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Oil Price News Headlines

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

Coal?s Last Hope: Carbon Capture Tech
by OilPrice.com
24 Aug 2019 at 8:00am
Coal usage continues to fall and the coal industry wants to do something about that. So does the Trump administration. Their proposed solution to the problem of waning coal usage is carbon capture and sequestration (CCS)?a technology that has been around for a long time. The basic idea behind CCS is to remove the carbon dioxide from the exhaust stream after burning the coal. Then the ?captured? CO2 can be redirected. But in the US, the Southern Company and others attempted to develop an additional process. Their ultimate goal?

Mexico Says No New Oil Contracts For Non-Producers
by Julianne Geiger
23 Aug 2019 at 6:00pm
Oil and gas companies hoping to get a piece of the action in Mexico?s oil industry will have to make good on existing contracts first, Mexico?s president Andres Manuel Lopez Obrador said on Friday, according to Reuters. Populist left-wing Obrador said on Friday there would be no new contracts for companies who are not investing and producing their other contracts in the country. ?If there?s no production, if they don?t invest, we can?t hand out contracts,? Obrador said at a news conference. The hardline?

Asian Refining Margins Tumble As New Shipping Fuel Rules Loom
by Tsvetana Paraskova
23 Aug 2019 at 4:00pm
Refining margins in Asia have slumped by more than 50 percent since the middle of July as fuel market participants have accelerated the sell-off of high-sulfur fuel oil ahead of the new shipping fuel standards as of January 2020, market analysts told Reuters on Friday. Asian refining margins have been on ups and downs this year, with profitabilityslipping to a 16-year lowin May, which prompted some refiners across Asia to shut down for maintenance, while others reduced their fuels production. Some Chinese refiners were alsocurtailing?

Libya?s State Oil Corporation Seeks 67% Pay Rise In Energy Sector
by Tsvetana Paraskova
23 Aug 2019 at 2:00pm
Libya?s National Oil Corporation (NOC) reiterated on Friday its demand for a 67-percent pay increase for the workers in the oil and gas sector, the state oil firm said on Friday, after a meeting with Fayez al-Serraj, the head of the internationally recognized government in Tripoli. NOC?s chairman Mustafa Sanalla has discussed the issue of the pay rise with al-Sarraj and reaffirmed the importance of raising the salaries of the workers in the oil and gas sector, as it was initially decided in 2013 but never implemented. Representatives?

U.S. Imports Mostly Heavy Crude As Light Oil Production Booms
by Tsvetana Paraskova
23 Aug 2019 at 12:00pm
The United States is currently the world?s largest crude oil producer, but it still needs to import heavy varieties of oil, as most of the domestic output tends to be light crude while refineries are running on a diverse range of crudes, including heavy oil, the Energy Information Administration (EIA) said in an analysis on Friday. Crude oil production in the U.S. jumped by 17 percent in 2018, setting a new production record of almost 11.0 million bpd, with the Permian contributing to most of the production growth, the EIA said earlier?

Oil Plunges On Trade War Escalation
by Tom Kool
23 Aug 2019 at 12:00pm
A special investment opportunity has just come across our desk?And we wanted to give you a first look at this exciting new industry. It?s so big that even billionaires like Jeff Bezos and Richard Branson are dedicating a significant chunk of their fortunes to this emerging sector. This will be bigger than anything we?ve ever seen. Forget the tech boom of the 2000s... The shale boom?Or even the cannabis boom. And it's not too late to get in on the ground floor! Get the full story here(And see how investors?

The Billion Dollar Oil Hedge That May Never Happen
by Editorial Dept
23 Aug 2019 at 11:00am
Remember August 1st? That?s when Trump announced new tariffs on China and oil took its biggest plunge in four years? and now the final week in August is gearing up to be even worse than that. Oil prices fell sharply at the end of the week after China announced on Friday that it will levy tariffs on US crude oil by the end of the year. Until now, China has targeted LNG for tariffs, but never crude. The market will be looking for a signal as to what this means for the demand picture, but its verdict won?t just be about strict near-term?

New Trade War Escalation Sends Shockwaves Through Oil Markets
by Editorial Dept
23 Aug 2019 at 11:00am
U.S. West Texas Intermediate crude oil futures erased all of its early gains and are now in a position to finish the week lower amid an escalation of the trade war between the United States and China, and uncertainty over Federal Reserve policy. After trading sideways-to-higher most of the week, prices were flat early Friday as traders prepared for a keynote speech by Federal Reserve Chairman Jerome Powell that could set the near-term tone of the market. Traders were expecting a quiet trade until 14:00 GMT when Powell is scheduled to deliver his?

