CNBC Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand. After jitters initially on Monday the mood across financial markets has lifted in the wake of UBS’ takeover of Credit Suisse and after
BOE Report Scotiabank downgrades Canada’s Suncor Energy Inc to “sector perform” from “sector outperform.” Brokerage says new CEO Rich Kruger will have a fresh approach to some of SU’s operational issues over the past few years but “there is still plenty of work to do.” Highlights challenges like safety, minimizing downtime, reducing operating costs and replacing production at aging mines. SU
Nasdaq LAUSANNE, Switzerland – U.S. hedge fund Citadel expects a tighter credit environment following the latest banking crisis but so far the economic decline is not enough to plunge commodities into the abyss, its head of commodities told Reuters. Banking stocks and bonds plummeted on Monday and oil was at 15-month lows as the hit to investors from UBS Group’s
Oil Price Swiss commodities trading giant Vitol has reported $500 billion in revenues for 2022, an 80% increase year-on-year, thanks largely to last year’s surging oil prices courtesy of Russia’s war on Ukraine and the Western sanctions response. In total, Vitol delivered 7.4 million barrels per day of crude and crude oil products in 2022, and while this was lower
World Oil (Bloomberg) – Goldman Sachs Group Inc., one of the most bullish banks on its outlook for oil, has nudged its forecasts down as worries over the banking sector and the potential for recession outweigh a surge in demand from China. The bank’s analysts now see Brent reaching $94 a barrel for the 12 months ahead, and $97 a
Oil Price OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming countries, Reuters reported citing a statement by the Iraqi government. The official spoke during a meeting with Iraqi Prime Minister Mohammed Shia
World Oil (Bloomberg) – Closely held gas driller Escondido Resources is working with financial advisers to test the market’s appetite for its assets in South Texas, according to people with knowledge of the situation. The Mountain Capital-backed company is having discussions with some larger peers about a potential deal, said the people, who asked not to be identified because the
Oil Price Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran. Earlier this month, Saudi Arabia and Iran agreed to resume diplomatic relations and re-open embassies and missions, Saudi Arabia, Iran, and China said in a joint
BOE Report Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets. U.S. West Texas Intermediate crude was at $66.60 a barrel, up 38 cents, or 0.57%, after a 13% decline
Oil Price Softer oil market fundamentals than previously expected prompted ING on Friday to slash its Brent Crude forecast for this year to $90 per barrel from $98, as a larger current surplus is likely to leave the market in a better position to handle an expected deficit in the second half of 2023. ING now sees Brent Crude
Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had and increase of 8 over last week, resulting in a total count of 754 rigs. Canada had a decrease of 16 over last week, resulting in a total Canadian count of 207 rigs. Breakdown by region Of the regions tracked by Baker Hughes, only the DJ-Niobrara,
World Oil (WO) – Eni made a new oil discovery on the Yatzil exploration prospect in Block 7, located in the mid-deep water of the Cuenca Salina in the Sureste Basin, offshore Mexico. According to preliminary estimates, the new finding may contain around 200 MMboe in place. Yatzil-1 EXP is the second commitment well of Block 7 and the eight
