SLB increases dividend and buybacks shares after beating quarterly profit targets
SLB increased its quarterly dividend on Friday and boosted its share repurchases after the oilfield services provider reported a better-than expected fourth quarter profit, helped by higher demand of its drilling technology and equipment. The company increased its quarterly dividend to 3.6% and announced that it had begun an accelerated share purchase program of $2.3 billion worth of stock. SLB's Chief Executive…
Toronto stock market edge higher as mining shares rise
The main Canadian stock index closed higher on Thursday. Metal mining shares led the way, but gains were limited. Investors awaited the employment data from both sides of border, and prepared for a potentially volatile financial year. The S&P/TSX Composite Index ended the day up 21,68 points or 0.1% at 25,073.36, adding on to yesterday's gains. The trading volume was lower than usual due to the U.S. Stock Market being closed on a day of national mourning in honor of the former President Jimmy Carter.
Canadian Natural Resources will increase production and spending by 2025
Canadian Natural Resources announced on Thursday that it expects to see production increase by 12%, and capital expenditures rise by 13.5% in 2025. The company is betting on an increased demand due to tight oil supply. Canadian oil producers are projecting higher production in 2025. They bet on the resilient demand for Canadian crude oil on international markets. According to the U.S. Energy Information Administration…
EIA: Cushing Crude Stocks fall to Decade-low levels
U.S. crude stocks fell last week, driving the Cushing, Oklahoma hub to a 10-year low, while fuel inventories surged, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week ended Jan. 3, the EIA said, compared with analysts' expectations in a Reuters poll for a 184,000-barrel draw.Brent and U.S. crude futures extended losses following the report.
Palm oil prices continue to fall amid uncertainty about biofuel policies in Indonesia and the US
Malaysian palm futures fell on Thursday for the fifth consecutive session as market uncertainty over Indonesian biofuel policies and U.S. policy weighed on it. At midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange fell 44 ringgit or 0.97% to 4,485 Ringgit ($996.45) per metric ton. Anilkumar bagani, head of commodity research at Mumbai's Sunvin group, explained that the price decline in crude palm oil continued from Wednesday…
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22.
IEA projects a comfortably supplied oil market by 2025 despite a demand increase
The International Energy Agency (IEA), which is a part of the OPEC+ producer group, said that there will be enough oil on the world market in 2025. This was despite OPEC+ extending its oil supply cuts, and a slightly higher demand forecast than expected. The Agency said that its current outlook indicates a 950,000 barrels a day overhang in the next year – equal to almost 1% of the world's output – despite OPEC+ extending their output cuts until April 2025.
Russia, Pakistan Mull Energy Exploration JV
Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report."Yesterday we received a rather interesting proposal from Pakistan in the area of offshore oil and gas exploration…
Oil Rises on Lebanon Fears, possible OPEC cuts
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel. U.S. West Texas Intermediate crude futures also rose the most since Nov. 18…
Palm oil prices near record highs as Soyoil takes the lead -Braun
Palm oil is not the cheapest oil in the world, despite being the most abundant vegetable oil. Supply concerns have driven up the price by almost 30% this year. Prices for soybean oil, a rival product, have fallen by more than 11 % this year due to record global soybean production. In recent weeks, this has led to a near-record discount in palm oil compared to soybean oil. Palm oil makes up about 40% of the global production of major vegetable oils, including rapeseed, sunflower, and soybean oil.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Brent crude futures fell 31 cents or 0.4% to $73.56 a bar by 0340 GMT, while U.S.
Oil Dips 2% as Hurricane Fears Ease
Oil prices fell more than 2% on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures CLc1 led the decline, down 2.8%, or $2.01, at 70.35 per barrel by 1:32 p.m. ET (1832 GMT) . Global benchmark Brent crude futures LCOc1 fell 2.3%, or $1.77, to $73.86 per barrel.Energy producers shut in more than 22% of oil output in the U.S.
Mistry: Malaysia palm oil futures will be around or above 5,000 Ringgit by mid-2025.
Dorab Mistry, a leading industry analyst, said that until June 2025, Malaysian palm oil benchmark futures will likely trade at or above 5,000 ringgit per metric ton, due to tight supply and strong demand. Mistry, speaking at the Indonesia Palm Oil Conference held in Bali, said that the global vegetable oil demand is expected to increase by 6.5 millions tons in 2024-2025 (Nov-Oct). Meanwhile, the supply is projected to rise by 3,000,000 tons.
Deep sea oil drilling drillers are now subject to new safety regulations in the US
The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars. BSEE final rule was issued after Chevron, in August, started production on its Anchor asset. It is owned by TotalEnergies and it was the first project ever to operate with 20,000 pounds per sq inch (PSI) pressure.
Analyst: Higher biodiesel requirements in Indonesia will curb palm oil supply
A leading industry analyst warned on Tuesday that the implementation of higher biodiesel requirements in Indonesia, which is the world's largest palm oil producer will likely lead to a tightening of supplies of vegetable oil. Indonesia has set a biodiesel blend that contains 35% palm oil as a minimum. It is now looking to increase this to 40% to reduce its energy imports. If the plan is implemented, biodiesel could be consumed at 16 million kilolitres in 2019.
Oil Minister: India ready to handle any oil shortages caused by Middle East conflict
Hardeep Singh Puri, the oil minister of India, said that India would be able navigate any potential disruption to its oil supply from a possible expansion of the Middle East conflict. India, which is the third largest oil consumer and importer in the world, imports 85% of their daily oil requirements of over 5 million barrels. A large part of this oil comes from Middle East producers. Brent oil is now nearing $80 per barrel due to concerns about a larger Middle East conflict.
Slovakia has a strong interest in ensuring transit of Russian gas and oil via Ukraine
Robert Fico, the Prime Minister of Slovakia, said that the country has a great interest in continuing the flow of oil and gas from Russia through Ukraine to the West. He added that the European Commission was putting pressure on the country to stop these supply flows. Fico said to reporters that the Slovak government and Ukrainian cabinet would meet on Monday. Due to Ukraine's ongoing war against Russia, the central European nation faces disruptions in its key Russian energy supply.
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand. Brent crude prices dropped by over 2% on Tuesday, to about $70. The…
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%. Six sources…
