All publications by tag «OIL»
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2017, March, 24, 19:10:00
SAUDI'S OIL BALANCE
Saudi Arabia faces a difficult balancing act as it tries to work down excess global crude stocks while protecting relationships with important refining customers in the United States and Asia.
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2017, March, 24, 19:00:00
U.S. DRILLING UP
U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate.
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2017, March, 22, 19:10:00
OIL PRICES: OVER $50
Benchmark Brent crude was down 82 cents at $50.14 per barrel at 0936 GMT (5:36 a.m. ET), after dropping to $50.05, its lowest level since OPEC announced on Nov. 30 its plan for cuts. The deal with non-OPEC states was reached in December.
U.S. light crude was down 70 cents at $47.54 a barrel, also slipping toward a three-month low.
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2017, March, 22, 19:00:00
PRICES COULD BE LOWER
The crude oil contract for April delivery on the New York Mercantile Exchange dropped 56¢ on Mar. 20 to $48.22/bbl. The May contract fell by 40¢ to $48.91/bbl. The Brent crude contract for May on London’s ICE decreased 14¢ to $51.62/bbl. The June contract dropped 16¢ to $51.79/bbl. The gas oil contract settled at 458.50/tonne on Mar. 20, up $1.75. The average price for OPEC’s basket of benchmark crudes on Mar. 20 was $49.18/bbl, down 18¢.
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2017, March, 21, 19:05:00
OIL PRICES: OVER $52 AGAIN
Brent crude, the international benchmark for oil, was up 42 cents at $52.04 per barrel at 0907 GMT, rebounding from last week's three-month low of $50.25 but well below January's surge above $58 in the wake of the output cuts.
U.S. West Texas Intermediate (WTI) crude rose 38 cents to $48.60.
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2017, March, 21, 18:55:00
DEMAND OVERTAKES SUPPLY
If the Organization of Petroleum Exporting Countries maintains its output cuts and nothing changes elsewhere, demand should overtake supply in this year’s first half, generating an implied market deficit of 500,000 b/d.
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2017, March, 21, 18:45:00
SOUTH PARS: 35,000 BPD
Production from the layer will reach 35,000 barrels per day once its wells are fully operational.
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2017, March, 21, 18:40:00
NORWAY'S OIL PRODUCTION DOWN 25,000
Preliminary production figures for February 2017 show an average daily production of 2 010 000 barrels of oil, NGL and condensate, which is a decrease of 25 000 barrels per day (approx. 1 percent) compared to January.
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2017, March, 21, 18:35:00
NABORS NET LOSS $1 BLN
Nabors Industries Ltd. ("Nabors") (NYSE: NBR) reported full-year 2016 operating revenue of $2.2 billion, compared to operating revenue of $3.9 billion in the prior year, which included $366 million in revenue from the Completion and Production Services segment (NCPS), a business line that merged with C&J Energy Services, Inc. (CJES) on March 24, 2015 and ceased to be consolidated with Nabors on that date. Net income from continuing operations for the year was a loss of $1.0 billion, or $3.58 per share, compared to a loss of $330 million, or $1.14 per share, in FY 2015. Included in the net loss from continuing operations for full year 2016 were total after-tax impairments and other charges of $487 million, or $1.71 per share, as well as $0.80 per share in Nabors' proportional share of CJES' net loss for the period. This compares to prior year impairments and other charges of $380 million, or $1.31 per share, and $0.29 per diluted share for the company's proportional share of CJES' net loss.
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2017, March, 21, 18:30:00
U.S. RIGS UP 21
U.S. Rig Count is up 313 rigs from last year's count of 476, with oil rigs up 244, gas rigs up 68, and miscellaneous rigs up 1.
Canadian Rig Count is up 207 rigs from last year's count of 69, with oil rigs up 137, gas rigs up 68, and miscellaneous rigs up 2.