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OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis

The No.1 Trade-Off For U.S. Shale Companies
by Tsvetana Paraskova
25 Jun 2019 at 3:00pm
Volatile but range-bound oil prices are limiting the ability of U.S. oil firms to pay down the debts they had accumulated in order to boost drilling activities and production. On the one hand, WTI Crude prices in the $50-65 per barrel range are limiting the options for the U.S. shale patch to grow cash flows and profitability. On the other hand, shareholders are increasingly pressing oil producers to start rewarding them with higher returns in the form of share repurchases and/or higher dividends, which eat into what little cash flow companies?

Protracted Trade War Inflicts Lasting Damage To U.S. LNG
by Irina Slav
25 Jun 2019 at 2:00pm
There were early warnings: Chinese investors became reluctant about investing in U.S. LNG projects soon after President Trump fired the first shot in what has turned out in a full-fledged trade war with China. Now, according to Citi analysts, the trade war could inflict lasting damage to the nascent U.S. LNG industry. S&P Global Platts quotes in a recent story a note by Citi saying "China has not only paused (or shelved), pending LNG deals with the US, but it also appears to be reassessing its long-term investments in the US. This reassessment?

Large Crude Inventory Draw Bolsters Prices
by Julianne Geiger
25 Jun 2019 at 1:47pm
The American Petroleum Institute (API) reported a large crude oil inventory draw of 7.55 million barrels for the week ending June 20, but still coming in over analyst expectations of a much bigger 2.891-million barrel drawdown in inventories. Last week, the API reported a draw of 812,000 barrels. A day later, the EIA estimated that US inventories had drawn down by 3.1 million barrels. The net build is still 26.69 million barrels for the 26-week reporting period so far this year, using API data. (Click to enlarge) Oil prices were up earlier on Tuesday?

Trump Threatens Iran ?Obliteration? As Rouhani Calls White House ?Mentally Retar
by Julianne Geiger
25 Jun 2019 at 1:30pm
In a cut above the usual barb-trading between Iran and the United States, President Trump threatened to meet any attack by Iran on ?anything American? with ?great and overwhelming force,? in a Tuesday afternoon tweet, adding that ?in some areas, overwhelming will mean obliteration.? The threat came as Iranian President Hassan Rouhani lashed out at new sanctions levied yesterday, referring to the White House as ?mentally retarded? in a televised address. President Trump called the Islamic Republic?s?

Nuclear Energy Just Isn?t Competitive In The U.S.
by Haley Zaremba
25 Jun 2019 at 1:00pm
Nuclear is struggling in the United States. While the U.S. retains its position as the largest nuclear energy producer in the world, representing a whopping 30 percent of all nuclear power produced globally, those numbers are in decline. More nuclear plants are going offline than are being constructed, and those that are still up and running are relying more heavily on state government subsidies than ever before. Adding to the issue, while nuclear becomes a less and less profitable industry in the United States, cleaning up and storing nuclear?

?Climate Apartheid? Is Looming, UN Warns
by Tsvetana Paraskova
25 Jun 2019 at 12:30pm
Because of relentless global warming, the world risks plunging into a ?climate apartheid??a scenario in which the rich will buy themselves out of the worst effects of climate change, while the poor will be left to suffer the greatest consequences, the UN Special Rapporteur on extreme poverty and human rights, Philip Alston, said in a report released on Tuesday. Climate change not only threatens people living in poverty more than other groups, but it also threatens democracy and human rights, Alston said in the report, in which?

Middle East Tensions Move Oil Prices Higher
by Tom Kool
25 Jun 2019 at 12:00pm
Oil prices climbed higher on Tuesday as investors shifted focus from trade war worries to the growing tension between Iran and the United States. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)- At the start of the year, there were 29 states plus the District of Columbia that had some version of a renewable portfolio standard (RPS). Four states have since updated their standards ? New Mexico, Washington, Nevada and Maryland, plus DC. - States with RPS account for 63 percent of electricity sales in the U.S.?

Kenya Signs Deal With Oil Firms To Build Crude Facility
by Tsvetana Paraskova
25 Jun 2019 at 11:30am
Kenya?s government signed on Tuesday a heads of agreement with France?s major Total, Africa-focused Tullow Oil, and Africa Oil to develop an oil processing facility with capacity of 60,000 bpd-80,000 bpd, as part of the East African country?s plan to begin commercial oil production within a few years. The heads of agreement provides ?a framework and commercial certainty required to move ahead with negotiating the fully termed upstream and midstream long form agreements ahead of the Projects? Final Investment Decision?

