World News

Eni Makes Major Oil Discovery Offshore Angola

Italy’s oil and gas major Eni said on Wednesday that it had made a major oil discovery in Angola’s deepwater in a find that could help the African OPEC producer to reverse the recent decline in oil production. Eni struck oil in Block 15/06 in the Agogo exploration prospect and estimates that the discovery contains 450-650 million barrels of light oil in ...

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Surprise Crude Oil Draw Sends Oil Prices Up

The American Petroleum Institute (API) reported a surprise draw in crude oil inventories of 2.6 million barrels for the week ending March 8, coming in significantly under analyst predictions that crude oil inventories would build by 2.655 million barrels. Last week, the API reported a large surprise build in crude oil of 7.29 million barrels. A day later, the EIA supported API’s ...

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The Permian Has A Natural Gas Problem

By Tsvetana Paraskova Analysts continue to focus on the surging oil production in the Permian and looming takeaway capacity bottlenecks that could slow down the oil growth in the biggest U.S. shale play. But constraints have also emerged in natural gas takeaway infrastructure, with pipelines nearly full and natural gas prices in West Texas diving on oversupply. Pipelines will not ...

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Oil Sinks Deeper On OPEC Concerns

By Tom Kool Oil prices fell on Tuesday morning as oil traders continue to voice concern about the plans of OPEC to increase oil production. (Click to enlarge) Chart of the Week (Click to enlarge) – Fossil fuel consumption for electricity generation in the U.S. declined to 22.5 quadrillion BTUs in 2017, the lowest level since 1994. – The decline ...

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Iran Oil, Condensate Exports at 2.7 in May 2018

The exports were higher than the country’s average while there were rising fears of re-imposition of US sanctions on Tehran following Washington’s pullout out of the Joint Comprehensive Plan of Action (JCPOA), a deal Tehran struck with the P5+1 group of countries back in 2015 to curb its nuclear activities in exchange for easing of sanctions on its vital commercial ...

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Italian Major Seeks Toehold in Iran Petchem Projects

Senior executive from Italy’s energy major Saipem voiced the company’s willingness to join Iran’s petrochemical projects in a meeting with the CEO of the National Petrochemical Company (NPC) in Milan. Meeting with the CEO of Iran’s National Petrochemical Company (NPC) on the sidelines of Milan’s PLAST 2018, Saipem officials said they were interested in cooperating with Iranian petrochemical companies against ...

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The Energy Model That Can Predict Gold Prices

By Alex Kimani “Everything should be made as simple as possible, but not simpler.”–Albert Einstein When trying to predict gold prices, investors usually look at one or several drivers: interest rates, U.S. dollar fluctuations, above-ground gold stocks, equities, bonds, commodity prices and even debt levels. But on their own, how reliable is each for predicting either short-or-long-term medium gold price ...

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Oil Prices Rebound As Crude Inventories Shrink

By Irina Slav Crude oil prices moved higher today after the Energy Information Administration reporteda draw in crude oil inventories of 4.2 million barrels for the week to May 25, a day after the API pressured benchmarks by estimating an unexpected inventory increase of 1 million barrels for the period. Analysts had expected a build of 920,000 barrels for last ...

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High Gas Prices May Spoil Driving Season

By Zerohedge With the national average gas price continuing its trudge toward $3 a barrel, pushed by rising crude oil prices, GasBuddy is reporting that more Americans are planning stay-cations instead of traveling this summer as worries about rising gas prices intensify. According to the annual survey, only 58 percent of respondents said they would take a trip this summer, ...

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