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Column: Oil positions steady after heavy hedge fund selling ends
July 19, 2022
Source: Reuters

Column: Oil positions steady after heavy hedge fund selling ends

Investors purchased small volumes of petroleum last week, after exceptionally heavy sales the week before, squaring up short positions after an unusually sudden and steep pull back in prices on recession fears. Hedge funds and other money managers purchased the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to July 12. That came after cumulative sales of 201 million barrels over the previous four weeks, culminating in sales of 110 million in the week to July 5, according to ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

Biden Escalates War of Words with Big Oil
June 25, 2022
Source: Rigzone

Biden Escalates War of Words with Big Oil

President Joe Biden reiterated his ire toward oil industry officials, verbally sparring with Chevron Corp. Chief Executive Officer Mike Wirth just days before administration officials and oil executives are set to discuss how to bring down gasoline prices. Wirth earlier called on Biden to stop criticizing the oil and gas industry and for a “change in approach” toward US energy policy in a rare, candid letter published Tuesday. Biden responded by calling the executive “mildly sensitive” and telling reporters at a White House press conference, “I didn’t know they’d get their feelings hurt that quickly.”

$150 Oil Could Still Happen. Here's How.
June 25, 2022
Source: Rigzone

$150 Oil Could Still Happen. Here's How.

$150 oil could still happen, BofA Global Research indicated in a new report sent to Rigzone this week. In the report, BofA Global Research outlined that it sees Brent averaging $102 per barrel this year and in 2023 and highlighted that a potential spike to $150 per barrel could happen if European sanctions push Russian oil production below nine million barrels per day.

Gazprom says it continues shipping gas to Europe via Ukraine, Friday flows edge down
May 27, 2022
Source: Reuters

Gazprom says it continues shipping gas to Europe via Ukraine, Friday flows edge down

Russian gas producer Gazprom said on Friday its supply of gas to Europe through Ukraine via the Sudzha entry point stood at 43.6 million cubic meters (mcm), slightly down from 44.5 mcm on Thursday. An application to supply gas via another major entry point, Sokhranovka, was rejected by Ukraine, Gazprom said.

Shell in talks to sell stake in Sakhalin-II LNG facility to Indian consortium
May 27, 2022

Shell in talks to sell stake in Sakhalin-II LNG facility to Indian consortium

A deal, if executed, is part of Shell’s efforts to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas, and LNG following Russia’s ongoing military conflict with Ukraine that began earlier this year.

Numaligarh Refinery Limited gives 2.5cr to CM's Relief Fund
May 27, 2022
Source: Economics Times

Numaligarh Refinery Limited gives 2.5cr to CM's Relief Fund

The cheque was formally handed over to CM Himanta Biswa Sarma by NRL managing director (in-charge) Bhaskar Jyoti Phukan recently, an NRL release said on Thursday.

Equinor Submits Plan For Halten East Subsea Developments
May 26, 2022
Source: RIGZONE

Equinor Submits Plan For Halten East Subsea Developments

Equinor and Halten East partners Vår Energi, Spirit Energy, and Petoro have decided to invest about $940 million in the development of the area neighboring the Åsgard field in the Norwegian Sea.

Russia has allowed Gas Supplies to Gazprom Germany for 90 days
May 26, 2022
Source: Novinite

Russia has allowed Gas Supplies to Gazprom Germany for 90 days

The Russian government has authorized the temporary lifting of "mirror sanctions" and allowed for 90 days the flow of natural gas supplies from Yamal LNG to Gazprom Marketing & Trading Singapore Ltd, which is part of Gazprom Germany, shows a government decree on Wednesday, Reuters reported.

TechnipFMC scores Equinor contract off Norway
May 26, 2022
Source: Splash 247

TechnipFMC scores Equinor contract off Norway

UK-headquartered offshore contractor TechnipFMC has sealed a significant deal with Norway’s Equinor for the Halten East subsea tieback development on the Norwegian Continental Shelf. The contract, worth in the region of $75m to $250m, covers the manufacture and installation of flowlines and the installation of umbilicals and subsea structures.

Talos Energy on the look out for expansion opportunities
May 25, 2022
Source: Upstream

Talos Energy on the look out for expansion opportunities

Houston-based Talos Energy is looking to increase its oil production and its position in the US Gulf of Mexico, chief executive Tim Duncan told the company's annual investors day on Tuesday. Pointing out the massive scale of the US Gulf and the size of its resource base, Duncan said ample opportunity remains offshore - even as production in the Gulf trails only the prolific onshore Permian basin of west Texas and south-east New Mexico in terms of US Production.

Hunt for a private sector captain to run ONGC begins
May 24, 2022
Source: Economics Times

Hunt for a private sector captain to run ONGC begins

The search-cum-selection committee panel was set up in February to choose a chairman-cum-managing director (CMD) at ONGC and is planning to seek out private sector executives as well, said people familiar with the matter.

S-Oil refinery fire unlikely to derail South Korea's crude import, diesel export uptrend
May 24, 2022
Source: S&P Global

S-Oil refinery fire unlikely to derail South Korea's crude import, diesel export uptrend

South Korea's crude imports and middle distillate exports will likely extend their upward momentum into June as refiners continue to maximize operating rates to fully capture lucrative product cracks.

Oil prices at $110 per barrel pose 'bigger threats' than inflation, says Hardeep Puri
May 24, 2022
Source: Times of India

Oil prices at $110 per barrel pose 'bigger threats' than inflation, says Hardeep Puri

Oil minister Hardeep Singh Puri said oil prices staying at $110/barrel could pose bigger threats than inflation to the global economy. "If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you're talking about bigger threats. You know, that's where the R (recession) word comes in," Puri told CNBC TV18 in an interview at Davos.

How will petrol & diesel excise cuts, LPG subsidy impact OMC stocks?
May 23, 2022
Source: Economics Times

How will petrol & diesel excise cuts, LPG subsidy impact OMC stocks?

Analysts noted that OMCs have been losing money on the sale of petrol, diesel, and LPG. They believe the excise cuts should give OMCs a headroom to hike fuel prices and partially recover their under-recoveries. The freeze in fuel prices in the March quarter, despite escalating global oil prices, most likely owing to state elections, led to steep under-recoveries for oil marketing companies (OMCs), said Nomura India.

Oil prices at $110/bbl pose 'bigger threats' than inflation: Indian Oil Min
May 23, 2022
Source: Economics Times

Oil prices at $110/bbl pose 'bigger threats' than inflation: Indian Oil Min

"If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you're talking about bigger threats. You know, that's where the R (recession) word comes in," Puri told CNBC TV18 in an interview at Davos.

ONGC weighs raising stakes in Russian oil despite Shell snub
May 19, 2022
Source: Economic Times

ONGC weighs raising stakes in Russian oil despite Shell snub

ONGC, Bharat Petroleum, Indian Oil, and Oil India have also held preliminary discussions among themselves to evaluate buying BP's 20% stake in Russian energy giant Rosneft.

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal
May 19, 2022
Source: Times Of India

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal

Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand.

Oil prices climb on hopes of China demand recovery
May 19, 2022
Source: EnergyWorld

Oil prices climb on hopes of China demand recovery

Brent crude futures were up $1.15, or 1.0 per cent, at $113.08 a barrel at 0042 GMT, while US West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 per cent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 per cent in the previous session.

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