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Showing posts from January, 2020

Oil falls 1% as investors reassess Mideast risks - CNBC

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Oil falls 1% as investors reassess Mideast risks - CNBC Oil falls 1% as investors reassess Mideast risks - CNBC Posted: 07 Jan 2020 12:00 AM PST A damaged installation in Saudi Arabia's Abqaiq oil processing plant is pictured on September 20, 2019. Fayez Nureldine | AFP | Getty Images Oil prices fell about 1% on Tuesday, surrendering some recent gains as investors reconsidered the likelihood of immediate supply disruptions in the Middle East after the United States killed a top Iranian military commander last week. Brent crude fell 70 cents, or 1%, to trade at $68.21 per barrel. U.S. West Texas Intermediate crude shed 57 cents, or 0.9%, to settle at $62.70 per barrel.  Prices surged during the previous two sessions on fears of escalating conflict and potential Middle East supply disruptions after a Jan. 3 Baghdad drone strike killed Qassem Soleimani, head of Iran's elite Quds Force, and Iran vowed revenge. B

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${latestItem EIA raises 2020 oil price forecasts, sees U.S. crude output records this year and next - MarketWatch Posted: 14 Jan 2020 12:00 AM PST The U.S. Energy Information Administration raised its 2020 forecasts for West Texas Intermediate and Brent crude oil prices and said it expects to see U.S. crude-oil production reach new records in 2020 and 2021, according to the Short-Term Energy Outlook report released Tuesday. The EIA pegged its 2020 WTI oil forecast at $59.25 a barrel, up 7.7% from its previous view. It lifted its Brent crude price forecast by 7.1% to $64.83 for 2020. The agency also expects U.S. crude production of 13.30 million barrels a day this year, up 0.9% from the previous view, with 2021 output seen at 13.71 million barrels a day. For 2020, total world output of crude oil and liquid fuels are forecast at 102.37 million barrels a day, while total consumption is seen at 102.11 million barrels a day. Natural-gas prices, mea

U.S. crude oil slumps near six-month low on virus fears - Seeking Alpha

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Crude oil futures fell more than 2% amid growing worries over the potential economic impact from the continued spread of the coronavirus. WTI March crude (NYSEARCA:USO) settled -2.2% to $52.14/bbl, the lowest for a front-month contract since Aug. 7, while Brent closed -2.5% to $58.29/bbl, the lowest front-month Brent contract since Oct. 8. "Alarm bells are going off in global markets after the World Health Organization is saying they deeply regret calling the outbreak of the coronavirus moderate... raising fears that the virus is much worse than official Chinese channels are telling us," says Price Futures analyst Phil Flynn. "Assessing demand destruction in real time is difficult, and the market has clearly adopted a sell first, ask questions later approach to the coronavirus," RBC Capital says. ETFs: USO, XLE, OIL, UWT, XOP, UCO, VDE, OIH, DWT, BGR, BNO, ERX, GUSH, SCO, DRIP, DBO, FENY, ERY, DIG, FIF, NDP, OILU, DTO, IYE, USL, DUG, IEO, OILD, USOI, WTIU,

Does the United States still need Middle East oil? - Butler Eagle

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Does the United States still need Middle East oil? - Butler Eagle Does the United States still need Middle East oil? - Butler Eagle Posted: 17 Jan 2020 12:00 AM PST Get unlimited access to ButlerEagle.com with a Butler Eagle Gold subscription. Subscriber Benefits Why subscribe to ButlerEagle.com? Full issue access. Read the full daily edition of the Butler Eagle, including the digital-flipbook "Complete Pages" format. Online-only features. Access exclusive, unpublished photos, as well as complete local story coverage and reader comments. Digital archives. Search our digital archives to find past coverage of Butler County news and events. For account information and support, contact us today . © The Butler Eagle. Budget 2020: Oil & Gas industry demands tax clarity, oil cess relief - ETEnergyworld.com Posted: 29 Jan 2020 07:00 AM PST New Delhi: With the global oil and ga

From an idled GM plant to a UAW picket line - Marketplace.org

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From an idled GM plant to a UAW picket line - Marketplace.org From an idled GM plant to a UAW picket line - Marketplace.org The Goldfinch flies high with compelling story and performances - CultureMap Austin Holiday display contest: Window shop in Bethlehem, then vote for your favorite - WFMZ Allentown From an idled GM plant to a UAW picket line - Marketplace.org Posted: 20 Sep 2019 12:00 AM PDT Most afternoons, Lincoln Fegley works on the dashboards of new vehicles on General Motor's assembly line. But one afternoon this week, he and his wife, Millisa, were in the school pickup line, waiting for their daughter Serenity. Lincoln hesitated in the parking lot, not quite sure where to go. "This is my first time picking her up because I work second shift," he said. "So unless I see Serenity in the morning, I don't pretty much don't see her at all until my one day off." The past few mont

