News
2017, May, 10, 18:06:00
OIL PRICES: $53 - $57
North Sea Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive month that Brent crude oil spot prices averaged between $50/b and $55/b. EIA forecasts Brent prices to average $53/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.
2017, May, 10, 18:04:00
OIL INVESTMENT CUTTING
Investors cut their bullish bets on the oil price to the lowest level since OPEC reached a deal to cut output last year, amid continued doubts about the effectiveness of that agreement.
2017, May, 10, 18:02:00
SAUDI'S OIL POLICY
Saudi Arabia’s conventional approach to market management is no longer working: crude has fallen back below $50 a barrel, US shale oil output is again on the rise and Saudi-led Opec, if anything, is worse off than when it agreed the supply deal back in November, having cut volumes for little upside on price.
2017, May, 6, 17:20:00
OIL PRICES: ABOVE $49
U.S. crude CLcv1 rose 2.09 percent to $46.47 per barrel and Brent LCOcv1 was last at $49.45, up 2.21 percent on the day.
2017, May, 6, 17:15:00
OIL MARKET IS MOVING
"The good news is that the market is moving towards rebalancing," Saudi Aramco CEO Amin Nasser said at the International Oil Summit in Paris last week. "There has also been a rapid drawdown of floating storage in the first quarter of this year. This is being driven by improving fundamentals and the OPEC deal."
2017, May, 6, 17:10:00
OPEC OIL PRODUCTION: 31.85 MBD
OPEC's largest producer Saudi Arabia averaged 9.97 million b/d in April, according to the survey, below its quota under the deal of 10.058 million b/d.
2017, May, 6, 17:05:00
U.S. FEDERAL FUNDS RATE TO 1%
In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 3/4 to 1 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.
2017, May, 6, 17:00:00
RUSSIAN GAS CORRIDOR
One of the highest priorities in Russia's gas export and marketing strategy is establishing its own southern corridor for gas exports to Europe, in competition with the EU-backed project.
2017, May, 6, 16:55:00
NIGERIAN OIL: 2 MBD
Nigeria’s oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday.
2017, May, 6, 16:50:00
STATOIL EARNINGS $3.3 BLN
Statoil reports adjusted earnings of USD 3.3 billion and an IFRS net operating income of USD 4.3 billion in the first quarter of 2017. The IFRS net income was USD 1.1 billion.
2017, May, 6, 16:45:00
SHELL INCOME $3.5 BLN
Compared with the first quarter 2016, CCS earnings attributable to shareholders excluding identified items increased by $2.2 billion, mainly driven by higher contributions from Upstream and Chemicals, partly offset by higher net interest expense.
2017, May, 6, 16:40:00
CONOCO NET INCOME $586 MLN
ConocoPhillips (NYSE: COP) reported first-quarter 2017 earnings of $0.8 billion, or $0.62 per share, compared with a first-quarter 2016 loss of $1.5 billion, or ($1.18) per share. Excluding special items, first-quarter 2017 adjusted earnings were a loss of $19 million, or ($0.02) per share, compared with a first-quarter 2016 adjusted loss of $1.2 billion, or ($0.95) per share. Special items for the current quarter were primarily driven by a financial tax accounting benefit related to the previously announced Canadian disposition, partially offset by a non-cash impairment in Alaska.
2017, May, 6, 16:35:00
INTERNATIONAL RIG COUNT UP 13
Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for April 2017 was 956, up 13 from the 943 counted in March 2017, and up 10 from the 946 counted in April 2016. The international offshore rig count for April 2017 was 201, up 4 from the 197 counted in March 2017, and down 19 from the 220 counted in April 2016.
2017, May, 6, 16:30:00
U.S. RIGS UP 7
U.S. Rig Count is up 462 rigs from last year's count of 415, with oil rigs up 375, gas rigs up 87, and miscellaneous rigs unchanged.
Canadian Rig Count is up 46 rigs from last year's count of 36, with oil rigs up 16, gas rigs up 31, and miscellaneous rigs down 1 to 0.
2017, May, 4, 18:45:00
OIL PRICES: ABOVE $48
U.S. crude CLc1 fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m. Brent was down $2.07, or 4.1 percent to $48.71.