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Oil prices jump as the US and China establish truce
Jan. 16, 2020
Source: Reuters

Oil prices jump as the US and China establish truce

Oil prices climbed on Thursday, buoyed up by the long-awaited signing of Phase 1 of the proposed trade deal between Washington and Beijing. Brent crude LCOc1 was priced 0.5% higher, at $64.33 a barrel. US WTI crude futures CLc1 were traded 0.5% higher, at $58.09 a barrel. China is aiming to buy over $50 billion more of U.S. oil, liquefied natural gas and other energy products over two years.

Oil prices slip over fears of US-China deal not inducing demand
Jan. 15, 2020
Source: Reuters

Oil prices slip over fears of US-China deal not inducing demand

Oil prices fell on Wednesday, stressed by the possibilities of the US-China trade deal not inducing demand as Washington is looking to keep tariffs on Chinese goods until a second phase. Brent crude LCOc1 fell 0.3%, at $64.30 per barrel. US WTI crude futures CLc1 were priced 0.3% lower, at $58.04 a barrel. The Phase 1 agreement between the US and China will be signed at the White House today.

Stress Engineering acquires Laserstream
Jan. 14, 2020
Source: World Oil

Stress Engineering acquires Laserstream

Houston-based Stress Engineering Services has purchased Texas-based Laserstream, a company specializing in laser mapping of tubular assets. The acquisition will gain Stress Engineering the ownership to high-resolution pipe ID scanning hardware and imaging software while enhancing its competencies within upstream, midstream, downstream, aerospace, consumer and medical services. With the acquisition, SES will be able to capitalize on Laserstream’s state-of-the-art equipment, to combine with its laboratories and service offerings.

Oil prices drop over de-escalating tensions in the Middle East
Jan. 14, 2020
Source: Reuters

Oil prices drop over de-escalating tensions in the Middle East

Oil prices slipped in the international market on Tuesday, as the tensions between the US and Iran deescalated after this month’s clash. Brent crude LCOc1 dipped down 0.1%, to $64.12 per barrel. U.S. West Texas Intermediate crude futures CLc1 were traded 0.1% lower, at $58.04 a barrel. However, the losses were capped by the expectations of a drawdown in U.S. crude stockpiles and, optimism about the potential US-China trade deal.

Researchers create advanced drilling advisory system
Jan. 10, 2020
Source: World Oil

Researchers create advanced drilling advisory system

The United States Department of Energy Small Business Innovation Research Program has presented a Phase I grant to E-Spectrum Technologies and Dr. Eduardo Gildin of Texas A&M University. The grant will be used in creating an advanced advisory system that precisely portrays the underground circumstances in real-time during drilling operations. E-Spectrum currently deploys algorithms to collect and filter data from bit vibrations, speed or sound changes, and temperature or pressure changes.

Apache Corp to move out of San Antonio, cut 272 jobs
Jan. 10, 2020
Source: Reuters

Apache Corp to move out of San Antonio, cut 272 jobs

Apache Corp has informed about closing its San Antonio, Texas office through which the firm oversees its Alpine High venture in the Permian basin. The move will cost approximately 272 employees their jobs. The layoffs follow a warning from Apache to move capital away from the struggling Alpine High region. A filing made by Apache with the Texas Workforce Commission informed that affected employees will leave the company on March 6.

Oil Prices dip over receding fears of Middle East war
Jan. 10, 2020
Source: Reuters

Oil Prices dip over receding fears of Middle East war

Oil prices fell in the international market on Friday, amidst the receding threat of war in the Middle East and slower economic growth gained attention. Brent crude LCOc1 slipped 0.3%, to $65.17 a barrel. US WTI were priced 0.3% lower, at $59.36 a barrel. Oil prices have reached as down as it was before the death of top Iranian general, Qasem Soleimani last week.

Oil prices climb over Iranian attacks on US forces
Jan. 8, 2020
Source: Reuters

Oil prices climb over Iranian attacks on US forces

Oil prices ramped up in the international market on Wednesday, buoyed up by Iranian attacks on American forces in Iraq. Brent crude futures LCOc1 rose 2.3%, to $69.83 a barrel. US WTI CLc1 crude was priced 2% higher, at $63.95 a barrel. Iran let loose a dozen missiles on U.S.-led forces stationed in Iraq early on Wednesday.

India hopes that there is no tension in the oil-producing countries: Pradhan
Jan. 6, 2020

India hopes that there is no tension in the oil-producing countries: Pradhan

India's Petroleum & Natural Gas Minister, Dharmendra Pradhan has shown concerns over increasing tensions amidst the oil-producing countries. "In today's times when there is a tension in the oil-producing countries then there is a direct impact on the prices of oil in the markets", said Pradhan. India is also planning to look for other oil import countries apart from the gulf nations.

