Bonny Light crude oil on Thursday, the latest sign that Nigeria's oil production is recovering after being hit by militant attacks in its oil-rich delta region. The force majeure was lifted from 09:00 a.m. Nigerian time (0800 GMT) on Thursday…
Oil Falls to $49 on Economic Concerns, Ample Supply
Oil fell below $50 a barrel on Tuesday on concerns that a potential slowdown in economic growth could sap demand and persistent signs of abundant supply despite another militant attack on Nigeria's oil industry. Trade in one of Britain's largest property funds was suspended in a sign of financial stress following the country's vote to leave the EU.
