Oil prices slip in line with bearish equities

Oil fell on Monday, in line with further declines in global stock markets, giving back some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output. International Brent crude oil futures fell 63 cents, or 1 percent, to $61.04 a barrel by 8:20 a.m. Prices rose 3 percent on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day. They could disagree on prices and u


Oil fell on Monday, in line with further declines in global stock markets, giving back some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output. International Brent crude oil futures fell 63 cents, or 1 percent, to $61.04 a barrel by 8:20 a.m. Prices rose 3 percent on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day. They could disagree on prices and u
Oil prices slip in line with bearish equities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, oil, opec, west, cents, equities, prices, slip, line, wanted, inventories, bearish, really, crude, fell, cut


Oil prices slip in line with bearish equities

Oil fell on Monday, in line with further declines in global stock markets, giving back some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output.

International Brent crude oil futures fell 63 cents, or 1 percent, to $61.04 a barrel by 8:20 a.m. ET (1320 GMT), while U.S. West Texas Intermediate crude lost 85 cents, or 1.6 percent, to trade at $51.76 a barrel.

Prices rose 3 percent on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day.

“They had one thing in common — none of them wanted to see inventories rise further. They could disagree on prices and upon the size of the cuts, but to really see inventories moving higher? No one wanted that,” SEB commodities strategist Bjarne Schieldrop said.

“Firstly, we’ll get some (price) stability, even if oil is weighed down by bearish equities. That really took the glow off oil,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, oil, opec, west, cents, equities, prices, slip, line, wanted, inventories, bearish, really, crude, fell, cut


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Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC


Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC
Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close.

International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC’s crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

“Markets…believe the production cut deal will be in range of 1-1.3 million bpd,” ANZ bank said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


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OPEC meeting ends with no decision on production levels

OPEC has reportedly agreed to cut oil production, but the cartel ended its closely-watched meeting on Thursday without specifying how many barrels it would aim to remove from the market. The influential OPEC oil cartel gathered at its headquarters in Vienna, Austria with the aim of reaching an accord over throttling back output. The much-anticipated meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. However, OPEC delayed maki


OPEC has reportedly agreed to cut oil production, but the cartel ended its closely-watched meeting on Thursday without specifying how many barrels it would aim to remove from the market. The influential OPEC oil cartel gathered at its headquarters in Vienna, Austria with the aim of reaching an accord over throttling back output. The much-anticipated meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. However, OPEC delayed maki
OPEC meeting ends with no decision on production levels Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: sam meredith, tom dichristopher
Keywords: news, cnbc, companies, oil, production, levels, reduce, opec, output, opecs, ends, market, decision, meeting, group, russia


OPEC meeting ends with no decision on production levels

OPEC has reportedly agreed to cut oil production, but the cartel ended its closely-watched meeting on Thursday without specifying how many barrels it would aim to remove from the market.

The influential OPEC oil cartel gathered at its headquarters in Vienna, Austria with the aim of reaching an accord over throttling back output. The 15-member organization will hold talks with allied oil-producing nations including Russia on Friday.

The much-anticipated meeting comes at a time when the oil market is near the bottom of its worst price plunge since the 2008 financial crisis. Oil prices have crashed around 30 percent over the last two months, ratcheting up the pressure on budgets in oil-exporting countries.

Yet Russia’s refusal to commit to a production quota and OPEC’s failure to hammer out the details of a deal underscore the divisions within the two-year-old alliance, despite consensus that the group needs to take some form of action to boost the market.

OPEC has agreed in principle to reduce its output, two sources told Reuters on Thursday. However, OPEC delayed making a decision on how deeply it would cut production until after it meets with Russia on Friday. With few details to offer journalists, OPEC canceled a scheduled press conference.

“The fact that they’re saying the debate will continue tomorrow emphasizes the disarray,” said John Kilduff, founding partner at energy hedge fund Again Capital.

