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US oil and gas rig count falls 10 to 1,161 this week: S&P Global Platts

Combined US oil and gas rig counts fell by 10 to a five-week low of 1,161 amid further declines in the Permian Basin, S&P Global Platts data showed. A second week of declines took total US rig counts 15 under the more than three-year high recorded in early October, but favorable drilling economics continued to support counts well above year-ago levels of 1,058. Gas rigs held steady from last week at 220, and rigs chasing both oil and gas added one for a total of 18. But domestic rigs drilling ...

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Slate switch in sight as NWE sweet-sour crude oil spread hits 5-month high

The sustained strength in the North Sea light sweet crude market has refineries in Northwest Europe eyeing increased purchases of medium sour Urals crude, with any shift in crude slates likely to have a knock-on effect on fuel oil markets as more high-sulfur fuel is produced. The NWE sweet/sour spread — the premium of the North Sea BFOE basket over FOB Baltic Urals cargoes — hit a five-month high Thursday, assessed at $5.51/b, the strongest differential since May 1 when value was $5.72/b, S&P Global Platts data shows. Russia’s medium ...

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OPEC, non-OPEC compliance with supply cuts was 111 percent in September -sources

An OPEC and non-OPEC monitoring committee found that oil producers’ compliance with a supply-reduction agreement fell to 111 percent in September, three sources familiar with the matter said on Friday, as countries raised output. Adherence was 129 percent in August. Source: Reuters (Reporting by Rania El Gamal and Ahmad Ghaddar, writing and additional reporting by Alex Lawler; editing by Jason Neely)

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U.S. Fed monitoring Khashoggi case, potential oil market impact -Bostic

U.S. Federal Reserve officials are monitoring the case of missing Saudi journalist Jamal Khashoggi and the possibility that any sanctions against Saudi Arabia could disrupt oil markets, Atlanta Fed President Raphael Bostic said on Friday. Asked about the risks to the U.S. economic outlook at an event in Macon, Georgia, Bostic mentioned geopolitical risks generally, the Brexit talks and “the Saudi Arabian situation and the question about what whether what happened to that journalist is going to lead to sanctions that could impact oil markets.” “We don’t know what is ...

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W. Africa Crude-Angola’s December cargoes start trading

Angolan crude oil cargoes are starting to find buyers after the loading programme was released, while little activity was heard in the Nigerian market on Friday. ANGOLA * State oil company Sonangol has allocated 12 cargoes to term buyers, a trader said. Sinochem has seven, Unipec three and Indian Oil Corp and Galp have one each. * Sonangol sold its Dec. 5-6 cargo of Dalia that was being offered at dated Brent minus 8 cents. An October-loading cargo was offered at dated Brent minus 60 cents on Aug. 31, the ...

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There’s a Lot of Gasoline, But Not Enough for Trump

Some good news for President Donald Trump ahead of the midterm elections: There is plenty of gasoline sitting around. Some bad news: Average pump prices are still almost $3 a gallon. Some worse news: Pump prices have more to do with Middle East intrigue than Midwest inventory. Gasoline inventories have, unusually, been rising since the end of July. They now cover almost 26 days of U.S. demand, according to the Energy Information Administration, significantly higher than a year ago and even above the the top end of the range for ...

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Oil Set for Weekly Loss as Supplies Allay Saudi Arabia Tensions

Oil headed for a weekly loss as plentiful supplies helped offset worries that tensions between Saudi Arabia and the U.S. over the disappearance of a journalist could lead to the use of crude production as a political weapon. Futures have lost 3.3 percent in New York this week. Saudi Arabia — the world’s biggest oil exporter — issued a veiled threat about using its position as a major crude supplier if the kingdom is punished for the disappearance of critic Jamal Khashoggi. Analysts however doubted the crisis would go that ...

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Oil prices ease as supply outlook improves: Kemp

Oil prices and calendar spreads have softened significantly this month as traders became more confident about the availability of supplies towards the end of the year and into early 2019. Iran’s exports have not declined as much as predicted a couple of months ago and it is now clear they will not fall to zero, even after U.S. sanctions are re-imposed next month. Refiners in Turkey, India and possibly China are reportedly negotiating with U.S. officials over waivers to enable them to continue purchasing at least some Iranian oil after ...

