Markets
Oil prices are likely to collapse later this year, Barclays forecasts
Geopolitical tensions will keep oil prices elevated heading into the summer driving season, but the energy market could be on track for a tumble in the second half of the year, according to Barclays’ head of energy commodities research. Benchmark oil futures hit more than three-year highs last week. Those gains were underpinned by strong demand for petroleum products and a steady drop in global crude stockpiles, but escalating conflicts in the Middle East have boosted the oil market in recent weeks. Both the Brent and U.S. crude benchmarks posted their biggest weekly gains since July last week in the lead-up to a missile strike on Syria by the United States, France and the U.K. on Friday in retaliation for a suspected chemical attack. The Syria conflict, which puts Western powers at ...
Kuwait: OPEC May Discuss Extending Oil Cut Deal In June
OPEC will keep its oil production cuts in place through the end of 2018 and will discuss a further extension at the June ministerial meeting in Vienna […] Read Full Article Here: https://oilprice.com/Latest-Energy-News/World-News/Kuwait-OPEC-May-Discuss-Extending-Oil-Cut-Deal-In-June.html
Oil prices could rally to $100 a barrel if Middle East tensions ‘really kick off,’ analyst says
Oil prices could soon skyrocket to more than $100 a barrel amid escalating tensions in the Middle East, one oil analyst told CNBC Friday. Crude futures surged to highs not seen since December 2014 earlier in the week, underpinned by greater geopolitical uncertainty in Syria and elevated concerns over the prospect of imminent military action by Western powers. “I don’t think its unfeasible to see triple-digit oil prices at some point this year if things really kick off in the Middle East,” Anish Kapadia, founder and managing director of Akap Energy, told CNBC’s “Street Signs” on Friday. Read Full Article Here: https://www.cnbc.com/2018/04/13/oil-prices-could-rally-to-100-a-barrel-if-middle-east-tensions-really-kick-off-analyst-says.html
Oil prices jump to three-year high after Trump warns Russia missiles ‘will be coming’ in Syria
Oil prices hit new 2018 highs as missile strikes on top crude exporter Saudi Arabia added to the market’s worries about escalating conflict between the United States and Russia in Syria. Brent, the benchmark for international oil prices, earlier climbed to its highest level in more than three years after President Donald Trump earlier warned Russia to “Get ready” for a U.S. missile attack on Syria, whose government Moscow has backed during its seven-year civil war. The threat came after the Russian ambassador to Lebanon said his nation’s military would intercept American missiles and potentially target the U.S. craft that fired them. The potential American strike follows a suspected chemical attack on the rebel-held city of Douma, allegedly by forces loyal to Syrian Pre...
China’s Sinopec is reportedly planning to cut Saudi oil imports due to price rises
China’s Sinopec plans to cut Saudi crude oil imports loading in May by 40 percent, an official from the company’s trading arm Unipec said. Read Full Article Here: https://www.cnbc.com/2018/04/10/sinopec-to-cut-saudi-crude-imports-for-may-in-response-to-high-osps.html
Despite Oil Rebound – Devon Energy Laying Off 9 Percent of Staff.
Despite the recent oil and gas industry rebound, on Tuesday Devon Energy Corp said it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline operations and boost the shale oil producer’s sagging returns and stock price, as reported by Reuters. Devon shared in a statement to Reuters that the cuts will be let go in “in the weeks ahead,” and that it will affect all areas of the companies operations, not just corporate staff, or field staff. With the goal of boosting their stock price and revenue, the company saw immediate support from the street with a 7 percent bounce in stock price. Devon told Reuters it expects the cuts to help save $150 million to $200 million by 2020. “The company must continue to sharpen its focus on core operations, increa...
Brent crude prices jump to the highest since 2014 on rising Middle East tensions
West Texas Intermediate crude futures settled at two-week highs while Brent crude futures hit their highest levels since 2014 as Wall Street grew increasingly concerned over possible military actions in the Middle East. Brent crude futures rose $2.56 to $71.21 a barrel, a 3.7 percent gain, by 3:12 p.m. EDT. U.S. West Texas Intermediate (WTI) crude futures rose $2.09 to settle at $65.51 a barrel, a 3.3 percent gain. Geopolitical concerns elevated crude prices on Tuesday after President Donald Trump canceled his scheduled trip to multiple South American countries to focus on the U.S. response to developments in Syria. The president met with military officials in the White House Monday to discuss the administration’s response to an alleged chemical weapons attack carried out by Syrian P...
China’s list of tariffs takes aim at US chemicals and plastics sectors
China’s list of more than 100 American products under threat of tariffs targets the U.S. chemicals and plastics sectors at a time when parts of the industry are investing heavily in new production. About 40 percent of the goods on the list are plastics, petrochemicals, petroleum products and specialty chemicals. To be sure, the proposed tariffs amount to a response to President Donald Trump’s threat to slap taxes on 1,300 Chinese goods and may never come to fruition. But analysts say the prospect of a trade war increases uncertainty about demand in a major foreign market for American companies that are planning to invest billions of dollars at home in large-scale chemicals projects. […] Read Full Article Here: https://www.cnbc.com/2018/04/04/chinas-tariffs-take-aim-at-us-...
Oil prices struggle to retain gains amid trade war fears and profit-taking
Oil prices inched up as rising Russian output and expectations of a reduction in Saudi Arabian crude prices were offset by a potential slowdown in U.S. production. Read Full Article Here: https://www.cnbc.com/2018/04/02/oil-markets-rising-russian-output-weighs.html
Saudi Arabia and Iran’s ‘intensifying’ feud could soon end OPEC-led supply cuts, strategist says
Elevated geopolitical tension between Saudi Arabia and Iran could soon threaten the unity of an OPEC-led pact to keep oil prices in check, according to one commodity strategist. “Saudi Arabia-Iran tensions appear to be intensifying. While this provides a geopolitical premium in oil for now, it could develop cracks in OPEC’s unity, which could end the pact prematurely,” Nitesh Shah, commodities strategist at ETF Securities, said in a research note Tuesday. Saudi Arabia and Russia have led an ongoing effort by OPEC and other allied oil producers outside the cartel to try to clear a global supply overhang. The output cuts, expected to remain in place until at least the end of 2018, have helped to lift crude prices over the past 12 months. […] Read Full Article Here: https://www.cnbc.com/2018/...
Crude Rebounds as OPEC Hints at Longer Oil Output Cuts
Oil climbed as top crude-exporting countries suggest they may extend output curbs beyond this year, adding momentum to a monthly rebound. Read Full Article Here: https://www.bloomberg.com/news/articles/2018-03-29/oil-rebounds-as-iraq-says-some-in-opec-suggested-prolonging-deal
Oil prices rise as geopolitical tensions offset surging US crude output
Oil prices rose on Tuesday, supported by concerns that tensions in the Middle East could lead to supply disruptions. Read Full Article Here: https://www.cnbc.com/2018/03/26/oil-markets-middle-east-tension-global-market-recovery-in-focus.html