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Crude Oil Futures News

15 Aug 2022

U.S. Offshore Oil Production Restarts after Pipeline Fix

A Shell Gulf of Mexico platform / Copyright: Mike Duhon Productions - Shell Photographic Services

A damaged oil pipeline component that disrupted output at several offshore U.S. Gulf of Mexico platforms was repaired late Friday, a Louisiana official said, with producers moving to reactivate some of the halted production.A failed flange connecting two onshore pipelines operated by Shell Plc in Louisiana leaked an estimated two barrels of oil. The oil, which spilled onto an area covered with gravel, has been removed, said Chett Chiasson, executive director of the Greater Lafourche Port Commission…

13 Oct 2021

Singapore LNG Scouts for Spot Cargoes as Electricity Futures Surge

Credit: Mariusz/AdobeStock

Singapore LNG Corp is making inquiries about buying LNG cargoes from the spot market, a rare move for the operator of the city-state's liquefied natural gas (LNG) terminal, industry sources said on Wednesday.The inquiries come on the back of surging prices globally of power generation fuels such as LNG and coal, amid power shortages from China and India to Europe.SLNG contributes to Singapore's energy security and its terminal supplies up to 30% of the city state's natural gas demand for power generation…

06 Oct 2021

Asia LNG Price Jumps by 40% to Record High

An LNG tanker in Australia - Credit: 4680.photos/AdobeStock

Asia liquefied natural gas (LNG) spot prices surged by 40% to a record high of over $56 per million British thermal units (mmBtu) on Wednesday, amid a global energy crunch and low gas inventories.Price agency S&P Global Platts' Japan-Korea-Marker (JKM), which is widely used as a spot benchmark in the region, climbed to $56.326 per mmBtu on Wednesday for a cargo delivered into North Asia in November, up $16.65 from Tuesday, its data showed.This works out to roughly over $320 per barrel of oil equivalent.

10 Sep 2020

Second Wave of Floating Storage Triggered by Ailing Oil Market

© Vladimir / Adobe Stock

A stalled global economic recovery from the coronavirus pandemic is leading to a fresh build-up of global oil supplies, pushing traders including Trafigura to book tankers to store millions of barrels of crude oil and refined fuels at sea again.The use of so-called floating storage onboard tankers comes as traditional onshore storage remains close to capacity as supplies outpace demand.Trading house Trafigura has chartered at least five of the largest tankers each capable of storing 2 million barrels of oil…

09 Jul 2020

Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil

© Mike Mareen / Adobe Stock

A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week.Bankruptcies surged in the second quarter, including from major shale independents Chesapeake Energy and Whiting Petroleum, as oil prices collapsed due to the pandemic and a brief, unexpected price war between Saudi Arabia and Russia.There were 18 producer bankruptcies in the second quarter…

22 Apr 2020

Oil Prices Hit 1990s Low

Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.Brent crude, which fell 24% in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down $2.37, or 12%, at $16.96 at 0511 GMT.West Texas Intermediate was down 51 cents, or 4.4%, at $11.06 a barrel.The falls follow two of the wildest days in the history of oil trading…

21 Apr 2020

US Crude Futures Plunge to Lowest on Record

© Grispb / Adobe Stock

U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers…

26 Mar 2020

Brent's Fall Creates Steepest Contango in 11 Years

Oil Tanker - Image by Gudellaphoto - AdobeStock

The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand. The spread on the May to November contracts had widened to as much as minus $10.31 per barrel at 1004 GMT, a level not seen since January 2009. The so-called contango market structure implies traders expect oil prices to be higher in the future, in this case when the virus pandemic has hopefully passed, leading them to store crude onshore or in some cases at sea.

14 May 2018

China's Crude Oil Futures Boom Amid Looming Iran Sanctions

© Igor Groshev / Adobe Stock

A U.S. decision to reimpose sanctions on Iran is supporting China's newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said.Since launching in March, Shanghai crude oil futures have seen a steady pick-up in daily trading, while open interest - the number of outstanding longer-term positions and a gauge of institutional interest - has also surged.Traded daily volumes hit a record 250,000 lots last Wednesday…

29 Dec 2016

US Crude Stocks up, Product Inventories Fall -EIA

U.S. crude oil stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday. Crude inventories were up 614,000 barrels in the week to Dec. 23, compared with expectations for a decrease of 2.1 million barrels. Oil prices were little changed on the news after a bit of volatility immediately following the release. U.S. crude oil futures were up 1 cent to $54.08 a barrel at 11:38 a.m. EST (1638 GMT), leaving the benchmark just shy of the year high of $54.51 reached on Dec. 12. "What seems to be giving this report kind of a bullish tilt is the fact that we saw pretty a good drawdown in both gasoline and distillate inventories," said Phil Flynn, trader at Price Futures Group in Chicago.

