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Premier Oil’s cornerstone North Sea oil project Catcher has installed crucial floating production equipment ahead of winter, defying doubters who believe it will not start up before the end of the year. The project milestone has been keenly watched by investors in the debt-wracked oil producer, which is relying on Catcher to boost its production by 60,000 barrels of oil a day by the year-end. Market commentators had feared that a delay to the arrival of the floating storage and production unit (FSPO) could mean the work to fully integrate the project may take longer as weather conditions become more hostile offshore. But the oil producer assured the market on Monday that the FPSO was hooked up to the Catcher oil project off the coast of Aberdeen last week. Experts believe it will now take around two months for the equipment to be commissioned before oil begins to flow. Tony Durrant, Chief Executive of Premier Oil Credit: Geoff Pugh The producer’s share price opened more than 3pc higher than Friday’s close at 65.10p but lost ground to fall to around 64p over the morning as previous jitters crept back in. The technology is similar to a floating production unit used by Enquest, where delays to the commissioning over the summer caused a slower than expected rise in production. The disappointment wiped 10pc from Enquest’s market value after it admitted that it had failed to reach its full production rate and could drag the 2017 rate down by almost a quarter. By contrast Premier has raised its full-year production guidance after oil flows in the first half of the year jumped 35pc to record levels. Better-than-expected test results from Catcher have also prompted the producer to raise its expectations of the project by a fifth. The company has only managed to reduce its net debt to $2.74bn (£2bn) at the end of June, from $2.77bn at the end of last year, but Catcher is likely to accelerate its debt repayment plans.
BAGHDAD (Reuters) - Iraqi Oil Minister Jabar al-Luaibi met with a senior BP executive on Monday to discuss developing and boosting production from Kirkuk oilfield, a ministry spokesman said. Luaibi, who ...
* Market cautious ahead of Oct. 1-20 output data -trader * SPPOMA data showed Oct. 1-20 production rose 20.6 pct * Palm up on stronger exports -traders (Updates with quotes and prices) By Liz Lee and Tavleen ...
Oct 23 (Reuters) - Bld Plantation Bhd * Sept crude palm oil production 11,082 metric tonne; Sept palm kernel production 2,262 metric tonne Source text :( http://bit.ly/2yImL4a ) Further company coverage: ...
From Gregory Brew: Division among the world’s biggest oil traders indicates the strong degree of uncertainty in the market. According to Bloomberg, questions over demand growth, relative production from the U.S. and OPEC and the lingering glut are dividing prognosticators and… Read more ›
Investing.com - Crude prices gained in Asia on Monday as rig count figures out of the U.S. aided sentiment on the supply outlook.
U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. Since the early 2000s, crude and fuel flows from the Gulf Coast into the U.S. heartland have been cut in half, as crude coming from Canada and North Dakota has pushed U.S. Midwest refining activity to record levels. In 2016, Midwest refining capacity rose to 3.9 million barrels per day (bpd) of crude, the highest annual volume on record.
December Comex Gold futures finished sharply lower after posting a two-week high early in the week. Rising Treasury yields helped make the U.S. Dollar a more attractive investment, leading to lower demand for dollar-denominated gold. Increased demand for risky assets also weighed on gold which pays neither interest nor a dividend to hold it. The … Continue reading Gold Price Futures (GC) Technical Analysis – Weekly Trend Determined by Trader Reaction to $1286.80
The Oil Price Information Service's Tom Kloza, who predicted the 2015 oil collapse, gives us his latest prediction.
Offshore drilling companies have struggled since the oil price crash, idling rigs due to high costs, but a revival might be underway
BEIRUT (AP) — U.S.-backed fighters captured Syria's largest oil field from the Islamic State group Sunday, marking a major advance against the extremists in an area coveted by pro-government forces.
U.S. West Texas Intermediate and international-benchmark Brent crude oil finished higher last week, drawing support from a steep drop in Iraqi crude exports due to tensions in the Kurdistan region. However, weak U.S. demand helped limit gains. December West Texas Intermediate Crude Oil settled at $51.84, up $0.11 or +0.21% and January Brent Crude Oil … Continue reading Oil Price Fundamental Weekly Forecast – Rangebound Until Extension of OPEC-led Production Cuts Is Announced
OPEC’s secretary general has asked U.S. shale oil producers to cooperate with the cartel to keep the global oil market out of an oversupply situation
The major U.S. stock indexes surged on Friday after the U.S. Senate overcame a significant hurdle to move toward tax reform. The blue chip Dow Jones Industrial Average reached an intraday and closing record, led by strong performances by Boeing, Goldman Sachs and JPMorgan Chase. The Dow was also boosted by a huge recovery in … Continue reading U.S. Stock Indexes Surge After Senate Moves Toward Tax Reform
December West Texas Intermediate Crude Oil futures finished higher on Friday, basically saving the market from posting a lower close for the week. The price action suggests that investors are waiting for clarity over whether OPEC and the major non-OPEC producers will extend their strategy to cut output in an effort to decrease the global … Continue reading Crude Oil Price Update – Big Decision Coming from Bullish Traders on Test of $50.60 to $50.01
December Comex Gold futures closed lower on Friday, pressured by rising U.S. Treasury yields. A firmer U.S. Dollar also weighed on gold prices because it made the dollar-denominated commodity a less-attractive investment. Increased demand for higher risk assets also helped drive down demand for lower-yielding gold. Stocks were underpinned by the news that the Senate … Continue reading Gold Price Futures (GC) Technical Analysis – Trading on Bearish Side of Major 50% Level at $1286.80
Iraq said on Saturday it was increasing oil exports from the southern Basra region by 200,000 barrels per day to make up for a shortfall from the northern Kirkuk fields. The output from Kirkuk fell this week when Iraqi forces took back control of oilfields from Kurdish fighters who had been there since 2014.
The global oil market is improving and stabilizing, Saudi Oil Minister Khalid al-Falih said in Baghdad on Saturday. In a speech at the opening of the Baghdad International Exhibition, Falih praised the cooperation between Iraq and Saudi Arabia, which he said, contributed to "the improvement and stability we are seeing in the oil market".
December Comex High Grade Copper futures settled slightly lower on Friday after giving back earlier gains. Despite four straight losing sessions after a spike into a three-year high on Monday, the market still managed to post a solid gain for the week. Strong hedge fund buying drove copper prices into $3.2595 on October 16, but … Continue reading Comex High Grade Copper Price Futures (HG) Technical Analysis – Likely to Test $3.0930 to $3.0535 Value Zone
WTI Crude Oil The WTI Crude Oil market initially dipped during the week, but then reached towards the $52.50 level above. This is an area that has been resistive in the past, so if we were to break above there, more specifically close above there on a daily timeframe, it’s likely that we would continue … Continue reading Crude Oil forecast for the week of October 23, 2017, Technical Analysis