Saudi Arabia, OPEC’s largest producer, signaled earlier on Thursday that the group may reduce production less than the market expected.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: sam meredith, tom dichristopher
Keywords: news, cnbc, companies, oil, production, levels, reduce, opec, output, opecs, ends, market, decision, meeting, group, russia


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China plans to buy US crude oil now that Trump and Xi have agreed to hit pause on the trade war

Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G-20 meeting reduced the risk of tariffs being imposed on these imports, sources with knowledge of the matter said. China’s crude oil imports from the United States ground to a halt as a trade war between the two countries escalated this year. “Chinese buyers who want to buy U.S. crude will rush to import the oil during this window,” a senior executive from Asia’s largest refiner Sinop


Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G-20 meeting reduced the risk of tariffs being imposed on these imports, sources with knowledge of the matter said. China’s crude oil imports from the United States ground to a halt as a trade war between the two countries escalated this year. “Chinese buyers who want to buy U.S. crude will rush to import the oil during this window,” a senior executive from Asia’s largest refiner Sinop
China plans to buy US crude oil now that Trump and Xi have agreed to hit pause on the trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: holger gogolin, istock, getty images
Keywords: news, cnbc, companies, plans, executive, xi, hit, unipec, china, sinopec, war, matter, crude, trump, imports, knowledge, import, trade, pause, sources, oil


China plans to buy US crude oil now that Trump and Xi have agreed to hit pause on the trade war

Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G-20 meeting reduced the risk of tariffs being imposed on these imports, sources with knowledge of the matter said.

Three sources with knowledge of the matter said Unipec is looking to import U.S. oil by March 1, when the 90-day negotiating period agreed by the leaders of the world’s two biggest economies comes to an end.

China’s crude oil imports from the United States ground to a halt as a trade war between the two countries escalated this year.

“Chinese buyers who want to buy U.S. crude will rush to import the oil during this window,” a senior executive from Asia’s largest refiner Sinopec said, adding that the oil has to arrive in China before March 1.

“Oil prices are low, so it makes economic sense to store some crude as commercial inventories,” said the executive, who asked not to be named.

Unipec and Sinopec were not immediately available for comment. Unipec is the trading arm of Sinopec.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: holger gogolin, istock, getty images
Keywords: news, cnbc, companies, plans, executive, xi, hit, unipec, china, sinopec, war, matter, crude, trump, imports, knowledge, import, trade, pause, sources, oil


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OPEC meeting: Oil markets fear Trump controls production policy

Oil markets are deeply concerned about the power President Donald Trump has over some of the world’s largest crude producers, energy analysts told CNBC on Wednesday, ahead of a much-anticipated meeting between OPEC and non-OPEC members. But, even with the oil market near the bottom of its worst price plunge since the 2008 financial crisis, few external observers expect the energy alliance to engineer a succinct production quota that satisfies oil traders. “This is the first time I think we have


Oil markets are deeply concerned about the power President Donald Trump has over some of the world’s largest crude producers, energy analysts told CNBC on Wednesday, ahead of a much-anticipated meeting between OPEC and non-OPEC members. But, even with the oil market near the bottom of its worst price plunge since the 2008 financial crisis, few external observers expect the energy alliance to engineer a succinct production quota that satisfies oil traders. “This is the first time I think we have
OPEC meeting: Oil markets fear Trump controls production policy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: sam meredith, ludovic marin, afp, getty images
Keywords: news, cnbc, companies, told, production, fear, policy, controls, energy, sen, markets, oil, think, market, opec, going, trump, meeting


OPEC meeting: Oil markets fear Trump controls production policy

Oil markets are deeply concerned about the power President Donald Trump has over some of the world’s largest crude producers, energy analysts told CNBC on Wednesday, ahead of a much-anticipated meeting between OPEC and non-OPEC members.

The influential oil cartel and its allied partners are gathering in Vienna, Austria, this week, with the aim of reaching an accord to deliver a fresh round of supply cuts.

But, even with the oil market near the bottom of its worst price plunge since the 2008 financial crisis, few external observers expect the energy alliance to engineer a succinct production quota that satisfies oil traders.

“This is the first time I think we have come into an OPEC meeting that is so political. We literally don’t know how they are going to message this,” Amrita Sen, chief oil analyst at Energy Aspects, told CNBC’s Hadley Gamble in Vienna.

“Given how fragile the market is, the market’s biggest fear is that it doesn’t matter whether OPEC understands fundamentals, it is Trump that is controlling OPEC policy.”

