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All the latest in Oil, Gas, Commodity news and analysis

Guaido Takes Strides To Topple Maduro
by Julianne Geiger
19 Apr 2019 at 6:00pm
The US-recognized interim president of Venezuela called on the country?s people to hold the ?largest march in the history of Venezuela? to urge Nicolas Maduro to leave office as the country languishes in chaos. ?We call on all the people to join in the largest march in the history of Venezuela to demand the end to the usurpation so this tragedy can end,? Guaido said on Friday, according to Reuters. The Venezuelan crisis has seen its oil industry reduced to a shadow of what it once was as the country?s oil production?

The Oil Giant Focusing Only On Africa
by Tsvetana Paraskova
19 Apr 2019 at 4:00pm
The state oil company of OPEC member Angola, Sonangol, plans to sell off stakes in dozens of joint ventures and cut jobs in order to focus on its core exploration and production business in Africa, Sonangol?s chairman Carlos Saturnino said on Friday. ?Instead of investing in Australia, United States etc, Sonangol wants to become an oil company of reference in the African continent. This is major change for us,? Reuters quoted Saturnino as saying at an oil industry event in Paris today. The Angolan company has identified as many?

Saudi, Russia Oil Cooperation ?Here to Stay?
by Julianne Geiger
19 Apr 2019 at 3:00pm
Russia and Saudi Arabia?s cooperation is set to continue, Ibrahim al-Muhanna, Saudi energy advisor, said on Friday, in hopes of allaying the lingering fears that Russia is itching to get out from under the deal that has restricted its crude oil production. Russia?s finance minister last weekend hinted that Russia may fight America for its share of the oil market by bailing on the OPEC deal?even doing so lowers the price of oil. The statement sparked fear in the oil market that the agreement forged with OPEC was drawing to a premature?

Is It Time To Invest In Offshore?
by Editorial Dept
19 Apr 2019 at 1:00pm
After years of neglect due to low oil prices, oil companies are again beginning to devote capex to the offshore, and deepwater sectors. They are able to do this for two reasons. - Retooled project portfolios with breakeven costs in the $30-40 range. - New technology cutting well drilling and completion time by as much as 50%, meaning rig days charged to a well have been cut by half. This is having an effect on the supply of ready-to-work offshore drilling units as Kurt Hallead, of RBC capital markets recently noted. He sees it as a positive sign?

Top Heavy Oil Markets Continue To Rally
by Editorial Dept
19 Apr 2019 at 1:00pm
U.S. West Texas Intermediate and international-benchmark Brent crude oil managed to eke-out a small gain for the holiday-shortened week, but the volatile, two-sided price action indicated cracks may be developing in the bullish narrative. Crude Oil Gains Limited Despite hitting a new five-month high earlier in the week, it was Thursday?s gains which prevented the crude oil markets from closing lower for the week. Nonetheless, this week?s price action suggests a top-heavy market. However, we do realize that the below-average pre-holiday?

Energy Industry On Edge As Geopolitical Tensions Rise
by Editorial Dept
19 Apr 2019 at 1:00pm
Libyan oil is still flowing - for now - but a stoppage is becoming increasingly likely as General Haftar?s advance on Tripoli hits a few snags thanks to militia paid for by the UN-backed Government of National Accord (GNA). What happens next in Libya has the potential to take more oil off the market, exciting speculators and driving oil prices higher. But the real war here is playing out between OPEC and American shale; and the latter is having a banner week, solidified by the biggest merger deal in years ... Oil Story of the Week: The Mega-Merger?

The Firm Floor Under Oil Prices
by Tom Kool
19 Apr 2019 at 12:00pm
The continued slowdown of US shale production and the looming deadline for Iran sanctions waivers have put a floor under oil prices this week Friday, April 19, 2019 Oil held steady at the close of the week, with a slowdown in U.S. shale and the looming deadline for a decision on Iran sanctions waivers putting a floor under oil prices. Schlumberger sees shale slowdown. Schlumberger said its earnings were hit in the first quarter by the drilling slowdown in the Permian, while market conditions globally continue to improve. Schlumberger sees ?higher?

Prepare For An Oil Price Spike
by Editorial Dept
19 Apr 2019 at 12:00pm
Friday April 19, 2019 1. China?s oil demand remains robust- The bearish case for crude oil this year largely comes down to softening demand, particularly in China.- However, China has defied expectations of an economic deceleration. China just posted strong GDP figures, as well as strong crude demand. - In March, China?s refineries processed an average of 12.5 mb/d, which surprised on the upside. ?Though this was somewhat less than the record-high levels achieved in January and February, the significantly lower crude oil imports?

