US Forces Blow Up Three Oil Tankers In Syria Enforcing Oil Embargo

US-led forces have blown up three oil tankers in Syria as the United States increases its pressure on Syria by thwarting the oil trade between the PKK/YPG and the Assad regime, according to local sources quoted by several media sources. The strike was carried about by coalition planes, which hit three oil tankers, leaving four dead. The coalition has not yet made a statement about the attack. In the area controlled by Assad, oil consumption stands at around 136,000 bpd. Production, meanwhile, is only 24,000 barrels per day. This means that the…

Source: Oilprice.com

US Forces Blow Up Three Oil Tankers In Syria Enforcing Oil Embargo

US-led forces have blown up three oil tankers in Syria as the United States increases its pressure on Syria by thwarting the oil trade between the PKK/YPG and the Assad regime, according to local sources quoted by several media sources. The strike was carried about by coalition planes, which hit three oil tankers, leaving four dead. The coalition has not yet made a statement about the attack. In the area controlled by Assad, oil consumption stands at around 136,000 bpd. Production, meanwhile, is only 24,000 barrels per day. This means that the…

Source: Oilprice.com

US Forces Blow Up Three Oil Tankers In Syria Enforcing Oil Embargo

US-led forces have blown up three oil tankers in Syria as the United States increases its pressure on Syria by thwarting the oil trade between the PKK/YPG and the Assad regime, according to local sources quoted by several media sources. The strike was carried about by coalition planes, which hit three oil tankers, leaving four dead. The coalition has not yet made a statement about the attack. In the area controlled by Assad, oil consumption stands at around 136,000 bpd. Production, meanwhile, is only 24,000 barrels per day. This means that the…

Source: Oilprice.com

Marathon Oil Goes Truly All American As It Divests Iraq Play

Marathon Oil Corporation (NYSE: MRO) has completed its divestiture of its Kurdistan assets on Friday, according to company press release, as it seeks to divest nearly all its oil operations overseas to focus on operations in the United States. Marathon Oil held a 15% stake interest in the Atrush Block in the Kurdistan region in Iraq, and represents its only holding in the country. While the project was a small one, netting 2,400 barrels of oil equivalent per day, the exit is reflective of Marathon’s bigger push to shore up its business in…

Source: Oilprice.com

‘Freedom Gas’: U.S. touts LNG as molecules of liberty (Friday, 31 May 2019)

The U.S. has a message for the rest of the world: Get ready for a lot more "freedom gas."

The country’s growing muscle as a natural gas exporter isn’t only seen by the Trump administration as an economic boon at home -- it’s also viewed as a foreign policy tool. That view was articulated Tuesday as the Department of Energy announced the approval of liquefied natural gas exports from the Freeport facility in Texas.

“Increasing export capacity from the Freeport LNG project is critical to spreading freedom gas throughout the world by giving America’s allies a diverse and affordable source of clean energy," U.S. Under Secretary of Energy Mark W. Menezes said in a statement. "More exports of U.S. LNG to the world means more U.S. jobs and more domestic economic growth and cleaner air here at home and around the globe."

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Freeport LNG is one of several projects under construction in the U.S. right now as energy companies seek to capitalize on the boom in shale output by selling some of that abundant supply to overseas customers. American LNG export terminals are receiving almost 6 Bcfg per day, according to data from BloombergNEF and ABB Ltd., equivalent to more than a 10th of domestic production.

The country’s oil exports are also expanding, lifted by rising crude production in the Permian Basin of West Texas and New Mexico. That comes as sanctions squeeze supplies from Iran and Venezuela.

"I am pleased that the Department of Energy is doing what it can to promote an efficient regulatory system that allows for molecules of U.S. freedom to be exported to the world,” Assistant Secretary for Fossil Energy Steven Winberg said in the statement.

Energy exports were also touted in Corpus Christi, Texas, where U.S. officials gathered Wednesday for a ceremony celebrating a project to deepen the port to be able to handle more shipments overseas.

John Cooney, acting deputy assistant secretary for services at the Department of Commerce, called Cheniere Energy Inc.’s Corpus Christi LNG terminal an “outstanding example of American ingenuity” and said the port expansion is “foundational for U.S. economic growth.”

Source: www.worldoil.com

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Marksmen Announces Proposed Private Placement

CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSX Venture: MAH) (OTCQB: MKSEF) announces that it plans to complete a non-brokered private placement of up to 7,000,000 units (the “Units”) of Marksmen at a price of $0.05 per Unit for aggregate gross proceeds of up to a maximum of [Read more]

Source: BOE Report

Oil Tanks On Fears Of U.S., Mexico Trade War

Oil prices continued to plunge on Friday morning after U.S. President Trump announced new tariffs against Mexico, forcing its southern neighbor to take harsher measures against illegal immigration Investor Alert: A new breakthrough – known by only a handful of scientists, researchers and insiders – is about to turn the energy world upside down. And one small company is at the center of it all. Find the full report here. (Click to enlarge) Friday May 31st Oil prices are on track for their largest monthly decline in six months. The Trump…

Source: Oilprice.com

Bellatrix Files Substantially Final Versions of New Note Indentures in Connection With Its Recapitalization Transaction

CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) — Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX: BXE) announced today that, in connection with its previously announced recapitalization transaction (the “Recapitalization Transaction”) to be implemented pursuant to Bellatrix’s court approved plan of arrangement under the Canada Business Corporations Act (the “Plan of Arrangement”), the Company has substantially [Read more]

Source: BOE Report

Canada Weekly Rig Count Up 7 to 85

Western Canada’s fleet of drilling rigs went up by 7 to 85 according to data collected by Baker Hughes for the week of May 31st. From last Friday, Alberta rig counts went from 53 to 56. Saskatchewan’s rig count increased from 11 to 17. Oil drilling went from 38 to 44; natural gas rigs went [Read more]

Source: BOE Report

Pembina Pipeline Corporation Announces Further Adjournment of Special Meeting of Class A Preferred Shareholders

CALGARY, May 31, 2019 /CNW/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced that the special meeting of Class A preferred shareholders held on May 31, 2019 to consider the amendment to the Company's articles to increase the limit on the number of Class A preferred shares that the Company is [Read more]

Source: BOE Report

Asia’s Refining Profits Crushed By Stifled Iranian Oil, Chinese Fuel Glut

Although refiners in Asia are not left without choice for crude after the end of the U.S. sanction waivers for Iranian oil, the higher price of alternative supplies, as well as soaring fuel exports from China, are depressing refining margins across Asia. Asian oil buyers haven’t had problems in procuring alternate supplies of  crude oil to their usual cheap Iranian supplies, but the barrels replacing Iran’s oil come at higher prices that hurt the profits of refiners across Asia, Reuters columnist Clyde Russell wrote on Friday.…

Source: Oilprice.com

US Forces Blow Up Three Oil Tankers In Syria Enforcing Oil Embargo

US-led forces have blown up three oil tankers in Syria as the United States increases its pressure on Syria by thwarting the oil trade between the PKK/YPG and the Assad regime, according to local sources quoted by several media sources. The strike was carried about by coalition planes, which hit three oil tankers, leaving four dead. The coalition has not yet made a statement about the attack. In the area controlled by Assad, oil consumption stands at around 136,000 bpd. Production, meanwhile, is only 24,000 barrels per day. This means that the…

Source: Oilprice.com

The Implications Of Falling Interest Rates For Energy Investors

Inversion is back in the news. Treasury yields have been falling dramatically over the last week or so, with yield on the 10-Year Treasury Note falling to below 2.2% for the first time since the middle of 2017. Given that the Fed has raised short-term rates significantly since then, that has resulted in longer-term yields falling below those on short-term debt, giving an inverted yield curve. That is typically taken as a sign of upcoming economic weakness in the U.S. and even of an impending recession, but what does it mean for energy investors?…

Source: Oilprice.com

The Hidden Danger Behind ‘’Freedom Fuel’’

Oil & Gas: Cheap Tricks As of this week, we are the proud producers of “freedom fuel”, the successor, it would seem, to “freedom fries”; or going back to the WWI era, ”Liberty Cabbage”, which replaced “sauerkraut”. It’s an overused and unoriginal title that represents fear. But for investors, adding “freedom” into the fuel mix label is not helpful--it’s a cheap gimmick from cheap minds that cannot defy this basic truth: It’s going to take quite a lot of nerve to jump…

Source: Oilprice.com

Downward Momentum Is Building For Oil

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday amid an escalation of geopolitical events that have raised concerns over the strength of the U.S. economy and future demand. Crude oil is in a position to post its biggest monthly loss since November as trade conflicts spread throughout the globe and U.S. crude production returned to record levels. Escalating Global Trade Concerns The U.S. trade dispute with the world escalated on Thursday when President Trump vowed to slap tariffs on all…

Source: Oilprice.com

OPEC Production Falls Despite Saudi Production Boost

Deals, Mergers & Acquisitions• Canadian Utilities will sell all its fossil fuel-powered generation capacity for $835 million to Heartland Generation, a company affiliated with Energy Capital Partners. The assets included in the deal comprise 11 partly or wholly owned coal- and gas-fired power plants across three Canadian provinces: Alberta, British Columbia, and Ontario. Their combined installed capacity is 2.1 GW.• In an unsurprising update about the deal of the year in oil—Occidental’s acquisition of Anadarko—the…

Source: Oilprice.com

Warning Signs Are Flashing For U.S. Oil

Friday May 31, 2019 In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. 1. Saudi Arabia gains market share in China • China’s oil imports averaged 10.1 million barrels per day over the first four months of 2019, according to Standard Chartered, an increase of 8.9 percent year-on-year. In fact, China posted…

Source: Oilprice.com

Rising Oil Rig Count Pressures Oil Prices Further

The the number of active oil and gas rigs rose slightly in the United States this week according to Baker Hughes, after a string of losses in the weeks prior, but the overall rig count is still well below year-ago levels for an eighth week in a row. The total number of active oil and gas drilling rigs in the United States rose by 1 according to the report, with the number of active oil rigs increasing by 3 to reach 800 and the number of gas rigs decreasing by 2 to reach 184. The combined oil and gas rig count is 984, with oil seeing a 61-rig decrease…

Source: Oilprice.com