Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, the latest sign of Tehran pushing to sustain output at close to its highest in five years. Oil sales are Iran's major revenue source and the country has been looking for ways to sidestep U.S. sanctions on its crude exports that former president Donald Trump re-imposed in 2018 over Tehran's nuclear programme. Iran, which is exempt from output quotas set by the [Read more]
US natgas prices hit two-week high on hot weather outlook, higher demand forecasts
U.S. natural gas futures touched an over two-week peak on Friday, aided by forecasts for hotter weather and higher demand for the next week. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 0.7 cent, or about 0.3%, at $2.13 per million British thermal units at 10:14 a.m. EDT (1414 GMT). The contract was up 8.3% so far this week. Natural gas is getting boosted by a return of some warm weather and the report was fairly supportive, "so production [Read more]
Woodside’s bid for LNG developer Tellurian unlikely to be rivaled, sources say
Woodside Energy which agreed last month to buy Tellurian, the developer of a fully-permitted U.S. liquefied natural gas (LNG) project, for $1.2 billion including debt is unlikely to face a rival bid, people close the deal said. While taking over the troubled Driftwood project would help Woodside's ambition to become one of the world's largest independent LNG producers, the Australian company had no competition, the people said, despite Tellurian's eight-year-long effort to recruit investors [Read more]
Global oil demand needs to rise faster to absorb OPEC+ hike
Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from October, according to data, analysts and industry sources. Oil demand growth in the first seven months of the year from top consumers the United States and China had failed to meet some expectations even before renewed fears of a U.S. recession triggered a global stock and bond sell-off this week. If the economy slows further, oil [Read more]
Recession risks roil markets but not yet alarming
Disappointing U.S. jobs data has shaken confidence in a soft landing for the world's largest economy, sending global equity markets tumbling and bets on interest rate cuts surging. But investors abandoning a popular yen carry trade has played a big role in the selloff, complicating the message from asset prices on the economic outlook. The likelihood of a recession is anyone's guess. Goldman Sachs has raised its odds of a U.S. recession to 25%. JPMorgan sees a 35% chance of one starting [Read more]
Oil set for 3% weekly gain on rising Mideast tension, better US outlook
Oil prices edged up in Asian trade on Friday, heading for a weekly gain of more than 3%, as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted. Brent crude futures rose 9 cents, or 0.11%, to $79.25 a barrel by 0406 GMT. U.S. West Texas Intermediate crude futures were up 12 cents at $76.31 per barrel. Both Brent and WTI were set to gain more than 3% on a weekly basis. Israeli forces stepped up airstrikes across the Gaza Strip on Thursday, killing [Read more]
Heavy oil discount narrows for fourth straight session
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Thursday: * WCS for September delivery in Hardisty, Alberta, settled at $13.10 a barrel below WTI, according to brokerage CalRock, having settled at $13.35 a barrel under the U.S. benchmark on Wednesday. * It was the fourth straight session in which the heavy crude discount shrank, helped by Exxon Mobil restarting select units at its 251,800 barrel-per-day [Read more]
Occidental delays CrownRock output goals, turns to debt reduction
Occidental Petroleum on Thursday said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program. The U.S. oil producer posted better-than-expected second quarter results on Wednesday, largely due to strong production in Colorado, lower operating costs and onetime strong midstream earnings, which sent shares up 1.54% in afternoon trading. But the company failed to deliver the expected 170,000 barrels [Read more]
US refiners trim Q3 output amid weaker margins, plant overhauls
U.S. crude oil refiners are trimming third-quarter production plans, company executives said in recent earnings calls, as summer fuel demand ebbs and profit margins remain weak. Operators say they are budgeting more maintenance downtime into forecasts after running at an industry average 95% of capacity earlier this year. Those high oil processing levels led to plentiful gasoline stocks, which benefited motorists but hurt profits. Matthew Blair, top refining analyst at energy firm Tudor, [Read more]
Oil traders ignore dwindling stocks to focus on economy: Kemp
Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) amounted to 2,761 million barrels at the end of June. Stocks were 120 million barrels (-4% or -0.71 standard deviations) below the ten-year seasonal [Read more]
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