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Weekly oil prices up amid drop of U.S. stockpile, tropical storm concerns

Oil prices increased for the week ending July 12, with the price of West Texas Intermediate (WTI) for August delivery up 4.69 percent and Brent crude oil for September delivery up 3.88 percent. WTI closed the week at 60.21 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude finished the week at 66.72 dollars a barrel on the London ICE Futures Exchange. WTI and Brent have increased 32.59 percent and 24.01 percent, respectively, so far this year. During the week, WTI and Brent moved in the ...

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Here’s How Hurricane Barry Could Impact American Oil And Gas

Tropical Storm Barry is heading towards the Louisiana coast with the potential to dump as much as 2 feet of rain on the region. The storm is not expected to deliver especially damaging winds, but the rainfall could have a significant impact on the U.S. oil and gas industry. Offshore oil production, refineries and transportation may be impacted for days or even weeks to come. Here’s a look at what traders and consumers can expect: Offshore oil rig operators are taking rigs offline, evacuating personnel or moving rigs out of ...

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UAE oil revenue hits more than USD44 billion over past year

UAE oil revenues rose 13 percent to AED 164.1 billion (USD44.715 billion) last year, according to data released by the Federal Authority for Competitiveness and Statistics. According to the data, oil revenues in the past four years reached AED 533.4 billion (USD145.35 billion); in 2015, they reached 137.8 billion dirhams (USD37.5 billion), down 37 percent the following year to reach 86.7 billion dirhams And jumped by 2017 by 67 percent to reach 144.8 billion dirhams (39.45 billion dollars), and rose 13 percent in the last year 2018 to 164.1 billion ...

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Fears about tropical storm slash U.S. oil production, impact energy prices

Spot oil production slackened this week as worries about tropical storm Barry in the Gulf of Mexico spread, impacting prices across the globe, including those of global benchmarks Brent crude and West Texas Intermediate (WTI), experts told Xinhua. About 59 percent, or 1.1 million barrels per day (b/d), of crude oil production in the U.S.-controlled areas of the Gulf of Mexico was cut this week because of the storm, according to the U.S. Bureau of Safety and Environmental Enforcement, a division of the U.S. Department of the Interior. “About 44 ...

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Oil companies earmark investment for Iraq’s liberated areas

Oil companies have earmarked a significant amount of capital to invest in areas of Iraq that have recently been liberated from the control of Islamic State militants. The reconstruction of such areas will prove vital for rebuilding the Iraqi economy, but Iraq’s worsening security issues could mean slow progress. “We believe that the solution [to rebuilding] is in this area of the governorate, which is rich from oil and gas,” Amar Jabr Khaleel, governor of Iraq’s Salaheddin province, said in London during a recent oil conference. “There is an urgent ...

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SCOOP/STACK operators scale back rig activity

Operators in the SCOOP/STACK have shed about a quarter of rigs in the play year to date, but with Midship Pipeline on track to enter service soon, it looks to ensure production growth despite the recent decline in activity. The central Oklahoma basin has attracted considerable attention from investors in the last couple of years. The runway toward crude and natural gas production growth was cemented with investments that brought on mid- and downstream infrastructure. Even new in-basin frack sand mines were developed with the anticipation of increasing drilling and ...

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Why the U.S. oil market is more ‘vulnerable’ now than it was in 2005 with Hurricane Katrina

Tropical Storm Barry won’t pack the same punch as Hurricane Katrina, but less intense storms in the Gulf of Mexico may have a greater impact on the energy market than they did 14 years ago. Since Katrina, one of the most devastating hurricanes in U.S. history, in August 2005, the energy market has become much more “vulnerable” with sizable growth in domestic oil refining capacity, a climb in Gulf of Mexico production, and crude exports lifted in late 2015, said Tom Kloza, global head of energy analysis at the Oil ...

