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NY Mercantile . Currency in USD
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- Capital Cube•5 hours ago
Categories: Yahoo Finance Get free summary analysis Oil Search Ltd. reports financial results for the year ended December 31, 2016. We analyze the earnings along side the following peers of Oil Search Ltd. – Beach Energy Limited and Senex Energy Limited (BPT-AU and SXY-AU) that have also reported for this period. Highlights Gross margins narrowed from 46.36% to ... Read more (Read more...)
- Reuters•5 hours ago
NEW YORK/HOUSTON (Reuters) - Traders are turning the spigots to drain the priciest storage tanks holding U.S. crude stockpiles as strengthening markets make it unprofitable to store for future sale and cuts in global production open export opportunities. It is also what the world's largest oil exporters wanted to see when they agreed last year to work together in a historic supply cut to end the glut. From Houston through Louisiana to floating storage in the Gulf of Mexico, traders are starting to ship crude out of inventories as the rising price of oil for near-term delivery erodes the profits to be had by holding onto oil for later sale.
- Reuters•9 hours ago
Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over $100 per barrel in 2014 to around $56.50 currently (LCOc1). "OPEC's strategy is targeting inventories – given the scale of the overhang, the market won't rebalance in six months – we expect an extension into (the second half of 2017)," said Energy Aspects analyst Virendra Chauhan.