OPEC supply pact initially set to expire in June 2017 The OPEC supply pact is likely to continue throughout all of next year, despite potential cartel output disruptions, according to Reuters’ OPEC sources. Since the beginning of January, most OPEC producers along with Russia and nine other oil producing nations, cut their overall output by
OPEC supply pact likely to continue to end of 2018 Read More »
Oil prices on falling US crude stocks, higher demand Oil prices remained near two-year highs on an upbeat market outlook thanks to the OPEC supply cut pact, tighter demand and falling crude inventories. By 2:25, Brent was up 9 cents to $60.58/barrel after reaching a high of $61.70 on Wednesday, its highest intraday level since
Oil prices steady on tightening market Read More »
Dumping of EV tax credit panned by automakers, environmentalists US House Republicans looking for ways to fund tax cuts are proposing to eliminate the $7,500 EV tax credit which helped boost sales of electric vehicles. Currently, the EV tax credit phases out after an automaker sells 200,000 plug-in vehicles. The tax credit was implemented to
House Republicans propose scrapping $7,500 EV tax credit Read More »
Strong oil demand as important as OPEC deal in rebalancing oil market By John Kemp LONDON, Nov 2 (Reuters) – Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure
Column: Booming oil demand is eroding inventories Read More »
Sinopec mulling stake in Permian to US Gulf Coast pipeline China’s state-owned oil company, Sinopec, is considering investing in two projects in the United States which could boost oil exports and expand Caribbean storage facilities, according to Reuters. Sinopec, along with US commodities trader Freepoint Commodities LLC and ArcLight Capital Partners LLC are looking at
Sinopec considering projects boosting US crude exports Read More »
Nanushuk play on Alaska’s North Slope Oil Search Ltd, the Australian company that operates all the producing oilfields in Papua New Guinea, is spending $400 million on three blocks in the Nanushuk play, located in Alaska’s North Slope. The company is buying the roughly 26 per cent stake in the play from privately owned Armstrong
Australian oil company buys into Alaska’s Nanushuk play Read More »
Oil prices mixed in trading Oil prices prices hit their highest mark since mid-2015, but then dipped slightly on Wednesday after data from the US Energy Information Administration showed a smaller-than-expected draw on US crude stocks. By 1:26 p.m. EDT, benchmark Brent was down 25 cents to $60.69/barrel and US WTI had risen by 1
Oil prices dip on weaker-than-expected US crude draw Read More »
Ferronickel and nickel pig iron unsuitable for battery production Nickel miners the world over are hoping to cash in on the race to power electric vehicles, but according to a Reuters report, about only half of the producers will likely benefit. High-grade nickel miners will be the big winners as EV manufacturers from Tesla to
Higher-grade nickel miners big winners in race to power EVs Read More »
US shale output could keep a lid on oil prices Building on last week’s gains, oil prices rose slightly in trading on Tuesday on confidence that the OPEC supply cut deal would be extended beyond its current deadline. As of 1:27 p.m. EDT, Brent crude was up by 16 cents to $60.75/barrel and US WTI
Oil prices up slightly on OPEC deal, but US output concerns traders Read More »
Oil prices up slightly Brent oil prices ended the session on Monday at its highest point since July 2015 and US crude hit a level not seen since February on expectations that OPEC will extend its supply cut pact. Benchmark Brent settled at $60.90/barrel, up 46 cents. Over the past 16 trading days, Brent has
Brent oil prices over $60, OPEC cut extension expected Read More »
