Energy Financial

Oil prices news brief: Crude prices drop; Big Oil likely to double down on cost cuts

Oil prices news brief: Crude prices drop; Big Oil likely to double down on cost cuts

Oil prices down 2 per cent On Friday, oil prices dropped about 2 per cent after consultant Petro-Logisitcs forecast an increase in OPEC production this month, despite the cartel’s deal to curb output. Brent crude futures were down 92 cents to $48.38/barrel at 12:16 p.m. EDT and US WTI futures traded at $45.99/barrel, down 93 […]

Oil prices reach six-week high on larger-than-expected drop in US crude stocks

Oil prices reach six-week high on larger-than-expected drop in US crude stocks

Oil prices up 2 per cent Oil prices were up over 1 per cent on Wednesday after data from the US Energy Information Administration showed a larger-than-expected draw in crude stocks and a surprising drop in distillate inventories. Brent crude futures for September ended the day up 86 cents to $49.70 and US WTI for […]

Oil prices rise on strong demand, but market remains tight

Oil prices rise on strong demand, but market remains tight

Oil prices rise, but market players wait for next price catalyst On Tuesday, oil prices rose as demand for crude, particularly in China, helped tackle the global oil supply glut, but Reuters reports traders say the market remains in a tight range and shows few signs of big short-term moves. Brent crude settled up 42 […]

Global upstream investment on track to double in 2017 – Wood Mackenzie

Global upstream investment on track to double in 2017 – Wood Mackenzie

Majors continue to dominate new project sanctions According to a recent Wood Mackenzie report “A big year for FIDs: 2017 marks a turning point“, the number of upstream projects reaching FID (final investment decision) in 2017 could double to 25 compared to only 12 last year. In the first half of the year, the industry […]

Oil prices up in choppy market on signs of stronger demand

Oil prices up in choppy market on signs of stronger demand

Oil prices ride choppy market Friday Oil prices rose slightly in seesaw trading on Friday after data showed increasing Chinese demand for crude, but gains were offset by high global stocks and economic growth concerns. Brent and US WTI contracts were both on track for weekly gains, but the two bounced between intraday gains to […]

Oil prices up as strong Chinese demand helps tackle glut

Oil prices up as strong Chinese demand helps tackle glut

Oil prices up 1.5 per cent Oil prices rose about 1.5 per cent on Thursday after data showed demand for crude in China is up over 13 per cent this year compared to 2016. Brent crude was up 70 cents to $48.44/barrel by 11:27 a.m. EDT and US light crude was 70 cents higher at […]

Oil prices up by pennies after data shows significant draw in US crude stocks

Oil prices up by pennies after data shows significant draw in US crude stocks

Oil prices backed off session highs Oil prices rose by over 1 per cent on Wednesday, but as the session continued gains were pared despite data from the US Energy Information Administration showing a significant decline in US crude stocks. Brent crude futures were up 44 cents to $47.96/barrel by 12:33 p.m. EDT and US […]

Oil prices up on release of European storage data

Oil prices up on release of European storage data

Banks cut oil prices forecasts on oversupply concerns Oil prices, gasoline and heating oil futures regained some lost ground on Tuesday after a report showed European stockpiles dropped last month, signalling to analysts that the market may be healthier than many believed. According to data from Euroilstock, European refineries increased their crude oil intake in […]

Oil prices up slightly, but investors remain concerned about increased US drilling activity

Oil prices up slightly, but investors remain concerned about increased US drilling activity

Brent oil prices down 17 per cent since beginning of 2017 Oil prices rose slightly on Monday as investors remained concerned about growing US drilling activity and higher exports from both OPEC and non-cartel producers. Brent crude futures settled up 17 cents to $46.88/barre and US crude futures were up 0.4 per cent cents to […]

Oil prices fall after data shows increased US production

Oil prices fall after data shows increased US production

Oil prices down 2.5 per cent Oil prices fell 3 per cent in trading on Friday after news that OPEC exports have risen and weekly data released by the US Energy Information Administration showed American production had also increased. Brent futures were down $1.36 to $46.75/barrel at 1:35 p.m. EDT,after falling to $46.28, the weakest […]