News Oil 

Oil prices cut their losses ahead of U.S. supply data

“Concerns over growing U.S. shale-oil production weighed on the market, but prices found some support from the latest U.S. crude-supply forecasts” writes Markets Commodities Reporter for marketwatch.com. Analysts expect Wednesday’s Energy Information Administration report to show a seventh-straight weekly decline for U.S. crude inventories. September West Texas Intermediate crude CLU7, +0.06% fell 4 cents, or less than 0.1%, to settle at $47.55 a barrel on the New York Mercantile Exchange. Source: marketwatch.com Share This:

Read More
News Oil 

Oil at 3-week low, pressured by growth in U.S. shale output

“Analysts polled by S&P Global Platts expect the EIA report to show that crude supplies fell 3.6 million barrels last week” writes Markets Commodities Reporter for marketwatch.com. Brent oil for October LCOV7, -0.49%  was down 45 cents, or 0.9%, to $50.28 a barrel on ICE Futures Europe.Crude-oil prices extended their declines to a second-straight session Tuesday, holding ground at their lowest level in three weeks, after data showed that crude output from key U.S. shale regions is likely to continue to grow.They also expect to see declines of 400,000 barrels…

Read More
News Oil Stocks 

Transocean’s stock hits all-time low after $3.4 billion deal to buy Norway’s Songa Offshore

“Volume reached 25.4 million shares, already well above the full-day average of 16.2 million shares” writes Reporter Editor for marketwatch.com. Under terms of the deal, Songa Offshore shareholders will receive consideration comprised of 50% newly issued Transocean common shares and 50% in bonds convertible into common shares.RBC Capital analyst Kurt Hallead expects Transocean to issue 128.2 million shares, including convertibles, to raise the total share count, or dilute current shareholders, by 32% to 524.7 million shares.Songa shares rocketed 29% to a 17-month high.RIG, -5.60% tumbled 6.3% in active midday trade…

Read More
News Oil Reviews 

Oil Daily Review August 15, 2017

Oil Daily Review for August 15, 2017 Crude Oil Price Forecast: Turning Lower From Key Resistance At $50/bbl Crude Oil continues to trade within a five-month falling channel with resistance near $50. A return to the bottom of the channel would bring another   Gold Prices Recoil Shy of $1,296: Double Top Breakout in Store? Gold prices caught a major bid after Trump’s Fire and Fury Tweet. Bulls have yet been unable to take out the double-top around $1,296; but   Oil prices settle at lowest level in three weeks…

Read More
News Oil 

Oil trading ‘god’ Andy Hall says he’s met his match in robots

“Astenbeck Capital Management founder Andy Hall is so highly regarded in the oil trading business that he earned the nickname “god.”” writes Amanda Gordon for cnbc.com. “Algorithmic trading systems have increasingly come to dominate,” Hall wrote.But Hall has admitted that the value of his analysis has diminished in an age of automated trading.”Investing in oil under current market conditions using an approach based primarily on fundamentals has therefore become increasingly challenging. Source: cnbc.com Share This:

Read More
News Oil 

Colombia’s Ecopetrol announces shift to shale oil amid Mike Pence visit

“The largest shale oil reserves are believed to be within the country’s Middle Magdalena Valley basin” writes John Siciliano for washingtonexaminer.com. He said shale production will drive the company’s strategic focus over the next decade to boost its reserves.Fracking and shale oil and natural gas have made the U.S. one of the top producers of fossil fuels in the world in less than a decade.Colombia’s national oil company said Monday that it will begin ramping up shale oil production in the country, as Vice President Mike Pence visited the country…

Read More
News Oil 

Oil prices settle at lowest level in three weeks

“Oil prices settled Monday at their lowest level in three weeks, pressured by concerns over growing production from OPEC members and U.S. shale-oil producers” writes Markets Commodities Reporter for marketwatch.com. Separate reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency last week showed a monthly rise in crude output from OPEC members.A report issued Monday from the Energy Information Administration also revealed expectations for a 117,000-barrel rise in next month’s U.S. shale-oil production. September West Texas Intermediate crude CLU7, -2.60% fell $1.23, or 2.5%, to…

Read More
Markets News Oil 

Clarkson sees break in storm that has lashed shipping sector for years

“Shipbroker Clarkson is beginning to see a break in the storm that has been battering the shipping industry for years” writes Alan Tovey for telegraph.co.uk. The FTSE 250 company posted a rise in revenue and profits in the six months to June 30, and chief executive Andi Case said there were at last early signs that the market could be improving. “Between 85pc and 95pc of all goods travel by sea but the market has suffered from a fundamental oversupply of ships for years,” said Mr Case.The industry has been…

Read More
News Oil Reviews 

Oil Daily Review August 14, 2017

Oil Daily Review for August 14, 2017 Crude Oil Fails To Hold Above $50 Despite Fundamental Support Crude Oil fell back to earth this week, but there remain positive developments such as record gasoline demand and falling supplies.   Oil gains for the day, falls for the week; natural gas tallies weekly rise of 7.5% Oil rose Friday, as a modest rise in the U.S. oil-rig count from Baker Hughes BHGE, -1.18% fueled expectations that drilling activity has stabilized.   Baker Hughes data show a rise in the weekly U.S….

Read More