News Oil 

Russian ex-minister accuses Putin lieutenant of framing him

“The case is politically charged because Sechin represents a powerful faction in the Kremlin who favour greater state control over the economy” writes Andrey Rudakov for cnbc.com. A spokesman for Rosneft, the state oil company headed by Sechin, said on Wednesday there was exhaustive evidence to show that Ulyukayev had taken a bribe.The accusation against Igor Sechin, head of Russia’s biggest oil company, thrust into the open simmering tensions between rival Kremlin clans – a spectacle rarely seen in public in the 17 years since Putin first became president. Source: cnbc.com…

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News Oil 

Former Russian minister accuses head of country’s state oil giant of framing him

“Alexei Ulyukayev, the former economic development minister who lost his position after being arrested in a security agency sting in November, has accused the head of Russia’s state oil giant of framing him” writes Annabel Venning for telegraph.co.uk. Looking gaunt but determined at the opening of his trial, Mr Ulyukayev, the first sitting minister to be detained by police since Soviet times, denied charges he had taken a $2 million (£1.6 million) bribe to back Rosneft’s purchase of oil company Bashneft.In his first comments since his arrest, Mr Ulukayev claimed…

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News Oil Reviews 

Oil Daily Review August 16, 2017

Oil Daily Review for August 16, 2017 Oil prices cut their losses ahead of U.S. supply data Oil prices finished a few cents lower Tuesday, giving up the bulk of their earlier losses. Concerns over growing U.S. shale-oil production weighed on   WTI Crude Oil and Natural Gas Forecast August 16, 2017 The WTI Crude Oil market initially fell on Tuesday again, but found enough support underneath the $47 level to turn around and form a hammer. This makes a si…   Oil climbs as sources say API data show…

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News Oil 

Superior dividends and great valuations: why investors should consider oil stocks

“Wittmann added that these oil companies offer superior dividend yields at great valuations and adds that the sector is attractive right now” writes Mohd Jailanee Othman for cnbc.com. While the global oversupply of oil continues to weigh on crude prices and suppressed stock prices for oil companies, the sector offers attractive value to investors, experts argue.Crude oil prices are stuck in the range of $45 to $60 a barrel, according to Wittmann, but he thinks there is great value in the stocks of the super major oil companies.”The sector has…

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News Oil 

Fog lifting for Maersk as CEO gives upbeat shipping forecast

“Skou announced plans last September for Maersk to focus on transport, while seeking alliances or a separate listing for its energy division, which includes Maersk Oil” writes unknown author for cnbc.com. Maersk has been hit by low oil prices at its energy arm and sliding prices in its shipping business in recent years due to lackluster global trade and a glut of available ships for hire. Source: cnbc.com Share This:

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Futures News Oil 

Oil prices rise on hopes for another big drop in U.S. inventories

“Oil futures rose Wednesday after an industry-group report said U.S. crude inventories logged another big drop last week” writes Biman Mukherji for marketwatch.com. On the New York Mercantile Exchange, light sweet crude futures for delivery in Septembe r CLU7, +0.55%  was recently up 0.4% at $47.74 a barrel in the Globex electronic session.The survey also showed expectations for declines of 400,000 barrels for gasoline stockpiles and 700,000 barrels for distillates, which include heating oil.October Brent crude LCOV7, +0.65%   on London’s ICE Futures rose 0.5% to $51.06. Source: marketwatch.com Share This:

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Energy Department to sell 14 million barrels from Strategic Petroleum Reserve

“The Cures Act requires the Energy Department to sell 25 million barrels of crude oil over three consecutive years” writes Josh Siegel for washingtonexaminer.com. The Department of Energy plans to sell 14 million barrels of the nation’s 40-year-old crude oil reserve this month as a way to bring in revenue to the Treasury.Under the Bipartisan Budget Act of 2015, the Energy Department is directed to sell a total of 58 million barrels of crude oil from the reserve fund, over eight consecutive years. Source: washingtonexaminer.com Share This:

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New Trump executive order will hasten oil and gas pipeline permits: Industry officials

“The oil and gas industry ships 99.9 percent of all its raw and refined products through pipelines, Gerard said” writes John Siciliano for washingtonexaminer.com. President Trump is expected to sign an executive order Tuesday afternoon that the oil and gas industry sees as essential to speeding up pipeline reviews and permitting, in addition to other energy infrastructure projects, according to senior representatives of the oil and gas industry and unions.He said the oil industry has faced circumstances when it is waiting for permits for nearly a decade with no way…

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News Oil 

Lack Of Supply Could Be Oil’s Next Big Catalyst

“But the tightening of the oil market is still proceeding, and there are some signs that the more pessimistic projections about oil prices could be overblown” reports etfdailynews.com. Nobody knows what the immediate future holds for imploding South American country, but the direction of the country’s oil production is clearly negative.Niger Delta communities have long been incensed that they see little benefit to the region’s crude oil production, a situation that shows no sign of changing.Chevron, Total and Repsol have begun to reduce their number of workers in Venezuela, although…

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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:

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