Weekly Crude Losses Skirt a 10-Month Low Thanks to Overly-Sensitive Traders: Analyst
Iran has teased the idea of deeper cuts to rebalance the market.
Although West Texas Intermediate on Friday rose 27 cents to settle at $43.01 and Brent climbed 29 cents to $45.51, crude remained down for a fifth consecutive week - and skirted a 10 month low, causing critics to once again cite the Organization of the Petroleum Exporting Countries (OPEC) for failing to reduce the global glut via its production cutback a
Crude Heading for Biggest Drop in 20 Years as Traders Reject OPEC Cutback Effectiveness
Despite U.S. oil inventories falling by a larger than expected 2.7 million barrels last week according to the Energy Information Administration, traders reasserted their bearish sentiment on Tuesday by causing West Texas Intermediate to drop 2.25 percent to $42.53 and Brent to fall $1.20 to $44.82 per barrel.
Even Saudi Arabia's decision to replace Muhammad bin Nayef with Mohammad bin Salman as crown prince didn't sway the market, which is pre
Get Set For a Return to the $30s, Say Two Oil Experts
With U.S. crude falling into bear territory on Tuesday, analysts are now openly expecting the next stop is a return to $30 per barrel - with nothing on the horizon apart from a vague hope of a U.S. shale slowdown to suggest a price recovery is imminent.
Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg television that the Nigerian and Libyan production recoveries have negatively impacted the Organization of the Petroleum Exportin
Oil Down Again as Analyst Declares "The Market is in Trouble"
Thursday's trading activity also sees a return of the mantra "lower for longer."
As oil settled lower yet again on Thursday due to the surprise build in U.S. inventories reported earlier this week, analysts are stating that a new price range has been reached and that "lower for longer" is the new norm everyone will have to get used to.
Brent settled down 8 cents to $46.92 per barrel, its weakest showing since May 5
Oil Market Rebalance Not So Imminent, says OPEC, Blaming U.S. Shale, Libya, and Nigeria for Rising Output
CNBC host says tepid 2017 demand rates will make rebalancing impossible.
After basing the legitimacy of its initial crude cutback initiative, and more recently its extension, on the argument that it was resulting in an imminent market rebalance, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday admitted that the recovery is now underway at a "slower pace" - and that the cartel's output in May inc
Oil Edges Up But It's Still a Buyer's Market - and $55 is a Long Way Off
At least one analyst is lukewarm over glowing reports about Saudi cutbacks.
Oil prices on Tuesday crept upward after a flat trading week due to reports that total U.S. crude and product stockpiles jumped by the most since 2008, but even though Saudi Arabia continues to hold the market together, analysts say it might be some time before we see $55 per barrel again.
West Texas Intermediate settled up 38 cents to $46.4
OPEC Member Calls for More Countries in the Cartel, as Commerzbank Says Their Only Option is to Boost Production
The Organization of the Petroleum Exporting Countries (OPEC) may be shrinking in influence, but it may soon grow in size, with its newest member Equatorial Guinea calling on other African producers to join the cartel and protect the value of their resources.
Gabriel Obiang, the nation's minister of mines, industry, and energy told delegates to a conference in Cape Town, "African countries that are producing the same as Equatorial Guinea, or ev
U.S. Crude Build Triggers 5% Price Slide
The media is referring to it as "unexpected," but those focused on fundamentals presumably were not surprised Wednesday when news of a big U.S. stockpile rise caused West Texas Intermediate to plummet 5.1 percent to $45.72 and Brent to drop 3.7 percent to $48.27 per barrel.
The Energy Information Administration revealed that crude stocks have swollen by 3.3 million barrels to 513 million barrels, contrary to the 3.5 million drop many forecaste
Bunker Spill Found in Denmark's Aalbaek Bay
Several cubic meters of oil were spilled in the waters of Aalbaek Bay Friday night.
Several cubic meters of oil were spilled in the waters of Aalbaek Bay Friday night during a bunkering operation involving the Danish-flagged tanker Aalborg and the Maltese-flagged container ship Koznitza, Danish media reports.
The bunkering operation is reported to have been immediately halted once the spill was detected, and an oil
Analysts Say China, not OPEC, Dictates Oil Price - but Monday Trading Still Swayed by Cutback Extension
Investors are placing their faith in the argument that inventories will tighten later this year.
With holidays in the U.S., United Kingdom, and other countries, crude trading was fairly muted on Monday, climbing for a second consecutive session and accompanied by further arguments that the Organization of the Petroleum Exporting Countries (OPEC) is no longer the driving force in swaying prices.
