LONDON (Reuters) – As many as four VLCC tankers could take North Sea crude oil to Asia this month, shipping fixtures show, after an Atlantic Basin supply glut forced prices to multi-year lows.
The Samco Europe, Bunga Kasturi Empat, Britanis and Starlight Venture VLCCs – very large crude carriers – have been lined up for the shipments, according to the fixtures, equivalent to around 8.4 million barrels of Forties crude oil.
LONDON (Reuters) – Investors continued to pull money from energy exchange-traded products (ETPs) in May after a rebound in oil prices stumbled as the global supply glut showed no signs of eroding.
Some $540 million exited energy ETPs globally last month, following net withdrawals of $1.2 billion in April, data from asset manager BlackRock showed.
LONDON (Reuters) – The slump in crude prices has jolted the oil industry into deep cost cutting which, unlike the previous downturn, could last for a few years at least.
After overspending by the industry during the boom years, the collapse in prices in the second half of last year laid bare the need to reduce costs and introduce efficiencies.
LONDON, June 1 (Reuters) – A shadowy build up of oil has
intensified in the Atlantic Basin with homeless cargoes of crude
turning into unintentional floating storage – another sign the
global surplus has some way to go before clearing.
Off the coast of West Africa and in the waters of the North
Sea, vessels holding millions of barrels of oil have become, in
effect, accidental storage, as their owners fight for buyers.
LONDON (Reuters) – Investors pulled $1.2 billion from energy exchange-traded products (ETPs) in April, banking profits after oil prices rallied some 20 percent over the month, the latest global data from asset manager BlackRock showed.
It was a sharp reversal from the first quarter of 2015, when investors piled into oil ETPs trying to position for a rebound when production numbers start to dip.
LONDON (Reuters) – Commodity fund managers who outperformed their peers in the first quarter by shorting oil or underweighting the energy sector are expecting further weakness in energy in the second quarter but are waiting to see if oil prices bottom out.
Oil price volatility kept managers on their toes in the first quarter, with Brent crude falling and rising repeatedly before ending the quarter down almost 4 percent.
LONDON, April 16 (Reuters) – Commodity fund managers who
outperformed their peers in the first quarter by shorting oil or
underweighting the energy sector are expecting further weakness
in energy in the second quarter but are waiting to see if oil
prices bottom out.
Oil price volatility kept managers on their toes in the
first quarter, with Brent crude falling and rising
repeatedly before ending the quarter down almost 4 percent.
LONDON, April 10 (Reuters) – Oil majors may have slashed
capital spending but national oil companies (NOCs) in the Middle
East and North Africa show no sign of cutting investment,
buoying oilfield services that the stock market has beaten down.
Investors sold in the second half of 2014 as benchmark fuel
prices sank, expecting a dire performance from a sector reliant
on investment in oil and gas projects for its revenues.
LONDON, March 17 (Reuters) – Britain’s finance minister must
announce bold oil tax changes in his 2015-16 budget this week to
inject new life into the battered North Sea where investment in
new projects has fallen and billions of dollars of assets are up
Oil and gas companies in the area are facing a perfect storm
of record-high investment costs and a slump in global oil
prices, which has put their balance sheets under strain.
LONDON (Reuters) – Interest in oil and other energy-related exchange traded products (ETPs) continued for a fifth consecutive month in February with almost $2 billion of inflows, according to the latest global data from BlackRock, pushing assets under management (AUM) to over $13 billion.
This was almost as much as the $13.8 billion of assets under management in broad-basket commodity ETPs, but BlackRock’s Ursula Marchioni, head of ETP research at iShares EMEA, said it fell short of a record.