Oil falls as China’s economic concerns outweigh refining

Crude oil prices were lower Friday, as concerns about China’s economy outweighed strong signals from its refining sector, Kallanish Energy learns.  But losses were limited on hopes for progress toward a U.S.-China trade agreement. Brent crude oil futures fell 49 cents, to settle at $59.42 a barrel, while U.S. West Texas Intermediate crude futures lost

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Brent to average $60/Bbl in 2020: STEO

Brent crude oil spot prices will average $59 per barrel in the fourth quarter of 2019, then fall to $57/Bbl by the second quarter of 2020, $5/Bbl lower than forecast one month ago, the Energy Information Administration reported Tuesday in its October Short-Term Energy Outlook (STEO). Despite the recent increase in supply disruptions, EIA expects

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Oil rises on Saudi supply concerns

Crude oil rose slightly Monday, after gaining nearly 7% last week, as lingering concerns over global supplies following the Sept. 14 attack on Saudi oil facilities offset prospects for a faster-than-expected restoration of the kingdom’s output and on signs of European economic weakness. Global benchmark Brent futures were up 40 cents to $64.68 a barrel,

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CEA, EDF, Westinghouse to explore SMR cooperation

CEA, EDF and Westinghouse Electric Co. have signed a framework agreement to explore potential cooperation on small modular reactor (SMR) development, Kallanish Energy reports. Worldwide demand for low carbon- electricity generation in the 300- to 400-megawatt range is an important market segment the companies believe their experience in nuclear fuel, reactor design and operation can

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Prices fall after larger-than-expected drop in crude inventories

U.S. crude oil prices fell Wednesday after a sharp drop in U.S. crude stocks and Opec member Iraq said the cartel would discuss deepening output cuts amid ongoing demand concerns. Brent crude fell 0.19%, to $62.26 a barrel, while U.S. West Texas Intermediate crude dropped 0.61%, to $57.05/Bbl, Kallanish Energy reports. Oil prices have risen more than 7%

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GE’s voting share in Bhge dropping below 50%

Baker Hughes, a GE company (Bhge) announced Tuesday General Electric and its GE Oil & Gas US Holdings I, GE Holdings (US), and GE Oil & Gas US Holdings IV units have begun a secondary offering of 105 million shares of Bhge Class A common stock. The offering’s underwriters will have a 30-day option to

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Cheniere’s Train 2 at Corpus Christi substantially complete

Cheniere Energy has announced that Train 2 at Corpus Christi, Texas, has reached substantial completion, Kallanish Energy reports. That was reached last week at the liquefaction/export facility, the company said on Tuesday. Commissioning is complete and Cheniere’s Epc partner Bechtel Oil, Gas and Chemicals Inc. has turned Train 2 over to Cheniere. Texas-based Cheniere has

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Oil plummets on fears of global slowdown

Crude oil prices fell more than 4.3% Wednesday, to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears demand will shrink due to Washington’s growing trade war with Beijing. Brent crude futures dropped 4.4%, to $56.35 a barrel, a seven-month low. Prices have lost more than 20%

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Crude oil falls as US-China trade tensions impact

Crude oil prices fell slightly Tuesday, with Brent crude remaining near seven-month lows just below $60 a barrel due to growing trade tensions between China and the U.S., Kallanish Energy reports President Trump is vowing to impose new tariffs on Chinese imports, and China is retaliating by making further moves against U.S. agricultural purchases. The

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U.S. Lng exports to Europe rise as Asian demand falls

U.S. exports of liquefied natural gas reached a new peak of 4.7 billion cubic feet per day in May, according to the latest data from the U.S. Department of Energy’s Office of Fossil Energy, Kallanish Energy reports. This year, the U.S. became the world’s third-largest Lng exporter, averaging 4.2 Bcf/d in the first five months of the

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Crude oil settles down as US Fed holds rates steady

Crude oil prices were little changed Wednesday after the U.S. Federal Reserve said the central bank will hold interest rates steady, Kallanish Energy reports. Brent crude futures were down 29 cents, or 0.47%, to $61.85 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.3%, to $53.76/Bbl. Government data showed U.S. crude inventories fell

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US, Brent crudes fall amid supply-cut uncertainty, US-China tariffs

Crude oil prices settled lower Monday after a choppy trading session, as Saudi Arabia and Russia have not yet agreed to extend the Opec+ output-cutting deal, and U.S.-China trade tensions continued to threaten crude demand, Kallanish Energy understands. U.S. West Texas Intermediate crude futures settled 73 cents lower, at $53.26 per barrel, falling 1.4% for the

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Brent slips to 4-month low, as trade fears persist

Crude oil futures ended Monday’s trading session lower after unsettled trading, as Saudi comments indicated Opec+ would extend supply cuts supported prices, but concerns U.S. tariffs on China and Mexico would hurt demand weakened the market. Opec+, which includes most Opec members, along with a number of non-producers led by Russia, since Jan. 1, has

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Icahn challenges Oxy’s ‘hugely overpriced’ Anadarko deal

Billionaire activist investor Carl Icahn last week filed a lawsuit against Occidental Petroleum, looking for board seats and eventually a sale of the company, Kallanish Energy learns. Icahn said in the lawsuit filed in Delaware Chancery Court he’s built a $1.6 billion stake in Houston-based Occidental, and is upset by its decision to acquire Anadarko

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Crude plunges nearly 4%

Crude oil prices plunged Thursday on a smaller-than-expected decline in U.S. crude inventories and fears of a global economic slowdown due to the U.S.-China trade war, Kallanish Energy understands. The U.S. Energy Information Administration reported crude stockpiles fell nearly 300,000 barrels last week, less than the 900,000 Bbl decline analysts forecast in a Reuters poll, and

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