Energy Financial

Oil prices drop on rising US production, weaker refined products demand

Oil prices drop on rising US production, weaker refined products demand

Oil prices down as Baker Hughes reports drop in US rig count Oil prices fell in trading on Friday, undercutting a 10 per cent rally in December, as rising US production and a weakening demand for refined products overshadowed ongoing tensions in Iran. “The holiday demand surge that we get is in the rearview mirror,” […]

By January 5, 2018 0 Comments Read More →
Oil prices hit highest mark since spring 2015 on Iran unrest, OPEC cuts

Oil prices hit highest mark since spring 2015 on Iran unrest, OPEC cuts

Cold weather on US East Coast also boosts oil prices Oil prices rose to their highest levels since May 2015 on possible supply risks due to instability in Iran as well as successful OPEC-led output cuts and higher demand as a winter “weather bomb” hits the East Coast of the United States. By 3:43 p.m. […]

By January 4, 2018 0 Comments Read More →
Swedish-owned Lundin Group closing purchase of Cenovus assets in Alberta on Jan. 5

Swedish-owned Lundin Group closing purchase of Cenovus assets in Alberta on Jan. 5

Cenovus sold assets as part of de-leveraging plan after spending $17.4 billion to acquire ConocoPhillips oil sands, Deep Basin properties The sale of Cenovus Energy’s Suffield and Alderson oil and gas assets to International Petroleum Corp., a newly formed Canadian company owned by Sweden’s energy and mining conglomerate Lundin Group, is expected to close Friday, according to an […]

By January 4, 2018 0 Comments Read More →
Oil prices hit 2 1/2 year high on strong economic data, Iran tensions

Oil prices hit 2 1/2 year high on strong economic data, Iran tensions

Oil prices up as Iran protests continue Oil prices rose to their highest levels in 2 1/2 years as investors were encouraged by strong economic data from the United States and Germany and the continuing unrest in Iran. By 1:06 p.m. EST, Brent crude was up $1.05 to $67.62/barrel, the highest since May 2015. US […]

By January 3, 2018 0 Comments Read More →
Column: Hedge funds gamble OPEC will tighten oil market too much

Column: Hedge funds gamble OPEC will tighten oil market too much

Record net long position accumulated by hedge funds, other money managers By John Kemp LONDON, Jan 2 – Hedge funds are the most bullish about oil prices in years, expecting further gains even as prices touch multi-year highs and ignoring the risk linked to such a large concentration of positions. A record net long position […]

By January 2, 2018 0 Comments Read More →
Oil prices climb to near 2015 highs early in session, but retreat on pipeline restarts

Oil prices climb to near 2015 highs early in session, but retreat on pipeline restarts

Brent and US WTI oil prices started the year over $60/barrel Oil prices that hit mid-2015 highs early in trading on Tuesday later slipped on restarts of major crude pipelines in the UK and Libya and rising US production. For the first time since January 2014, both Brent and US WTI opened the year over […]

By January 2, 2018 0 Comments Read More →
Energy commodity prices increased in the second half of 2017

Energy commodity prices increased in the second half of 2017

 Less natural gas used in U.S. electricity generation during summer of 2017 compared with 2016 After decreasing nearly 20 per cent in the first half of 2017, the spot energy index in the Standard and Poor’s (S&P) Goldman Sachs Commodity Index (GSCI) ended 2017 16 per cent higher than the beginning of the year, according […]

By January 2, 2018 0 Comments Read More →
Oil prices up slightly despite January restart of UK pipeline

Oil prices up slightly despite January restart of UK pipeline

Oil prices lifted by 6.5 million barrel drop in US crude stocks Oil prices rebounded from earlier losses Thursday despite reports from Ineos, the company that operates the Forties pipeline, that it expects to reopen the shuttered pipeline in early January. By 5:15 p.m. EST, Brent had risen by 17 cents to $64.28  and US […]

Oil prices up as Forties pipeline shutdown continues

Oil prices up as Forties pipeline shutdown continues

Oil prices up, but rising US production tempers gains Oil prices rose as the shutdown of the UK’s Forties pipeline and OPEC-led supply cuts continued. As well, data to be released later on Tuesday and early Wednesday is expected to show US crude stocks declined for the fifth straight week. By 1:31 p.m. EST, Benchmark […]

By December 19, 2017 0 Comments Read More →
Oil prices seesaw on rising US output and UK pipeline outage

Oil prices seesaw on rising US output and UK pipeline outage

Oil prices dip in Monday trading Oil prices were mixed Monday as the Nigerian oil workers’ strike and uncertainty over when the Forties pipeline will re-open were tempered by rising US crude output. By 1:17 p.m. EST, Brent was down 2 cents to $62.63/barrel and US WTI had fallen 34 cents to $56.99/barrel.  The Canadian […]

By December 18, 2017 0 Comments Read More →