Markets News Oil 

Venezuela’s impact on oil markets could be far worse than expected, RBC’s Helima Croft says

“Oil traders expecting steep production losses from one of the world’s largest producers are likely to be underestimating the severity of the country’s crisis, according to analysts at RBC Capital Markets” writes Carlos Garcia Rawlins for cnbc.com. In a research note published Monday, analysts at the global investment bank said while oil production in Venezuela is poised to “plunge” in 2018, the extent of its losses could be far worse than investors were anticipating.”Given the severity of the crisis, we think market participants would be unwise to assume that Venezuelan…

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News Oil Reviews 

Oil Daily Review December 18, 2017

Oil Daily Review for December 18, 2017 Crude Oil Price News: Slew of Bearish Data Fails To Reverse Price In light of recent bad news in the crude oil market failing to significantly reverse the trend, oil traders are holding onto their optimistic views.   The world’s largest oil and gas companies are getting greener after fighting with shareholders for months Shareholder groups have been pushing oil-and-gas giants to disclose the risks climate change posed to their business. Now, it’s finally happening.   Oil prices settle higher, but post third…

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News Oil 

Oil gains as Forties outage, Nigeria strike threaten supply

“Oil rose on Monday, supported by a North Sea pipeline outage and a Nigerian oil worker strike” reports foxbusiness.com. While a fall in the number of U.S. rigs drilling for oil also underpinned prices, growth in U.S. crude output cast a shadow over the market.The strike by Nigerian oil workers created concerns over exports from Africa’s largest crude producer. Source: foxbusiness.com Share This:

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News Oil 

Crude oil rises to 1-week high on signs of slower U.S. drilling activity

“A drop in rigs implies a slowdown in drilling activity, which is usually boost oil prices” writes Markets Reporter for marketwatch.com. Brent oil for February LCOG8, +0.24%  added 53 cents, or 0.8%, to $63.76.The optimism for the U.S. benchmark came after Baker Hughes BHGE, -1.08%  reported that the number of active U.S. rigs drilling for oil was down 4 at 747 last week, breaking a three-week string of rising rig numbers.West Texas Intermediate crude oil for January CLF8, +0.44%  rose 39 cents, or 0.7%, to $57.69 a barrel, setting the…

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News Oil 

Oil rises on North Sea pipeline outage, lower U.S. rig count

“North Sea operator Ineos declared force majeure on all oil and gas shipments through its Forties pipeline system last week after cracks were found” reports foxbusiness.com. Traders said the slightly higher prices came on the back of the North Sea Forties pipeline system outage, which provides crude that underpins the Brent benchmark, as well as indicators that U.S. oil production growth may be slowing.Brent crude futures , the international benchmark for oil prices, were at $63.67 a barrel, up 44 cents, or 0.7 percent, from their last close.”The force majeure…

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Markets News Oil 

Asian markets mostly higher on upbeat Japan trade data

“ENERGY: Benchmark U.S. crude added 7 cents to $57.37 a barrel in electronic trading on the New York Mercantile Exchange” writes The Associated Press for seattletimes.com. TOKYO (AP) — Share prices were mostly higher in Asia on Monday, lifted by robust trade data from Japan that suggest a sustained recovery in demand in China and other major markets.KEEPING SCORE: Japan’s Nikkei 225 index jumped 1.4 percent to 22,857.22, while the Hang Seng in Hong Kong added 0.4 percent to 28,966.52.The Nasdaq added 1.2 percent to 6,936.58 while the Russell 2000…

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News Oil 

Business owner, Idaho town clash over pot extract’s legality

“Advocates have since promised to renew the CBD oil legalization fight during the 2018 session” writes The Associated Press for seattletimes.com. Idaho lawmakers passed legislation in 2015 that would have allowed children with severe forms of epilepsy to use CBD oil.The city also wants Larsen to present an affidavit from an expert promising Larsen’s products are legal to sell in Idaho.In a phone interview Thursday, Boise-based attorney Joe Filicetti pointed to a CBD oil store that opened in Sandpoint, about eight hours north of Garden City, in 2016. Source: seattletimes.com Share…

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News Oil 

Iran’s oil output up 20,000 bpd in Q3: EIA

“TEHRAN- Iran produced 3.83 million barrels per day (bpd) of oil during the third quarter of 2017, with a 20,000 bpd increase from 3.81 million bpd in its previous quarter, according to the latest statistics released by U.S. Energy Information Administration (EIA)” reports tehrantimes.com. In its report titled Short-Term Energy Outlook (STEO) released on December 12, EIA also put Iran’s oil output at 3.8 million bpd in the first quarter of 2017.The country’s oil production in this year’s third quarter also shows increase compared to 3.67 million bpd in the…

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News Oil 

Oil executives are panicking over the threat of electric cars

“Refiners and oil executives are beginning to look at the threat that electric cars pose to the future of diesel and gasoline as the vehicles gain staying power” writes John Siciliano for businessinsider.com. Electric cars are one way to get to that goal by relying on electricity instead of oil for fuel.He believes that most news outlets miss the significance of the electric car on refiners and oil producers.While the oil giant expects fuel-efficiency regulations and the growth of electric cars to push down oil demand significantly by 2035, BP…

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