Oil prices ramp up as tensions mount in the Middle East
Jan. 6, 2020
Source: Reuters

Oil prices ramp up as tensions mount in the Middle East

Oil prices ramped up in the international market on Monday, climbing on the back of escalating tensions in the Middle East and as US threats to impose sanctions on Iraq. Brent crude futures LCOc1 soared 2.4%, to a high of $70.27 a barrel. US WTI CLc1 crude rose 2.1%, to $64.39 a barrel. President Trump yesterday threatened to enforce sanctions on Iraq if the country forced U.S. troops to withdraw.

Oil Prices rise over US Attacks on Iran
Jan. 4, 2020

Oil Prices rise over US Attacks on Iran

While the global stock market had a mixed situation, oil prices rose more than 3% yesterday, after the US killed Iranian general, Qasem Soleimani. The death of Soleimani has caused an increase in the geopolitical rise. This can eventually lead the US and Iran to lock horns. Sources predict Iran launching a targeted attack on US ships which could disrupt seaborne crude oil flows and thereby increase the oil prices.

Oil prices trade higher on the second day of 2020
Jan. 2, 2020
Source: Reuters

Oil prices trade higher on the second day of 2020

US-China bond supported an increase in oil prices on Thursday, despite increased Middle East tensions. Brent Crude rose to $66.25 a barrel, while WTI climbed to $61.19 per barrel. Oil cartel, OPEC's prediction of crude benchmarks average out a greater value in 2020. The decrease in US crude inventories last week has also boosted price rise. OPEC and allies' decision of 500 million bpd in production cuts came into effect from Jan 1.

Oil prices rise over new tensions in the Middle East
Dec. 30, 2019
Source: Reuters

Oil prices rise over new tensions in the Middle East

Oil prices remained high in the international market on Monday, even though the traders expected lower fuel prices. The price of WTI increased by 1% to $61.73. Brent Crude rose 27% in 2019. Tensions in the Middle East escalated on Sunday, as the United States carried out airstrikes in Iraq and Syria. U.S. officials have also warned of “additional actions”.

Oil prices touched three-months high on Friday
Dec. 27, 2019
Source: Reuters

Oil prices touched three-months high on Friday

On Friday, oil prices climbed on the back of record online spending by U.S. consumers. Brent rose by 0.2% and was traded at $68.05 a barrel. WTI went up by 0.2%, to $61.81 a barrel. Online holiday purchases of US consumers have reached a record high and “showing few signs of tightening their purse strings, which is positive for oil also”, says Chief Asia market strategist at AxiTrader.

Oil prices tumble, but losses capped by progress in US-China trade deal
Dec. 23, 2019
Source: Reuters

Oil prices tumble, but losses capped by progress in US-China trade deal

Oil prices fell in the international market on Monday, however losses were capped amidst high optimism around US-China trade deal. Brent crude LCOc1 dropped 0.2%, to $65.99 a barrel. West Texas Intermediate CLc1 were priced at $60.29 a barrel. President Trump on Saturday said at an event in Florida, “We just achieved a breakthrough on the trade deal and we will be signing it very shortly,”.

Oil prices hold fast over advances in US-China trade deal
Dec. 20, 2019
Source: Reuters

Oil prices hold fast over advances in US-China trade deal

Oil prices held ground in the international market on Friday, amidst easing US-China trade tensions. Brent crude futures LCOc1 climbed 0.03%, to 66.56 a barrel. WTI crude futures CLc1 were priced 0.15% higher, at $61.09 per barrel. China, yesterday, announced tariff exemptions for six oil and chemical products imported from the United States, just days after the US and China announced an interim trade deal.

Oil prices climb over the jump in US crude inventories
Dec. 19, 2019
Source: Reuters

Oil prices climb over the jump in US crude inventories

Oil prices jumped in the international market on Thursday, buoyed up by the EIA data indicating a drop in the US crude inventories. Brent crude futures LCOc1 was priced at $66.16 a barrel. WTI crude futures CLc1 were priced $60.90 per barrel. EIA data released on Wednesday indicated a drop of 1.1 million barrels in the U.S. crude inventories.

Tallgrass Energy agrees to Blackstone’s new buyout deal
Dec. 18, 2019
Source: Reuters

Tallgrass Energy agrees to Blackstone’s new buyout deal

American pipeline operator, Tallgrass Energy yesterday informed about accepting Blackstone’s new buyout deal that values the company at approximately $6.3 billion. The fresh sweetened deal came after a dispute emerged over the original offer which gave Tallgrass executives a higher price for their shares than other holders. Tallgrass said that the transaction will come via $3 billion in equity and the remainder with debt.

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