Investing.com - The American Petroleum Institute (API) said Tuesday that US crude stocks fell by 6.356 million barrels last week.
Black Star Petroleum Limited (ASX:BSP), a AUDA$530.01K small-cap, is an oil and gas company operating in an industry which has endured a prolonged oil price downturn since mid-2014. However, energy-sectorRead More...
Investing.com – Crude oil prices settled higher on Tuesday as traders weighed the prospect of an extension to the production-cut agreement against expectations of higher US output.
Oil settle higher Tuesday, as traders await an update on U.S. crude supplies that comes ahead of a key meeting of major producers next week.
For the week ending November 17, ConocoPhillips (COP) stock had shown the highest correlation of ~91% with natural gas (UNG).
Investing.com - Crude oil prices remained moderately higher in quiet trade on Tuesday, as investors eyed the release of upcoming U.S. inventory reports after news last week of an increase in production dampened optimism over the rebalancing of the market.
Saudi Arabia’s crude oil exports to the US fell to 525,000 bpd in October 2017—the lowest in 30 years. Exports fell due to ongoing output cuts.
Whiting Petroleum (WLL) stock fell ~11% in the week ended November 17. The stock seems to have seen extended losses from the week before, when it finalized a one-for-four reverse stock split.
By Alexandra Ulmer and Marianna Parraga CARACAS/HOUSTON (Reuters) - Venezuela's state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close to the matter told Reuters, at a time when late debt payments have triggered defaults. PDVSA asked its Petropiar joint venture with Chevron Corp to turn over as much as 45 percent of the oil it planned to export in November with no immediate reimbursement, one of the sources said this month.
CARACAS/HOUSTON (Reuters) - Venezuela's state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close to the matter told Reuters, at a time when late debt payments have triggered defaults. PDVSA asked its Petropiar joint venture with Chevron Corp (CVX.N) to turn over as much as 45 percent of the oil it planned to export in November with no immediate reimbursement, one of the sources said this month.
Between November 10, 2017, and November 17, 2017, Weatherford International’s (WFT) correlation with West Texas Intermediate (or WTI) crude oil prices was -0.34.
The EIA estimated that Iraq’s crude oil production fell by 185,000 bpd (barrels per day) to 4,355,000 bpd in October 2017—compared to the previous month.
On November 13–November 20, 2017, natural gas–weighted stocks fell 5%. Natural gas prices fell 3.8% between these two dates.
On November 20, 2017, natural gas (UNG) (BOIL) active futures fell 1.6%. On the same day, natural gas active futures settled at $3.047 per MMBtu.
EQT (EQT) had a correlation at 53.3% with oil prices in the trailing week. It was the natural gas–weighted stock that might escape oil’s moves.
On November 20, 2017, US crude oil (USO) (DBO) active futures fell 0.5%. On the same day, US crude oil active futures settled at $56.42 per barrel.
On November 13–20, oil-weighted stocks fell 5.7%. Continental Resources and Concho Resources had the lowest correlations with oil prices during this period.
Prominent commodities fund manager Andy Hall will participate in an OPEC shale oil workshop, three OPEC sources said, as the exporter group seeks a wider range of views on the market outlook before a key meeting to set policy. Hall is among the speakers scheduled to attend the workshop at OPEC's Vienna headquarters on Wednesday, which will gather a number of OPEC officials including Secretary General Mohammad Barkindo, the sources said. The cut has helped oil prices (LCOc1) rise this year to almost $65 (£49) a barrel, the highest since 2015, after falling from above $100 in mid-2014 to a 12-year low near $27 in early 2016, pressured by excess supply from shale producers and OPEC.
Hedge funds increased their net long positions in US crude oil futures and options by 31,906 contracts to 349,712 contracts on November 7–14, 2017.
US crude oil production hit a record 9,645,000 bpd (barrels per day) for the week ending November 10, 2017. Production was at the highest level since 1983.
UK petrochemicals group Ineos is expanding its oil and gas operations in the North Sea with another big move. The energy giant has agreed to buy a two-thirds stake in two exploration licenses in areas north of the Shetland Islands from Siccar Point Energy for an undisclosed sum. The move follows the completion of a deal in September to buy Dong Energy’s oil and gas business for £1bn which made it one of the UK’s top ten producers.
MOSCOW (Reuters) - Russia's oil major Rosneft (ROSN.MM) has launched the Kondinskoye oil field on Tuesday, a part of a larger Erginskaya group of fields in the western Siberia, Interfax reported from the ...