News Oil 

U.S. oil settles higher, carves out nearly 3 1/2-month peak as China tariff talks progress

“On Friday, for example, Baker Hughes BHGE, +0.00% weekly rig-count data showed the rigs drilling for oil edged back by four to 853” writes Mark Decambre for marketwatch.com. China is a big importer of oil and its tiff on tariffs with Washington has been a drag on the commodity until recent signs of progress on talks emerged.News reports said President Donald Trump would meet with China’s top trade negotiator, Vice Premier Liu He, which has underscored optimism that a deal between China and the U.S. will strike a trade deal…

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News Oil 

Exxon, Microsoft strike cloud computing agreement for U.S. shale

“Exxon has pledged to increase its Permian Basin production to 600,000 barrels of oil equivalent per day (boepd) by 2025” reports businessinsider.com. But the partnership is the industry’s largest in cloud computing, Exxon said in a statement.The company’s fourth-quarter Permian production was 300,000 barrels of oil and gas per day, up 93 percent from a year ago. In January at the Consumer Electronics Show in Las Vegas, Exxon announced an agreement with International Business Machines Corp to explore the potential for quantum computing in energy and manufacturing.The technology would allow…

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News Oil 

The U.S. is on a solid trajectory to retain the title of the world’s largest oil producer well into next year’s presidential election season, the Energy Department said on Thursday.

“Gulf oil production is projected to increase to an average of 2.3 million barrels per day in 2020” reports washingtonexaminer.com. The U.S. is on a solid trajectory to retain the title of the world’s largest oil producer well into next year’s presidential election season, the Energy Department said on Thursday.But significant offshore oil production is also expected to come online in the Gulf of Mexico.The gains in oil production will come primarily from the oil drilling taking place in the Permian shale region of Texas and New Mexico, according to…

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News Oil 

How Trump’s crackdown on Venezuela could start to bite at home

“More than half of US refinery capacity is “complex,” meaning it requires at least some heavy crude oil to operate properly” writes The Conversation for businessinsider.com. Even before the sanctions against Petróleos de Venezuela, the state-owned company known as PDVSA, its crude production was rapidly declining.They can compete, however, because they use crude from sources like Venezuela that costs less than most crude oil. Source: businessinsider.com

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Oil ends lower as U.S. crude supplies show 5th straight weekly rise

“Oil prices for both benchmarks on Wednesday had marked their highest settlements since November on signs of tighter global crude inventories” writes Markets Commodities Reporter for marketwatch.com. Read: Is there a ‘Saudi put’ on oil prices?. Here’s one analyst’s argument The Energy Information Administration on Thursday reported that domestic crude supplies rose a fifth straight week, up 3.7 million barrels for the week ended Feb. 15.Read: Here’s why the U.S. oil market has little to fear from Venezuela turmoil Providing critical information for the U.S. trading day.Taking a look at…

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News Oil 

U.S. oil benchmark under pressure as domestic crude show 5th straight weekly rise

“They also forecast supply declines of 1.1 million barrels for gasoline and 1.4 million barrels for distillates, which include heating oil” writes Rachel Koning Beals for marketwatch.com. Read: Is there a ‘Saudi put’ on oil prices?. March WTI crude oil US:CLH9  which expired Wednesday closed up 83 cents, or 1.5%, to settle at $56.92 a barrel.The American Petroleum Institute reported late Wednesday a 1.3 million barrel increase in U.S. crude supplies for last week. Source: marketwatch.com

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News Oil Reviews 

Oil Daily Review February 21, 2019

Oil Daily Review for February 21, 2019 Oil And Gas Investors Tell Producers To Focus On Returns, Not Endless Growth Oil and gas groups, facing competition from clean energy and electric vehicles, along with a global campaign to limit the use of plastics and increasing climate targets, are coming under pressure from investors to focus on maximising returns rather than chasing growth in production for its own sake.   Crude Oil Price Climbs on Aramco Refinery Repair, Nigerian Cuts Crude oil ticked higher Wednesday as Nigeria announced they may reduce…

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News Oil 

Exclusive: Nigeria hits oil majors with billions in back taxes

“The central government is simply trying to shift to the IOCs (international oil companies) money it owes.”” reports businessinsider.com. The companies pay the government in the form of royalties and tax as well as providing the state with oil and gas.Norway’s Equinor, which produced around 45,000 barrels per day (bpd) of oil in Nigeria in 2017, confirmed the request.Nigeria uses several types of contract with energy companies including the establishment of joint ventures and production sharing, the two most common partnerships for international oil companies in the country.Oil theft, massive…

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Crypto Futures Markets News Oil 

Major Cryptocurrencies See Green While US Crude Futures Hit New High for 2019

“Total market capitalization of all 2,074 cryptocurrencies on CoinMarketCap is currently around $134.8 billion, up from $121.3 billion a week ago” writes Ana Alexandre for cointelegraph.com. On its weekly chart, BTC saw its lowest price point of around $3,618 on Feb. 15.Wednesday, Feb. 20 —  cryptocurrency markets are turning around for the green after trading sideways at the beginning of the day. Source: cointelegraph.com

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