Specifically, China h
OPEC's Cutback Efficacy Questioned Prior to Vienna, Analyst Describes Its Medium Term Pricing Power as "Zero"
Some analysts say OPEC won't be harmed by the proposed sale of U.S. reserves.
As members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to voice their formal support for an extension of their oil output reduction agreement in Vienna on Thursday, a final wave of critical analysis portrays the cartel's attempts to date as having had a minimal impact on the market and the cartel itself as having
Increased Iranian Output Capability and Venezuelan Woes Could Obliterate or Aid Saudi Claim of Market Rebalance
The new week began on a familiar note, with Saudi Arabia on Monday claiming that the Organization of the Petroleum Exporting Countries (OPEC) crude cutbacks have helped rebalance the market, and reports strongly suggesting that any rebalance could be obliterated - this time in the form of Iran bragging that it is able to boost production by 3 million barrels per day (bpd).
And even though Iran has made the claim before, it comes on the heels o
Shell Marine to Share Lube Tech Knowledge Through Renewed UC METC Technical Agreement
Signing the technical partnership renewal are University of Cebu President Atty. Augusto W. Go. (left) and Shell Marine Executive Director Jan Toschka. Image: Shell Marine
Shell Marine today announced that it has renewed its technical partnership for four more years with the Philippines' University of Cebu - Maritime Education and Training Center (UC METC), which will see the company provide expertise in lubrication t
Saudi/Russia Push for Extension Triggers Market Surge - and Skepticism Among Analysts
Even though many respected analysts insist the Organization of the Petroleum Exporting Countries' (OPEC) production cutback has done nothing to improve fundamentals at a time of tepid global demand, Saudi Arabia and Russia in a joint statement cited a "significant positive impact " on fundamentals and "healthy demand dynamics" in declaring their support for a 9 month cutback extension, through March of next year.
Khalid al-Falih and Alexander
Singapore Monthly Bunker Sales Up 3.5% Y-o-Y
The world's biggest bunkering port by volume has seen sales in excess of 4 million mt in 12 of the last 14 months.
Singapore saw another strong month of bunker sales in April, according to the latest preliminary data from the Maritime and Port Authority of Singapore (MPA), with 4,253,300 million metric tonnes (mt) sold for all products.
The total is an increase of 3.5 percent year-over-year, and it also means the wo
OPEC Compliance Falls Alongside Another U.S. Crude Price Drop, but Experts Still See Upside to 2017
The Oil Search boss pegs crude prices at "a solid" $50-$55 for the rest of this year.
As Tuesday saw U.S. crude prices settle down 2.4 percent to $47.66, a Reuters survey suggests that more volatility lies ahead with the disclosure that compliance with the Organization of the Petroleum Exporting Countries (OPEC) cutback initiative is weakening, thanks to Angola and the United Arab Emirates producing more than it shoul
Monday Crude Losses and Output Surges Underscores FGE Head Calling for OPEC Cutback Extension - to the End of 2018
Analysts say U.S. output surge alone threatens to cause further market losses.
Fereidun Fesharaki, founder and chairman of FGE, joined the ranks of experts who believe that the Organization of the Petroleum Exporting Countries (OPEC) is certain to extend its crude cutback initiative to the end of this year; however, contrary to the upbeat rhetoric issued by the cartel during the first six months of its cutbacks, he sa
Abu Dhabi Investment Authority Among Those Predicting Sub $40/bbl Oil if OPEC Doesn't Extend Output Cuts
Even though at least one high-ranking oil expert has suggested that average oil prices would be the same with or without the Organization of the Petroleum Exporting Countries (OPEC) production cutback initiative, the urgency for the cuts to be extended continues to grow this week, with analysts including the Abu Dhabi Investment Authority warning that crude will probably drop to $40 per barrel unless the cartel and its allies maintain course bey
EU Approves New Funding in Support of LNG Bunkering Projects
€22.1 million from EU's CEF Synergy call will support seven new actions, including a number that involve LNG bunkering.
The European Commission (EC) has announced that European Union (EU) member states have approved an EC's proposal to invest €22.1 million ($24.18 million) from the Connecting Europe Facility (CEF) Synergy call to support seven actions that will help develop sustainable and efficient transport and ener
GAS Entec to Build LNG-Powered Reefer Carrier
GAS Entec says it is building the world's first LNG-fuelled reefer carrier. Image: GAS Entec
South Korea-based engineering and design firm GAS Entec Co., Ltd. (GAS Entec) has announced plans to build a liquefied natural gas (LNG)-fuelled reefer carrier.
"This vessel, which will be recorded as the world's first LNG-fuelled reefer carrier, will become GAS Entec’s state-of-the-art of LNG technology," said GAS Entec.