News
Industry groups call for expansion of offshore lease sales as DOI plans to limit access
Industry groups reacted to the Department of Interior’s release of its five-year offshore drilling plan that seeks to block new offshore drilling in the Atlantic and Pacific oceans, saying it would be an overall disadvantage to America and its energy security. The...
Crude Oil Forecast: API Data Eyed as Energy Traders Fly at Night Amid EIA Debacle
CRUDE OIL, WTI, ECONOMY, PBOC, API INVENTORY DATA - TALKING POINTS Crude oil rises as economic signals support further growth US API inventory data critical to prices amid EIA data blackout 23.6% Fibonacci and the 20-day SMA offer potential resistance Crude oil prices...
Industry groups call refiners’ meeting with energy secretary ‘constructive’
(WO) — Major U.S. oil refiners met with U.S. Energy Secretary Jennifer Granholm on Thursday to discuss rising energy costs and energy security. The American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers (AFPM) called the meeting “a...
OPEC expects oil demand growth to slow significantly next year
(Bloomberg) — OPEC expects the pace of oil demand growth to halve next year as inflation and conflict grip the global economy. World oil consumption will expand by 1.8 million barrels a day, down from the 3.4 million a day anticipated this year, the group’s...
Saudi Arabia Tucks Away Billions in Oil Money for Next Year
Saudi Arabia will hold billions of dollars from its oil windfall in a government current account until the end of the year, when it will decide how to distribute it -- marking a shift in its strategy from previous boom periods. In the past, higher oil prices and...
‘Green Nobel’ winner warns oil majors may abandon Nigeria on pollution cleanup
(Bloomberg) — A Nigerian lawyer awarded a top prize for grassroots environmental activism has warned that international oil companies divesting from the West African country will abandon their obligations to compensate and clean up communities polluted by decades of...
OEUK: A windfall tax risks reducing the UK’s energy security
Billions of pounds of investments aimed at building the UK’s net zero energy infrastructure could be diverted to other countries if politicians keep threatening to impose windfall taxes, the chief executive of Offshore Energies UK (OEUK) will warn on Tuesday, May 24....
Permian producer Centennial to buy Colgate for $2.5 billion
(Bloomberg) — Centennial Resource Development Inc., a shale oil producer in the Permian Basin, agreed to acquire private equity-backed rival Colgate Energy in a cash-and-stock deal valued at about $2.5 billion. The deal creates “the largest pure-play E&P company”...
Russian Oil Producers Start Using Tankers the World Didn’t Want
Fleet had been under employed following invasion of Ukraine Sovcomflot sold vessels, may lift use of remaining tankers Russian oil producers are starting to book up an increasing number of tankers owned by the nation’s state tanker company, boosting demand for a fleet...
New Oil Traders Fill Void as Top Names Abandon Moscow Ties
Signs of increased purchasing by Chinese teapot refineries Moscow-linked Litasco becoming a more prominent trader With the world’s largest oil traders scaling back Russian crude exports, the market is trying to figure out who is going to fill the void. The answers...
Middle East Bunkering Convention 2022 • DUBAI
Now in its seventh year, the Middle East Bunkering Convention returns to Dubai in March 2022, providing a key forum for lively and informed discussion about the state of play for the bunker industry and wider shipping markets as global trade adjusts to the constraints...
Crude Oil Price Rally to Persist as Long as RSI Holds in Overbought Zone
CRUDE OIL PRICE TALKING POINTS The price of oil trades at its highest level since 2008 as it hits a fresh yearly high ($116.57), and the bullish momentum underlying crude looks poised to persist as long as the Relative Strength Index (RSI) holds in overbought...