Saudis Boost Crude Oil Exports To China By 47% In 2019 - OilPrice.com

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The world’s largest oil exporter, Saudi Arabia, significantly raised its crude sales to the world’s largest oil importer, China, in 2019, boosting its exports to China by 47 percent and beating Russia for the top Chinese supplier spot for the first time in four years, according to Chinese customs data as carried by Reuters on Friday. While Saudi Arabia restricts production under the OPEC+ deal, it has prioritized shipments to the most prized markets, China and Asia, at the expense of exports to markets such as the United States. In addition, Saudi oil giant Aramco has recently signed supply deals with at least two independent refiners, opening a new avenue for its oil sales in China, according to Reuters. Previously, Saudi Arabia exported oil to China only under long-term deals with the state-held corporations.   So in 2019, Saudi Arabia exported a record volume of crude oil to China, 1.67 million bpd, according to Chinese customs data and Reuters’ calculations from tons into barrel

Oil Market Falls Deeper Into Abyss - OilPrice.com

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The oil market is “troubled by both rising demand worries and rising fuel stocks,” said Ole Sloth Hansen, head of commodities strategy at Saxo Bank A/S in Copenhagen. “It’s going to take a firm commitment by OPEC+, or rising geopolitical tensions, to achieve a sustained recovery.” (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Oil posted its largest monthly loss since May 2019, as fears of the coronavirus continue to rise. The 15 percent price decline is also the worst January performance since 1991, according to Bloomberg.  Bernstein: Chinese oil demand growth at just 100,000 bpd . China’s oil demand could grow at just 100,000 bpd this year due to the coronavirus, according to Bernstein. That would make it the slowest expansion in consumption in nearly 20 years. The firm previously predicted 350,000 bpd of growth. U.S. GDP slowed to 2.1 percent in fourth quarter . U.S. GDP growth slo

Oil Prices See Biggest January Loss In 30 Years - OilPrice.com

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Crude oil prices slid a painful 15% in January—the biggest January slide since 1991—as the coronavirus claims the death of 213 souls and counting. After a couple weeks of continued slippage, the price of the Brent and WTI benchmarks were trading down 0.98% and 0.73% on the day, respectively, at 9:51 am as the World Health Organization declared a global health emergency. While the WHO did not recommend any travel restrictions to China, the US State Department recommended no travel to China, and airlines have stopped flying to China, including Air France, British Airways, Lufthansa, Virgin Atlantic, Lion Air, and Seoul Air. Other airlines had reduced their flight schedules to China, including American, Delta, United, Finnair, Cathay Pacific, and Jetstar Asia. In addition to airline stoppages, the Philippines halted visas on arrival to Chinese nationals, Hong Kong has stopped trains from China, Singapore has closed its borders to Chinese guests, Russia has closed its border with China

Saudis Boost Crude Oil Exports To China By 47% In 2019 - OilPrice.com

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The world’s largest oil exporter, Saudi Arabia, significantly raised its crude sales to the world’s largest oil importer, China, in 2019, boosting its exports to China by 47 percent and beating Russia for the top Chinese supplier spot for the first time in four years, according to Chinese customs data as carried by Reuters on Friday. While Saudi Arabia restricts production under the OPEC+ deal, it has prioritized shipments to the most prized markets, China and Asia, at the expense of exports to markets such as the United States. In addition, Saudi oil giant Aramco has recently signed supply deals with at least two independent refiners, opening a new avenue for its oil sales in China, according to Reuters. Previously, Saudi Arabia exported oil to China only under long-term deals with the state-held corporations.   So in 2019, Saudi Arabia exported a record volume of crude oil to China, 1.67 million bpd, according to Chinese customs data and Reuters’ calculations from tons into barrel

Enbridge's Struggle To Change Terms On Canada's Largest Crude Oil Pipeline - OilPrice.com

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Enbridge, which wants to change the contract terms on the largest Canadian oil pipeline network, believes that Canadian producers who have opposed that change may want to stall a review of the proposal in the hope that the fate of the other pipelines in the works could become clearer soon, a senior Enbridge executive told Bloomberg.   Enbridge operates Mainline, the largest pipeline network that sends Canadian crude oil to the United States with capacity of 2.85 million barrels per day (bpd).   In December, Enbridge filed an application to the Canada Energy Regulator (CER), proposing a new framework on the way crude volumes are being contracted and shipped via the Mainline pipeline. Currently, Enbridge allocates capacity on the Mainline on an uncommitted basis, using a monthly nomination system. But the pipeline company wants to change that allocation system by contracting 90 percent of the capacity under long-term contracts, leaving only 10 percent for uncommitted or spot shipments

Oil Prices See Biggest January Loss In 30 Years - OilPrice.com

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Crude oil prices slid a painful 15% in January—the biggest January slide since 1991—as the coronavirus claims the death of 213 souls and counting. After a couple weeks of continued slippage, the price of the Brent and WTI benchmarks were trading down 0.98% and 0.73% on the day, respectively, at 9:51 am as the World Health Organization declared a global health emergency. While the WHO did not recommend any travel restrictions to China, the US State Department recommended no travel to China, and airlines have stopped flying to China, including Air France, British Airways, Lufthansa, Virgin Atlantic, Lion Air, and Seoul Air. Other airlines had reduced their flight schedules to China, including American, Delta, United, Finnair, Cathay Pacific, and Jetstar Asia. In addition to airline stoppages, the Philippines halted visas on arrival to Chinese nationals, Hong Kong has stopped trains from China, Singapore has closed its borders to Chinese guests, Russia has closed its border with China

