After Chevron’s biggest sell-off in a year, market watcher sees opportunity

The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. While Chevron dropped on the deal, Joule Financial founder Quint Tatro sees opportunity in its weakness. “Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not,” Tatro said on CNBC’s “Trading Nation” on Friday. Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energ


The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. While Chevron dropped on the deal, Joule Financial founder Quint Tatro sees opportunity in its weakness. “Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not,” Tatro said on CNBC’s “Trading Nation” on Friday. Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energ
After Chevron’s biggest sell-off in a year, market watcher sees opportunity Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: keris lahiff, daniel acker, bloomberg, getty images, vcg, bryan r smith, afp, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, chevron, petroleum, tatro, market, selloff, chevrons, biggest, names, watcher, sees, xle, obviously, energy, trading, opportunity, oil, youve


After Chevron's biggest sell-off in a year, market watcher sees opportunity

Chevron is starting the week fresh on the heels of its worst day in more than a year.

The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. Occidental Petroleum also reportedly is interested in the oil and gas exploration company.

While Chevron dropped on the deal, Joule Financial founder Quint Tatro sees opportunity in its weakness.

“Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not,” Tatro said on CNBC’s “Trading Nation” on Friday. “You’ve got to look at a name like this that is trading 14 to 15 times forward earnings. … Obviously they’re spending $30 billion to try to grow that profit, so we like the acquisition.”

Chevron is expected to post a 2019 earnings contraction of 14 percent, followed by a 23 percent surge in 2020, according to FactSet.

“We need to do a lot more work really into the fundamentals to see how this will be accretive to the bottom line,” said Tatro. “Basically it expands their shale play, their deep-water drilling, so it’s hard to do but ultimately I think this is a day where you’ve got to hold your nose and you go in and you add to your Chevron position.”

Tatro also likes Chevron for its strong balance sheet and steady dividend. The company yields 4%, double the S&P 500.

Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energy group as a whole.

The XLE energy ETF “still is at a point where we need to get above about $68. That’s where your 200-day moving average is at, which is declining,” Johnson said Friday on “Trading Nation.” “There’s still a long way to go. Again, I like energy, but I’m more of a neutral to these names. Is the M&A activity going to put a little bit of a bid under these names? It probably will, but I’d rather be a selective buyer of these names, especially the XLE.”

The XLE ETF has not traded above its 200-day moving average since October. It has fallen 7% since then.

Disclosure: Joule Financial holds CVX.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: keris lahiff, daniel acker, bloomberg, getty images, vcg, bryan r smith, afp, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, chevron, petroleum, tatro, market, selloff, chevrons, biggest, names, watcher, sees, xle, obviously, energy, trading, opportunity, oil, youve


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$60 to $70 is a fair price for a barrel of oil, Egypt’s petroleum minister says

There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla. “It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy. If we see prices go down below a certain price then we will see a slowdown in investments,” he


There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla. “It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy. If we see prices go down below a certain price then we will see a slowdown in investments,” he
$60 to $70 is a fair price for a barrel of oil, Egypt’s petroleum minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: holly ellyatt, mohd jailanee othman, eyeem, getty images
Keywords: news, cnbc, companies, barrels, production, fair, million, egypts, barrel, minister, 60, prices, producers, day, petroleum, opec, oil, price, 70


$60 to $70 is a fair price for a barrel of oil, Egypt's petroleum minister says

There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt’s Petroleum Minister Tarek El-Molla.

“It is in the range between $60 and $70 a barrel … somewhere in this bracket of price,” El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy.

“If prices of crude increase significantly we would start to see inflation and an exaggeration in the slowdown in consumption from the other side. If we see prices go down below a certain price then we will see a slowdown in investments,” he said.

“So, actually, the fair equation is to have a balanced price between the producers and the consumers whereby each party is happy and to continue the growth of the global economy.”

Egypt is a significant oil and natural gas producer in the Middle East although it’s not a member of OPEC and its output is dwarfed by members of the oil producing group and other non-OPEC producers like Russia.

Egypt is aiming to boost production modestly in 2019, to 670,000 barrels a day, although its output still trails that of others in the region. The latest figures from OPEC’s monthly report in January showed that Egypt’s oil producing neighbors to the west, Libya and Algeria, produced 928,000 barrels a day and a million barrels a day respectively in December. OPEC lynchpin Saudi Arabia produced 10.5 million barrels a day.

OPEC and non-OPEC producers including Russia (collectively known as ‘OPEC plus’) have collaborated in recent years on cutting or increasing their oil production in a bid to stabilize oil prices which have been volatile since 2014.

