Energy Financial

Opinion: Hedge funds rush for exit after oil trade becomes crowded

Opinion: Hedge funds rush for exit after oil trade becomes crowded

Hedge funds, money managers cut combined net long position by 153 million barrels in 7 days By John Kemp LONDON, March 20 (Reuters) – Hedge funds cut their bullish bets on oil by the largest amount on record in the week to March 14, according to the latest data published by regulators and exchanges. Hedge […]

By March 20, 2017 0 Comments Read More →
Oil prices steady, head for modest weekly rise

Oil prices steady, head for modest weekly rise

Oil prices finish week with modest gains After a drop of almost 10 per cent last week, oil prices were mostly steady on Friday and were expected to finish the week with some modest gains. Reuters reports crude traded in a narrow band this week, with Brent and WTI bouncing in a $2.50 range as […]

By March 17, 2017 0 Comments Read More →
Savanna Energy acquisition turns hostile as Total buys outstanding shares

Savanna Energy acquisition turns hostile as Total buys outstanding shares

Savanna Energy calls Total’s offer “inferior” to Western’s Total Energy Services Inc. announced in connection with its previously announced offer to purchase all of the issued and outstanding common shares of Savanna Energy Services Corp., it has purchased through the TSX, 35,000 Savanna Shares. All of the shares were purchased on March 16, 2017, according […]

Oil prices fall on Thursday, US crude inventories near record highs

Oil prices fall on Thursday, US crude inventories near record highs

Oil prices eased Thursday Oil prices fell slightly on Thursday despite support from a weaker US dollar as record highs of crude inventories in the United States offset suggestions that OPEC-led supply cuts were beginning to reduce supplies. Earlier in the week, the Energy Information Agency reported US oil inventories fell slightly, helping lift oil prices on […]

By March 16, 2017 0 Comments Read More →
Savanna Energy increases acquisition purchase price from Western Energy

Savanna Energy increases acquisition purchase price from Western Energy

Savanna Energy reiterates rejection of offer from Total Energy Savanna Energy Services Corp. announced that Western Energy Services Corp. has increased the consideration payable pursuant to its previously announced acquisition of common shares of Savanna, according to a press release. It now includes the payment of $0.21 in cash per Savanna Share in addition to the […]

Brent spreads become battleground amid doubts over oil rebalancing: Kemp

Brent spreads become battleground amid doubts over oil rebalancing: Kemp

Critical question is whether rebalancing will continue or driven off course by resurgence of US shale By John Kemp LONDON, March 14 (Reuters) – Global oil markets are gradually rebalancing, but progress has been slower and more uneven than the Organization of the Petroleum Exporting Countries and bullish hedge funds expected. OPEC as well as most commentators, crude […]

Oil prices drop as hedge funds head for the exit: Kemp

Oil prices drop as hedge funds head for the exit: Kemp

Exit by small number of traders turned into a rush on March 8 By John Kemp  LONDON (Reuters) – Hedge funds and other money managers had barely started liquidating their record bullish position in crude oil futures and options before prices tumbled on March 8. The critical question is how much more of the position will need to […]

US oil production forecasts revised higher: Kemp

US oil production forecasts revised higher: Kemp

Price differentials can be important in shale plays such as Eagle Ford which have both liquids-rich and gas-rich areas By John Kemp LONDON (Reuters) – US oil production forecasts for 2017 and 2018 have been boosted significantly as a result of rising prices as well as improved modelling techniques for predicting output down to the well level. Crude production […]

Oil prices fall, set for biggest three-day loss in a year

Oil prices fall, set for biggest three-day loss in a year

Oil prices fell below $50/barrel on Thursday Oil prices continued to fall for a third day on Friday on concerns that increased US production will dampen OPEC’s willingness to continue to cut output if prices continue to drop. After reports of a large increase in US crude inventories and domestic crude production were released earlier this week, market confidence […]

By March 10, 2017 0 Comments Read More →
US crude prices drop below $50/barrel as stocks increase

US crude prices drop below $50/barrel as stocks increase

US crude prices fall on US oil stockpile increases Oil prices fell in three per cent trading on Thursday, extending the biggest falls in 2017 after a surge in US crude inventories pointed to a global crude glut despite the OPEC supply cut pact. Brent crude was down $1.46/ barrel to $51.65, after reaching an intraday low […]