U.S. crude futures flipped to a contango structure for the first time since February on Monday, with West Texas Intermediate for January delivery trading at a premium to the December contract in a sign that supply tightness is easing. The discount for front-month U.S. crude futures against the second-month contract widened to as much as 5 cents during the day. The December contract is due to expire on Wednesday and the market is eyeing more supply. Under a contango structure, traders are [Read more]

U.S. oilfield services firm Liberty Energy said on Monday it plans to appoint Ron Gusek as its CEO if current Chief Executive Chris Wright is confirmed as the U.S. Secretary of Energy. President-elect Donald Trump named Wright, who founded Liberty in 2011, as his pick to lead the energy department on Saturday. Wright's appointment is subject to confirmation by the U.S. Senate, which the Republicans will control by narrow margins next year. The company said Wright, an advocate for fossil [Read more]

Saudi Arabia's crude oil exports in September rose to their highest level in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. The country's exports in September rose by 0.080 million barrels per day (bpd) to 5.751 million bpd from 5.671 million bpd in August. Saudi Arabia is the world's largest exporter of crude. At the same time, Saudi's production fell to 8.975 million bpd from 8.992 million bpd in August. Saudi refineries' crude throughput [Read more]

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while U.S. West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%. Russia unleashed its largest air strike on Ukraine in almost three months on [Read more]

President-elect Donald Trump said on Saturday that oil and gas industry executive Chris Wright, a staunch defender of fossil fuel use, would be his pick to lead the Department of Energy. Wright is the founder and CEO of Liberty Energy, an oilfield services firm based in Denver. He is expected to support Trump's plan to maximize production of oil and gas and to seek ways to boost generation of electricity, demand for which is rising for the first time in decades. He is also likely to share [Read more]

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Friday: * WCS for December delivery in Hardisty, Alberta, settled at $11.60 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at a discount of $11.45 a barrel under the U.S. benchmark on Thursday. * Global oil prices settled down more than 2% as investors fretted about weaker Chinese demand and a potential slowing in the pace of [Read more]

President-elect Donald Trump said on Friday that he was creating a National Energy Council to coordinate policies to boost U.S. energy production that will be led by his pick for interior secretary, North Dakota Governor Doug Burgum. The National Energy Council will represent federal departments and agencies involved in permitting and regulating all forms of energy, the statement said. "This Council will oversee the path to U.S. ENERGY DOMINANCE by cutting red tape, enhancing private [Read more]