They last agreed in December to cut oil production by 1.2 million barrels a day in order to put a floor under prices, which have fallen due to rising oil supply and lackluster demand amid an uncertain global growth outlook.

On Monday morning, Brent crude futures were trading at $61.87 a barrel while West Texas Intermediate (WTI) crude futures was trading at $52.25 a barrel. Prices took a dip in the early trading session on Monday after data showed drilling activity in the U.S., now the world’s largest oil producer, had increased again, pointing higher production.

The OPEC-Plus deal has not yet been realized fully with Russia slower to meet the desired output cut. Once the 1.2 million barrel a day cut was reached, El Molla said “I think it will adjust, and reach, the desired outcome of price.”

Speaking to CNBC’s Dan Murphy at the Egypt Petroleum Show, ‘EGYPS, ‘taking place in Cairo, El Molla said oil markets were “somehow close” to a price that can keep both oil producers happy because although oil prices have fallen from peaks of around $114 a barrel in mid-2014, production costs have also fallen with technological advances.

“With the advancement of technology, new ways of producing oil have added new volumes to the market and this technology means you’re reducing the cost per barrel, and what might have been accepted a few years ago back when we were talking about $100, or $90 or $80, a barrel oil wouldn’t be accepted now.”


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: holly ellyatt, mohd jailanee othman, eyeem, getty images
Keywords: news, cnbc, companies, barrels, production, fair, million, egypts, barrel, minister, 60, prices, producers, day, petroleum, opec, oil, price, 70


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US-backed Venezuelan opposition leader Guaido will name a new Citgo board, Sen. Rubio tells the WSJ

In a bid to block Venezuelan President Nicolas Maduro from the country’s lucrative oil business, opposition leader Juan Guaido will name a new governance board for the country’s Citgo Petroleum, U.S. Sen. Marco Rubio told The Wall Street Journal on Wednesday. This comes after Guaido, supported by the U.S. President Donald Trump and several European nations, declared himself to be the country’s interim president in January. The U.S. has since placed sanctions on Venezuelan oil to weaken Maduro’s


In a bid to block Venezuelan President Nicolas Maduro from the country’s lucrative oil business, opposition leader Juan Guaido will name a new governance board for the country’s Citgo Petroleum, U.S. Sen. Marco Rubio told The Wall Street Journal on Wednesday. This comes after Guaido, supported by the U.S. President Donald Trump and several European nations, declared himself to be the country’s interim president in January. The U.S. has since placed sanctions on Venezuelan oil to weaken Maduro’s
US-backed Venezuelan opposition leader Guaido will name a new Citgo board, Sen. Rubio tells the WSJ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: shirley tay, carlos garcia rawlins
Keywords: news, cnbc, companies, venezuelan, tells, countrys, leader, board, petroleum, sen, rubio, usbacked, wsj, told, journal, citgo, street, opposition, guaido, wall, president


US-backed Venezuelan opposition leader Guaido will name a new Citgo board, Sen. Rubio tells the WSJ

In a bid to block Venezuelan President Nicolas Maduro from the country’s lucrative oil business, opposition leader Juan Guaido will name a new governance board for the country’s Citgo Petroleum, U.S. Sen. Marco Rubio told The Wall Street Journal on Wednesday.

This comes after Guaido, supported by the U.S. President Donald Trump and several European nations, declared himself to be the country’s interim president in January. The U.S. has since placed sanctions on Venezuelan oil to weaken Maduro’s government and wrestle assets over to the opposition.

In an interview with the Journal, Rubio said the new board — which he said will be named “as early as today or tomorrow” — will be backed by the U.S. as Citgo’s controlling legal entity.

“We are aware that there may be new members elected to the Citgo Petroleum Corp. board of directors. In corporate governance, as with all matters, we will follow the laws of the United States,” a company spokesman told the Journal in a statement.

The Journal said it had yet to receive comment from Guaido’s officials, the U.S. Treasury and the White House. The Commerce Department has declined to comment.

Read more about Rubio’s remarks in The Wall Street Journal’s report.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: shirley tay, carlos garcia rawlins
Keywords: news, cnbc, companies, venezuelan, tells, countrys, leader, board, petroleum, sen, rubio, usbacked, wsj, told, journal, citgo, street, opposition, guaido, wall, president


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Middle East gas reserves can be a catalyst for peace, Egypt minister says

Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt’s petroleum minister. Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace proc


Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt’s petroleum minister. Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace proc
Middle East gas reserves can be a catalyst for peace, Egypt minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: holly ellyatt, bloomberg, getty images
Keywords: news, cnbc, companies, catalyst, east, opportunities, petroleum, gas, told, egypt, reserves, minister, middle, italy, greece, hub, jordan, peace


Middle East gas reserves can be a catalyst for peace, Egypt minister says

Gas reserves in the Middle East can create opportunities for employment, business and peacemaking, according to Egypt’s petroleum minister.

