Throughout the Pacific and East Asia, developments in liquefied natural gas (LNG) look set to upset markets and put further pressure on this expanding, though challenging emerging sector. With the world’s highest demand for LNG coming from markets in East Asia, and with major producers like Australia, Canada, Qatar and the U.S. chomping at the bit for a piece of that market, competition for LNG production and market share looks set to escalate. But uncertainty about Asian demand, particularly in China, and the likelihood of low prices over… Read Full Article

Source: OilPrice.com

• In recent weeks the oil market has seen negative sentiment drive prices lower based on expectations of heightened output (some of which have been realized) from recent problem areas including Canada, Nigeria and Libya while refining margins have collapsed and Brexit has added to macro/demand concerns. Over the last two months speculators have trimmed net length by 32 percent in NYMEX WTI and reduced net length in ICE Brent by 21 percent. During WTI’s rally from $26.05 to $51.67 many traders assumed that a gasoline demand boom and falling… Read Full Article

Source: OilPrice.com

Reeling from a series of attacks that have led to the perception of weakness and inability to provide security, the Turkish government now appears to be in the midst of a military coup. Witnesses have reported gunfire and sightings of helicopters over the capital city, Ankara and the prime minister has confirmed a coup is underway. Soldiers have also blocked the two major bridges across the Bosphorus strait in Istanbul, according to media reports. Prime Minister Binali Yildirim told NTV television: “it is correct that there was an attempt.”… Read Full Article

Source: OilPrice.com

The Brazilian government gave permission to Petrobras to suspend production at sixteen oil platforms as the troubled state-owned firm attempts to reduce costs. As reported in The Rio Times on Friday, federal regulators at the National Petroleum, Natural Gas and Biofuel Agency (ANFP) approved the twelve-months halt in oil production in the states of Ceara, Rio Grande do Norte, Sergipe, Bahia and Espirito Santo. The suspension will also hit another fourteen concessions for the firm that posted a US$340 million loss of the first quarter of 2016 and… Read Full Article

Source: OilPrice.com

Crude prices rose towards $48 on Friday after the release of energy data from the United States and China, two of the world’s top energy consumers. The rise in prices corresponds to the forecasted increase in oil and natural gas demand for the two superpower countries for the rest of the year, according to Epmag. At 12 p.m. CST the Brent barrel price stood at $47.53. Despite the slight gains, the crude oil oversupply will likely prevent major price jumps in the coming days. Last month, the United States saw an increase in cars and vehicle-related… Read Full Article

Source: OilPrice.com

We begin by taking a quick look at some of the critical figures and data in the energy markets this week, which show that renewed concerns about the supply glut and an increasing rig count have kept oil prices in check over the last week. The latest data also suggests an increase in U.S. oil production after various weeks of declines. (Click to enlarge) (Click to enlarge) (Click to enlarge)Oil prices bounced around this week, falling back on renewed concerns over a supply glut, but at times regaining ground. The IEA struck a negative tone regarding… Read Full Article

Source: OilPrice.com

ExxonMobil has declared force majeure on shipments at Nigeria’s largest crude export facility, a company spokesman told Reuters on Friday. ExxonMobil’s subsidiary Mobil Producing Nigeria declared the force majeure after having observed on Thursday a “system anomaly” during a routine inspection of the loading facility. ExxonMobil is trying to restore loading at the terminal to its normal level but cannot give specific a timeline, Reuters quoted the spokesman as saying. West Texas Intermediate (WTI) crude for August delivery… Read Full Article

Source: OilPrice.com

The U.S. House Committee on Science, Space and Technology has issued subpoenas to the attorneys general of New York and Massachusetts in a climate change investigation. The committee, chaired by Republican Representative Lamar Smith of Texas, issued the subpoenas in the latest round of sparring over the Exxon Mobil/climate change fiasco. The AGs receiving the subpoenas had issued subpoenas of their own during their investigations as to what Exxon Mobil may have known about climate change in recent decades, and whether or not the company was truthful… Read Full Article

Source: OilPrice.com

The US oil and gas rig count rose by 7 this week, with Baker Hughes adding 6 more oil rigs to the count and one more gas rig, bringing the total operational rigs in the U.S. to 447. Released at 1:00pm EST Friday, the new Baker Hughes weekly rig count shows 357 oil rigs currently active in the U.S., along with 89 gas rigs active. The biggest gains were made in New Mexico, with 4 new rigs, and Louisiana, with 3 new rigs. Last week, the rig count was up 9 rigs in total, with 10 new oil rigs on the scene, with the biggest gains in Texas’ Permian… Read Full Article

Source: OilPrice.com

Ecuadoran Vice President Jorge Glas claimed that the country’s oil reserves reached 4 billion barrels following the drilling of an exploratory well in the Ishpingo, Tambococha and Tiputini (ITT) field. According to Reuters, the ITT block holds 1.67 billion barrels of oil, which is higher than the initial estimate of around 900 million barrels. The new discovery at the ITT field located near the Yasuni national park in the Amazon holds approximately 772 million barrels of crude and is valued at some US$19.5 billion, Glas said on Thursday.… Read Full Article

Source: OilPrice.com