Oil Slides As Middle East Tensions Fade

Crude oil prices fell on news that Saudi Arabia has declared a partial cease-fire in Yemen, a move that could significantly ease tensions across the region. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Friday, September 27th, 2019Oil is set to close out the week with the largest ...

Source: Oilprice.com

Negative Sentiment Drives Oil Lower

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures prices were hit on all fronts this week with the markets in a position to finish the week sharply lower. Especially significant is the evaporation of the risk premium in crude oil prices placed by traders last week following the attacks on Saudi Arabian oil facilities. A combination of ...

Source: Oilprice.com

Geopolitical Risk Can’t Keep Oil From Falling

Oil prices are now responding to daily doses of rhetoric related to Iran, with WTI and Brent inching higher Thursday following the Pentagon’s vow to deploy equipment and personnel to Saudi Arabia to boost defenses. WTI pared some earlier losses from the day before on surprise news of a US crude buildup, and Brent finished higher Thursday, but the Pentagon’s ...

Source: Oilprice.com

Speculators Are Abandoning Oil

Friday September 27, 20191. China’s bauxite imports surge- There are concerns that Indonesia might put a ban on bauxite exports, the raw material used for aluminum production, following restrictions on nickel exports. Nickel prices recently spiked. - “While such a development would support bauxite and in turn aluminum prices, it would be less impactful for China than the nickel ban, ...

Source: Oilprice.com

The Beginning Of The End For Libya’s Civil War?

Politics, Geopolitics & Conflict - In Libya, it’s not a good sign for General Haftar that the UAE - his ally - has publicly backed the Tripoli-based Libyan National Oil Company (NOC) after the general launched a bid to replace the board of an eastern unit of the NOC. There are some indications that the LNA strongman is giving in ...

Source: Oilprice.com

High Volatility Highlights Opportunity In Energy Stocks

Attempting to trade or invest in the energy sector on long-term fundamentals has been a tricky proposition lately. Oil futures, and therefore most energy stocks have been bouncing around, driven by headlines about international trade, U.S. politics, and escalating conflict in the Middle East. Over time though, the short-term effects of those headlines will be outweighed by the medium ...

Source: Oilprice.com

Canada weekly rig count increases from 119 to 127

Canada’s fleet of active drilling rigs increased by 8 since last week according to data from Baker Hughes. Total drilling count was 127 at September 27. 88 rigs were drilling for oil; 39 for natural gas. Alberta’s drilling activity increased, growing from 77 to 83, while Saskatchewan stagnated, remaining at 30 rigs. View a full [Read more]

Source: BOE Report

India Approves Saudi Aramco-Sabic Mega Deal

The mega deal in which Saudi Aramco is buying 70 percent in Saudi chemicals giant Sabic cleared another hurdle on Friday after India’s competition authority approved the transaction that needs clearance in India because both Saudi companies are operating in the country. The Competition Commission of India (CCI) said on Friday that it approves the acquisition of 70 percent in ...

Source: Oilprice.com

US Oil & Gas Rigs Fall For Sixth Straight Week

The US oil and gas rig count fell for the sixth week in a row this week, decreasing by 8 for the week, according to Baker Hughes, but US oil companies are still pumping oil at record rates. The total oil and gas rig count now stands at 860, or 194 down from this time last year. The total number ...

Source: Oilprice.com