From The Houston Chronicle Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea
From Reuters Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said. The Organization of the Petroleum Exporting Countries and other large oil producers, including Russia and Kazakhstan, meet in Vienna on
From Bloomberg WTI futures gain, as some see demand rising for U.S. barrels, why protect key Persian Gulf transit point, president asks? Oil investors delivered a split decision Monday that reflected the muddy outlook for the U.S.-Iran confrontation, with global benchmark Brent crude retreating while U.S. futures gained for the third straight day. Brent closed down 0.5% while U.S. West
From Bloomberg Oil cartel proposes early July gathering as stalemate eases, WTI extends gains further after API sees declining stockpiles Oil surged to its biggest gain in five months as OPEC and its allies moved closer to a meeting to extend supply cuts while the European Central Bank raised hopes of a new stimulus to pump up demand. Futures in
By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:
From Bloomberg Total petroleum stockpiles rise by 22 million barrels: EIA, Global benchmark falls as low as $59.45 amid market ‘meltdown’ Brent crude futures tumbled below $60 a barrel after a report showed U.S. crude and fuel inventories ballooning by the most in a generation, feeding fears of a growing oversupply even as trade disputes threaten demand. London-traded futures fell
By Tyler Losier, Energy Reporter, Oil & Gas 360 Actually, it’s been a rough few weeks for crude oil. West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year, closing out yesterday at $53.25. And by the look of today’s NYMEX chart, it seems as though the rollercoaster ride
From Bloomberg Ozark pipeline out of Cushing storage hub was shut last week, futures still down on talk of China rare-earths restrictions Oil pared losses after hitting the lowest level since March as a pipeline that drains crude from the key Cushing, Oklahoma, supply hub was said to be ready to restart Thursday. Futures closed the trading session down 0.6%
EIA expects retail gasoline prices to rise over the coming months As of this Memorial Day Weekend, the national average price for regular gasoline is hovering around $2.85 per gallon, just slightly below last year’s average price of $2.92. The EIA forecasts that current prices will reach the $2.92 mark in the coming months, however, as the summer season of
From Bloomberg Oil optimists look like they’re finally ready to take the driver’s seat in crude’s rebound. For the first time this year, a jump in bets that Brent crude prices will rise far surpassed the move by short-sellers, helping set the tone for money managers’ positioning on the global benchmark. Sentiment is now the most bullish since late October.
Crude futures rise as global politics is expected to affect supply
From Reuters Brent crude oil climbed above $65 a barrel to its highest this year as OPEC-led supply cuts and this week’s announcement of a higher than expected cut by Saudi Arabia encouraged investors. The international oil benchmark reached $65.52 by 1500 GMT on Friday, the 95 cent gain equating to a rise of about 1.5 percent. Brent approached near
