U.S. Shipping Sanctions Give Boost to EU Refiners
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels…
Oil Falls as OPEC Nears Deal to Raise Production
Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production.Benchmark Brent crude dropped $1.80 a barrel, or 2.4 percent, to a low of $72.94 before recovering a little to $73.30, down $1.44, by 1358 GMT. U.S. light crude was 71 cents lower at $65.00.Brent reached…
Oil Teases $70 but U.S. Output Looms
Oil propped up by OPEC/Russia-led production cuts, but rising North American output threatens to undermine cuts. Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of "red flags" due to surging U.S. production.
Putin: Oil Cuts with OPEC Could Last to End of 2018
Russian President Vladimir Putin said on Wednesday a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a bid to curb a supply glut. The pact between the Organization of the Petroleum Exporting Countries,…
Shell, Phillips 66 to Lift SPR bbls
Oil companies Shell and Phillips 66 together bought 6.4 million barrels of oil last week from the Strategic Petroleum Reserve (SPR), according to a Department of Energy document released on Tuesday. Shell bought 6.2 million barrels of oil and Phillips 66 bought 200,000 barrels on Jan. 18, according to the department document, seen by Reuters.
Crews Seek Source of Saskatchewan Oil Spill
The oil spill clean up on an aboriginal reserve in western Canada continued on Tuesday as crews prepared to excavate the site to determine the source of the leak, the provincial government said. A pipeline in the province of Saskatchewan leaked 200,000 liters (52,834 gallons) of oil last week, according to the government, which was notified of the leak on Friday.
Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival
An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday. The eastern company, also calling itself the National Oil Corporation (NOC), ordered workers at Marsa el-Hariga port in eastern Libya not to load the tanker…
Oil Jumps on Russia-OPEC Talks
Russian govt, producers discuss possible coordination with OPEC. Oil futures surged on Wednesday, after Russia said it was discussing the possibility of co-operation with OPEC, fanning hopes that a deal was in the works to reduce oversupply that sent prices the lowest levels in a dozen years last week. Russia's…
Oil Soars 5 pct on OPEC Chatter, U.S. Demand Spike
Oil futures surged 5 percent on Wednesday, after Russia said co-operation with major oil producers was discussed and U.S. data showed a surprise spike in demand for products such as heating oil last week, when a massive blizzard hit the country. Russia's energy ministry said possible coordination between…
Hedge Fund Crude Short Positions Decline
Hedge funds continued to pare short positions in U.S. crude oil last week even as the previous short-covering rally ran out of steam. The unusual concentration of hedge fund short positions built up between June and August has been partially unwound, reducing some of the persistent selling pressure evident in the market during the third quarter.
Kemp: U.S. Oil Production is Probably Peaking Right Now
U.S. crude production will peak this month, according to revised forecasts published by the country's Energy Information Administration (EIA). Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 million bpd by September,…
Iran: No Plan for OPEC Emergency Meeting on Price Fall
Iran Oil Minister Bijan Zanganeh said on Tuesday that OPEC has no plans to hold an emergency meeting to discuss the recent slide in oil prices, Iran's oil ministry news agency Shana reported. Brent crude oil fell towards $92 a barrel on Tuesday, pushing towards 27-month lows as weak demand and ample supply outweighed the price support from a weaker dollar.