19 Dec 2016

Oil Steady, Supply Outlook Unclear

Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents, or 0.4 percent, at $54.97 a barrel by 11:43 a.m. EST (1643 GMT). U.S. West Texas Intermediate crude for January rose 6 cents, or 0.1 percent, to $51.96 per barrel on its last day as the front-month. "Implied U.S. output increases...will offset a significant portion of the planned OPEC production cuts especially since we don't anticipate sustained strong compliance," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.

04 Mar 2016

Crude Prices Firm Ahead of US Data

U.S. payroll, jobs data may support oil prices; demand outlook improving. Crude oil futures edged up on Friday, building on the week's gains, as traders and analysts eyed U.S. jobs data which could give further momentum to rising prices. Brent futures rose 19 cents to $37.26 a barrel as of 1203 GMT, after settling 14 cents higher in the previous session. The crude benchmark is set to end the week with a gain of more than 5 percent. U.S. crude futures traded up 13 cents to $34.70 a barrel, having settled down 9 cents in the previous session. While U.S. crude inventories rose to a new record of 517.98 million barrels last week, output fell for a sixth straight week to 9.08 million barrels a day, according to the U.S. government's Energy Information Administration. Cuts in U.S.

14 Jan 2016

US Crude Falls as Market Braces for More Iranian Oil

U.S. crude oil futures fell in early Asian trade, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market. West Texas Intermediate (WTI) was down 33 cents at $30.87 a barrel at 0103 GMT. On Thursday the contract rose 72 cents, or 2.4 percent, to settle at $31.20. It hit a 12-year low of $29.93 earlier this week. WTI is on track to post a third consecutive weekly loss, down more than 6 percent. The contract is down nearly 18 percent from a 2016 high on January 4. Brent crude was yet to trade. The global benchmark settled up 72 cents, or 2.4 percent, at $31.03 a barrel on Thursday. Earlier in the session, it rose to $31.23 after falling to $29.73, its weakest since February 2004.

11 Dec 2015

US Oil Drillers Cut Rigs for 14th Week in 15

U.S. energy firms this week cut oil rigs for a 14th week in the last 15, data showed on Friday, a sign drillers were still waiting for higher prices before returning to the well pad. Drillers removed 21 oil rigs in the week ended Dec. 11, bringing the total rig count down to 524, the least since April 2010, oil services company Baker Hughes Inc said in its closely followed report. The decline was the sharpest since October. That decrease brings the total rig count down to about a third of the 1,546 oil rigs operating in same week a year ago. Since the end of the summer, drillers have cut 130 oil rigs. U.S. crude oil futures averaged $37 a barrel so far this week, down from $41 last week. On Friday, U.S.

09 Oct 2015

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in equities and a surge in commodities and crude oil prices. Declines in the dollar, a bullish oil forecast and giant miner Glencore's pledge Friday to slash world zinc output by 4 percent have lifted beaten-down commodities, with Brent crude oil headed for its biggest weekly rise since March 2009. The U.S. dollar hit a three-week low against the euro as minutes from the Federal Reserve's September policy meeting showed the Fed in no rush to raise interest rates. The MSCI all-country world equity index climbed 0.6 percent, for its eighth daily gain. It was up 4.3 percent for the week, its biggest weekly advance since 2011.

10 Aug 2015

Brent Edges Up off Six-Month Low

Chinese exports tumble 8.3 pct, biggest fall in 4 months; Chinese crude oil imports up 4.1 pct in July. OPEC has no plans to hold emergency meeting. Crude oil futures touched multi-month lows on Monday after a weekend of mixed data from China showing higher oil imports in July but weaker trade figures overall. Brent then edged up 24 cents to $48.85 a barrel at 1105 GMT, after dipping to $48.24 earlier in the session, the lowest in over six months. U.S. crude was down 2 cents at $43.85 after hitting an intraday low of $43.35 in Asian trading. Both benchmarks have been falling for six weeks, hampered by a supply glut. "The market remains in a battle between the bearish current fundamentals and the perception that the market will begin to rebalance in the not too distant future…

25 Mar 2015

Brent Oil Rises as Euro Gains Against Dollar

Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.5 percent against a basket of currencies, making dollar-traded commodities more attractive for holders of other currencies. Brent crude oil was up 74 cents at $55.85 a barrel by 1236 GMT. U.S. light crude oil was up 35 cents at $47.86 per barrel. Germany, Europe's largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo's business climate index showed. Business morale also rose in France to its highest for nearly three years. U.S.

