|Day's Range||50.78 - 51.57|
The Paris-based IEA kept its 2019 forecast for global oil demand growth at 1.4 million barrels per day, unchanged from its projection last month, and said it expected growth of 1.3 million bpd this year. Uncertainty over the global economy stemming from U.S.-China trade tensions could undermine oil consumption next year, as growth in supply gathers pace. "For 2019, our demand growth outlook remains at 1.4 million bpd even though oil prices have fallen back considerably since the early October peak," the IEA said.
Kaabi was concerned OPEC membership could be a stumbling block for QP's ambitions in the United States, where it has one of the world's biggest LNG terminals, and a distraction as Doha doubles down on gas production, three industry sources said. Proposed U.S. legislation known as NOPEC (No Oil Producing and Exporting Cartels Act) could expose members of the oil exporters club to antitrust lawsuits, a risk for QP at a time it is planning to invest billions more in the United States. The sources said Qatar's exit had been in the works for months, driven by Kaabi's desire to focus on Qatar's strength in liquefied national gas (LNG) rather than OPEC, where Doha has little say anyway because it doesn't produce much oil.
Investing.com - Oil prices gained on Thursday in Asia after the Energy Information Administration (EIA) reported a drop in U.S. crude stockpiles.
Federal prosecutors allege the European multinationals and some smaller players collectively paid at least $31 million in bribes over a six-year period to employees at Brazil's state-led oil company Petrobras to sell them oil at sweetheart prices. More than 600 pages of legal documents reviewed by Reuters portray what prosecutors describe as a bustling criminal enterprise fueled by creativity, competition and greed.
OPEC and its partners managed to reach an agreement to cut 1.2 million bpd of production, but the vague commitment and the size of the cut could fail to send prices up much higher
OPEC expects demand for its crude to be slightly lower in 2019, averaging 31.4 million bpd, down by 100,000 bpd from last month's forecast
Marathon Petroleum Stock Has Fallen 26% in Q4: What's Next? Marathon Petroleum’s (MPC) dividend yield has risen due to a fall in its stock price. Before we review the stock’s yield trend, let’s look at the company’s dividend payment in the current quarter.
The crude oil volumes traded this year are on track for a record high as China’s yuan-denominated trades are offsetting lower activity in the Brent benchmark
Investing.com - U.S. crude oil inventories fell less than expected last week, the Energy Information Administration said in its weekly report on Wednesday.
The European Bank for Reconstruction and Development, established to help foster democracy-building projects in former communist countries, on Wednesday adopted a strategic plan that rules out direct financing of coal plants and mines -- despite opposition from the U.S., the bank’s single biggest shareholder.
The natural gas rig count was at 198 last week—nine more than the previous week. The natural gas rig count has fallen ~87.7% from its record level of 1,606 in 2008. Since September, natural gas prices have risen nearly 38%, which might be luring natural gas producers to increase their production.
With the production cut agreement that’s set to be implemented in 2019, US crude oil’s downside could be limited. Traders think that the recent flow of funds from oil to the natural gas market might stop, which could be a negative development for natural gas prices.
Bank of America Merrill Lynch (BAC) expects Brent crude oil to average ~$70 per barrel in 2019, according to a CNBC report. The OPEC and non-OPEC agreement to cut 1.2 MMbpd (million barrels per day) of oil from the October production level in 2019 would be the key driver for US crude oil prices going forward.
Investing.com - Oil prices rose on Wednesday in Asia following reports of a production loss of 315,000 barrels per day (bpd) from the El Sharara oilfield, which was seized at the weekend by a local militia group.
Oil prices only rallied modestly after OPEC and partners announced a new round of output cuts, and volatile global markets now seem to have put a cap on crude
The global oil markets could be about to see some drastic geopolitical changes as OPEC and Non-OPEC formalize cooperation in the first quarter of next year
Marathon Petroleum (MPC) stock has lost more than Delek US Holdings (DK) in the past month. In the previous part, we discussed that Delek US Holdings stock has fallen 4.1% in the past month.
Saudi Arabia has persuaded two dozen oil producers to cut output and will sharply throttle back its own production over the next two months. President Donald Trump had urged the Saudis to keep pumping at high volumes in order to cut fuel prices. Saudi Arabia took a "Saudi first" stance by taking action to end an oil price slump and protect its own interests.
Canadian crude prices recovered in the last couple of days, with WCS gaining over 70 percent after Alberta’s Premier announced an unprecedented production cut