|Day's Range||55.48 - 57.55|
Mexico's Pemex produced 1.62 million barrels of crude per day in January, less than any month in almost three decades, the state-owned oil company said on Friday, underscoring the challenges facing a government that vows to pump far more in a few years. The company's crude output for the month was the lowest since at least 1990, when Pemex's publicly available records begin. The firm's crude oil output has declined for 14 consecutive years since hitting a peak of 3.4 million bpd in 2004, as Mexico's most prolific fields have dried up and new ones to replace them have not been discovered.
U.S. refiner Citgo Petroleum Corp on Friday said it accepted a new board of independent directors and launched a search for a chief executive, in a split with its Venezuelan state-run parent PDVSA. The move by the eighth largest U.S. refiner is another step in efforts to chart a course for the company and to force Venezuela's Socialist President Nicolas Maduro from office. The United States and dozens of other nations have recognized Venezuelan congress head Juan Guaido as the country's legitimately elected chief.
U.S. refiner Citgo Petroleum Corp on Friday said it accepted a new board of independent directors and launched a search for a chief executive, in a split with its Venezuelan state-run parent PDVSA . The move by the eighth largest U.S. refiner is another step in efforts to chart a course for the company and to force Venezuela's Socialist President Nicolas Maduro from office. The United States and dozens of other nations have recognized Venezuelan congress head Juan Guaido as the country's legitimately elected chief.
Crude production from Mexico's state-owned oil company Pemex fell to a new multi-decade low of 1.62 million barrels per day in January, the company said on Friday.
Shares of Extraction Oil & Gas surged in Friday trading after the company’s profits blew past analyst expectations and its 2018 oil production exceeded the company’s own highest predictions. The Denver-based company’s stock (Nasdaq: XOG) rose 19 percent, to $4.54, in afternoon trading on the strength of financial results it reported after the market closed Thursday. Extraction reversed losses from a year earlier and reported making $99.9 million fourth-quarter profit, or 51 cents per share, on $288.2 million in revenue from oil and natural gas sales.
Oil prices are set to close out a second week of gains as production cuts continue to tighten markets and U.S.-China trade talks make progress
Oil prices rose early on Friday, heading for a second weekly increase, driven up by optimism that the U.S. and China will forge a trade deal and that OPEC’s resolve to rebalance the market will outweigh soaring U.S. oil production
Exxon Mobil Corp and Microsoft Corp have agreed to use cloud technology in the U.S. oil producer's shale operations, they said on Friday, helping to boost profitability in the nation's largest shale field. The companies will collect data from Exxon's wells and other production assets in the Permian Basin of West Texas and New Mexico, where the world's largest publicly traded oil and gas company holds 1.6 million acres, and make it immediately accessible to Exxon workers. The technology would allow equipment leaks to be immediately detected to reduce repair times in remote locations, and apply artificial intelligence to analyze drilling and completions data, Exxon said.
Energy Sector Is Isolated from Trade Talk OptimismHighest level in 2019On February 21, US crude oil April futures fell 0.3% and settled at $56.96 per barrel. On the same day, WTI crude oil prices made an intra-day high of $57.61—the highest level
It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change. Throw in an executive at a major Indian coal-fired power generator saying his company won't build any new plants as coal can't compete with renewables, and it's little surprise that environmental activists may be tempted to pop champagne corks. The most significant development this week was Glencore's announcement on Feb. 20 that it will cap its annual output around its current capacity of 145 million tonnes.
Global oil prices printed fresh 2019 highs Friday, taking crude to the highest levels since early November, as hopes for a U.S.-China trade deal that would stoke demand in the world's biggest energy market continue to offset record U.S. production. The Energy Information Administration said Thursday that U.S. output hit 12 million barrel a day last week, the highest on record and a jump of more nearly 2 million barrels per day from the same period last year.
Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. Further gains were tempered by U.S. crude oil production hitting a record 12 million barrels per day (bpd) and a surge in exports from the country. By 1125 GMT, U.S. West Texas Intermediate (WTI) crude oil futures were up 51 cents at $57.48 per barrel but still shy of this week's $57.55 per barrel 2019 high.
* Palm up 0.1 pct on week * Market expects higher output -trader (Updates with closing prices, quote) By Emily Chow KUALA LUMPUR, Feb 22 (Reuters) - Malaysian palm oil futures reversed early gains on Friday ...
Feb 22 (Reuters) - Southern Acids (M) Bhd: * JAN PRODUCTION OF CRUDE PALM OIL 7,349 MT, PALM KERNEL 1,379 MT AND FRESH FRUIT BUNCH 7,734 MT Source: https://bit.ly/2GWX7wV Further company coverage:
Feb 22 (Reuters) - Pinehill Pacific Bhd: * JAN PRODUCTION OF CRUDE PALM OIL 547.97 MT, PALM KERNEL 127.75 MT Source text : ( https://bit.ly/2EobN6C ) Further company coverage:
Spot premium hard coking coal shipped from Australia gained 3.8 percent on Thursday to $215.09 a ton, the highest since Jan. 2, according to Fastmarkets MB. It was also the day after the market was hit by a supply outage by Anglo American Plc shutting its biggest producing mine in Queensland. “If there was some ban on Australian coking coal then you would see it reflected in the spot markets very quickly and that’s not the case,” Daniel Hynes, an analyst at Australia & New Zealand Banking Group Ltd., said by phone.
Asia's biggest oil consumers are flooding the region with fuel as refining output is exceeding consumption amid a slowdown in demand growth, pressuring industry profits. Since 2006, the Asia-Pacific has been the world's biggest oil consuming region, led by traditional industrial users South Korea and Japan along with rising economic powerhouses China and India. Car sales in China, the world's second-biggest oil user, fell for the first time on record last year, and early 2019 sales also remain weak, implying a slowdown in gasoline demand.
China's Australian coal imports continue as normal, but the customs administration has stepped up environment and safety checks on foreign cargoes, Geng Shuang, spokesman for the Ministry of Foreign Affairs, said on Friday. Geng said during a press briefing that a Reuters report that the northern port of Dalian has banned Australia coal imports was not true. Reuters reported on Thursday that customs at Dalian has banned imports of Australian coal and will cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.
* Palm up 0.6 pct on-week so far * Market expecting higher output figures on-year - trader * Palm oil may edge up to 2,285 ringgit/T before falling - techs By Emily Chow KUALA LUMPUR, Feb 22 (Reuters) ...
The foreign ministry on Friday said the report of a block on Australian coal at one northern port was false, echoing information from miners, Canberra lawmakers and people familiar with official orders in China. For several weeks, China has been targeting Australian coal imports by slowing down customs clearance, resulting in delays at ports and stoking speculation that Beijing is retaliating against a ban on Chinese telecommunications giant Huawei Technologies Co. Markets are spooked that it could be the start of more widespread import curbs against Australia, which counts China as its biggest trading partner.
Australia's Minister for Trade, Simon Birmingham, said on Friday delays to exports of coal to China were caused by import quotas and not a blanket ban on Australian coal. The Australian dollar fell more than 1 percent on Thursday after Reuters reported that customs at Dalian had banned imports of Australia's biggest export earner since the start of February.