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☆ Oil edges up on U.S. Fed rate signals, China property sector support
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: +2 min

The Equinor ASA offshore oil drilling platform on Johan Sverdrup oil field in the North Sea off the coast of Norway. Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Lower rates and economic growth are supportive for oil demand. China, the world's second biggest economy, unveiled new property support measures amid concerns about the fallout from the liquidation of developer Evergrande and as the country ended last year with the worst declines in new home prices in nearly nine years. In the Middle East, worries about attacks by Yemen-based Houthi forces on shipping in the Red Sea are now driving up costs and disrupting global oil trading.

Persons: Johan Sverdrup, Jerome Powell, JPMorgan Organizations: ASA, U.S . Federal, Brent, . West Texas, Federal, JPMorgan, ANZ Research Locations: North, Norway, Global, China, Yemen, Jordan, Red

☆ Oil prices tick up after OPEC+ panel maintains output cuts
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: +2 min

The Equinor ASA offshore oil drilling platform on Johan Sverdrup oil field in the North Sea off the coast of Norway, on Monday, Feb. 13, 2023. Oil prices inched up in early trade on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel maintained oil output cuts to keep supply tight amid concern about a looming slump in global economic growth. Brent crude oil futures were up 11 cents to $85.92 a barrel while U.S. West Texas Intermediate crude rose 7 cents to $84.29 at 0040 GMT. Oil prices settled down more than $5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus, following a meeting of an OPEC+ panel, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia. "We continue to see the market in deficit through the fourth quarter and the softer prices reduce the probability OPEC will ease supply constraints," National Australia Bank analysts said in a note.

Persons: Johan Sverdrup, clawing, Brent, JPMorgan Organizations: ASA, West Texas, of, Petroleum, National Australia Bank Locations: North, Norway, OPEC, Russia, Saudi Arabia, U.S

Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude (WTI) trading on Thursday at its highest this year and Brent hitting its highest price since January. Brent crude fell $1.15, or 1.3%, to settle at $86.40 a barrel while WTI settled down $1.58, or 1.9%, at $82.82. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. The U.S. is also prohibiting some investment in China in sensitive technologies like computer chips and requires government notification in other tech sectors. Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Kilduff, John Ritterbusch, Natalie Grover, Muyu Xu, Mark Potter, Elaine Hardcastle, Andy Sullivan Organizations: West Texas, Federal Reserve, Ritterbusch, Associates, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, U.S, New York, Gulf of Mexico, Gulf, Mexico, Galena , Illinois, London, Singapore

☆ Oil steadies as U.S. rate hike fears subside
▼ + stars: | 2023-08-10 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Brent crude was down 23 cents to $87.32 a barrel at 1251 GMT, while West Texas Intermediate crude (WTI) was down 37 cents at $84.03. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. On Thursday, OPEC said in its monthly report it expected a healthy oil market for the rest of the year, and stuck by its forecast for robust oil demand in 2024, as the outlook for world economic growth slightly improves. "The poor state of China’s manufacturing, its property sector and some stubborn world inflation stand out as issues that the oil fraternity chooses to ignore at present." Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Evans, Natalie Grover, Muyu Xu, Laura Sanicola, David Goodman, Mark Potter Organizations: West Texas, Federal Reserve, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, London, Singapore, Washington

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session. West Texas Intermediate crude (WTI) fell 23 cents, or 0.3%, to $84.17, after settling at its highest since November 2022. Chinese data on Tuesday showed crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January. China's consumer sector also fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand. Also supporting prices were top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Laura Sanicola, Muralikumar Organizations: West Texas, Saudi, Investors, U.S, Consumer, Index, Thomson Locations: North, Saudi, Russian, Russia, Washington

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

With net profit for the year of $28.7 billion, up from $8.6 billion a year earlier, Equinor joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record returns for 2022. Majority state-owned Equinor (EQNR.OL) became Europe's largest supplier of natural gas last year as Russia's Gazprom (GAZP.MM) cut deliveries over the West's support for Ukraine, sending European gas prices to all-time highs. But gas prices have tumbled in 2023 and Equinor's Oslo-listed stocks have fallen 9% year-to-date, underperforming a 3.3% rise in European petroleum stocks (.SXEP). The board reaffirmed a regular share buyback plan of $1.2 billion per year and said it would make an extraordinary buy back in 2023 of $4.8 billion, for a total of $6 billion. Equinor's previous adjusted earnings record was $36.2 billion in 2008, when North Sea oil prices hit record highs.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Oil rises on China outlook, supply worries after Turkey earthquake
▼ + stars: | 2023-02-07 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. Operations at Turkey's 1 million barrel per day (bpd) oil export terminal in Ceyhan were halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. The oil markets will closely watch the U.S. Federal Reserve's chair Jerome Powell's speech on Wednesday, analysts said.

☆ Norway expects jump in oil output and gas near record highs
▼ + stars: | 2023-01-09 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +2 min

OSLO, Jan 9 (Reuters) - Norway's oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday. Production of crude oil and other petroleum liquids such as condensate is likely to increase to 2.02 million barrels per day (bpd) in 2023 from 1.89 million last year, NPD's forecasts show. The combined volume of oil and gas is expected to rise to 4.12 million barrels of oil equivalent per day (boed) in 2023, up from a preliminary 3.99 million boed last year, the NPD's forecasts show. The country's gas output is expected to stay virtually unchanged in 2023 at 122 billion cubic metres (bcm), or 2.1 million barrels of oil equivalent per day, the NPD said, in line with a recent government projection. ($1 = 9.9232 Norwegian crowns)Reporting by Nerijus Adomaitis Editing by Terje Solsvik and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Equinor boosts Johan Sverdrup oil output
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

OSLO, Dec 15 (Reuters) - Norway's Equinor (EQNR.OL) said on Thursday it had begun pumping oil from the second phase of its giant Johan Sverdrup development, sharply boosting output from Europe's biggest producing field. "At plateau, the (full) Johan Sverdrup field will produce 720,000 barrels of oil daily, aiming to rise to 755,000 barrels per day," Equinor said in a statement. "Johan Sverdrup alone can thus meet 6-7% of the daily oil demand in Europe," it added. Until now, the Sverdrup field has produced around 535,000 barrels of oil per day, according to Equinor. Reporting by Nerijus Adomaitis, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: How much crude oil does the EU still import from Russia?
▼ + stars: | 2022-06-01 | by ( ) www.reuters.com time to read: +3 min

Outside the EU, Russia's top crude oil export markets are China, India and Turkey. Some Russian oil will continue to flow into the EU via pipelines as the ban excludes some landlocked refineries. read moreHOW MUCH DOES THE EU DEPEND ON RUSSIAN CRUDE IMPORTS? Russian oil exports by destinationGermany, the Netherlands and Poland were the top importers of Russian oil in Europe last year, but all three have capacity to bring in seaborne crude. Russian crude oil flows, based on loading data in August, rose month-on-month to Italy and the Netherlands, where Russian oil major Lukoil owns refineries, according to the IEA.

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