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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.


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


US Oil Drillers Cut Rigs for 12th Week in a Row

U.S. energy firms this week cut oil rigs for a 12th week in a row to the lowest level since December 2009 as drillers continue to slash capital expenditures despite crude prices having apparently bottomed, data showed on Friday.   Looking forward, many analysts think the rig count will rebound later this year when prices rise.   Drillers removed six oil rigs in the week ended March 11, bringing the total rig count down to 386, oil services company Baker Hughes Inc said.  


Weak Oil Pushes SBM Offshore to Axe More Jobs

Photo: SBM Offshore

SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts.   It said it did not expect a full recovery in its business until 2018, after its revenues slid 40 percent in January-June.   Oil and gas producers slashed their budgets in the past two years as crude oil prices tumbled


Middle East Gulf Exports Soar in January 2017

Middle East Gulf region crude oil exports by berth month and departure month from February 2016 to January 2017. (Image: Genscape)

During January – a month when all eyes were on oil production cuts – exports leaving the Middle East Gulf (MEG) region hit the highest level in at least two years, according to Genscape. At the end of November 2016, the Organization of the Petroleum Exporting Countries (OPEC) addressed the perceived global oversupply of oil and consequent low prices. OPEC members agreed that all countries, except Iran, would cut total production by 1


Banned at Sea: Venezuela's Crude-stained Oil Tankers

File photo (© Jose Gil / Adobe Stock)

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.   The vessel is among many that are constantly contaminated at two major export terminals where they


Iran's Crude Exports Dip to 14-month low

File Image (CREDIT: AdobeStock / (c) Carabay)

Iran's crude exports to hit 14-month low; May exports to total 1.66 mln bpd in May.   Iran's crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country's tanker loading schedule said, suggesting the country is struggling to raise exports


Maiden Bakken oil cargo to Asia ships out, with more to come

The first ever reported export of North Dakota's crude oil to Asia left port last month, according to a shipping document seen by Reuters on Wednesday, in what is expected to be the first of numerous cargoes once the key Dakota Access pipeline starts moving oil in May.  


10 Suspects Arrested on Ship of Stolen Oil

The Nigerian navy has arrested 10 suspects after intercepting a vessel carrying stolen crude oil off the coast of the Niger Delta, a senior military official said on Wednesday.   The suspects - a Nigerian, two Pakistanis, three Ghanaians, one Indonesian


Diamond Offshore Sees Recovery when Oil 'Well over $60'

Photo: Diamond Offshore Drilling Inc

Rig contractor Diamond Offshore Drilling Inc's Chief Executive Officer Marc Edwards said on Monday oil prices needed to be "well over $60" to spur a recovery in offshore drilling.   The company's shares reversed course and were down 2.3 percent at $16


Oil Exports From Southern Iraq Down in January

Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday.


Venezuela Delays Crude Shipments amid Operational Mishaps, Low Output

Venezuelan state oil company PDVSA has delayed and canceled crude deliveries to commercial partners in recent months, according to documents seen by Reuters, a further sign of the steady production decline of the country's top export.  


US Drillers Continue to Add Oil Rigs

U.S. energy companies added oil rigs for a 14th week in the last 15, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November.  


W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade

File Image (CREDIT: AdobeStock)

Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan.   * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.


OPEC's Hope for Goldilocks Price Fade: Kemp

File Image: CREDIT GearSTD AdobeStock

CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals.   The oil industry conference in Houston started with a celebration of higher prices


Asia Tankers-VLCC Weighed by Excess Tonnage

File Image (CREDIT: AdobeStock)

MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market.   Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in


US O&G Industry Reaps the Benefits of International Trade

© Alexandre / Adobe Stock

Rising exports have thrown a lifeline to U.S. shale producers and refiners, giving them an additional outlet at a time when the domestic market has been at risk of becoming saturated. The United States exported record quantities of natural gas, propane, gasoline


Shipping Confidence Steady despite Industry, Political Pressures

© Federico Rostagno / Adobe Stock

Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.    In February 2017, the average confidence level expressed by respondents was 5


CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

 China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.  


A Glimmer of Hope for Asia Dirty Tankers

© Igor Groshev / Adobe Stock

 As we enter Q2 2017, Asia’s crude tanker market finds itself flooded with a flurry of newbuilds that hit the water over the last quarter. According to Lloyd’s List Intelligence, new tonnage delivered hit 15m dwt in Q1 and is expected to stand at 8.7m dwt in Q2






 
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