Oil closed at the lowest level in more than two months in New York as the dollar rose against its peers and global crude markets were deemed comfortably supplied despite threats to output.
Noble Group Ltd. plans to quit power and natural gas trading in Europe by the end of the year as the embattled commodities trading house cuts capital-intensive businesses, according to three people familiar with the matter.
A Chinese state oil company moved some staff from South Sudan, where fighting flared almost two weeks ago, as the African nation’s military said it’s trying to disperse an armed group that’s threatening to march on the capital.
The pace of North Sea oil-field shutdowns is picking up as the impact of the market slump is compounded by the uncertain investment environment created by Brexit.
Oil declined following a failed coup in Turkey as shipments continued through the vital conduit from Russia and Iraq to the Mediterranean Sea.
The first cargo of liquefied natural gas set to pass through the newly expanded Panama Canal locks will be American.
If there’s one industry where all of Brazil’s political and economic upheavals come together, it’s shipbuilding.
At an oil price of $40 or below, Russian President Vladimir Putin introduced a flat income tax, built a sovereign wealth fund and delivered speeches to the Bundestag in German.
Nigerian inflation accelerated to the highest rate in almost 11 years in June, adding pressure on policy makers to increase borrowing costs.
Exxon Mobil Corp. is doubling down on Papua New Guinea, topping a rival offer for InterOil Corp., a gas explorer focused on the Southeast Asian nation.
Oil producers aren’t betting on the rally.
Nigeria’s oil wells and pipelines are being blown up again. The rebel group claiming responsibility says it wants to expose corruption and earn justice for impoverished local communities in the oil-rich Niger River delta. Attacks resumed this year after Nigerian President Muhammadu Buhari ended security contracts and payments that had turned earlier militants into protectors and achieved relative peace since 2010. Oil accounts for two-thirds of Nigeria’s government revenue, and almost all of its exports. Nigeria produced 1.4 million barrels a day in May, the lowest in 27 years, according to the International Energy Agency.
As oil’s upward climb runs out of momentum, more and more analysts expect the market’s next move will be back down toward $40 a barrel.
Oil is flowing unhindered through Turkey’s pipelines and waterways, one of the world’s largest energy trading corridors, after a coup attempt against President Recep Tayyip Erdogan failed.
Oil traders increased the fleet of ships deployed in the North Sea to store crude, the latest sign of faltering demand that has triggered the biggest buildup of stockpiles at sea since 2009.
Energy storage would gain access to the same tax incentives that helped make renewable energy the biggest new source of electricity in the U.S. last year under a bill introduced in the Senate.
Oil rose as Exxon Mobil Corp. declared force majeure on shipments of Nigeria’s biggest crude export grade. Futures rose as much as 0.5 percent in New York, reversing an earlier decline of 1.4 percent. Force majeure was declared on Qua Iboe crude after “a system anomaly observed during a routine check of its loading facility,” Exxon said in an e-mailed statement Friday. This follows a similar disruption in May and June. The Niger Delta Avengers, a militant group that has targeted oil installations in Nigeria this year, claimed earlier this week that they attacked the Qua Iboe crude pipeline. Oil has traded between about $44 and $51 a barrel in the past month after almost doubling since February amid a spate of supply disruptions including the attacks in Nigeria. While there’s still a consensus that the worst of the oil glut that sent prices to a 12-year low is over, the International Energy Agency cautioned this week that “the road ahead is far from smooth” amid seasonal weakness in demand and the return of some halted supply. West Texas Intermediate crude for August delivery was at $45.79 a barrel on the New York Mercantile Exchange, up 11 cents, or 0.2 percent, at 1:14 p.m. London time. The grade rose 93 cents to settle at $45.68 on Thursday. Total volume traded was about 6 percent below the 100-day average. Brent for September settlement increased 12 cents to $47.49 a barrel on the London-based ICE Futures Europe exchange. The contract increased $1.11 to $47.37 on Thursday. The global benchmark crude traded at an 96-cent premium to WTI for September delivery.
Oil fell amid a growing number of predictions that prices may slide toward $40 a barrel as consumption falters and supply disruptions end.
CNOOC Ltd.’s decision this week to idle part of its Long Lake oil-sands operation in Alberta comes after five years of problems cemented the site’s reputation as one of the most troubled projects in the region.
China processed a record amount of crude oil into fuels during both June and the first half of the year amid sustained profit margins and as private refiners boosted operations.
Most of the oil projects planned over the next decade are economically viable with prices below $60 a barrel as explorers succeed in squeezing costs, consultant Wood Mackenzie Ltd. said.
Oil traders increased the fleet of ships deployed in the North Sea to store crude, the latest sign of faltering demand that has triggered the biggest build up of stockpiles at sea since 2009.
U.S. oil and gas producers are selling shares at record speed, a sharp turnaround from past years when debt markets were the industry’s favored source of cash.
Exxon Mobil Corp. made an indicative takeover proposal for InterOil Corp. that topped a competing $2.2 billion bid for the owner of trillions of cubic feet of natural gas discoveries in Papua New Guinea, a person with knowledge of the matter said.
Kuwait is open to liaising with neighboring Saudi Arabia on its planned debt sale as the two OPEC nations prepare to test investor appetite for about $20 billion of bonds.
