News
January 11, 2021
Bullish factors have struck the LNG shipping market: robust Asian spot gas demand in a cold winter, record-high exports from U.S. projects and -- perhaps most importantly -- delays to traverse the Panama Canal.
News
January 11, 2021
“The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure.
News
January 08, 2021
The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer.
News
January 08, 2021
Democratic wins in elections in Georgia mean the party is poised to take control of the Senate, House and presidency, spurring a broad move higher in financial markets. That came after Saudi Arabia pledged earlier in the week to cut production by 1 million barrels a day in February and March.
News
January 08, 2021
“Opening the shale revolution to the world through the export ban lifting helped shift the global oil market psychology from supply scarcity to abundance,” said Karim Fawaz, director of research and analysis for energy at IHS Markit. “It unshackled the U.S. industry to keep growing past its domestic refining limitations.”
News
January 07, 2021
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company.
News
January 06, 2021
Temperatures across much of Europe and Asia are well below normal and forecasters expect them to stay there for most of January. The chill is supporting oil prices, which are holding above $50 a barrel, while the profit from turning crude into diesel climbed in Europe to the most since August in recent weeks as consumers -- many stuck working from home because of a resurgent virus -- burn more heating fuel.
News
January 06, 2021
Even after Covid-19 has wreaked havoc on almost everything else, the new year begins with surging growth for renewable energy.
News
January 05, 2021
Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.
News
January 04, 2021
Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.
News
January 04, 2021
A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation.
News
January 01, 2021
China’s Ministry of Commerce said the country would take necessary action to protect the rights of Chinese companies, and that it hoped the two countries could work together to create a fair and predictable environment for businesses and investors.
News
January 01, 2021
It’s the first time Baghdad has sought a prepayment deal, in which oil is effectively used as security for a loan. It’s also the latest example of China lending to struggling oil producers via state-controlled trading companies and banks.
News
December 23, 2020
The deal is part of an effort by President Xi Jinping’s government to consolidate the nation’s major pipelines and other midstream facilities into a single firm, intended to boost competition among drillers and downstream oil and gas sellers.
News
December 21, 2020
Weir Oil & Gas Dubai signed a five-year $70 million contract with Thailand's PTT Exploration and Production, a subsidiary of state-owned energy conglomerate PTT, to supply and install 1,800 sets of wellheads and trees in the Gulf of Thailand.
News
December 08, 2020
The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil producers such as Angola, Venezuela and Ecuador, with repayment in the form of oil barrels rather than cash.
News
December 08, 2020
While OPEC’s third-largest producer will still reduce supply to Asia in January, the curbs won’t be as deep as this month in percentage terms.
News
December 07, 2020
If a Biden presidency leads to a resumption in Iranian and Venezuelan oil exports, the new supply will likely cause a further headache for the OPEC+ alliance and would also reshape crude flows to Asia.
News
October 16, 2020
The Philippines lifted its moratorium on oil and gas exploration in disputed areas of the South China Sea, a move that was welcomed by China and boosted the shares of the Southeast Asian nation’s energy producers.
News
September 25, 2020
The U.S. oil major’s assets in Malaysia include a 30% stake in the offshore Tapis Blend operations, which produce a low-sulfur crude that was once a benchmark for Asian oil refiners. The production sharing contracts cover 2.4 million acres offshore and have exploration and production terms ranging up to 38 years, Exxon said in a filing in 2019.
News
August 25, 2020
China will likely pull back on spot purchases of liquefied natural gas before the peak demand season as a flurry of earlier bargain buying nearly maxed out storage space.