Amid a push by Egypt to transform itself into a regional gas hub, the country hosted the East Med Gas Hub earlier in January and gathered officials from Israel, Cyprus, Greece, Jordan, Italy and Palestine. Speaking Monday at the BHGE Annual Meeting in Florence, Italy, Egypt Petroleum Minister Tarek El-Molla told CNBC that the commodity can aid the peace process in the region.

“We were very proud to host the Palestinians the Israelis, sitting together in one room, on the roundtable together with other neighboring countries like Greece, Cyprus, Jordan and Italy,” he told CNBC’s Steve Sedgwick.

“So the benefit will be there and the welfare will cover all the countries because gas will be the cause of the revenues to generate opportunities, job opportunities, business opportunities and it will bless all the people there (in the Middle East) hence it is the catalyst and it will be the peacemaker really,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: holly ellyatt, bloomberg, getty images
Keywords: news, cnbc, companies, catalyst, east, opportunities, petroleum, gas, told, egypt, reserves, minister, middle, italy, greece, hub, jordan, peace


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Oil prices fall after jump the day before; glut, economy worries weigh

Brent crude oil futures were down 16 cents, or 0.29 percent, at $54.31 per barrel by 0611 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 0.37 percent to $46.05 per barrel. Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before. “But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.” Meanwhile, potentially bo


Brent crude oil futures were down 16 cents, or 0.29 percent, at $54.31 per barrel by 0611 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 0.37 percent to $46.05 per barrel. Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before. “But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.” Meanwhile, potentially bo
Oil prices fall after jump the day before; glut, economy worries weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: getty images
Keywords: news, cnbc, companies, weigh, crude, petroleum, jump, fall, glut, report, prices, week, economy, barrel, previous, day, oil, wti, worries


Oil prices fall after jump the day before; glut, economy worries weigh

Oil fell on Thursday after soaring at least 7.9 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.

Brent crude oil futures were down 16 cents, or 0.29 percent, at $54.31 per barrel by 0611 GMT. They rose 7.9 percent to $54.47 a barrel the day before.

U.S. West Texas Intermediate (WTI) crude futures fell 0.37 percent to $46.05 per barrel. They jumped 8.7 percent to $46.22 per barrel in the previous session.

Both crude benchmarks are down at least 37 percent from highs touched in October.

Global stocks rebounded on Wednesday on the back of the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.

Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before.

“But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.”

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed at a meeting earlier this month to limit output by 1.2 million barrels per day starting in January.

Meanwhile, potentially bolstering oil prices, a preliminary Reuters poll on Wednesday forecast that U.S. crude inventories would drop 2.7 million barrels in the week to Dec. 21, marking their fourth straight week fall.

The American Petroleum Institute’s (API) inventory data is due on Thursday, while the government’s Energy Information Administration (EIA) is set to release its report on Friday.

— CNBC contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: getty images
Keywords: news, cnbc, companies, weigh, crude, petroleum, jump, fall, glut, report, prices, week, economy, barrel, previous, day, oil, wti, worries


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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 fall on signs of rising supplies, ebbing confidence on global economy

Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. West Texas Intermediate (WTI) crude futures fell 46 cents to $65.01 a barrel. Thursday’s drops came after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week. “The strong built in oil inventories is likely to keep downward pressure on oil prices,” AN


Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. West Texas Intermediate (WTI) crude futures fell 46 cents to $65.01 a barrel. Thursday’s drops came after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week. “The strong built in oil inventories is likely to keep downward pressure on oil prices,” AN
Oil prices fall on signs of rising supplies, ebbing confidence on global economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-01
Keywords: news, cnbc, companies, crude, ebbing, supplies, confidence, rising, slowdown, economy, petroleum, wti, xue, trade, global, fall, prices, oil, signs, supply


Oil prices fall on signs of rising supplies, ebbing confidence on global economy

Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

The Brent crude January futures contract lost 44 cents, or 0.32 percent, to trade at $74.72 per barrel by GMT 0054 GMT. West Texas Intermediate (WTI) crude futures fell 46 cents to $65.01 a barrel.

Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8 percent for the month and WTI dropping 10.9 percent.

Thursday’s drops came after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.

“The strong built in oil inventories is likely to keep downward pressure on oil prices,” ANZ Research analysts said in a note.

Meanwhile a Reuters survey found the Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to its highest since 2016, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions, set to start on Nov. 4.