North-East Asia LNG Imports To Decline For First Time Since 2013
by Tsvetana Paraskova
25 Jun 2019 at 10:30am
Imports of liquefied natural gas (LNG) into Northeast Asia are set to decline in June from May, for the first time on record dating back to 2013, amid slowing economies and high storage levels, Reuters reported on Tuesday, citing ship-tracking data from Refinitiv. Typically, LNG demand in the biggest importers of the super-chilled fuel in Northeast Asia?Japan, China, South Korea, and Taiwan?increases month on month in June because of higher gas demand for air conditioning in northern hemisphere summers. This year, however, Northeast?

China?s Risky Move To Boost Domestic Oil Production
by Vanand Meliksetian
25 Jun 2019 at 10:00am
China's unprecedented economic development since Deng Xiaoping's "Open Door Policy", has transformed the Asian country into the second largest economy of the world. The booming economy has had the undesired side-effect of increasing Beijing's dependence on foreign oil imports. Twenty-five years ago, China produced approximately 4 million barrels per day (mb/d), which was enough to satisfy the Asian country's domestic demand for petroleum products. In April, on average, 10.64 mb/d were imported, which is a new record. In 2018, the ratio of?

Ukraine Prepares For Gas War As Talks With Gazprom Drag On
by Irina Slav
25 Jun 2019 at 9:00am
Ukraine?s gas in storage reached 13 billion cubic meters as of June 22 as the country prepares for a worst-case scenario in which it loses its role as the main channel for Russian gas into Europe, state news agency Unian reported, noting the amount of gas represented 42 percent of storage capacity. This, according to Emerging Europe, is the highest amount of gas in storage in six years. Russia has denied that it will cut off Ukraine from its gas transportation system?which would cause serious losses of transit fee revenues?but?

Saudi Aramco Says It's Ready For Strait Of Hormuz Disruption
by Irina Slav
25 Jun 2019 at 9:00am
Aramco is ready to continue shipping crude oil even if maritime transport through the Strait of Hormuz is disrupted, its chief executive told Bloomberg in an interview. ?We are increasing our readiness. We can supply through the Red Sea and we have the necessary pipelines and terminals,? Amin Nasser said as fear about a possible closure of the world?s largest oil chokepoint abound in the wake of the two tanker attacks in the Gulf of Oman earlier this month. Days after the tanker attacks, Iran?s shooting down of a U.S. drone?

Expert: Chances Of U.S.-Iran War Are At Least 50%
by Tsvetana Paraskova
25 Jun 2019 at 7:30am
There?s at least a 50-percent chance that the rising tension between the United States and Iran could escalate into a conflict that would disrupt supplies, Fereidun Fesharaki, a former energy advisor in Iran in the 1970s and now chairman at consultancy Facts Global Energy, told CNBC. Earlier this month two oil tankers were attackedin the Gulf of Oman, just outside the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the open seas. The daily flows of oil through the Strait of Hormuz account for around 30 percent?

Ottawa Earmarks $208M For LNG Canada In Rare Move
by Irina Slav
25 Jun 2019 at 7:30am
The federal Canadian government is investing US$208 million (C$275 million) in the LNG Canada project: the first of this magnitude in the country and the energy project that won the heart of the fossil fuel-wary government of British Columbia. CBC quotes Finance Minister Bill Morneau as saying "The Government ofCanadais proud to support this historic$40 billionproject that will get our resources to new markets." The project is indeed historic: it is the second one proposed for the western Canadian cost, which would get local?

China Eyes 30 "New Silk Road" Nuclear Reactors By 2030
by OilPrice.com
25 Jun 2019 at 1:00am
A senior Chinese official andformer chairman of the state-owned China National Nuclear Corporation,Wang Shoujun, said that the country needs to give more support to its nuclear programs and take advantage of "the opportunities provided by the Belt and Road Initiative (BRI)," according toRT. (Click to enlarg) Shoujun said at the China People?s Political Consultative Conference: "Going with nuclear power has already become a state strategy, and nuclear exports will help optimize our export trade and free up domestic?

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