Tag: Oil
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,” […]
Column: US shale returns to growth, posing problem for OPEC
Futures prices sending signal to US shale firms to boost output By John Kemp LONDON, Jan 5 – US crude oil prices have risen above $60 per barrel which should accelerate shale drilling and production in the next few months, provided the price increase is sustained. US crude futures are trading over $60 for […]
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. […]
Column: OPEC’s focus on oil stocks risks prices overshooting
Oil stocks overhang compared to 5-yr average has narrowed significantly By John Kemp LONDON – The Organization of the Petroleum Exporting Countries (OPEC) is sticking doggedly to its plan to cut commercial oil inventories down to the five-year average to rebalance the oil market. But in doing so, the organization risks tightening the market too […]
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 […]
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 […]
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 […]
CNR supports CanaPux pilot project to ship solid bitumen by rail
Toyo will create equipment to solidify and re-liquefy up to 1,000 barrels of bitumen per day for pilot project CNR says Calgary-headquartered Toyo Engineering Canada Ltd. has been selected to design and build a pilot project to produce CanaPux pellets, a key step toward demonstrating the commercial viability of moving bitumen by rail in solid form, according to […]
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, 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 […]
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