Portfolio investors raced to build bullish positions in petroleum at the end of January amid signs the business cycle slowdown is coming to an end and fears about attacks on tankers near southwestern Arabia. Hedge funds and other money managers purchased the equivalent of 97 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Jan. 30. Fund managers have purchased petroleum in five of the most recent seven weeks increasing their [Read more]
US oil refiners’ weekly capacity seen up 110,000 bpd – IIR
U.S. oil refiners are expected to have about 1.9 million barrels per day (bpd) of capacity offline for the week ending Feb. 9, increasing available refining capacity by 110,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 1.1 million bpd in the week ending Feb. 16, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday Feb. 05 Feb. 02 Jan. [Read more]
Oil inches up as US plans more strikes in Mideast, Ukraine hits Russian refinery
Oil prices nudged higher on Monday, recovering from sharp falls last week, after Washington pledged to launch further strikes on Iran-backed groups in the Middle East and as Ukrainian drones struck southern Russia's largest refinery. Brent crude futures rose 36 cents, or 0.5%, to $77.69 a barrel by 0511 GMT, while U.S. West Texas Intermediate futures were at $72.53 a barrel, up 25 cents, or 0.4%. Both benchmarks ended last week down about 7%. They fell 2% on Friday after [Read more]
Asia LNG imports are robust, but record supply keeps spot prices muted: Russell
The spot price of liquefied natural gas (LNG) is continuing to meander at low levels amid ample supply from major exporters and signs that winter demand is easing in the top-importing regions of Asia and Europe. The spot price for LNG delivered to north Asia ended at $9.60 per million British thermal units (mmBtu) in the week to Feb. 2, up slightly from the seven-month low of $9.50 the previous week. Spot LNG prices have broken their usual seasonal pattern of rising during the northern [Read more]
Heavy oil discount narrows slightly
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Friday: * WCS for March delivery in Hardisty, Alberta, settled at $18.70 a barrel under WTI, according to brokerage CalRock, having closed at $19.00 per barrel below the U.S. benchmark on Thursday. * Canadian heavy crude prices came under pressure on news that BP's 435,000 barrel-per-day Whiting, Indiana, refinery was forced to shut down on Thursday due to [Read more]
Canada regulator licenses Equinor’s offshore oil discovery
A Canadian offshore oil regulator said on Friday it has licensed an oil discovery by Equinor ASA off the country's coast, an area of around 14,900 hectares. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) said that the oil volume from the Cambriol G-92 discovery is estimated to be 340 million barrels. Equinor owns 60% of the discovery, and BP owns the remaining 40%, according to the license. Early last year, C-NLOPB issued a similar license to Equinor for the [Read more]
US unveils charges, seizures linked to Iranian oil network
The U.S. Department of Justice (DOJ) on Friday announced terrorism and sanctions-evasion charges and seizures linked to a billion-dollar oil trafficking network that it says finances Iran's elite Islamic Revolutionary Guard Corps (IRGC). "The Department of Justice's actions are critical to stemming the flow of money that Iran uses to engage in activities that threaten people inside the United States, as well as our interests across the world," a senior DOJ official told reporters in a call [Read more]
US drillers cut oil and gas rigs for first time in three weeks – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 619 in the week to Feb. 2. The U.S. oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due mostly to a decline in oil and gas prices, higher drilling costs and as companies [Read more]
BP says power restored, operations stabilized at Whiting, Indiana refinery
BP said on Friday that power had been restored to its 435,000 barrel-per-day Whiting, Indiana, refinery following a power outage that disrupted operations. On Thursday, a transformer failure caused a plant-wide power outage and forced an evacuation of all but the most essential workers, said people familiar with the plant's operations. Operations have been stabilized at the second-largest U.S. Midwest refinery, all refinery personnel are accounted for and no injuries have been reported, [Read more]
US LNG export pause leaves EU, industry at odds over energy security
Europe will have enough gas supply for the next 10 years and thereafter despite a move by the U.S. administration to pause approvals on new liquefied natural gas (LNG) plants, EU energy officials and analysts said, dismissing industry's warnings. Gas companies - and lobby groups who learned of the move ahead of the decision and unsuccessfully opposed it according to documents seen by Reuters - warned it would compromise global energy security and efforts to reduce carbon dioxide [Read more]
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