News Oil 

A judge threw out another climate suit against Big Oil. But the real battles lie ahead.

“This would challenge Keenan’s ruling, which said that greenhouse gases affect every inch of the globe, so federal politicians must deal climate change damages” writes Mark Kaufman for mashable.com. Federal judges, in fact, might decide that climate change is even better suited to state courts.The second is if climate damages fall under the purview of federal laws that already exist, like the decades-old Clean Air Act. Source: mashable.com Share This:

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Germany asks India to resist U.S. pressure, continue buying oil from Iran

“In a direct rebuke to the United States, Germany has urged India not to buckle under the U.S. pressure and continue buying oil from Iran” reports tehrantimes.com. Among Iran’s three biggest buyers of oil who account for about half of Iran’s oil exports  – China, India, and Turkey – India seemed to have come under the U.S. pressure.Narendra Taneja, a leading energy expert, said Indian companies should continue to import oil from Iran. “Buying oil is a commercial activity and Indian oil importers should continue to import from Iran if…

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Futures Markets News Oil 

Oil prices trade mixed, contracts remain on track for a third weekly decline in a row

“Oil futures saw mixed trading Friday, finding some support as Saudi Arabia expects to reduce exports in August, easing some concerns of coming oversupply in the market” writes Saefong William Watts for marketwatch.com. The global benchmark, September Brent crude LCOU8, +0.22%  traded at $72.80 a barrel, up 22 cents, or 0.3%, on ICE Futures Europe.Traders also look to the release of weekly U.S. oil rig data from oil-field services firm Baker Hughes BHGE, -0.16%  due at 1 p.m.Prices, however, remained on track for a third-straight weekly decline on renewed trade-war…

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News Oil 

Trump’s friends, Russia and China, delay US bid to cut off oil exports to North Korea

“According to the Security Council North Korea sanctions committee website, only Russia and China have reported legitimate sales of some 14,000 tons of refined petroleum to North Korea in 2018” writes Angela Charlton for businessinsider.com. In March the council blacklisted dozens of ships and shipping companies over oil and coal smuggling by North Korea. Source: businessinsider.com Share This:

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News Oil Reviews 

Oil Daily Review July 20, 2018

Oil Daily Review for July 20, 2018 USD/CAD advances to 3-week highs above 1.3270 as oil rally loses steam The USD/CAD pair came under a modest pressure in the early NA session and erased a small part of its daily gains as rising crude oil prices helped the   U.S. oil futures mark third straight session climb U.S. oil prices climbed Thursday, buoyed by reported comments from Saudi Arabia’s governor to the Organization of the Petroleum Exporting Countries, w   WTI Crude Oil and Natural Gas Forecast July 20, 2018…

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Futures Markets News Oil 

Oil lower on renewed trade-war fears

“Oil futures traded lower Friday, on track for a third straight weekly decline, on renewed trade-war fears after President Donald Trump said he was ready to impose tariffs on all $505 billion worth of Chinese imports” writes Deputy Markets Editor for marketwatch.com. Traders on Friday will be looking ahead to the release of weekly oil rig data from oil-field services firm Baker Hughes.The global benchmark, September Brent crude LCOU8, +0.10%  was flat at $72.58 a barrel, on the ICE Europe exchange.West Texas Intermediate crude for September delivery CLU8, -0.09% the…

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Markets News Oil 

Oil prices look poised to weaken — but the market is still vulnerable to shocks

“Trade war concerns do seem to have pulled out a lot of macro money from the oil market, along with the broader risk-off approach across the commodities complex” writes Warren Patterson for businessinsider.com. These disruptions saw Libyan oil supply fall from 962Mbbls/d in May to 527Mbbls/d in early July.It seems that the key for Iran will be trying to convince Asian buyers to purchase more Iranian crude oil. Source: businessinsider.com Share This:

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Markets News Oil 

Oil prices rise as concerns about oversupply ease

“He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are “without basis”” writes Nick Oxford for cnbc.com. Saudi Arabia moved on Thursday to allay fears of oversupply.Brent oil rose 22 cents, or 0.3 percent, to $72.80 by 0034 GMT, after falling 32 cents on Thursday.Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions stoked fears of damage to economies and commodities. Source: cnbc.com Share This:

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Futures News Oil 

Houston has overtaken Cushing as the US’s most important oil hub

“Oil gushing from Texas and exported through the Gulf Coast has put a premium on oil in Houston, as opposed to oil located inland” writes Oilprice Com for businessinsider.com. Scott Olson/Getty Houston is emerging as one of the great oil hubs in the world, and pretty soon it will be outfitted with an oil futures contract, which could cement its position.The ICE Permian WTI futures contract will provide price discovery, settlement and delivery at Magellan Midstream Partners, L.P.’s terminal in East Houston, ICE said.But the explosion of production from the…

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News Oil 

The world’s biggest oil trader is setting up a renewable energy fund

“Vitol has committed the initial investment, and investment opportunities may be offered to third parties, the oil trader and Low Carbon said” writes Oilprice Com for businessinsider.com. We firmly believe it is possible to provide all the energy we need through renewable sources, and this fund will help us further our ambition.”. Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego Reuters/Mike Blake The world’s biggest oil trader, Vitol, is setting up in partnership with Low Carbon a renewables…

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