16 Mar 2015

N. Sea Forties Echo Platform Shut after Collision

The Forties Echo platform in the North Sea has been shut after being hit by a supply vessel, a spokesman for operator Apache North Sea said on Monday. Fifteen workers were taken off the platform and transferred to the nearby Forties Bravo platform following the collision, which happened at about 0840 GMT on Monday morning, the spokesman said. Another 15 remain on the platform. The spokesman also confirmed there had been no leak of hydrocarbons, but was unable to give a restart date for production. Apache North Sea, part of Apache Corp, is investigating the extent of any damage but there was no structural risk to the rig, he added. "An…

09 Mar 2015

Oil Near $59 on High Dollar, Inventory

Dollar hits fresh 11-year high against currency basket. U.S. oil inventories at record high. Brent crude oil fell towards $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs. The dollar hit a more than 11-year high against a basket of currencies after the U.S. unemployment rate in February fell to its lowest level since May 2008, making commodities priced in the greenback more expensive for holders of other currencies. Oil inventories are rising across the world as production outstrips demand, offsetting tensions in the Middle East and the risk of output cuts in Libya and Iraq. Brent was down 35 cents at $59.38 a barrel by 1130 GMT.

27 Feb 2015

Brent up to $61, First Monthly Gain Since July

Brent premium over U.S. crude widens to $12; China's implied oil demand set to grow 3 percent this year. Crude oil futures rebounded on Friday and Brent headed for its first monthly gain since July, helped by strong investor inflows, an improving demand outlook and supply outages. At 1148 GMT, Brent crude futures were up 92 cents at $60.97 a barrel, off an earlier high of $61.75. U.S. crude was up 78 cents at $48.95 a barrel. Both contracts tumbled on Thursday, with U.S. crude falling hardest. Brent is trading at a premium of about $12 to U.S. crude, which remains hamstrung by massive inventory builds. This is the widest spread since January 2014. "The main event this week has been the widening of the spread between Brent and WTI (U.S.

18 Nov 2014

Angola Crude Exports Set to Rise in January

Angola is set to export 1.77 million barrels per day of crude oil in January, up from 1.60 mln bpd in December, a provisional shipping list showed on Tuesday. The oil from the OPEC member, and Africa's second largest exporter, will be shipped on 57 vessels, the shipping list showed. Exports of Cabinda, Girassol, Palanca, Saturno, Hungo, and Plutonio were set to be higher in January than December, while Dalia exports were lower. Stronger supply of West African crude oil will put further pressure on crude oil futures prices at a time of ample global supply and fragile demand growth. Traders are awaiting Nigerian crude oil exports lists for January, expected to start emerging this week.

15 Oct 2014

Floating Storage at Sea Stalls Despite Falling Oil Prices

Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now. This is partly due to expectation among tanker owners for higher rates in the final quarter of the year. That means oil traders will have to pay a premium to lease vessels for longer periods as shipping firms remain reluctant to tie up vessels given the potential for quicker earnings. "Owners will not do storage and miss out on the spot rallies to come," a tanker market source said. "There is not much incentive for owners. For the first time in several years, the price curve for Brent crude oil futures is now fully in "contango", meaning that every ICE futures month is trading below the subsequent month.

07 Sep 2014

Oil Falls As Weak U.S. Jobs Data Adds to Demand Worries

Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy. U.S. jobs figures showed nonfarm payrolls increased by just 142,000 in August, well below forecasts of 225,000 and the smallest rise eight months. "U.S. economic growth was supposed to counter the slowing in China and Europe and the payrolls report threw a little cold water on that idea," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Brent crude for October delivery fell $1.01 to settle at $100.82 a barrel, having dropped to $100.35 intraday. The last time Brent was priced under $100 was in June 2013. U.S.

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