Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year. The change estimated by the EIA compared with a modest draw of around 1 million barrels for the previous week, which also saw sizable builds in fuel inventories that dragged oil prices […]
Continue ReadingRussia and Iran will sign a comprehensive strategic partnership treaty on Friday, focusing on defense and security cooperation. The treaty solidifies the growing ties between the two nations, who have increased their cooperation in the context of the Ukraine war and Western sanctions. The partnership also reflects the changing geopolitical landscape in the Middle East, […]
Continue ReadingAlgorithmic trading resulted in significant losses for traders last year due to over-reliance on technical signals. Algorithmic traders have reduced the weight of oil in their portfolios by as much as half, from 4% in July last year to just 2% today. Fundamentals are back in the limelight as traders are focusing on supply trends. […]
Continue ReadingSix European Union countries on Monday called on the European Commission to lower the $60 per barrel price cap put on Russian oil by G7 countries, arguing it would reduce Moscow\’s revenues to continue the war in Ukraine while not causing a market shock. Price caps on Russian seaborne crude as well as refined […]
Continue ReadingTo avoid US sanctions, Serbia should completely remove Russian ownership of the National Oil Company of Serbia (NOCS), the country\’s largest energy company, US Assistant Secretary of State for European and Eurasian Affairs James O\’Brien said. On Friday, the administration of outgoing US President Joe Biden imposed its broadest package of sanctions to date, […]
Continue ReadingThe latest Western restrictions are expected to disrupt Moscow’s oil supply to its biggest buyers, China and India India, the world’s third-largest oil importer, is not expecting any disruption to its oil purchases from Russia in the next two months, despite the latest US and UK measures against Moscow’s energy sector. A senior government official […]
Continue ReadingChinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new US sanctions on Russian producers and ships curb supplies to Moscow\’s top customers, traders and analysts said. The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and […]
Continue ReadingForesea Brazilian drilling contractor Foresea is adding $70m to its backlog under an existing drillship deal with Petrobras. The company established in June 2023 from the restructuring of Ocyan’s drilling unit fixed its floater Norbe VIII in September of the same year to the state-controlled oil giant for three years. The deal worth approximately $450m […]
Continue ReadingUS sanctions seen costing Russia billions of dollars a month US official sees no danger of global crude oil shortage Circumventing sanctions could add costs to Russia\’s oil industry WASHINGTON/NEW DELHI/LONDON, Jan 10 (Reuters) – U.S. President Joe Biden\’s administration imposed its broadest package of sanctions so far targeting Russia\’s oil and gas revenues on […]
Continue ReadingENB Pub Note: The following article is an excellent summary from Alexandra Prokopenko and Alexander Kolyandr about what the oil and gas exports mean to the Russian economy and, conversely, what impact the sanctions will have on global consumers. This is a complicated issue, and we can already see the Neocons starting their talks of […]
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