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Crude Oil Prices

Crude Oil Prices Falls

Crude oil prices fell after reports indicated that a Caribbean tropical storm likely won't induce heavy damages like Hurricane Katrina, which ripped into Gulf of Mexico platforms and refineries a year ago. According to the National Hurricane Center in Miami, tropical storm Ernesto weakened as it swept over Haiti and carried sustained winds of about 50 miles per hour, less than a third of Katrina's 170 miles per hour winds that tore oil and gas platforms off their moorings. Crude oil for October delivery fell $1.27, or 1.75 percent, to $71.24 a barrel in electronic trading on the New York Mercantile Exchange in Paris. Oil reached $73.75 a barrel on August 25, on concern Ernesto would disrupt output at the Gulf of Mexico, source of a quarter of U.S. oil production. ConocoPhillips, BP Plc and Royal Dutch Shell Plc evacuated non-essential personnel from sites at the Gulf due to the impending storm. In London, Brent crude oil for October settlement fell $1.04, or 1.4 percent, to $71.68. (Source: Bloomberg)

U.S. Federal Court Bars OPEC From Price Fixing

A U.S. federal court reportedly has granted a one-year injunction barring oil producer group OPEC from fixing prices. Prewitt Enterprises won a civil anti-trust case in an Alabama court, accusing the Organization of the Petroleum Exporting Countries (OPEC) of conspiring to fix oil prices through oil supply agreements. OPEC is for the next year "restrained from entering any agreements among themselves or with third parties to raise, lower

Exxon, Shell Lose Nigerian Field Access

Chevron Corp. and Exxon Mobil lost an auction for Nigeria's most promising oil and gas fields last year to companies controlled by South Korea. In Venezuela, Royal Dutch Shell's bid to develop an offshore gas deposit collapsed when Brazil's state oil company stepped in. The world's biggest publicly traded oil producers are losing reserves to state-run companies willing to pay higher prices for energy needed to fuel growing economies. Petroleo Brasileiro SA, China's Cnooc Ltd

API: U.S. Oil Stocks Are Down

U.S. oil supply worries found fresh impetus on Tuesday after the American Petroleum Institute said that both crude oil and product stocks had fallen again -- hard on the heels of a massive draw earlier this month. U.S. crude stocks are now at their lowest level since March 1976. Crude oil prices were up sharply in after-hours trading after a decidedly bullish API report showed a 2.1 draw for the week ended August 4, despite a rebound in crude oil imports, which rose 1.34 million barrels to 9

OPEC Output Cut May Hit Shipping

According to a report from The Economic Times, the Indian shipping industry is concerned with the steady fall in crude oil prices and is waiting for the outcome of an important upcoming OPEC meeting. Industry officials feel that if Organization of the Petroleum Exporting Countries (OPEC) cuts production further, tanker rates could go into free fall, delivering a body blow to the domestic shipping industry that has half of its fleet in tankers

Easing US Oil Export Ban Unlikey to Raise Gasoline Prices

A government study on Thursday essentially supported the notion that easing the decades-old restriction on exporting U.S. crude was more likely to lower than raise gasoline prices for American motorists, a conclusion that could ease concerns among lawmakers about changing the policy. U.S. gasoline prices are mainly set by global oil prices, the Energy Information Administration said in a highly anticipated analysis.

AP Moeller Shares Fly High In '99

Danish shipping and oil group A.P. Moeller shares surged 95 percent in 1999, bolstered by a 150 percent rise in crude oil prices and improved freight rates, and analysts predict solid profits in 2000 along with more takeovers. Earnings per share (EPS) for D/S 1912 is expected to climb to 2,762 crowns this year and rise a further 24 percent to 3,424 crowns next year, with D/S Svendborg seen reaching 3,880 crowns in the current fiscal year and 4,917 crowns in 2000.

Brent Crude Falls Below US$104

HFO: File image

Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Ample supplies keep pressure on oil prices * Exports from Libya's Ras Lanuf resume * Coming up: U.S. weekly jobless claims - 1230 GMT Oil exports from Libya's Ras Lanuf port have resumed after a year of blockades by armed protesters, while U.S

Subsea 7 to Slash Workforce, Cull Fleet

Photo courtesy of Subsea 7

Oil services firm Subsea 7 plans to cuts its workforce by close to 20 percent and reduce its fleet of 39 by up to 11 vessels as global oil and gas firms continue to cut spending after the plunge in crude oil prices. Subsea 7, which focuses on the North Sea but has a global operation, expects to cuts it workforce by around 2,500 by early 2016 from about 13,000 at the end of end of 2014, it said in a statement. "The global fleet will be reduced by up to 11 vessels

