Oil slips as trade war worries outweigh Iran sanctions | Reuters:
Oil prices slipped on Friday, pressured by renewed concerns that a global trade war could dent energy demand, although impending U.S. sanctions on Iran and falling Venezuelan output limited the decline.
Benchmark Brent crude oil LCOc1 fell 35 cents to settle at $77.42 a barrel. U.S. crude CLc1 slipped 45 cents to settle at $69.80.
Brent closed the month 4.3 percent higher while U.S. crude gained 1.5 percent. Oil has been buoyed by tumbling Venezuelan output and declining shipments from Iran ahead of the imposition of U.S. sanctions on Tehran in November.
Friday 31 August 2018
U.S. crude production rises to record as drilling climbs in Texas: EIA | Reuters
U.S. crude production rises to record as drilling climbs in Texas: EIA | Reuters:
U.S. crude oil production rose 231,000 barrels per day, or 2 percent, to a record 10.674 million bpd in June, the U.S. Energy Information Administration said in a pair of monthly reports on Friday.
The agency also revised its estimate for May up by 1,000 bpd to 10.4 million bpd.
U.S. crude production has been increasing, nearing top producers Russia and Saudi Arabia. Saudi Arabia produced 10.5 million bpd in August, according to a Reuters survey. Russian output was seen at 11.2 million bpd in July, and was expected to hold that level in August.
U.S. crude oil production rose 231,000 barrels per day, or 2 percent, to a record 10.674 million bpd in June, the U.S. Energy Information Administration said in a pair of monthly reports on Friday.
The agency also revised its estimate for May up by 1,000 bpd to 10.4 million bpd.
U.S. crude production has been increasing, nearing top producers Russia and Saudi Arabia. Saudi Arabia produced 10.5 million bpd in August, according to a Reuters survey. Russian output was seen at 11.2 million bpd in July, and was expected to hold that level in August.
OPEC August oil output hits 2018 high despite Iran losses: Reuters survey | Reuters
OPEC August oil output hits 2018 high despite Iran losses: Reuters survey | Reuters:
OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase.
The 15-member Organization of the Petroleum Exporting Countries has pumped 32.79 million barrels per day in August, the survey on Friday found, up 220,000 bpd from July’s revised level and the highest this year.
OPEC and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by the renewed sanctions on Iran and to dampen prices, which this year hit $80 a barrel for the first time since 2014.
OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq’s southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase.
The 15-member Organization of the Petroleum Exporting Countries has pumped 32.79 million barrels per day in August, the survey on Friday found, up 220,000 bpd from July’s revised level and the highest this year.
OPEC and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by the renewed sanctions on Iran and to dampen prices, which this year hit $80 a barrel for the first time since 2014.
Bruised bankers seek consolation prizes after shelved Aramco IPO | Reuters
Bruised bankers seek consolation prizes after shelved Aramco IPO | Reuters:
Investment banks which lost out on big payouts for the work on the shelved listing of oil giant Aramco are lining up for a raft of other projects as Saudi Arabia pursues reforms.
Banks including JPMorgan (JPM.N) and Morgan Stanley (MS.N) worked for months to prepare what would have been the biggest ever stock market debut. But the plan to sell 5 percent of the company for a targeted $100 billion was pulled.
The bankers were paid retainer fees but were expecting around $200 million would be shared among all the banks involved when the deal was done.
Investment banks which lost out on big payouts for the work on the shelved listing of oil giant Aramco are lining up for a raft of other projects as Saudi Arabia pursues reforms.
Banks including JPMorgan (JPM.N) and Morgan Stanley (MS.N) worked for months to prepare what would have been the biggest ever stock market debut. But the plan to sell 5 percent of the company for a targeted $100 billion was pulled.
The bankers were paid retainer fees but were expecting around $200 million would be shared among all the banks involved when the deal was done.
Oil Set for Monthly Gain as Specter of Supply Cuts Haunts Market - Bloomberg
Oil Set for Monthly Gain as Specter of Supply Cuts Haunts Market - Bloomberg:
At the end of a turbulent month of trading, oil futures are revealing a potential crude crunch outside the U.S. as well as too much supply stuck in the heart of America.
After prices fell in the first half of August on fears that a U.S.-China trade spat and an emerging market crisis stoked by turmoil in Turkey would dent demand, oil has rebounded in recent weeks. Global benchmark Brent crude is poised for a 4.6 percent gain this month, while the advance in U.S. marker West Texas Intermediate is smaller at 2.3 percent.
The bigger jump in London futures has taken their premium over those in New York to the biggest since June, and reflects growing concerns that impending U.S. sanctions on Iran will curb the OPEC member’s exports and create a supply gap that other producers may struggle to fill. Meanwhile, in America, booming output inland is increasingly finding it difficult to reach refineries on the coast and export terminals because of a lack of pipelines.
At the end of a turbulent month of trading, oil futures are revealing a potential crude crunch outside the U.S. as well as too much supply stuck in the heart of America.
After prices fell in the first half of August on fears that a U.S.-China trade spat and an emerging market crisis stoked by turmoil in Turkey would dent demand, oil has rebounded in recent weeks. Global benchmark Brent crude is poised for a 4.6 percent gain this month, while the advance in U.S. marker West Texas Intermediate is smaller at 2.3 percent.
The bigger jump in London futures has taken their premium over those in New York to the biggest since June, and reflects growing concerns that impending U.S. sanctions on Iran will curb the OPEC member’s exports and create a supply gap that other producers may struggle to fill. Meanwhile, in America, booming output inland is increasingly finding it difficult to reach refineries on the coast and export terminals because of a lack of pipelines.
Oil slips as trade war worries outweigh Iran sanctions | Reuters
Oil slips as trade war worries outweigh Iran sanctions | Reuters:
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.
Benchmark Brent crude oil LCOc1 was down 40 cents a barrel at $77.37 by 0840 GMT. U.S. light crude CLc1 was 30 cents lower at $69.95.
U.S. President Donald Trump threatened in an interview with Bloomberg News on Thursday to withdraw from the World Trade Organization, his latest salvo in a deepening dispute between the United States and its major trading partners.
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.
Benchmark Brent crude oil LCOc1 was down 40 cents a barrel at $77.37 by 0840 GMT. U.S. light crude CLc1 was 30 cents lower at $69.95.
U.S. President Donald Trump threatened in an interview with Bloomberg News on Thursday to withdraw from the World Trade Organization, his latest salvo in a deepening dispute between the United States and its major trading partners.
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