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Greg Mckenna News

20 May 2018

Oil Up as U.S., China hit the Trade War Pause Button

Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement. The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday.

09 Nov 2017

Oil Prices Rise on Supply Cuts, Tensions

© marrakeshh / Adobe Stock

Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m. (1630), still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015. U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel. Saudi Arabia plans to cut its crude exports by 120…

13 Jun 2017

Asian Crude Storage Trend Impacts OPEC Cuts

Current markets make it profitable to store oil for future sale; many tankers sitting around Singapore storing oil. A 10-percent decline in oil prices since late May could push traders to keep crude in storage, looking to sell down the line when forward prices are higher. That would undermine the impact of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), which partly aimed to force traders holding oil in storage to sell to reduce bloated inventories that have sapped global prices . Brent crude futures for delivery in half a year's time were this week around $1.50 per barrel above current prices, a market structure known as 'contango' that makes it profitable to store fuel instead of selling for direct use.

06 Jun 2017

Oil Slips on Mideast Rift Worries

Group of Arab states cuts all ties with Qatar; tankers going to/from Qatar barred from Fujairah port. Oil prices slipped further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market. Benchmark Brent crude oil was 10 cents a barrel lower at $49.37 by 1110 GMT, down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018. U.S. light crude was down 10 cents at $47.30. Leading Arab powers including Saudi Arabia, Egypt and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.

23 May 2013

Bifab Contracted to Build GDF SUEZ Platform

(Back L-R) Rt Hon Edward Davey MP, Secretary of State for Energy and Climate Change, Jean-Marie Dauger, Executive Vice-President of GDF SUEZ, (Front L-R) John Robertson, Managing Director, Burntisland Fabrications and Jean-Claude Perdigues, Managing Director, GDF SUEZ E&P U.K.

The Rt Hon Edward Davey MP, Secretary of State for Energy and Climate Change, joined GDF SUEZ E&P U.K. in Aberdeen yesterday to witness the signing of another major contract with the U.K. supply chain for the Cygnus project. The deal with Burntisland Fabrication Ltd (BiFab) to construct the accommodation platform of the GDF SUEZ operated Cygnus development is one of several partnerships helping to deliver more investment and new jobs for U.K. companies. Having signed the Field Development Plan when the Cygnus Project was sanctioned in August 2012…