“And if they are unable to communicate what they are going to do very clearly — which I think there is a big risk that they can’t — the market is going to sell-off because their biggest fears are going to get confirmed,” Sen said.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: sam meredith, ludovic marin, afp, getty images
Keywords: news, cnbc, companies, told, production, fear, policy, controls, energy, sen, markets, oil, think, market, opec, going, trump, meeting


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Trump says he hopes OPEC will be keeping oil flows ‘as is’

President Donald Trump urged OPEC to continue pumping oil at current high levels on Wednesday, one day before the group of petroleum exporting nations is expected to agree to cut output. “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Throughout the year, Trump has publicly blamed OPEC for rising oil prices and ordered the group to take measures to reduce the cost of crude. The group is trying to prevent a repeat of 20


President Donald Trump urged OPEC to continue pumping oil at current high levels on Wednesday, one day before the group of petroleum exporting nations is expected to agree to cut output. “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Throughout the year, Trump has publicly blamed OPEC for rising oil prices and ordered the group to take measures to reduce the cost of crude. The group is trying to prevent a repeat of 20
Trump says he hopes OPEC will be keeping oil flows ‘as is’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: tom dichristopher, omar marques, lightrocket, getty images
Keywords: news, cnbc, companies, president, saudi, prices, group, flows, output, trump, nations, supply, oil, opec, keeping, hopes


Trump says he hopes OPEC will be keeping oil flows 'as is'

President Donald Trump urged OPEC to continue pumping oil at current high levels on Wednesday, one day before the group of petroleum exporting nations is expected to agree to cut output.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump tweeted.

OPEC meets on Thursday in Vienna, Austria and is reportedly aiming to remove at least 1.3 million barrels per day from the market. The group began managing crude supply in partnership with Russia and several other nations last year in order to end a punishing downturn in oil prices.

The alliance’s policy of capping output has drawn Trump’s ire because the president wants fuel costs to fall at U.S. gas stations. Throughout the year, Trump has publicly blamed OPEC for rising oil prices and ordered the group to take measures to reduce the cost of crude.

In June, OPEC agreed to increase output after the alliance unintentionally removed more barrels from the market than it intended. Top OPEC producer Saudi Arabia, a close U.S. ally, is responsible for most of the surge in supply since mid-year. The kingdom’s output reportedly surpassed a record 11 million bpd in November.

At the time OPEC agreed to hike output, the Trump administration was preparing to restore sanctions on Iran, the group’s third biggest producer. That raised concerns about supply shortages and pushed up prices throughout much of the year.

However, OPEC now expects the oil market to swing into oversupply. The group is trying to prevent a repeat of 2014, when a global crude glut crushed oil prices.

The cost of crude has collapsed more than 30 percent over the last two months, putting pressure on budgets in oil-exporting nations. Analysts say current low prices will likely cause American oil drillers to issue conservative spending plans for 2019 and potentially return less money to shareholders.

Still, Trump urged Saudi Arabia to drive prices even lower last month.

The kingdom now faces the challenge of pushing through production cuts without alienating Trump. The U.S. president has defended the Saudi leadership despite a CIA assessment that Crown Prince Mohammed bin Salman was likely involved in the killing of Washington Post columnist Jamal Khashoggi in October.

The outcry over the incident on Capitol Hill grew louder on Tuesday after CIA Director Gina Haspel briefed senators on the agency’s assessment.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: tom dichristopher, omar marques, lightrocket, getty images
Keywords: news, cnbc, companies, president, saudi, prices, group, flows, output, trump, nations, supply, oil, opec, keeping, hopes


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Oil prices slip on global growth concerns, swelling US supply

Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds. International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent. Key to the global economic outlook will be whether the United States and China can resolve their


Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds. International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent. Key to the global economic outlook will be whether the United States and China can resolve their
Oil prices slip on global growth concerns, swelling US supply Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, markets, swelling, barrel, concerns, wti, crude, brent, economic, global, slip, supply, prices, united, oil, growth


Oil prices slip on global growth concerns, swelling US supply

Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.

International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent.

Reuters technical commodity analyst Wang Tao said WTI could soon test support at $51.75 per barrel, while Brent was threatening to drop below $60 per barrel again soon.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

Official U.S. government oil production and inventory data is due later on Wednesday.

