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Oil Traders Overstretch Futures Market

Oil Traders Overstretch Futures Market

Traders have placed so many…

Energy / Crude Oil

Little-Known Traders Are Making Major Moves With Russian Oil

Jul 20, 2023 at 12:52 | Alex Kimani

Historically, giant commodity traders such as Switzerland's Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the giants…

WTI Drops Despite Crude Inventory Draw

Jul 19, 2023 at 10:07 | Julianne Geiger

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory dip of 700,000 barrels for the week ending July 14, falling to 457.4 million barrels—a figure…

Pemex Safety Record Under Fire After Another Platform Blaze

Jul 19, 2023 at 08:06 | Felicity Bradstock

As Mexico’s state-owned Pemex experiences yet another fire on its platform, its health and safety standards are once again being called into question. Pemex has long faced international pressure to…

The SPR Could Stay Half Empty Forever

Jul 18, 2023 at 17:06 | Julianne Geiger

With the amount of crude oil in the U.S. Strategic Petroleum Reserve now at multi-decade lows, the prospect of replenishing the reserves could be an arduous task according to some,…

Can Carbon Offsets Boost Alaska's Waning Oil Economy?

Jul 18, 2023 at 08:39 | Felicity Bradstock

While Alaska is not yet ready to give up on oil and gas, it has faced years of difficulties in getting new projects off the ground, which is making the…

Corruption Continues To Plague Mexico’s State-Owned Oil Company

Jul 18, 2023 at 08:18 | Haley Zaremba

Pemex’s long legacy of corruption continues. Mexico’s beleaguered state-run oil company has been a hotbed of bribery and weak regulation for decades. Despite the fact that Mexico’s current president Andrés…

Kuwait Looks To Become A Top OPEC Producer With Massive Output Expansion

Jul 17, 2023 at 08:45 | Michael Kern

One of OPEC’s largest producers, Kuwait, plans to boost its crude oil production capacity to 3.15 million barrels per day (bpd) within four years, from 2.7 million bpd now, the…

Can Gustavo Petro Bring Peace To Conflict-Torn Colombia?

Jul 14, 2023 at 11:09 | Matthew Smith

The June 2022 electoral victory of Colombia’s first-ever leftist President, Gustavo Petro, was heralded as a moment of monumental change for the strife-torn country.  It represented a…

Major Libyan Oilfields Halted As Global Supply Disruptions Grow

Jul 14, 2023 at 09:53 | Tsvetana Paraskova

Libya’s largest oilfield was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned and are set to reduce global oil supply at a time…

Gas Flaring: A Dirty Habit The Energy Industry Just Can’t Kick

Jul 14, 2023 at 08:37 | Felicity Bradstock

Despite mounting pressure from international organisations and governments worldwide to reduce carbon emissions, a large quantity of oil and gas companies continue to carry out routine gas flaring practices.…

3 Reasons Big Oil Might Turn Down Biden’s Arctic Bonanza

Jul 14, 2023 at 08:20 | Alex Kimani

Back in March, the Biden administration issued the green light for ConocoPhillips’ (NYSE:COP) long-disputed $8 billion Willow project in Alaska, much to the consternation and chagrin of environmentalists. ConocoPhillips remains the…

OPEC Raises 2023 Oil Demand Forecast

Jul 13, 2023 at 09:45 | Julianne Geiger

OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday.…

Venezuela’s Oil Industry Is Fueling An Environmental Disaster

Jul 13, 2023 at 08:00 | Matthew Smith

A frequently overlooked aspect of Venezuela’s immense economic and humanitarian crisis is the tremendous environmental damage occurring as a result of autocratic president Nicolas…

Rising Russian Oil Prices Test Western Resolve

Jul 13, 2023 at 07:43 | ZeroHedge

The reason why oil traded above $100 for much of 2022 is due to fears that it would be effectively withdrawn from global markets as a result of…

An Oil Supply Deficit Is Looming, And Traders Couldn’t Care Less

Jul 12, 2023 at 11:21 | Irina Slav

When Saudi Arabia announced at the June OPEC meeting that it will reduce its oil production by 1 million barrels daily, traders basically brushed it off. When it announced it…

Shell Makes Fourth Oil And Gas Discovery Offshore Namibia

Jul 12, 2023 at 10:48 | Charles Kennedy

Shell has made a fourth hydrocarbon discovery offshore Namibia, one of the hot spots in offshore exploration right now. The UK-based supermajor said on Wednesday that it had confirmed…

Oil Prices Move Down On Large Crude Inventory Build

Jul 12, 2023 at 09:40 | Irina Slav

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory increase of 5.9 million barrels for the week to July 7. This 

U.S. Shale Challenges OPEC With Record Production In 2023

Jul 12, 2023 at 08:29 | Alex Kimani

Last year, oil prices hit multi-decade highs shortly after Russia invaded Ukraine, prompting the Biden administration to urge U.S. producers and OPEC to ramp up production at a faster clip…

Iran And Iraq Sidestep U.S. Sanctions With New Oil-For-Gas Deal

Jul 12, 2023 at 07:37 | Michael Kern

The governments of Iran and Iraq have agreed on a gas supply deal that will see Iraq receive more gas from its neighbor for power generation. The deal also settles…

Iraq Takes First Step Towards Becoming The World’s Biggest Oil Producer 

Jul 11, 2023 at 08:32 | Simon Watkins

Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes…

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