|Day's Range||63.46 - 64.16|
Oil major BP and Azerbaijan's state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation's three major oilfields, BP-Azerbaijan said in a statement. The Azeri Central East (ACE) platform, the latest phase of Azerbaijan's giant Azeri-Chirag-Guneshli (ACG) oilfields, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said. The project is one of the biggest upstream investment decisions in Azerbaijan so far this year.
* Weaker ringgit earlier this week also supported palm * Market also looking ahead to export pace - trader * April 1-20 cargo surveyor data due after Saturday (Updates with latest prices) By Emily Chow ...
Early spring and winter traditionally are heavy periods for U.S. refinery maintenance. This year's maintenance schedule and higher crude prices helped push U.S. gasoline prices to a national average of $2.83 a gallon last week, up 26 percent since the start of the year, according to data from the American Automobile Association. U.S. crude futures rose 32 percent in the first quarter.
Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices. U.S. crude, gasoline and distillate inventories dropped this week, with crude posting an unexpected drawdown, the first in four weeks, the Energy Information Administration (EIA) data showed on Wednesday.
HOUSTON/MEXICO CITY (Reuters) - Spain's Repsol suspended its swaps of refining products for crude with Venezuela's state-run oil company PDVSA, people familiar with the matter said, as U.S. officials weighed penalties for foreign firms doing business with Venezuela. The Spanish oil company has been swapping fuel and waiving payments due from a joint venture with PDVSA in exchange for crude, even as the United States rolled out new sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro.
China is ramping up its oil drilling initiative in Cuban waters, using cutting-edge technology to reach deposits that Cubans couldn’t touch
In 2008 Wolf Regener was appointed CEO of BNK Petroleum Inc. (TSE:BKX). First, this article will compare CEO compensation with compensation at similar sized companies. After that, we will consider the growth in the busin...
What Helped Your Energy Portfolio Overcome Oil's Weakness?(Continued from Prior Part)US equity indexesIn the trailing week, US equity indexes had the following correlations with US crude oil active futures:the Dow Jones Industrial Average (DIA):
Overall, oil is being supported by the OPEC+ deal to cut production by 1.2 million barrels per day. U.S. sanctions against Venezuela and Iran also continue to tighten the commodity's fundamentals.
April 18 (Reuters) - Anyuan Coal Industry Group Co Ltd : * SAYS BOARD ELECTS XIONG LAYUAN AS CHAIRMAN * SAYS TO WITHDRAW DELISTING RISK WARNING FROM APRIL 22 AFTER IT RETURNED TO NET PROFIT FOR 2018 Source ...
If you own shares in Abraxas Petroleum Corporation (NASDAQ:AXAS) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Modern finance theory con...
* Market snaps two sessions of gains * Weaker ringgit limited further losses - trader (Updates with closing prices) By Emily Chow KUALA LUMPUR, April 18 (Reuters) - Malaysian palm oil futures dropped on ...
The supply cuts from the so-called OPEC+ nations, coupled with U.S. sanctions on Venezuela and Iran, have reduced the amount of medium- and heavy-grade sour crude on the market. While Russia is part of the output cuts effort, exports of its medium-sour Urals crude -- the country’s biggest export grade -- are set to soar this month to an almost two-year high. “The apparent lack of other alternative medium, sour grades is forcing Mediterranean and Northwest European buyers to rely increasingly on Urals,” consultants JBC Energy GmbH said in a report.
Saudi Arabian Oil Co. is doing its best to make nice with one of its biggest customers. With the ink barely dry on the takeover of 70 percent of the country’s chemical giant Saudi Basic Industries Corp. and the issuance of its first-ever corporate bond, Aramco is looking to buy a stake in the world’s biggest oil refinery. Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is seeking to sell as much as a quarter of its refining business for at least $10 billion and is entertaining offers from Aramco and Abu Dhabi National Oil Co., people with knowledge of the matter told Bloomberg News this week.
Based on the early trade, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the price cluster at .7154 to .7153.
There is a hidden string that ties currencies together to crude oil, with price actions in one venue forcing a sympathetic or opposing reaction in the other. This correlation persists for many reasons, including resource distribution, balance of trade (BOT), and market psychology. In addition, crude oil is quoted in U.S. dollars (USD) so each uptick and downtick generates immediate realignment between the greenback and numerous forex crosses.
Katanga Mining Ltd, a unit of Glencore Plc, on Wednesday named Glencore Coal's chief development officer Jeff Gerard to the top job, taking over from Danny Callow. The appointment comes less than two months after Glencore, the world's biggest supplier of seaborne coal, said it would limit annual coal production capacity to current levels of about 150 million tonnes after discussion with its investors. Gerard will take over on May 2 and will also serve as the head of Glencore's assets in the Democratic Republic Of Congo (DRC) and oversee its Mutanda mining operation in the country.
Higher coal and chemicals volumes drove U.S. carloads upward on a weekly basis for the first time since late February, according to the latest data from the Association of American Railroads (AAR). But ...
Katanga Mining Ltd, a unit of Glencore Plc, on Wednesday named Glencore Coal's chief development officer Jeff Gerard to the top job, taking over from Danny Callow. Gerard will take over on May 2 and will ...
The U.S. shale boom is upending global oil markets as far as crude flows from West Africa to Europe and other parts of the world, and is squeezing in particular Nigeria’s struggling oil industry
Canada's annual inflation rate edged up to 1.9% in March from 1.5% in February, while two out of three of the Bank of Canada's measures of core inflation edged up into the 2.0% range, Statistics Canada data indicated. "The market is skeptical that there is a true uptick in core inflation," said Adam Button, chief currency analyst at ForexLive. "Looking forward, if the acceleration in core inflation continues the market will have to change course." A shift in sentiment could see expectations unwind for an interest rate cut this year, Button said.