Oil Below $40/bbl After Rise in US Oil Rigs

U.S. crude oil prices on Friday dove below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in U.S. drilling and a drop in Chinese manufacturing.   Oil prices pushed briefly below the $40-pivot mark following weekly data that showed U.S. energy firms added two oil drilling rigs last week, the fifth increase in a row. The rise in rigs, which is emerging now after a second quarter lull in prices

US Oil Drillers Add Rigs for First Week in 11

U.S. energy firms this week added oil rigs for the first week in 11, data showed on Friday, despite continued weak crude prices.   Drillers added 2 oil rigs in the week ended Nov. 13, bringing the total rig count up to 574, oil services company Baker Hughes Inc said in its closely followed

Traders Prepare for Next Oil Price Dip

March 2016 would mark start of low-demand spring season. Oil traders are preparing for another downward turn in prices by March 2016, market data suggests, as what is expected to be an unusually warm winter dents demand just as Iran's resurgent crude exports hit global markets after sanctions

Tanker Rate Spike Dents Efforts to Store Oil Glut at Sea

Record high freight rates are creating more headaches for traders looking to house millions of barrels of unsold crude oil and who already face potential losses due to record high stocks.   They have to decide on whether to use tankers for longer term storage until they can sell their

Commodities Hit 2002 Lows Before Rebounding on Oil

Commodities hit 13-year lows before rebounding on Monday after Saudi Arabia's pledge to work toward crude price stability bolstered oil and France's first wheat exports to Indonesia in more than six years helped lift grains markets.  

Singapore Bunker Sales, Container Volumes Down

Photo: Government of Singapore

 Singapore’s September bunker fuel sales fell 10.3% in September on month but rose 9.3% on year to 3.85 million mt. The port of Singapore has recorded a fall in container throughput in September.   These finding are based upon the data released Tuesday by the Maritime and Port

Oil Leads Rotterdam’s 2015 Cargo Growth

Photo: Port of Rotterdam

The Port of Rotterdam reported a 5.4 percent increase in the amount of goods handled by the port for the first nine months of 2015, boosted largely by higher volumes of crude oil and oil product cargos.   "The growth is almost entirely due to the increase in the handling of crude oil

Oil Rises Back Over $48

Oil prices rose above $48 a barrel on Thursday, propelled by technical buying and as investors re-evaluated U.S. data that showed falling stockpiles of fuel as well as higher crude inventories. Brent for December delivery rose 51 cents to $48.36 a barrel by 1056 GMT

Conoco CEO: Lifting U.S. Oil Export Ban on Wish List


The head of U.S. oil company ConocoPhillips on Thursday renewed a call for the Obama administration to lift a ban on crude exports to help revive the struggling domestic energy industry, saying the move was "number one on my wish list."

Unwanted Diesel, Jet Ships Could Sink Oil Prices

Backlog of vessels at port threaten loading delays; ships with half a million tonnes taking the long route to Europe.  Unwanted diesel and jet fuel cargoes are backing up outside Europe's ports and taking longer, slower routes around the southern tip of Africa, traders say.

Mitsui O.S.K. Lines Revises Business Outlook

Photo: Mitsui O.S.K. Lines

 Looking at the Company’s business performance for the first half of FY2015, operating income and ordinary income improved as the tanker division enjoyed favorable market conditions, backed by a decline in bunker prices, says Mitsui O.S.K. Lines (MOL).  

Med Crude-Urals Stronger in Med, Still Weak in Baltic

Russian Urals crude price differentials strengthened slightly on Tuesday in the Mediterranean while hovering near their weakest in 17 months in the Baltic due to abundant supplies.   In the Platts window, Glencore offered a Nov 13-17 Urals cargo in the Baltic at dated Brent minus $3

Cosmo Lifts US, Mexican oil on Common VLCC

Japanese refiner Cosmo Oil has for the first time shipped U.S. condensate and Mexican crude on the same supertanker to reduce costs, industry sources said on Friday. U.S. condensate exports to Asia have slowed this year after West Texas Intermediate prices strengthened against Dubai crude

Tanker Futures Market Booms as Rates Rally

Freight forward agreement (FFAs) trade rises. The market for hedging oil tanker freight has revived sharply this year to a value of $4.5 billion after years of torpor, with ship owners looking to profit from a freight rally and more energy companies scramble to cover risk, industry sources say

OPEC Sees Oil Supply Hole in 2016 as Low Prices Curb Rival Output

OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.   In a monthly report, the Organization of the Petroleum Exporting Countries said it

SCI 1H Profit Jumps

Photo SCI

  The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 30th September 2015 posting a net profit of Rs. 161.21 crores as against a net profit of Rs. 18.59 crores during the quarter ended 30th September 2014 and a net profit of Rs. 163

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