WTI solidifies benchmark role - Argus Media

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WTI solidifies benchmark role - Argus Media WTI solidifies benchmark role - Argus Media Posted: 31 Jan 2020 11:55 AM PST [unable to retrieve full-text content] WTI solidifies benchmark role    Argus Media Mexico sends rare cargoes of medium sour crude Isthmus to USGC - Hellenic Shipping News Worldwide Posted: 31 Jan 2020 12:00 AM PST Mexican state-owned oil producer Pemex exported three separate cargoes of the Mexican medium sour crude Isthmus to the US Gulf Coast between December and January. Low operating rates at some of Pemex's refineries are thought to have freed up barrels of Isthmus crude. At the same time, refineries on the USGC have been looking for alternatives to Venezuelan crudes following the imposition of sanctions last year. Mexico resumed trading Isthmus in the Americas region about three years ago according to recently-released US Customs Bureau and Platts Analytics data. Isthmus and Maya Pemex&#

Oil Prices See Biggest January Loss In 30 Years - OilPrice.com

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Crude oil prices slid a painful 15% in January—the biggest January slide since 1991—as the coronavirus claims the death of 213 souls and counting. After a couple weeks of continued slippage, the price of the Brent and WTI benchmarks were trading down 0.98% and 0.73% on the day, respectively, at 9:51 am as the World Health Organization declared a global health emergency. While the WHO did not recommend any travel restrictions to China, the US State Department recommended no travel to China, and airlines have stopped flying to China, including Air France, British Airways, Lufthansa, Virgin Atlantic, Lion Air, and Seoul Air. Other airlines had reduced their flight schedules to China, including American, Delta, United, Finnair, Cathay Pacific, and Jetstar Asia. In addition to airline stoppages, the Philippines halted visas on arrival to Chinese nationals, Hong Kong has stopped trains from China, Singapore has closed its borders to Chinese guests, Russia has closed its border with China

U.S. Rig Count Drops As Oil Price Slide Accelerates - OilPrice.com

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By Julianne Geiger - Jan 31, 2020, 12:14 PM CST After another week of faltering oil prices as the coronavirus outbreak continues to spook the market, Baker Hughes reported that the number of oil and gas rigs in the US decreased this week, to 790—a decrease of 4 rigs. The total oil and gas rig count is now 265 down from this time last year. The number of oil rigs decreased for the week, by 1 rigs, according to Baker Hughes data, bringing the total to 675—a 172-rig loss year over year. The total number of active gas rigs in the United States fell by 3 according to the report, to 112. This compares to 198 a year ago.  Meanwhile, oil production has hovered at 13 million bpd for three weeks now, according to data provided by the Energy Information Administration—a high for the United States. By basin, oil rigs have slumped the most over the last 52 weeks in the Mississippian and Granite Wash basins (-80%), followed by Cana Woodford (-69%). By sheer numbers, the Permian basin saw the

Oil: Further downside in the short-term would not be a surprise – Rabobank - FXStreet

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Analysts at Rabobank continue to see speculative long liquidation pressuring crude oil prices lower as momentum and trend indicators turn bearish and implied volatility spikes on the rapid decline. Key Quotes:  “Oil prices were on the defensive again this week as fears surrounding the coronavirus and its impact on oil demand remain front and center.” “Brent crude oil has shed nearly 20% from its early January highs as a result and is now trading at its lowest levels of 2020 and firmly below the psychological $60/bbl mark. We continue to see speculative liquidation pressuring prices lower as momentum and trend indicators turn “bearish” and implied volatility spikes on the rapid decline. The move appears overdone on a fundamental basis to us given the sharp drop in oil supplies out of Libya that has coincided with the virus outbreak.” “Libyan production is down nearly 1mb/d which is far greater than most demand loss estimates related to the virus. As such, the price impact has been

Oil Ends 2019 On A Bullish Note - OilPrice.com

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Oil Ends 2019 On A Bullish Note - OilPrice.com Oil Ends 2019 On A Bullish Note - OilPrice.com Russia-Ukraine Finalize Key Gas Deal - OilPrice.com Woodside, partners get final go-ahead for Senegal's first oil project - Nasdaq Oil Ends 2019 On A Bullish Note - OilPrice.com Posted: 31 Dec 2019 12:00 AM PST Crude oil prices are about to book their biggest rise in three years on the last day of 2019, supported by the combined force of OPEC+ production cuts and the improvement of trade relations between the United States and China. According to Reuters , Brent crude has added 24 percent since the start of the year, while West Texas Intermediate has done even better, rising by 36 percent cumulatively. At the time of writing, Brent crude was trading at $66.60 a barrel with WTI at $61.57 a barrel. Both were slightly down from yesterday's close but still on track to book a positive year overall. "Prices en