Oil Rout Deepens, U.S. Crude at Multi-Year Low
U.S. crude hits September 2003 low under $28. Oil futures extended their decline on Wednesday, with U.S. crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand. U.S. crude oil dropped more than 4 percent in early trading, falling to as low as $27.32 a barrel. It bounced back to trade down $1 at $27.46 as of 1239 GMT. The contract settled down 96 cents, or 3.26 percent, in the previous session.
Petrobras, Vale Underperform in Quiet Market
Brazilian corporates including Petrobras and Vale extended losses on Tuesday, as investors sought to lock in profits after the recent rally in Latin American credits. "As far as we understand, people are just hitting bids and getting out of stuff that had rallied a lot," said a corporate bond trader in New York. Bonds of state-run oil company Petrobras were ending some 16bp-17bp wider, with the 2024s and 2044s quoted at spreads of 424bp-419bp and 460bp-455bp respectively…
Latam Primary Market Showing Signs of Life
The Latam primary markets were showing signs of life on Thursday with Chilean utility Guacolda out with IPTs of Treasuries plus 300bp area on a will-not-grow US$500m 10-year bond. Argentine oil company YPF is also out with guidance of 8.75% area(+/- 1/8) on an up to US$1.5bn 10-year. The deals are being marketed on a day when sentiment was lifted by Brazilian oil company Petrobras which avoided a covenant breach with the release of its long-awaited audited results for 2014.
Markets Drift Higher as YPF Makes Opportunistic Tap
Market focus remained firmly on upcoming Petrobras results and Argentina's latest market foray as Latin America credits drifted higher Wednesday morning. Bonds issued by Brazilian oil company Petrobras were flat with the 2024s being quoted at a spread of 450bp as investors braced for the much anticipated release of audited financial results after the market close today. Investors are largely…
Argentina, Petrobras Drive Price Action in Slow Session
The looming release of Petrobras's financials and a local bond sale from Argentina were the main drivers of price action Tuesday in what was otherwise a quiet session for Latin American credits. The beleaguered Brazilian oil company confirmed today that it would disclose its long-awaited audited 2014 financials after the close Wednesday, providing more support to bond prices. Petrobras bonds were closing off their highs but spreads were ending tighter…
Pacific Rubiales, Pemex Ink 3-Year Pact
Pacific Rubiales Energy Corp, Colombia's largest private oil producer, on Friday said it had signed a three-year deal to analyze potential oil and gas cooperation in Mexico with Pemex, that country's state oil company. The deal will include analysis of exploration, deep-water projects, mature fields and other activities, Pacific Rubiales said in a statement. "We expect Mexico will be a…
Pacific Rubiales Second Quarter Earnings Rise
Colombia's largest private oil producer, Pacific Rubiales, reported second-quarter net profit of $229 million on Thursday, more than three times than in the same period last year and helped by a jump in crude output to record levels. Revenue in the quarter was $1.34 billion, 27 percent higher than the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 19 percent to $722 million.
Colombia Oil Reserves Rise 2.9 %
Colombia's oil reserves had risen 2.9 percent to 2.445 billion barrels by the end of 2013, up from 2.38 billion barrels a year earlier, taking reserves to their highest despite a missed exploration target, the energy ministry said on Monday. Foreign investment into the Andean nation's oil and gas sector has surged in recent years and the government is preparing to tap non-conventional or shale resources offering such blocks in its 2014 oil auction which concludes in July.
Chevron's Profit Drops on Lower Production, Crude Prices
Chevron Corp, the second-largest U.S. oil producer, posted a lower-than-expected quarterly profit on Friday on lower global production and crude oil prices. The company posted net income of $4.51 billion, or $2.36 per share, compared with $6.18 billion, or $3.18 per share, in the year-ago quarter. Analysts, though, expected earnings of $2.51 per share, according to Thomson Reuters I/B/E/S.
Pacific Rubiales Tenders to Sell Crude Cargoes
A unit in Colombia of Toronto-listed oil company Pacific Rubiales launched a tender to sell two 1 million barrel cargoes of Castilla heavy crude for delivery in June at Covenas port, according to a document seen by Reuters on Monday. Pacific last month sold five Castilla cargoes, 1 million barrels each, and a 500,000 barrel Vasconia crude cargo on the open market, but this month has not offered any Vasconia since the Cano Limon pipeline was halted a month ago.
