07012016Fri
Last update: Fri, 01 Jul 2016 09am

Americas

Markets - Energy - Americas

With oil price near $50, resilient US shale producers eye new chapter HOUSTON: Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears $50 a barrel, confounding OPEC and Saudi Arabia with their resiliency.That shale giants Hess Corp, Apache Corp and more than 25 other companies have beaten back OPEC's attempt to sideline them would have been unthinkable just months ago, when oil plumbed $26 a barrel and collapses were feared.To regain market share, the Organization of the Petroleum Exporting Countries in late 2014 pumped more oil despite growing global oversupply. It aimed to drive prices lower and force higher-cost producers out of the market, with shale oil seen as especially vulnerable.The pain was acute. Industry revenue fell more than 30 percent in 2015 from the previous year, the U.S. drilling rig count dropped by more than 70 percent from when oil was still above $100 ...

Markets - Energy - Americas

Oil up as Brexit fears ease, still down for week NEW YORK: Oil prices rose on Friday for the first time in a week as the dollar fell and investors in global markets cautiously bought some riskier assets as anxiety eased about Britain's possible exit from the European Union. Crude futures were still on track for a weekly loss after daily declines Monday through Thursday.Brent crude futures' front-month contract were up $1.28, or 2.7 percent, at $48.47 a barrel by 11:14 a.m. (1514 GMT). The ...

Markets - Energy - Americas

Oil slides 3pc, hits one-month low as dollar jumps NEW YORK: Oil prices slumped about 3 percent to hit one-month lows on Thursday, down a sixth straight day, as the dollar's rally on fears of Britain's exit from the European Union hammered commodities priced in the currency. Crude futures bounced slightly off session lows as sterling briefly turned positive against the dollar after campaigning was suspended for next week's EU membership referendum following a deadly attack on a lawmaker for Britain's opposition Labour Party. ...

Markets - Energy - Americas

Venezuela still hopes for OPEC, non-OPEC deal as Iran oil output rises RUSSIA: Venezuelan oil minister Eulogio del Pino said on Thursday fellow OPEC member Iran would reach pre-sanction oil output levels by September, allowing a revival of talks on a global oil production freeze. Speaking to Reuters on the sidelines of Russia's main economic forum in St. Petersburg, Del Pino said the freeze idea could be discussed at an informal meeting of OPEC and non-OPEC producers in Algeria in September. He also said he would propose ...

Markets - Energy - Americas

Canada's energy regulator starts review of oil pipeline to east VANCOUVER: Canada's energy regulator on Thursday officially launched its 21-month review of TransCanada Corp's Energy East pipeline, which would carry crude from Alberta's oil sands to refineries and export terminals in Eastern Canada. The National Energy Board, which has faced public criticism over its reviews of major energy infrastructure projects, said the Energy East review will be unique in that the general public will be given the opportunity to provide input. The review will also ...

Markets - Energy - Americas

Oil down on Brexit worry and ahead of US inventory data NEW YORK: Oil prices extended their losses for the fifth straight day on Wednesday, the longest losing streak since February, on fears of a dollar rally if Britain leaves the European Union and ahead of the release of US crude inventory data.Also weighing on the market was Goldman Sachs' note underlining the importance of crude prices remaining below $50 a barrel for the market to achieve a much-needed supply deficit in the second half of ...

Markets - Energy - Americas

US Midwest gasoline stocks draw by most since 2014: EIA NEW YORK: US Midwest gasoline stocks drew by the most last week since March 2014, according to data from the US Energy Information Administration released on Wednesday. Midwest gasoline stocks fell by 2.1 million barrels to 51 million barrels, data showed. Copyright Reuters, 2016 ...