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☆ Oil tanker hit by missile after transiting Red Sea — Houthis claim responsibility
▼ + stars: | 2024-01-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Children walk near a billboard bearing the image of targeting ships, on the day Yemen's Houthi-run forces targeted an American ship in the Red Sea, on a street in Sana'a, Yemen, on Jan. 10, 2024. An oil tanker operated on behalf of Trafigura was struck by a missile on Friday after transiting the Red Sea, a company spokesperson told CNBC in statement. The Marlin Luanda, a petroleum products tanker vessel, was struck by the missile in the Gulf of Aden. Houthi militants in Yemen have attacked commercial vessels transiting the Red Sea since November in support of Palestinians. Several of the world's major oil tanker companies paused traffic toward the Red Sea immediately after the U.S. and Britain began launching airstrikes against the Houthis earlier this month.

Persons: Trafigura, Houthi, Yahya Saree, Carney, Brent, Robert Thummel, Thummel, WTI Organizations: CNBC, U.S . Navy, U.S . Central Command, Britain, West Texas Intermediate, U.S, Tortoise Capital Locations: American, Red, Sana'a, Yemen, Gulf, Aden, Marshall, U.S, Iran

Unlike Russia, one of the world's top oil and gas producers, Israel has very modest energy production. But there is a risk the war could spread to major energy producers in the Middle East and affect oil and gas flows. Second, a deal being brokered by Washington to normalise relations between Saudi Arabia and Israel, which could see the kingdom increase oil output, could be derailed. Saudi Arabia told the White House it is willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week. Russian Deputy Prime Minister Alexander Novak added on Thursday that current oil prices factored in the conflict and reflected the market's belief that risks posed by the clashes were not that high.

Persons: Dado Ruvic, Brent, David Goldwyn, Rob Thummel, Janet Yellen, Iranian Oil Minister Javad Owji, Joe Biden, Helima Croft, Biden, Ben Cahill, Prince Abdulaziz, Alexander Novak, Vladimir Putin, Natalie Grover, Ahmad Ghaddar, Alex Lawler, Laura Sanicola, Kirsten Donovan, Cynthia Osterman Organizations: REUTERS, Hamas, U.S . State Department, Tortoise, Iran, U.S, Treasury, Iranian Oil Minister, RBC Capital Markets, Macquarie, SAUDI, Israel, Wall Street, Washington, Strategic, International Studies, Saudi Arabia's Energy, CNBC, OPEC, Organization of, Petroleum, Thomson Locations: Israel, Ukraine, Russia, U.S, Iran, Hormuz, Washington, Saudi Arabia, Strait, Riyadh, Moscow, United States, Tehran, Washington . Saudi Arabia, Saudi, OPEC, London, New York

☆ Nat gas prices likely to remain weak short-term, says EQT CEO Toby Rice
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNat gas prices likely to remain weak short-term, says EQT CEO Toby RiceEQT CEO Toby Rice, and Rob Thummel, senior portfolio manager at Tortoise Capital, join CNBC's "The Exchange" to discuss OPEC's surprise production cut.

☆ Analysis: OPEC+ in driver's seat as oil supply growth lags demand
▼ + stars: | 2023-04-04 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

U.S. shale oil drillers over the last two decades helped to turn the United States into the world's largest producer. OPEC has this year been lowering its U.S. shale oil output forecast, having also done so in 2022. OPEC trims shale forecastsAn OPEC+ source, asked if OPEC+ is in the driver's seat when it comes to the oil market now, said: "We are not in the passenger seat". LACK OF INVESTMENTOPEC sources have cited a lack of sufficient investment to increase supply as likely to support prices this year. Demand growth is expected to exceed non-OPEC supply growthThe International Energy Agency, which represents 31 countries including top consumer the United States, also expects demand growth to exceed supply growth, although to a smaller extent than OPEC.

☆ Buying the dip on energy stocks? Wall Street pros name their top picks
▼ + stars: | 2023-03-28 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Energy was the second-best-performing sector of the S & P 500 last week, as investors flocked back into the stocks amid a recent dip in oil prices. Thummel also likes two energy infrastructure stocks — Cheniere Energy and Energy Transfer . He likes Viper Energy Partners , which owns a royalty portfolio of oilfield assets. "Viper Energy has one of the largest backlogs of tier-one locations in the [Permian] basin. Viper Energy is thus able to leverage improving energy prices while having "strong" downside support, according to Davolos.

☆ U.S. has solidified itself as a global affordable energy provider, says Tortoise Capital's Rob Thummel
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. has solidified itself as a global affordable energy provider, says Tortoise Capital's Rob ThummelRob Thummel, portfolio manager at Tortoise Capital Advisors, joins 'The Exchange' to discuss uncertainty in the banking sector, a sharp decline in commodity prices and the U.S. energy outlook.

☆ ExxonMobil, Chevron's big cash shows cheap gas isn’t coming back
▼ + stars: | 2023-02-01 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

Big oil sees political pushback on buybacksFuel prices at a Chevron gas station in Menlo Park, California, on Thursday, June 9, 2022. In the market, and at the oil companies headquarters, it seems the opinions issued from the White House aren't much of a factor in setting financial priorities. The benchmark now is to spend roughly a third of operating cash flow on capital investment, a third on dividends and a third on stock buybacks. Exxon made $76.8 billion in operating cash flow, invested $18 billion back into the business, spent $14.9 billion on dividends and $15.2 billion in stock purchases, according to its cash flow statement. Oil production is increasing

☆ China's reopening is a bigger driver for oil prices than cap on Russian crude, Singapore foreign minister says
▼ + stars: | 2022-12-07 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

watch nowChina's reopening after the pandemic will be a bigger driver for oil prices than the cap on Russian oil, Singapore Minister of Foreign Affairs Vivian Balakrishnan told CNBC on Tuesday. "Now that has profound implications for the global economy, more so than an oil price cap." Balakrishnan's comments come after the Group of Seven's $60 price cap for Russian seaborne oil and ban on Russian crude took effect Monday. Oil prices climbed in Asia trading Monday after China, the world's largest oil importer, signaled further easing of Covid-19 measures. "The factor that will drive [China's oil] demand higher ... will be obviously the reopening of the economy, but more importantly, building an inventory," he said.

☆ Portfolio manager says he's bullish about oil prices
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPortfolio manager says he's bullish about oil pricesRob Thummel of Tortoise Capital discusses the factors that will push oil prices up in 2023.

"I remember reading a book once called, 'Sacred Cows Make the Best Burgers,'" Poirier said at the company's investor day. Calgary, Alberta-based TC is widely known for its Keystone oil pipeline, a critical artery for moving Canadian oil to U.S. refiners that dominated headlines over the past decade for an expansion that ultimately failed. Keystone could fetch TC C$12.8 billion, said CIBC analyst Robert Catellier in a note. He added that reducing TC's oil exposure would help it reach its emissions-reduction goals. TC's stake in the Millennium natural gas pipeline in New York state is another logical sale candidate and could fetch $1 billion, said Scotiabank analyst Robert Hope.

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