Shell QGC Ships 500th LNG Cargo from Curtis Island
Shell’s QGC business, along with its joint venture partners CNOOC and Tokyo Gas, have shipped the 500th cargo of liquefied natural gas (LNG) from its LNG plant on Curtis Island, Queensland.The cargo will be delivered by Gladstone’s namesake vessel, the GasLog Gladstone, Shell said.Shell’s QGC Vice President East, Tony Nunan said: “The 500th LNG cargo safely completed loading today from our plant on Curtis Island, five years since the first cargo set sail.“It takes commitment and collaboration to safely and efficiently develop…
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent…
Oil Slips on Falling U.S. Equity Market, Weak China Economic Data
Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent…
Oil Prices Slip On Expectations of Higher Supply
Oil prices fell on Wednesday on increasing signs that Saudi Arabia and other big crude producers may raise supply to balance a surge in demand during the peak U.S. summer driving season.Global oil benchmark Brent crude climbed above $80 a barrel last month, but prices have eased since then on talk of higher output by the Organization of the Petroleum Exporting Countries.Brent was down 35 cents a barrel at $75.03 by 1320 GMT. U.S. light crude was 30 cents lower at $65.22.India's…
Australian Supply Crunch Squeezes LNG Exporters
Spot LNG exports in government's cross-hairs; ConocoPhillips, Origin, Shell now in the firing line. The Australian government on Monday warned that the country's east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be filled by diverting uncontracted exports to the local market. It is now up to the government to decide by Nov. 1 whether to pull the trigger on its Australian Domestic Gas Security Mechanism…
Asian Traders Mull U.S. Crude Liftings in Harvey's Wake
Harvey closed nearly a quarter of U.S. refining capacity; helping to push WTI-Brent spread to widest in two years. Some oil traders in Asia are looking to snap up crude cargoes from the United States after Hurricane Harvey closed U.S. refineries, denting local demand and pushing out the price spread between U.S and Atlantic Basin crude benchmarks. Hurricane Harvey barrelled into the U.S. Gulf of Mexico coast around 10 days ago, closing nearly a quarter of the nation's refining capacity, although some of that is now coming back online.
Oil Slips after Harvey Floods U.S. Refineries
Storm Harvey shuts U.S. oil refineries; U.S. government releases oil from reserves. Oil prices slipped on Friday in the wake of Hurricane Harvey, which has killed more than 40 people and brought record flooding to the oil heartland of Texas, paralysing a quarter of the U.S. refining industry. Harvey, downgraded to a tropical storm and losing steam as it moved inland, shut at least 4.4 million barrels per day (bpd) of refining capacity. That sparked fears of a fuel shortage before the Labor Day weekend and cut refinery demand for crude, widening the spread between U.S.
Oil Rises after Drop in U.S. Inventories
Industry data shows U.S. crude inventories fell last week; crude oil prices near top of $4 trading ranges. Oil prices rose on Thursday after U.S. data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil was up 70 cents a barrel at $56.54 by 1025 GMT, recovering from a drop of 82 cents on Wednesday. U.S. light crude was 70 cents higher at $54.29 a barrel. Both benchmarks are near the top of relatively narrow $4 ranges that have contained trade so far this year…
Oil Prices Ease from Seven-Month Highs
Analysts see oil prices in a $40-$50 range; supply disruptions slowly helping to clear oil glut. Oil futures fell below $49 on Friday, moving further away from a seven-month high hit a day earlier, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a glut of crude. Prices also came under pressure from a strong U.S. dollar, buoyed by generally positive U.S. economic data amid growing expectations of a near-term increase in interest rates.
$1.7 bln Gas Development Announced for Queensland
QGC Pty Limited, along with joint venture partners China National Offshore Oil Corporation and Tokyo Gas, today announces a two-year, A$1.7 billion development of its natural gas tenements west of Wandoan to support gas production. The investment, which follows receipt of Commonwealth and State Government environmental approvals, has been approved by QGC’s parent company BG Group and the joint venture partners. BG Group’s share of the investment is within the Group's previously disclosed capital expenditure program.
Oil Near $65 as Glut Eases
U.S. crude inventories in focus after API reports decline; Brent may head back up to $66. Oil rose towards $65 a barrel on Wednesday before a U.S. government report expected to show domestic crude inventories fell for an eighth week, a sign that a supply glut is easing. The industry group American Petroleum Institute (API) on Tuesday reported a drop in U.S. crude stocks, ahead of Wednesday's official data. Doubts over the likelihood of a deal next week on Iran's nuclear work also supported prices. Brent crude rose 9 cents to $64.54 a barrel by 1058 GMT. U.S.
