Oil prices strengthened slightly after Iraq’s oil minister said OPEC would likely need to extend supply cut deal After fluctuating in trading on Monday, oil prices fell slightly after the International Energy Agency forecast an increase in US shale production and a decrease in European demand for refined product. Iraq’s oil minister helped bolster oil prices […]
Oil prices rise after three-day decline Oil prices surged in trading on Friday after a three day decline. The gains erased Thursday’s losses, but investors are concerned about Russian production figures showed Moscow is not complying fully with its OPEC supply cut pact commitments. Russia’s oil output in February was unchanged from January at 11.11
Oil prices surge, but investors cautious about Russian output Read More »
Oil prices down over 2 per cent in Thursday trading Oil prices fell over two per cent on Thursday after reports showed Russian oil production was unchanged in February. Russia was one of the non-OPEC producers that signed on to the cartel’s supply cut deal in late 2016, however, last month, Russia’s oil output was unchanged from January
Oil prices down as Russian output remained unchanged in February Read More »
Critical question is whether liquidity will remain high in the months ahead or evaporate By John Kemp (Reuters) – For every buyer of futures and options there must be a seller. For every long position there must be a corresponding short position. Hedge funds and other money managers have purchased a record number of futures and options contracts linked
Hedge funds find plenty of willing sellers in oil: Kemp Read More »
Analysts critical of Exxon Mobil’s ability to sustain growth Exxon Mobil Corp fought off Wall Street concerns that the world’s largest publicly traded oil producer has lagged Chevron Corp and other peers in working to replace oil and gas reserves needed for future profitability. While at Exxon’s annual analyst day in New York, the company’s
Exxon pursues high-growth business strategy for 2017 Read More »
Berkshire Hathaway urged to sell investments in Phillips 66, other fossil fuels companies By Jonathan Stempel Feb 28 (Reuters) – Warren Buffett’s Berkshire Hathaway Inc will urge shareholders to reject a proposal by a Nebraska nonprofit that it sell its investments in oil refiner Phillips 66 and other companies involved in fossil fuels over 12 years,
Buffett’s Berkshire Hathaway rejects fossil fuel proposal, shareholder says Read More »
Pemex crude production down by 5 per cent in 2016 By David Alire Garcia MEXICO CITY, Feb 27 (Reuters) – Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion (32.6 billion pesos) from $9.8 billion a year
Pemex sharply reduces losses as oil prices rise Read More »
Rotork reported 8 per cent rise in full-year revenue By Abhijith Ganapavaram Feb 27 (Reuters) – Valve-control systems maker Rotork Plc posted an 8 per cent rise in full-year revenue and said it would benefit from U.S. President Donald Trump’s move to encourage shale and pipeline activity and investment in infrastructure. “(Trump) is encouraging activity
Rotork revenue rises; to benefit from Trump moves on shale, pipelines Read More »
Aramco IPO expected to be a five per cent stake in state-owned company By Michelle Price HONG KONG, Feb 27 (Reuters) – Hong Kong’s stock exchange will bank on its role as a gateway to mainland China’s deep-pocketed investors to take on other leading venues and win the coveted $100 billion listing of Saudi Arabia’s
Hong Kong pins Aramco IPO hopes on China’s deep pockets Read More »
Speculative traders increasingly focusing on spreads, likely explains some sharp price moves By John Kemp “Volatility can be neither created nor destroyed, rather it transforms from one form into another,” is a pretty fair summary of how the oil market works (with apologies to physicists). The benchmark price of Brent crude has been unusually stable since the middle of
Oil prices stable, but futures and crack spreads are volatile: Kemp Read More »