More broadly, the slide in U.S. oil followed a tumble in global stock markets on Tuesday, with investors worried about the threat of a widespread economic slowdown.

Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs.

In a sign of easing tensions between the two world’s biggest economies, Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G-20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

Yet the truce may not last. U.S. President Donald Trump threatened on Tuesday to place “major tariffs” on Chinese goods imported into the United States if his administration didn’t reach a desirable deal with Beijing.

China’s state council on Wednesday issued guidance to support employment as the economy slows, saying the country should pay “high attention” to the impact on employment from increasing economic headwinds.

Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that “most major economies are likely to see decelerating activity”, although it added that “a steady stream of monetary and fiscal stimulus measures” was expected to stem the slowdown.

The bank said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.

Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, markets, swelling, barrel, concerns, wti, crude, brent, economic, global, slip, supply, prices, united, oil, growth


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US legislation aimed at reining in OPEC’s power over oil markets is a ‘big concern,’ Barclays says

Russia has less appetite for oil supply cuts than Saudi Arabia: Expert 4:38 AM ET Tue, 4 Dec 2018 | 06:04The risk of U.S. legal action against OPEC could prompt more members of the influential oil cartel to sever ties with the group, according to the head of energy markets research at Barclays. Washington is reportedly considering legal claims against OPEC for allegedly manipulating the energy market. If passed, the proposed No Oil Producing and Exporting Cartels Act — more commonly referred to


Russia has less appetite for oil supply cuts than Saudi Arabia: Expert 4:38 AM ET Tue, 4 Dec 2018 | 06:04The risk of U.S. legal action against OPEC could prompt more members of the influential oil cartel to sever ties with the group, according to the head of energy markets research at Barclays. Washington is reportedly considering legal claims against OPEC for allegedly manipulating the energy market. If passed, the proposed No Oil Producing and Exporting Cartels Act — more commonly referred to
US legislation aimed at reining in OPEC’s power over oil markets is a ‘big concern,’ Barclays says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: sam meredith, heinz-peter bader
Keywords: news, cnbc, companies, oil, reining, power, opecs, legal, tuesdayi, markets, barclays, members, weigh, ties, legislation, opec, aimed, big, energy, concern, group, told


US legislation aimed at reining in OPEC's power over oil markets is a 'big concern,' Barclays says

Russia has less appetite for oil supply cuts than Saudi Arabia: Expert 4:38 AM ET Tue, 4 Dec 2018 | 06:04

The risk of U.S. legal action against OPEC could prompt more members of the influential oil cartel to sever ties with the group, according to the head of energy markets research at Barclays.

Washington is reportedly considering legal claims against OPEC for allegedly manipulating the energy market.

If passed, the proposed No Oil Producing and Exporting Cartels Act — more commonly referred to as NOPEC — could revoke the sovereign immunity that has long shielded members of the Middle East-dominated group from U.S. legal action.

“This is a big concern,” Barclays’ Michael Cohen told CNBC’s “Squawk Box Europe” on Tuesday.

“I think it’s something that could very easily weigh on the messaging of this meeting that is going to happen on Thursday and Friday,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: sam meredith, heinz-peter bader
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US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO 21 Hours Ago | 01:26President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday. Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production. “The U.S. refi


US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO 21 Hours Ago | 01:26President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday. Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production. “The U.S. refi
US is well on its way to Trump’s goal of ‘energy dominance,’ says Marathon Petroleum CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, heminger, oil, way, believe, crude, goal, prices, petroleum, trumps, ceo, dominance, energy, marathon


US is well on its way to Trump's goal of 'energy dominance,' says Marathon Petroleum CEO

US on its way to Trump’s goal of ‘energy dominance,’ says Marathon CEO 21 Hours Ago | 01:26

President Donald Trump’s goal of making the United States a global superpower in energy is starting to come true, Marathon Petroleum Corp. Chairman and CEO Gary Heminger told CNBC on Tuesday.

“When I look at the president’s theme to begin with and the beginning of his administration, he wanted to have energy dominance in the U.S. and I believe that we are well on our way,” Heminger told Jim Cramer in an exclusive “Mad Money” interview. “We’re the largest producer in the world today.”

Recent declines in oil prices haven’t stopped U.S. producers from pumping more oil ahead of OPEC’s meetings later this week, at which the group of oil-exporting countries are expected to cut production.