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IEA: Re-balancing slows down

The main message of this Report is that in 1H19 oil supply has exceeded demand by 0.9 mb/d. Our latest data show a global surplus in 2Q19 of 0.5 mb/d versus previous expectations of a 0.5 mb/d deficit. This surplus adds to the huge stock builds seen in the second half of 2018 when oil production surged just as demand growth started to falter. Clearly, market tightness is not an issue for the time being and any re-balancing seems to have moved further into the future. In the meantime, the ...

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Norway’s June oil and gas output lags forecast-NPD

Norway’s oil production fell 28.2% year-on-year in June to 1.067 million barrels per day, lagging the official forecast for the month by 10.2%, Norway’s Petroleum Directorate (NPD) said on Friday. Including condensate and natural gas liquids (NGL), the overall liquids production stood at 1.409 million barrels of oil equivalents per day, lagging the NPD prediction by 8.5%. Technical problems at some fields and maintenance were among the main reasons why production came in below forecast, NPD said. Natural gas output in June rose 2.4% year-on-year to 313.3 million cubic metres ...

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Trader bets more than $2 million on a surge in energy stocks

Call it a high-energy bet. U.S. oil prices jumped to a six-week high on Thursday on falling domestic inventories and a storm heading toward the Gulf Coast. But as the rally began on Wednesday, one options trader made a large bet that it wasn’t ending anytime soon. The mystery trader put on a $55-$64-$75 call spread risk reversal for $2.25 each in the Energy Select SPDR Fund, or XLE, which tracks energy stocks. This is a bet of $2.25 million that the exchange-traded fund will rise between 3.5% and 17% ...

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Oil flat as tropical storm limits output, glut forecasts weigh

Oil prices were little changed on Friday as U.S. Gulf of Mexico crude output dropped by more than half from disruptions caused by a tropical storm, but concerns over a global crude surplus in the months ahead limited gains. Brent crude LCOc1 futures settled at $66.72 a barrel, climbing 20 cents. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $60.21 a barrel, up 1 cent. Brent has gained 4% this week while WTI posted a 4.7% rise. Both benchmarks fell last week. Tropical Storm Barry, which is expected ...

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US oil, gas rig count falls by 17 to 1,040 after holiday weekend: S&P Global Platts Analytics

The US oil and natural gas rig count dropped by 17 week on week to 1,040, S&P Global Platts Analytics said Thursday, as activity continued its seesaw trajectory following a national holiday. Rigs directed to oil saw an even bigger drop — 20 to 828 — while the number of gas rigs rose by four to 209. A one rig decrease was posted for rigs not classified as either oil or gas. Despite the overall drop in the rig count, the tally of private operators rose, according to Platts Analytics. ...

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Sour crude premiums steady as market mulls recent rally

Middle East sour crude spreads took a breather Friday morning in Asia as market participants took stock of Thursday’s rally in Dubai and Oman premiums, amid emerging spot requirements for September trading. At 11:00 am in Singapore (0300 GMT) Friday, September cash Dubai crude’s premium to futures was largely steady at $1.36/b,compared with the assessed $1.35/b at the close of trading in Asia on Thursday. Sour crude markets were sharply higher by the close of trading in Singapore on Thursday, which crude traders attributed in large part to a sudden ...

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IEA sees oil market oversupplied in 2019 on U.S. production

Surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club OPEC and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for OPEC crude to only 28 million barrels per day (bpd) in early 2020. “Market tightness is not an issue for the time being and any rebalancing ...

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OPEC’s first 2020 forecast shows fierce oil market share battle looming

OPEC’s efforts to boost oil prices look set to become even more challenging next year, with increasing competition for market share from higher non-OPEC output, the group’s first 2020 forecast shows. The producer group’s analysis arm on Thursday provided a sobering 2020 outlook for its 14 members, forecasting that demand for OPEC crude would drop more than 4% from this year, as a production surge from the US, Brazil and Norway threatens its market share. In its closely-watched monthly oil market report that included its first forecast of fundamentals for ...

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