U.S. President Donald Trump said on Wednesday in a presidential memorandum that he had determined there was sufficient supply of petroleum and petroleum products from nations other than Iran to permit a reduction in purchases from that country.

Also weighing on prices is growing concerns over the prospect of a global slowdown amid the ongoing U.S-China trade war, said Bruce Xue, an analyst with Huatai Great Wall Capital Management.

“Oil investors are now betting on the potential of global slowdown,” Xue said.

China delivered disappointing PMI data, with its manufacturing sector in October expanding at its weakest pace in over two years.


Company: cnbc, Activity: cnbc, Date: 2018-11-01
Keywords: news, cnbc, companies, crude, ebbing, supplies, confidence, rising, slowdown, economy, petroleum, wti, xue, trade, global, fall, prices, oil, signs, supply


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Oil rises as markets tighten ahead of Iran sanctions

Oil prices rose on Monday as U.S. markets tightened just weeks ahead of Washington’s plan to impose new sanctions against Iran. Brent crude futures were at $79.74 per barrel at 0036 GMT, up by 94 cents, or 1.2 percent. U.S. West Texas Intermediate (WTI) crude futures rose by 74 cents, or 1.1 percent, to $71.52 a barrel. U.S. commercial crude oil inventories are at their lowest level since early 2015. And while output remains around the record of 11 million barrels per day (bpd), recent subdued U


Oil prices rose on Monday as U.S. markets tightened just weeks ahead of Washington’s plan to impose new sanctions against Iran. Brent crude futures were at $79.74 per barrel at 0036 GMT, up by 94 cents, or 1.2 percent. U.S. West Texas Intermediate (WTI) crude futures rose by 74 cents, or 1.1 percent, to $71.52 a barrel. U.S. commercial crude oil inventories are at their lowest level since early 2015. And while output remains around the record of 11 million barrels per day (bpd), recent subdued U
Oil rises as markets tighten ahead of Iran sanctions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-24
Keywords: news, cnbc, companies, petroleum, market, rises, bpd, ahead, rose, crude, tighten, million, markets, oil, iran, output, sanctions


Oil rises as markets tighten ahead of Iran sanctions

Oil prices rose on Monday as U.S. markets tightened just weeks ahead of Washington’s plan to impose new sanctions against Iran.

Brent crude futures were at $79.74 per barrel at 0036 GMT, up by 94 cents, or 1.2 percent.

U.S. West Texas Intermediate (WTI) crude futures rose by 74 cents, or 1.1 percent, to $71.52 a barrel.

The market was “increasingly concerned about dwindling (U.S.) inventories,” ANZ bank said on Monday.

U.S. commercial crude oil inventories are at their lowest level since early 2015. And while output remains around the record of 11 million barrels per day (bpd), recent subdued U.S. drilling activity points towards a slowdown.

The tightening U.S. market came ahead of sanctions that Washington plans to implement against Iran’s petroleum exports from early November, which many analysts expect to result in a drop of more than 1 million bpd of crude exports.

The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), of which Iran is a member, as well as top producer Russia are discussing raising output by 500,000 bpd to counter falling supply from Iran, although the discussions are not finalized.


Company: cnbc, Activity: cnbc, Date: 2018-09-24
Keywords: news, cnbc, companies, petroleum, market, rises, bpd, ahead, rose, crude, tighten, million, markets, oil, iran, output, sanctions


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Treasury targets Syria oil delivery networks with new sanctions

The U.S. Treasury Department said on Thursday it was imposing sanctions on four people and five entities it said facilitated petroleum shipments and financing to the Syrian government. Qatirji and his company also facilitated a fuel-procurement network that operates in Syria, Lebanon and the United Arab Emirates to secure deliveries to Syria, the statement said. Other components of the network were Adnan Al-Ali, Sonex Investments Ltd, Nasco Polymers & Chemicals, and Fadi Nasser, the U.S. stateme


The U.S. Treasury Department said on Thursday it was imposing sanctions on four people and five entities it said facilitated petroleum shipments and financing to the Syrian government. Qatirji and his company also facilitated a fuel-procurement network that operates in Syria, Lebanon and the United Arab Emirates to secure deliveries to Syria, the statement said. Other components of the network were Adnan Al-Ali, Sonex Investments Ltd, Nasco Polymers & Chemicals, and Fadi Nasser, the U.S. stateme
Treasury targets Syria oil delivery networks with new sanctions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-06  Authors: joseph eid, afp, getty images
Keywords: news, cnbc, companies, treasury, sanctions, delivery, oil, united, targets, shipments, statement, petroleum, nasco, syrian, polymers, networks, network, syria


Treasury targets Syria oil delivery networks with new sanctions

The U.S. Treasury Department said on Thursday it was imposing sanctions on four people and five entities it said facilitated petroleum shipments and financing to the Syrian government.