That puts the United States in a league above its competitors, said the Marathon chief, whose Ohio-based company specializes in petroleum refining, marketing and transportation.

“The U.S. refining system [is] second to none of anyone in the industry, so I believe we’re well on our way now” to global energy dominance, Heminger said.

The CEO added that he expected OPEC’s meetings in Vienna, Austria this Thursday and Friday to result in “a pullback in OPEC production,” in which case “we’ll see crude prices inch up” from their current levels.

And although oil’s recent pummeling has benefited business at Marathon — where oil is part of Marathon’s cost of goods sold, so price declines translate into higher margins — Heminger said the company sees prices for the benchmark West Texas Intermediate crude rising significantly in 2019.

“We really believe the price is probably going to end up being … $65 to [$]70 in 2019, on an average,” he said. “I believe we’ve averaged almost $65 — about [$]64.50 — year to date in 2018, so we think we’re being conservative looking at that number for next year.”

WTI crude futures fell 0.64 percent on Tuesday to $52.61. Year to date, the commodity has lost 8.77 percent.

Shares of Marathon Petroleum shed 2 percent amid Tuesday’s marketwide meltdown, settling at $63.34.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, heminger, oil, way, believe, crude, goal, prices, petroleum, trumps, ceo, dominance, energy, marathon


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Oil prices extend gains on expected OPEC-led supply cuts

Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. International Brent crude oil futures were up 40 cents, or 0.7 percent, at $62.09 per barrel. It added that it expected a joint effort by OPEC and Russia to withhold supply to push Brent oil prices “above the mid-$60 per barrel level”. OPEC’s biggest problem is surging production in the United States, where output has grown by around 2 million b


Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. International Brent crude oil futures were up 40 cents, or 0.7 percent, at $62.09 per barrel. It added that it expected a joint effort by OPEC and Russia to withhold supply to push Brent oil prices “above the mid-$60 per barrel level”. OPEC’s biggest problem is surging production in the United States, where output has grown by around 2 million b
Oil prices extend gains on expected OPEC-led supply cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: andrew burton, getty images
Keywords: news, cnbc, companies, opec, crude, extend, bank, united, million, cuts, gains, bpd, production, opecled, expected, output, supply, prices, oil, vienna


Oil prices extend gains on expected OPEC-led supply cuts

Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output.

The 90-day truce in the trade dispute between the United States and China was also still supporting markets, traders said.

U.S. West Texas Intermediate (WTI) crude futures were at $53.35 per barrel at 0137 GMT, up 40 cents, or 0.8 percent, from their last close.

International Brent crude oil futures were up 40 cents, or 0.7 percent, at $62.09 per barrel.

Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action.

The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) will on Dec. 6 meet at its headquarters in Vienna, Austria, to agree a joint output policy.

It will also discuss policy with non-OPEC production giant Russia.

“We expect OPEC to follow suit and agree to a production cut in Vienna this coming Thursday,” U.S. bank Goldman Sachs said in a note to clients.

“A cut in OPEC and Russia production of 1.3 million barrels per day (bpd) will be required to reverse the ongoing counter-seasonally large increase in inventories,” the bank said.

It added that it expected a joint effort by OPEC and Russia to withhold supply to push Brent oil prices “above the mid-$60 per barrel level”.

Helping OPEC in its efforts to rein in emerging oversupply was an order on Sunday by the Canadian province of Alberta for producers to scale back output by 325,000 bpd until excess crude in storage is reduced.

OPEC’s biggest problem is surging production in the United States, where output has grown by around 2 million bpd in a year to more than 11.5 million bpd.

China in November resumed imports of U.S. crude oil, taking in one tanker at the end of last month, according to ship-tracking data, with another on order for delivery in January.

Britain’s Barclays bank pointed out that production in the state of Texas alone “reached 4.69 million bpd in September, compared with Iraqi output of 4.66 million by our estimates”.

Iraq is OPEC’s second-biggest oil producer, behind only Saudi Arabia.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: andrew burton, getty images
Keywords: news, cnbc, companies, opec, crude, extend, bank, united, million, cuts, gains, bpd, production, opecled, expected, output, supply, prices, oil, vienna


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