Oil Above $60, Saudis See Stability
Saudi oil minister says market will balance. Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia's oil minister said he expected the oil market to balance itself. Oil Minister Ali al-Naimi said he hoped and expected the oil market to balance and prices, which hit a nearly six-year low around $45 in January, to stabilise, adding to signs OPEC's largest exporter is confident that demand is growing. "I hope and expect supply and demand to balance and for prices to stabilise," Naimi said in a speech in Berlin.
Oil Slips Towards $60
U.S. crude stocks hit record high 425.6 mln. Brent crude oil fell towards $60 a barrel on Friday as oversupply, underlined by record-high U.S. crude stocks, weighed on the market. U.S. crude inventories rose 7.7 million barrels to 425.6 million barrels last week, rising for a sixth straight week to record highs, data from the Energy Information Administration (EIA) showed on Thursday. Stockpiles of West Texas Intermediate (WTI) U.S. crude at the Cushing oil hub in Oklahoma rose the most in six years, the EIA said.
Brent Near $78 as Japan's Economy Falters
Japan's GDP shrinks by annualized 1.6 percent in July-Sept; Saudi says oil price must be left to supply and demand. Brent crude fell by more than $1 towards $78 a barrel on Monday after Japan, the world's fourth-biggest crude importer, slipped into recession and as Saudi Arabia reiterated the oil price should be left to supply and demand. The market is waiting to see whether the Organization of Petroleum Exporting Countries will cut production at its meeting at the end of November. The Atlantic Basin is still awash with unsold barrels partly due to the continued growth in U.S.
Brent Falls to $92 on Strong Dollar, Surplus
Brent crude futures fell to near $92 a barrel on Monday, extending this year's rout that saw the international benchmark hit a 27-month low in the previous session due to a strong U.S. dollar and ample oil supply. Brent lost nearly 5 percent last week, its steepest decline since April 2013. The oil finished its fourth week in five lower after the dollar touched a four-year high on Friday. "My feeling is the fall in Brent has gone far enough - $90 is the breakeven point for Saudi Arabia to maintain current levels of public spending…
Oil Edges Below $99 but Supply Risks in Focus
Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for global benchmark Brent, which hit a 26-month low on Monday after data showing a slowdown in China's factory output raised demand concerns. "At present, it is mainly news of (possible) lower OPEC production that is lending prices buoyancy…
Brent Crude Falls Below US$98
Brent crude dropped below $98 a barrel on Thursday, falling for the sixth straight session, as worries about ample supply and weak demand, which have dragged prices to 17-month lows, outweighed geopolitical concerns in the Middle East. The market was concerned about the impact of the expansion of U.S. military action, with its plans for air strikes in Syria and more attacks in Iraq, on the latter's oil output, said Phin Ziebell, economist at the National Australia Bank in Melbourne. "More broadly, it's one of supply with the U.S.
Brent Crude Hovers Below US$103
Brent futures dipped on Thursday, but still held between $102 and $103 a barrel, as ample supply and a refinery fire in the United States that could reduce crude demand weighed on prices. * U.S. * Fire hits BP's largest U.S. Global oil supply is expected to exceed demand this year, cooling prices. Oil futures on both sides of the Atlantic Basin are on track to post a second monthly decline. October Brent crude has been unable to break through the $102-$103 range this week, just off a 14-month low hit last week. On Thursday, Brent was down 3 cents at $102.69 a barrel by 0639 GMT.
Iraq Strife Intensifies: Brent Crude Tops US$113
Brent crude rose above $113 per barrel to near a nine-month high on Monday as Sunni insurgents advanced in Iraq, intensifies concerns over a potential disruption to oil exports from the second-largest OPEC producer. The sudden eruption of violence in Iraq led to a sharp spike in prices last week, with both Brent and U.S. crude gaining over 4 percent - the most since July and December respectively. The rally began losing steam from Friday as the market waited to see if the conflict would threaten oil refineries south of Baghdad.
Brent Holds Above $109 on Data, Ukraine News
Ukraine says 'Easter truce' is over; U.S. crude inventory up less than expected. Brent crude oil edged higher above $109 a barrel on Wednesday after stronger-than-expected economic data from China and Europe reinforced the outlook for global demand growth, and as the unfolding crisis in Ukraine deterred sellers. Last week's peace deal in Ukraine formally ended on Wednesday as the government said an "Easter truce" was over, vowing to eliminate pro-Russian armed groups in the east of the country.
