NEW YORK (Bloomberg) – U.S. oil producers are taking advantage of the rally following the killing of a top Iranian general to lock in prices for more of their 2020 and 2021 output. The hedging may extend a lifeline to producers, allowing them to maintain higher output at a time when analysts are expecting growth …
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MOSCOW (Sputnik) – The economic consequences of a no-deal Brexit will be worse for the United Kingdom than the European Union, EU chief negotiator Michel Barnier said on Thursday after UK Prime Minister Boris Johnson has repeatedly rejected any proposals to extend the Brexit transition period beyond December 31. Barnier made the comments during …
NEW YORK (Bloomberg) – Five new oil pipelines are set to open in the Permian Basin through 2021, expanding a gap between production and takeaway capacity that’s already spurring midstream rate cuts and could mean cutthroat competition ahead. Producers in the West Texas and New Mexico oilfield are pumping about 4.72 million barrels a day, …
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CALGARY (Bloomberg) – Alberta’s loosening of crude-production limits has renewed risks of a price collapse similar to the one experienced in 2018. Oil sands benchmark Western Canadian Select is trading near the weakest discount to West Texas Intermediate in more than a month, data compiled by Bloomberg show. At the same time, the discount for …
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Turkey and Russia urged Libya’s warring parties on Wednesday to declare a ceasefire on Sunday as warring factions clashed and carried out air strikes in a conflict drawing increasing foreign involvement and concern. Turkey backs Fayez al-Serraj’s Tripoli-based, internationally recognised Government of National Accord (GNA) and has said it will send military advisers and possibly troops to …
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Iran said it will discontinue attacks if there is no retaliation to the strikes on American troops from earlier in the day. On the other hand, it threatened to escalate the attacks if the United States responds with force, according to media reports. The response to a potential US attack on Iranian soil will …
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Iran launched missiles at the American Ain al-Assad airbase in retaliation over the US assassination of the Iranian general Qassam Soleimani The first picture showing the damage caused to a US airbase by an Iran missile strike has been released. The satellite image appears to show five areas of the Ain al-Assad complex, in Iraq, …
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WASHINGTON (Reuters) – U.S. President Donald Trump said on Wednesday there were no American casualties in the Iranian strikes on military bases housing U.S. troops in Iraq and that Tehran appeared to be standing down. “No Americans were harmed in last night’s attack by the Iranian regime. We suffered no casualties,” Trump said in a …
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U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 431.1 million barrels, U.S. crude oil inventories are at the five year average for this time of year. U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending …
Continue reading “API Weekly Petroleum Data for the week ending January 3, 2020”
Iran struck back at the United States early on Wednesday for killing its most powerful military commander, firing a barrage of ballistic missiles at two Iraqi military bases that house American troops in what the Iranian supreme leader said was a “slap” against America’s military presence in the region. Iran’s Supreme Leader Ayatollah Ali Khamenei …