2016, June, 19, 17:15:00SUSTAINABLE RUSSIAN OIL
Russia’s oil industry is “very resilient,” BP Plc CEO Bob Dudley said in St. Petersburg on Thursday. The nation’s resources are competitively priced and floating the currency has been helpful for costs, he said while announcing a new exploration joint-venture with Rosneft.
2016, June, 19, 17:05:00U.S. RIGS UP 10
U.S. Rig Count is up 10 rigs from last week to 424, with oil rigs up 9 to 337, gas rigs up 1 to 86, and miscellaneous rigs unchanged at 1. Canadian Rig Count is up 4 rigs from last week to 69, with oil rigs down 1 to 28, gas rigs up 4 to 40, and miscellaneous rigs up 1 to 1.
2016, June, 19, 17:00:00OIL PRICES UP TO $49.17
Brent crude futures' front-month contract LCOc1 settled up$1.98, or 4.2 percent, at $49.17 a barrel. The front-month in U.S. crude's West Texas Intermediate (WTI) futures CLc1 rose $1.77, or 3.8 percent, to settle at $47.98. It fell $1.80 in the previous session.
2016, June, 16, 18:30:00OIL MARKET BALANCE 2017
Crude oil prices rallied to a 2016 high above $51/bbl in June, stoked by continuing outages in Nigeria and Canada as well as a steady decline in US oil production. May marked the third straight month of average price rises in Brent and WTI futures.
2016, June, 16, 18:25:00U.S. THE STEEPEST CUTS
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production.
2016, June, 16, 18:20:00U.S. NEED MORE MONEY
We need tax policies that encourage investment in America’s abundant energy resources. It is because of our industry’s investments that the U.S. is the number one producer of oil and natural gas in the world while leading other countries in lowering carbon and other emissions. The industry also invests billions in low- and zero-emissions technologies to continue to drive down greenhouse gas emissions. This model has proven that we can protect the environment, grow our economy, and save consumers on average $1300 in energy costs per year.
2016, June, 16, 18:00:00IRAN GROWS FASTER
Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, helped by securing more tankers through a temporary shipping insurance fix.
2016, June, 16, 17:45:00OIL PRICE DOWN TO $49
The August Brent crude contract on London’s ICE fell 52¢ to $48.93/bbl, its lowest settlement since June 3. The September contract was also down 49¢ to $50.33/bbl. The July gas oil contract settled at $443.50/tonne on June 14, down $9.75.
2016, June, 14, 18:25:00U.S. OIL PRODUCTION DOWN 118 TBD
U.S. oil production down 118 tbd, natural gas production down 476 mcfd.
2016, June, 14, 18:20:00CHINA'S OIL PRODUCTION DOWN
PetroChina Co., the nation’s biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have “no hope” of turning a profit, while Cnooc Ltd. sees output slipping as much as 5.2 percent this year.
2016, June, 14, 18:15:00VENEZUELAN OIL DOWN
The decline of 120,000 barrels a day, to 2.37 million barrels a day, underscores the inability of state energy company Petróleos de Venezuela SA to maintain oil-industry investments, as the region’s largest petroleum exporter suffers from a debilitating cash crunch, widespread food shortages and civil unrest.
2016, June, 14, 18:10:00NORWEGIAN OIL & GAS DOWN BY $50 BLN
Last year, Norway’s derived half of its oil and gas revenue from production taxes, 43% from the government’s direct ownership in oil and gas assets, and 7% from dividends paid by Statoil ASA, in which the government has a 67% stake.
2016, June, 13, 20:20:00OIL PRICE DOWN TO $49.74
Brent crude oil futures LCOc1 fell to $49.74 per barrel, at 1327 GMT, down 80 cents, after trading as low as $49.61.
2016, June, 13, 20:10:00IMF SELLS MONEY AGAIN
"Growth is expected to rebound in 2016, supported by exchange rate depreciation and accommodative monetary and fiscal policies, but uncertainty about oil prices, challenges in sustaining the global recovery, and elevated domestic vulnerabilities suggest risks to the outlook are tilted to the downside," the IMF said.
2016, June, 13, 20:05:00OIL MARKET BALANCE
OPEC predicted that the global oil market will be more balanced in the second half of this year as demand rises and rival supplies falter, echoing views expressed by ministers at the group’s meeting this month.