It said in a statement the sanctions targeted Muhammad al-Qatirji and his trucking company, which it said facilitated fuel trade between the Syrian government and Islamic State militants.

Qatirji has close relations with Syrian President Bashar al-Assad’s government and has worked directly with Islamic State, which has been driven out of much of the Syrian territory it once controlled, to provide it oil products, the statement said.

Qatirji and his company also facilitated a fuel-procurement network that operates in Syria, Lebanon and the United Arab Emirates to secure deliveries to Syria, the statement said.

“The United States will continue to target those who facilitate transactions with the murderous Assad regime and support ISIS,” U.S. Treasury Secretary Steven Mnuchin said, referring to the militant group by an acronym.

The Syria-based Qatirji Company has also shipped weapons to Syria from Iraq, the statement said.

It said Abar Petroleum Service SAL, one of the entities involved in the multi-state fuel network, last year brokered shipments of petroleum products including gasoline, gasoil, and liquefied petroleum gas to Syria worth more than $30 million.

Other components of the network were Adnan Al-Ali, Sonex Investments Ltd, Nasco Polymers & Chemicals, and Fadi Nasser, the U.S. statement said.

“Lebanon-based Nasco Polymers and UAE-based Sonex Investments were designated for facilitating shipments to Syrian ports by serving as consignees and chartering the vessels,” it said.

Nasser, chairman of Nasco Polymers, has received millions of dollars for arranging delivery of thousands of tons of fuel to Syria, the statement said.

UAE-based International Pipeline Construction was subjected to sanctions for being owned or controlled by Hesco Engineering, which facilitates payments originating in Syria, it said.

The sanctions mean any property in the United States of those targeted will be blocked and Americans are prohibited from doing business with them.


Company: cnbc, Activity: cnbc, Date: 2018-09-06  Authors: joseph eid, afp, getty images
Keywords: news, cnbc, companies, treasury, sanctions, delivery, oil, united, targets, shipments, statement, petroleum, nasco, syrian, polymers, networks, network, syria


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Vopak puts petroleum terminals up for sale as second-quarter profit drops

Vopak CEO: US sanctions are impacting overall demand in oil 8 Hours Ago | 03:02Dutch oil and chemical storage company Vopak on Friday said it would consider selling four European petroleum terminals, as increasing competition in fuel markets led to a stronger than expected drop in second-quarter profit. Vopak’s earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 5 percent in the April-June period to 180.7 million euros ($205.6 million), as the occupancy rate of its te


Vopak CEO: US sanctions are impacting overall demand in oil 8 Hours Ago | 03:02Dutch oil and chemical storage company Vopak on Friday said it would consider selling four European petroleum terminals, as increasing competition in fuel markets led to a stronger than expected drop in second-quarter profit. Vopak’s earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 5 percent in the April-June period to 180.7 million euros ($205.6 million), as the occupancy rate of its te
Vopak puts petroleum terminals up for sale as second-quarter profit drops Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-17  Authors: nielubieklonu, istock, getty images
Keywords: news, cnbc, companies, vopak, puts, sale, petroleum, drops, oil, secondquarter, terminals, ebitda, dropped, total, million, profit, usedoccupancy, euros


Vopak puts petroleum terminals up for sale as second-quarter profit drops

Vopak CEO: US sanctions are impacting overall demand in oil 8 Hours Ago | 03:02

Dutch oil and chemical storage company Vopak on Friday said it would consider selling four European petroleum terminals, as increasing competition in fuel markets led to a stronger than expected drop in second-quarter profit.

Vopak’s earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 5 percent in the April-June period to 180.7 million euros ($205.6 million), as the occupancy rate of its terminals declined to 85 percent from 90 percent a year earlier.

Analysts in a Reuters poll on average predicted EBITDA would fall 2 percent to 188 million euros, with 87 percent of the terminals’ total capacity used.

Occupancy mainly dropped at oil hub terminals and Vopak said it would take 6 to 12 months to see whether it could get a good price for its petroleum terminals in Algeciras, Amsterdam, Hamburg and Tallinn.


Company: cnbc, Activity: cnbc, Date: 2018-08-17  Authors: nielubieklonu, istock, getty images
Keywords: news, cnbc, companies, vopak, puts, sale, petroleum, drops, oil, secondquarter, terminals, ebitda, dropped, total, million, profit, usedoccupancy, euros


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