Washington Threatens Greece In Tanker Seizure Saga
by Editorial Dept
23 Aug 2019 at 11:00am
Politics, Geopolitical & Conflict - Iran and the US continue to trade barbs over the tanker seizures near the Strait of Hormuz. Iran?s recently released Grace 1, since renamed the Adrian Darya 1, is now on its way to an undisclosed location. The US has asked Greece not to assist the tanker in reaching its final destination and has threatened to sanction anyone who is involved in any way with the Adrian Darya 1 or its cargo, promising to aggressively enforce US sanctions. - US presidential candidate Senator Bernie Sanders has unveiled?

Is U.S. Shale Finally Cash Flow Positive?
by Editorial Dept
23 Aug 2019 at 11:00am
Friday, August 23, 2019 1. Shale ekes out slight positive cash flow - The U.S. shale industry may have posted a very slight positive cash flow figure for the second quarter, depending on the companies included in the analysis. The swing into positive territory puts the industry into a novel position, after years of hefty red ink. - According to Rystad Energy, a survey of 40 U.S. shale companies revealed a $110 million in positive cash flow in the second quarter. ?That is an industry first,? Rystad Energy senior analyst Alisa Lukash?

Buying The Dip In The Markets
by Editorial Dept
23 Aug 2019 at 11:00am
Sometimes, trading demands putting your own views aside and going with the odds. For those whose experience is based on the Hollywood version of trading as epitomized in ?The Big Short?, that may seem like a strange thing to say. Most movies based on trading are stories of a plucky individual, convinced that a big move is coming, defying the negativity of all around them who follow the conventional wisdom, and emerging victorious (and very rich) after getting to the brink of bankruptcy. What Hollywood doesn?t tell is the far more?

U.S. Oil Rig Count Plunges To Near 2-Year Low
by Julianne Geiger
23 Aug 2019 at 10:19am
The US oil and gas rig count fell sharply on Friday, decreasing by 19 for the week, according to Baker Hughes. The total oil and gas rig count now stands at 916, or 128 down from this time last year. US production, however, is holding fast at 12.3 million bpd. The total number of active oil rigs in the United States decreased by 16 according to the report, reaching 754. The number of active gas rigs decreased by 3 to reach 162. Oil rigs have seen a loss of 106 rigs year on year, with gas rigs down 20 since this time last year. The combined oil?

Tesla Discusses Batteries For Its China-Made Cars With LG Chem
by Tsvetana Paraskova
23 Aug 2019 at 10:00am
Tesla is at an advanced stage of talks with South Korea?s LG Chem to use batteries other than Panasonic?s for the electric vehicles it would be manufacturing at its Chinese factory in Shanghai, a source familiar with the discussions told Reuters on Friday. Earlier on Friday, Bloomberg reported?citing people familiar with the issue?that the U.S. electric vehicle maker had agreed to buy batteries from the South Korean firm. Initially, Tesla plans to use LG Chem?s batteries for the Model 3s that it will be making at the?

U.S. Warns Again It Will Go After Anyone Helping Iran Tanker
by Irina Slav
23 Aug 2019 at 9:00am
The United States will respond aggressively to any party helping the now notorious Iranian tanker Adrian Darya 1, formerly Grace 1, which was released from Gibraltar earlier this week. Reuters quotes an unnamed State Department official as saying ?The shipping sector is on notice that we will aggressively enforce U.S. sanctions. All parties in the shipping sector should conduct appropriate due diligence to ensure that they are not doing business with nor facilitating business for, directly or indirectly, sanctioned parties or with sanctioned?

U.S. Sanctions To Halve Venezuela?s Oil Rig Count
by Irina Slav
23 Aug 2019 at 9:00am
A U.S. sanction waiver expiry later this year could see the number of drilling rigs in Venezuela?s Orinoco Belt slashed by half, putting additional pressure on Caracas by further reducing already low oil production rates. Bloomberg reports that the sanction waivers that Washington granted U.S. companies still operating in the sanction-hit country are due to expire in late October. These are extended waivers that originally expired earlier this year but the government decided to extend them for three more months. The companies involved, however,?

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