Why Russia Fails To Speed Up Production Cuts
by Tsvetana Paraskova
19 Apr 2019 at 10:00am
Russia?s crude oil production stood at around 11.24 million bpd in the first 18 days of April, Reuters reported on Friday, citing an industry source. This means that the leader of the non-OPEC group part of the OPEC+ deal has yet to fall in line with the pledged production cuts. As part of the OPEC+ production cuts between January and June, Russia is taking the lion?s share of the non-OPEC cuts and pledged toreduce production by230,000 bpdfrom October?s post-Soviet record level of 11.421 million bpd, to 11.191?

??It?s Gonna Be A Long Runway? American EV Makers Face Major Problems
by Irina Slav
19 Apr 2019 at 10:00am
Despite low fuel prices, scarce charging networks, and battery capacity problems, U.S. carmakers are forging ahead with their EV plans as regulatory pressure on the sector increases, Reuters reports, citing industry insiders. According to data from the International Energy Agency, the country ranks seventh in the world in terms of EV sales and Tesla accounts for a third of this, as of the end of 2018. As a proportion of total sales, electric cars and hybrids accounted for 2 percent last year, at 361,307, according to Inside EVs. Projections for?

This Legendary Shale Basin Just Broke Its 2011 Production Record
by Tsvetana Paraskova
19 Apr 2019 at 9:00am
The Haynesville Shale in northeastern Texas and Louisiana is producing 10.522 billion cubic feet per day of natural gas this month, and is expected to produce even more next month, beating the previous production record of 10.4 billion cu ft/day from back in 2011. According to this month?s Drilling Productivity Report by the EIA, natural gas production from the Haynesville shale is expected to rise to 10.754 billion cu ft/day in May. Among the key shale plays in the U.S., Haynesville currently ranks third in terms of natural gas production?

U.S. Refiners Gear Up For Busy Overhaul Season
by Irina Slav
19 Apr 2019 at 9:00am
American refiners are preparing for a busy overhaul season in the second quarter of the year as the entry into effect of the new International Maritime Organization?s emission rules approaches. Reuters cites data from the Energy Information Administration that total U.S. production of refined production has fallen 8.5 percent since the start of the year, suggesting it has yet to fall further. The aim is to avoid the need for maintenance closures ahead of winter this year. The new IMO emission rules cap sulfur emissions from bunkering fuel?

Exxon Makes Another Discovery In This New Oil Hotspot
by Tsvetana Paraskova
19 Apr 2019 at 7:30am
ExxonMobil has made its 13th oil discovery in the newest hotspot offshore South America, Guyana, striking oil at the Yellowtail well, which adds to estimated recoverable resource on the Stabroek Block of some 5.5 billion oil-equivalent barrels. The oil discovery at the Yellowtail-1 well is the fifth discovery in the Turbot area offshore Guyana, which ExxonMobil expects to become a major development hub. ?Similar to the Liza area, successive discoveries in the Turbot area have continuously grown its shared value,? Mike Cousins,?

Maduro Channels Oil Sales Revenues To Russia
by Irina Slav
19 Apr 2019 at 7:30am
The Nicolas Maduro government is directing revenues from crude oil sales to Russia?s Rosneft as a way around U.S. sanctions, Reuters reports citing documents and unnamed sources. The Venezuelan government, according to its investigation, invoices oil sales to the Russian giant, which pays for these sales at a discount to the market price. After this, Reuters says, Rosneft sells the oil on and collects the full price. Among the companies asked to take part in this payments scheme was Reliance Industries, India?s largest refiner and PDVSA?s?

U.S. Gulf Coast Crude Oil Imports Hit Lowest In Three Decades
by Tsvetana Paraskova
18 Apr 2019 at 8:00pm
Imports of crude oil to the U.S. Gulf Coast dived to their lowest level in almost three decades last week, due to OPEC?s production cuts, unusually low Iraqi shipments, and congestion on the Houston Ship Channel from a tank farm fire last month. According to weekly preliminary U.S. government data, cited by Bloomberg, the Gulf Coast?s crude imports were just 1.4 million bpd last week, with imports from Iraq at only 5,000 bpd. The shipments from Iraq were at their lowest since August 2015, when the U.S. didn?t import?

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