|Day's Range||58.39 - 60.12|
The oil-price collapse of 2018 should have sent a clear message to producers to change production behavior or risk another price crash going forward
The United States became the world’s top oil producer in February, and now it may use its leverage to reinforce its position as a geopolitical force
The United States has started to target vessels that are transporting Iranian crude oil in violation of sanctions, threatening repercussions to shippers without a sanction waiver
With the recent giant discoveries of the Tamar, Zohr and Leviathan fields in the East-Mediterranean, both Egypt and Israel are vying to become the region’s next energy hub
Marathon Petroleum Stock Is Volatile in Q1(Continued from Prior Part)Expected price range In the previous part, we discussed the trend in Marathon Petroleum’s (MPC) moving averages. Now, we’ll discuss the company’s implied volatility to
Marathon Petroleum Stock Is Volatile in Q1(Continued from Prior Part)Marathon Petroleum’s moving averages In this part, we’ll discuss the trend in Marathon Petroleum’s (MPC) moving averages in the first quarter. First, we’ll see how Marathon
The shipments were loaded onto tankers with documents showing the fuel oil was Iraqi. The transfers show at least some Iranian fuel oil is being traded despite the reimposition of sanctions in November 2018, as Washington seeks to pressure Iran into abandoning nuclear and missile programs. While the United States has granted eight countries temporary waivers allowing limited purchases of Iranian crude oil, these exemptions do not cover products refined from crude, including fuel oil, mainly used to power the engines of large ships.
Anti-government protests in the North African country of Algeria intensified last weekend and industry watchers are already drawing parallels with its eastern neighbor Libya
Brazil's state-run oil giant Petróleo Brasileiro SA was also executing a part of its annual oil hedge last week, dealers and banking sources said. Canadian oil is priced against U.S. crude futures, and producers use a combination of the benchmark futures and other financial tools to protect against fluctuations in prices. Average U.S. crude prices for the rest of 2019 and 2020 hit their highest in four months, with 2019 prices reaching a high of $60.34 a barrel on Tuesday.
Transocean (RIG) secured contracts for two of its drillships, namely Mykonos and Corcovado, which were acquired as part of Ocean Rig buyout in December 2018.
Vitol, the world’s largest independent commodities trader sees peak oil demand in 15 years from now as it recognizes the need for more green energy
The Zacks Analyst Blog Highlights: HighPoint, Bonanza Creek, Extraction Oil, SRC Energy and Anadarko
The Canadian province of Alberta has further relaxed its production cuts, looking to increase the production quota in both May and June
A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC countries met in the Azerbaijani capital, Baku, on Sunday and Monday and agreed to go beyond their pledged 1.2 million barrels a day of supply curbs in the coming months. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations—the International Energy Agency, the U.S. Energy Information Administration, and the Organization of Petroleum Exporting Countries itself—show that they will need to do just that. The three agencies are coming to a consensus view that the world will need around 30.5 million barrels a day from the OPEC countries on average in 2019.
Oil Bulls: US Oil Exports Tend to Fall MoreBrent-WTI spread On March 18, Brent crude oil May futures settled ~$8.2 higher than the WTI crude oil May futures. On March 11, the spread was ~$9.5. In the past five trading sessions, the Brent crude oil
Why Oil's Rise Might Be Unstoppable(Continued from Prior Part)Futures spread On March 18, the US crude oil May 2019 futures closed ~$0.24 above the May 2020 futures. On March 11, the futures spread was at a discount of $1.2. On March 11–18, US
Why Oil's Rise Might Be UnstoppableUS crude oil On March 18, US crude oil prices rose 1% and settled at $59.38 per barrel—the highest closing level for active US crude oil futures since November 12. The oil prices likely rose due to the falling
Why Oil's Rise Might Be Unstoppable(Continued from Prior Part)Oil rig count Last week, the oil rig count fell by one to 833—the lowest level since May. The rig count tends to follow US crude oil prices with a three to six-month lag. In February
The increases mean that by June, oil companies will be limited to 3.71 million bpd of production. Alberta mandated production cuts this year to ease congestion on export pipelines that resulted in crude getting bottlenecked in storage and the discount on Canadian heavy crude widening to record levels. "This temporary policy has been critical to reducing the oil price differential while we move ahead with our medium-term plan to ship more oil by rail and lead the long-term charge for new pipelines as we fight to get full value for the resources owned by all Albertans,” Premier Rachel Notley said in a statement.
Futures advanced 1 percent in New York on Monday. The group known as OPEC+ closed a weekend meeting in Baku, Azerbaijan, having reaffirmed an intent to continue output cuts. At the same time, production in Venezuela and Iran is expected to continue declining.