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Natural gas pipeline rupture in Canada affects U.S. energy markets

The October 9, 2018 rupture of Enbridge’s BC natural gas pipeline near Prince George, British Columbia, continues to affect natural gas supply, electricity generation, and petroleum refining in the U.S. Pacific Northwest. The BC Pipeline links natural gas production in northeastern British Columbia with distribution markets in Canada as well as Washington, Oregon, and Idaho. Imports of natural gas through the pipeline, which in the first half of the year averaged 1.1 billion cubic feet per day (Bcf/d) at the Sumas hub import point, fell to zero for a day ...

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Permian Drillers Are Selling New Lighter Crude Oil Grade

There’s a new kind of oil coming out of West Texas. Oil producers in the Permian Basin have started selling a new stream of light crude, said people familiar with the matter, securing a market for the increasingly less dense oil being pumped from the largest U.S. shale play. Sales of West Texas Intermediate Light, or WTI Light, started in September with deliveries into Midland, Texas, the people said. Most of the supply for WTI Light would likely be coming from more recently drilled parts of the region, such as ...

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Qatar needs strategy shift to maintain global LNG title

With major changes happening in the global LNG space, both on the supply and demand sides, Qatar needs to readjust its strategy in order to maintain its leading position as global LNG supplier. Delivering Carnegie Mellon University-Qatar Dean’s Lecture Series here yesterday, Dr Ibrahim Ibrahim, Economic Advisor at Amiri Diwan said on the supply side major challenges are coming from the development of shale Gas in the US and tremendous expansion of LNG supply from Australia. The expected ascendance of LNG positions of Russia and countries in Africa are another ...

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Oil up but set for weekly loss on stock build, trade row

Oil prices rose on Friday on signs of surging demand in China, the world’s second-biggest oil consumer, although the market was heading for a second week of losses on rising U.S. inventories and concern that trade wars were curbing economic activity. Benchmark Brent crude oil was up 60 cents a barrel at $79.89 by 0918 GMT. U.S. light crude was 35 cents higher at $69.00. For the week, Brent crude was 1 percent lower while U.S. crude was down 3.5 percent, both on track for a second consecutive weekly decline, ...

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How High Can Oil Prices Go?

The murder of Saudi journalist Jamal Khashoggi is a terrifying story and has brought questions about how high oil prices could potentially go. The Saudi’s are threatening that U.S. sanctions would be retaliated against, and Saudi Arabia-based Al Arabiya television claims prices could reach “$100, or $200, or even double that figure.” Also pushing up prices, new U.S. sanctions on Iran’s oil exports are set for November 4, with a faster-than-expected decline in the country’s production pushing Brent prices up over $80 per barrel, versus $70 two months ago. Some ...

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Analysis: Lower exports drive US crude stocks higher despite hurricane-induced production slide

US crude supply expanded last week for a fourth straight week on the back of a sharp decline in exports and rangebound refinery utilization. US commercial crude supply added 6.49 million barrels, moving to a 15-week high at 416.44 million barrels during the week ended 12 October, US Energy Information Administration data showed. The build exceeded analyst expectations of a 1.88 million-barrel increase in a S&P Global Platts analysis on Monday. While crude futures had been trading in negative territory ahead of the morning release, markets tested intra-day lows in ...

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Big Oil’s Hired Hands Chase Foreign Boom as U.S. Shale Moderates

The biggest providers of oilfield services are surfing a wave of international spending on the back of higher prices, but the good news is tempered by an activity slowdown in their own back yard. While Schlumberger Ltd., Halliburton Co. and Baker Hughes are projected to report third-quarter earnings that are higher year-on-year, analysts have been cutting their estimates in recent weeks, as it becomes clear the U.S. shale market will cool off. Here are some of the things to look for in the earnings reports, starting with Schlumberger, which is ...

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