LNG Upends Europe’s Gas Market

Low liquefied natural gas (LNG) spot prices amid abundant supply and weaker Asian spot demand this year have helped Europe to fill its storage tanks to more than average levels this summer. Natural gas prices in Europe dropped to a ten-year low in early July as Russia and the United States continue to fight for …

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U.S. Oil Could Begin Competing With Middle East Crudes In Asia

Royal Dutch Shell offered on the Asian market on Monday a West Texas Intermediate (WTI) Midland cargo priced off the Dubai benchmark typically used for the Middle Eastern grades going to Asia—a move that could bring U.S. oil in direct pricing competition with Middle Eastern producers on the world’s fastest-growing oil demand market. U.S. oil …

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Oil & Gas Industry Leads Forbes Profit Growth List In 2019

The oil and gas sector on the Forbes 2019 list of the world’s biggest public companies saw the largest profit growth among the top 10 sectors on the list, data and analytics company GlobalData said on Tuesday. GlobalData analyzed the annual change in sales and profits between 2018 and 2019 of the top 10 sectors …

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Platts: Slumping Car Sales Weaken China’s Appetite For Gasoline, Petchems

Weakening Chinese car sales and slowing economic growth weigh on China’s demand growth of key oil products such as gasoline and petrochemicals, S&P Global Platts Analytics says. China’s new car sales slumped by 4.3 percent year on year in July, dropping for 13 months in a row beginning in July 2018, according to data from …

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China-Held Oil Tanker Looks To Skirt US Sanctions On Iran

An oil tanker owned by a China-based shipping company has recently gone dark for more than a month, reappearing under a different name in what could be an effort to skirt U.S. sanctions on Iran’s oil exports, Reuters reports, citing ship-tracking data. The tanker in question, whose name was Pacific Bravo until early June, was …

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Equinor Starts Up Major $7.7B Oil Field In UK North Sea

Norwegian energy giant Equinor announced on Thursday first oil from the Mariner oil field in the UK North Sea whose start-up has been delayed twice over the last year due to technical issues. Mariner’s operator Equinor and its partners began oil production from the field which is estimated to have a total of 3 billion …

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Saudi Aramco Says It’s Ready For The IPO

Saudi oil giant Aramco is ready for listing, but it will be the company’s only shareholder, the Kingdom of Saudi Arabia, that will decide when the timing for the much-hyped initial public offering (IPO) will take place, the world’s largest oil producing firm said on Monday.   “We will announce (the IPO) depending on their …

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Saudi Aramco’s First Ever Disclosure Shows $47 Billion Profit

Saudi Aramco announced for the first time financial results on Monday, reporting a net income of US$46.9 billion for the first half of 2019, down by 12 percent from US$53 billion in H1 2018 on the back of lower oil prices.   Earlier this year, the world’s largest oil company which pumps all the oil …

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Iran’s Oil Sales Are Now A Spying Game

Most of the 17 Iranians that Iran arrested last month claiming to be spies for the CIA were working in the Islamic Republic’s oil sector, which Iran now guards as heavily as if it were a war secret, The New York Times reports, citing Iranian traders. Last month, Iran claimed that it had arrested 17 …

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Wide Gap Opens Beneath Enbridge’s Line 5 In Great Lakes

Enbridge said this week that erosion has caused a wider gap beneath an unsupported section of its Line 5 oil pipeline in the Great Lakes than the gap allowed under the pipeline company’s agreement with the state of Michigan. The gap has now increased to 81 feet, wider than the 75-foot upper limit set by …

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Turkey Continues Oil, Gas Drilling In Eastern Mediterranean

Turkey is continuing its oil and gas drilling operations in the eastern Mediterranean, sending yet another ship to drill for hydrocarbons amid a strained dispute over exploration rights that has drawn the attention of the European Union and the United States. Two Turkish ships continue to drill offshore Cyprus and a third will join them …

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Oil Trader Vitol: Oil Demand Growth Could Slow To Just 600,000 Bpd

The world’s biggest independent commodity trader, Vitol, has been revising down its global oil demand growth estimates and now sees growth at just 600,000 bpd-650,000 bpd this year, Vitol’s chief executive Russell Hardy told Bloomberg TV in an interview on Wednesday.   Next year, demand growth is set to pick up to around 800,000 bpd, …

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Hedge Funds Turn Their Back On Oil

Speculative positions in the oil market were precariously balanced between bullish and bearish bets in the week to July 30 as money managers were divided in their response to mixed market signals. Bets on rising prices in the six most important petroleum futures contracts rose slightly in the last week of July, but bets that …

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