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Woodside offers first Vincent crude cargo after long suspension-sources

Woodside Petroleum has offered the first Vincent crude cargo for export since production resumed at the $1.9 billion Greater Enfield project off western Australia, two trade sources with direct knowledge of the matter said. Output at the Vincent field, located 50 km (30 miles) offshore Exmouth, Western Australia, had been suspended since May 2018 for expansion work. The 550,000-barrel cargo was offered to load over Sept. 26-30 from the Ngujima-Yin floating production storage and offloading vessel (FPSO) on a free-on-board basis in a tender due to be closed on Wednesday, ...

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EU Farmers Are Getting Fed Up With Rapeseed as Bugs Chew Crops

British farmer Charles Matts just harvested the worst crop of his life at one of the best times to sell it. Rapeseed futures in Paris have jumped 9% from a low in early March. Yet Matts, like many growers across Europe, had little to sell after pests this summer chewed through half the rapeseed at his Northamptonshire farm. Even with the higher prices, farmers are debating whether to keep growing the difficult crop as the next planting period begins. Rapeseed, easily spotted with its bright yellow flowers in summer, is ...

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Analysis: US crude inventories likely lower last week as refiners maintain high runs

US crude inventories are expected to have declined last week, continuing a trend that largely been in place since early June as refiners maintained high runs, an analysis by S&P Global Platts showed Tuesday. US crude inventories have tightened 57.7 million barrels to 427.8 million barrels since the week ending June 7, narrowing the surplus to the five-year average to just 1.5% from 8.4%, US Energy Information Administration data shows. For the week ending August 30, analysts surveyed by Platts were looking for stocks to fall another 3 million barrels, ...

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Oil prices nudge up, but economic worries loom

Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses on fears about a weakening global economy. Brent crude was up 15 cents, or 0.26%, at $58.41 a barrel by 0850 GMT, while U.S. West Texas Intermediate futures gained 24 cents, or 0.44%, at $54.18 a barrel. U.S. data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month. Global ...

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Upstream Renaissance For The UK Offshore Sector

As tens of thousands oil and gas professionals gather in Aberdeen for the biannual SPE Offshore Europe conference & exhibition, the UK offshore scene is poised for a timely comeback. Rystad Energy expects a new wave of UK field development projects to be sanctioned towards 2022. The independent energy research and consulting firm forecasts that final investment decisions (FIDs) could be reached on as many as 38 new UK offshore projects over the next three years, representing $22.6 billion in greenfield expenditure if UK prospective resources live up to expectations. ...

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A Natural Gas Glut Grows in Europe and Prices Hit 10-Year Low

Natural gas prices in Europe are set to fall further below their lowest in a decade as suppliers show few signs of scaling back abundant deliveries. Inventories are near capacity weeks earlier than usual and are being flooded with more fuel coming both from tankers and pipelines. While producers have reduced some flows with repairs and maintenance at gas fields and processing plants, the benchmark price for gas in the Netherlands is struggling to recover from a crash below 10 euros ($11) a megawatt-hour earlier this summer. “In September, gas ...

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Global Stocks Advance on Politics, Central-Bank Hopes

Global stocks were broadly higher, as political developments around the world and hopes for central-bank action countered a series of economic data that gave further evidence of a global slowdown. The biggest rise came in Hong Kong, where stocks jumped amid reports that the city’s Chief Executive Carrie Lam was going to formally withdraw the extradition bill that sparked monthslong demonstrations that have hurt the territory’s economy. The Hang Seng Index rose 4.3% Wednesday, on pace for its biggest one-day gain since November. Other blue-chip indexes in Asia also advanced, ...

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China service sector activity rises to three month high – Caixin PMI

Activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year, a private survey showed on Wednesday. Stronger job creation by services firms will be welcome news for Beijing, which is struggling to reverse a prolonged slump in the manufacturing sector which has dragged economic growth to near 30-year lows. The Caixin/Markit services purchasing managers’ index (PMI) picked up to 52.1 last month, the highest since May, compared with July’s 51.6. The ...

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China’s economic growth to slow to 4.6% over the next decade

The country’s productivity growth is expected to face headwinds. The growth of the world’s second largest economy is set to moderate at an average annual pace of about 4.6% over the next ten years due to demographics, deleveraging, rebalancing from manufacturing to services, and less room for catch-up, according to an S&P Global Ratings report. Although growth will slow, the report stated that the reasons are natural and mostly healthy. However, prolonged trade and technology tension with the US could make China’s slowdown harder to manage. Trade tensions may “both ...

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Has Greece’s troubled economy turned a corner?

Remember the Greek crisis? A huge loss of confidence in the Greek economy among investors came to a head when, in 2010, the country found itself unable to borrow on financial markets – something of a necessity given its chronic inability to balance the books. Athens was forced to seek a bail-out from the International Monetary Fund, the European Central Bank and the European Commission and, in May 2010, the so-called “troika” issued a €110bn bail-out that was the first of three such rescue packages. The loans came with strings ...

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EU to help its firms, workers, farmers in case of no-deal Brexit – document

The European Commission on Wednesday will propose financial help for European Union businesses, workers and farmers if Britain crashes out of the bloc without any agreement, a document seen by Reuters said. British members of parliament on Tuesday triggered a vote that could allow them to stop Prime minister Boris Johnson pursuing a “no-deal” Brexit, a challenge that the government warned would prompt the prime minister to seek an election on Oct. 14. More than three years after the United Kingdom voted in a referendum to leave the European Union, ...

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Tanker Market Rates 04/09/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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MARKETS SNAPSHOT FOR 03/09/19

NASDAQ-Adv: 926 Dec: 2,287 NYSE-Adv: 1,145 Dec: 1,833 (Source: Nasdaq)

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Oil industry urges Trump administration to dismiss biofuel industry wish list

The American Petroleum Institute on Tuesday urged the Trump administration to reject proposals floated by U.S. farmers and ethanol producers to boost ethanol demand, the latest development in the clash over biofuel policy. President Donald Trump last week said his administration was planning a “giant package” related to ethanol that would please U.S. farmers angry that many more oil refiners have been freed from obligations to use the corn-based fuel. Trump is counting on support from both farmers and the oil industry in next year’s presidential election. “We are deeply ...

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Pound rises briefly after lawmakers move to block no-deal Brexit

Sterling posted a brief rise against the dollar late on Tuesday after UK lawmakers approved a motion to seize control of parliamentary time to try to block Britain leaving the European Union with no deal. At 5:25 p.m. (1925 GMT), the pound GBP=D3 was little changed from its Tuesday close at $1.2083, while the euro EUR=EBS was flat at $1.0975. Source: Reuters (Reporting by Richard Leong, Editing by Rosalba O’Brien)

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