Crude rises on Saudi export cuts and lower U.S. inventories

Crude oil prices were slightly higher Thursday, as a drop in crude exports from Saudi Arabia and a drawdown in U.S. oil inventories supported prices, Kallanish Energy reports. U.S. West Texas Intermediate crude futures settled 24 cents higher at $64 per barrel. Brent crude futures rose 35 cents, or 0.5%, to $71.97/Bbl, near Wednesday’s five-month high of $72.27/Bbl.

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Crude prices fall as Russia suggests it will raise output

Crude oil prices fell Tuesday from five-month highs as Russian comments signaled the possible easing of the Opec+ supply-cutting deal overcame concern violence in Libya could tighten global markets, Kallanish Energy reports. A U.S. threat to place tariffs on hundreds of European goods and a downgrade by the International Monetary Fund in its global economic

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Crude hits 5-month high, as fighting threatens Libyan output

Crude oil prices rose to a five-month high Monday, on expectations for tighter global supply due to fighting in Libya, Opec+-led cuts and U.S. sanctions against Iran and Venezuela. International benchmark Brent futures were up 69 cents, or 1%, to $71.03 per barrel. U.S. West Texas Intermediate crude settled up 2.1%, at $64.40/Bbl, and hit its highest level since

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Engie, Caisse to buy Petrobras pipe unit for $8.6B

Petroleo Brasileiro SA (Petrobras) agreed to sell its 90% stake in a Brazilian natural gas pipeline company to France’s Engie SA and Canadian pension fund Caisse de Depot et Placement du Quebec for $8.6 billion. Engie and Caisse won the bidding war for the unit, Transportadora Associada de Gas, known as Tag, beating out Australia’s Macquarie

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Citing differences, Shell walks away from U.S. refining lobby

Royal Dutch Shell Plc this week said it was leaving a U.S. refining lobbying organization in 2020 because the oil supermajor disagrees with the firm’s climate policy, Kallanish Energy learns. The oil giant, in its first review of its association with 19 industry groups, said it found “material misalignment” over climate policy with the American

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Brent crude tops $70 for first time since November

Brent crude oil prices Thursday pushed through $70 per barrel for the first time in nearly five months, as expectations of tight global supply outweighed pressure from rising U.S. production and lower global demand, Kallanish Energy reports. Brent futures touched $70.03/Bbl, the highest level since Nov. 12, when it last traded above $70/Bbl. The international benchmark for

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Xom weighs sale of Nigerian O&G fields for up to $3B

ExxonMobil has held talks on the sale of a number of oil and gas fields in Nigeria, as the company focuses on developments in the U.S.’s Permian Basin and Guyana, industry and banking sources told Reuters. The potential sales are expected to include stakes in onshore and offshore fields and could raise up to $3

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Crude jumps more than 2%, to new 2019 highs Monday

Crude oil jumped more than 2%, to new 2019 highs Monday, with Brent crude touching $69 a barrel, after positive signs for the global economy and tighter supplies powered West Texas Intermediate and Brent prices. U.S. WTI futures settled up $1.45, or 2.4%, to $61.59/Bbl, after reaching their highest price in nearly five months, at $61.72/Bbl,

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Construction of GE’s huge 12 MW wind turbine moving forward

General Electric Renewable Energy held a ceremonial groundbreaking Monday in Rotterdam, The Netherlands for its behemoth 12-megawatt wind turbine. Designed as an offshore wind turbine, the GE Haliade-X 12 will be built onshore to “facilitate access for testing.” Construction of the turbine’s foundations began earlier this year. Its nacelle, blades and tower parts will arrive later this

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Parker re-listing on the New York Stock Exchange

Oilfield services firm Parker Drilling Co. announced its common stock has been approved for listing on the New York Stock Exchange. Parker expects its common stock will begin trading tomorrow under the trading symbol “PKD,” the same trading symbol used for the company’s common when it was listed previously on the exchange. Last December, the

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Japanese refiners halt Iran oil imports as waiver draws near

Japanese refineries have stopped importing Iranian oil after buying 15.3 million barrels between January and March ahead of the expiration of a temporary waiver on U.S. sanctions, according to industry sources and data on Refinitiv Eikon, Reuters reported. The waiver, which allowed Japan to buy crude from Iran for an extra 180 days, expires in early May,

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WTI, Brent crudes shrug off Trump’s Opec tweet

Oil prices settled roughly flat Thursday, recovering from the day’s worst losses that came shortly after President Trump called for Opec to boost crude production to lower prices. “Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump tweeted. Futures hit a session low immediately

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Crudes rise as supply cuts overcome economic worry

Crude oil rose sharply Tuesday as Opec+ supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to a potential worldwide economic slowdown. Brent crude was up 70 cents at $67.89 a barrel, not far from its 2019 high of $68.69/Bbl hit on March 21, Kallanish Energy reports. U.S. West Texas

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Crude oil prices mixed after hitting new 2019 highs

Crude oil prices were little changed Tuesday after hitting 2019 highs earlier in the day, maintaining strength on expectations Opec+ will continue its production cuts. U.S. oil prices have risen 9% in the last six weeks, as the Opec+ supply cuts are now expected to continue through the rest of 2019. Opec+ representatives this week

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Crude rises, supported by Opec supply cuts

Crude oil prices rose Monday, supported by the possibility of a longer-than-expected Opec+ crude supply cut and indications of inventory declines at Cushing, Oklahoma. Representatives of Opec+, the amalgamation of most Opec members along with a number of non-Opec producer-countries led by Russia, met in Azerbaijan to monitor their crude supply reduction deal. They said

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