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Jul 23, 2014

Brent rises on global tensions, drop in U.S. oil stocks

LONDON, July 23 (Reuters) – Brent crude oil rose towards
$108 a barrel on Wednesday as threats to supplies from
oil-producing regions and a drop in U.S. oil stocks overshadowed
a stronger dollar.

The U.S. Energy Information Administration said U.S. crude
stocks fell by 4 million barrels last week, more than expected,
while gasoline and distillate stocks rose.

Jul 21, 2014

Hedge funds slash higher Brent oil bets 25 pct in price rout -ICE

LONDON, July 21 (Reuters) – Hedge funds and other large
speculators slashed their bets on higher Brent crude oil prices
by almost 25 percent in the week to July 15, ICE said on Monday,
as prices collapsed to their lowest in three months.

The IntercontinentalExchange Inc. said money
managers reduced their net long futures and options positions in
Brent to 151,981 from 201,568 as prices fell to a
three-month low of $104.39, down from more than $115 a barrel in
mid-June.

Jul 18, 2014

Old-school traders of physical oil teach hedge funds a lesson

LONDON, July 18 (Reuters) – A near 10 percent drop in
international oil prices since last month has taught a painful
lesson to many hedge funds and other speculators in energy
futures: you can ignore physical markets for only so long.

Hedge funds piled into what seemed a one-way bet in early
June, grabbing up oil contracts as the rapid advance of Islamist
insurgents in northern Iraq threatened supplies from OPEC’s
second-largest producer at the same time that peak summer demand
was approaching.

Jul 8, 2014

Brent oil hits fresh 1-month low under $110 in 7-day slide

LONDON, July 8 (Reuters) – Brent crude fell to a fresh
one-month low beneath $110 a barrel on Tuesday, as prospects for
a rise in Libyan oil exports improved and fears of supply
disruption in Iraq eased.

The benchmark is headed for a seventh straight session of
losses, the longest losing streak since October 2012, and has
shed 5 percent since the Iraq crisis drove prices to a
nine-month high of $115.71 in June.

Jul 3, 2014

Iraqi Kurds say will sue Baghdad if it blocks oil sales

LONDON, July 3 (Reuters) – Iraq’s autonomous Kurdish region
has hit back at Baghdad over independent oil exports, a letter
from the Kurdistan Regional Government (KRG) showed, threatening
to counter sue the central government for trying to block its
sales.

The strongly worded letter shows growing confidence from the
Kurdish capital Arbil in the long-running oil sales dispute, as
Baghdad struggles to regain control of swathes of territory lost
to a Sunni Islamic militant insurgency.

Jun 25, 2014

With new grip on oil fields, Iraq Kurds unveil plan to ramp up exports

ARBIL (Reuters) – Iraq’s self-ruling Kurds outlined plans on Wednesday to swiftly ramp up oil exports now that their forces have seized control of Iraq’s main northern oil fields, a move that could tear up the settlement holding Iraq together since the fall of Saddam.

Kurdish Natural Resources Minister Ashti Hawrami told Reuters the Kurds had plans to increase their exports eight-fold by the end of 2015, including pumping oil from the fields taken by Kurdish fighters two weeks ago.

Jun 24, 2014

As euphoria fades, Mosul wonders what ISIL rule will bring

BASHIQA/MOSUL Iraq (Reuters) – Two weeks after Sunni insurgents overran northern Iraq’s biggest city Mosul, shrines lie smashed, non-Sunnis have fled and armed men have warned women not to walk in the streets unescorted.

Residents who welcomed the expulsion of the Shi’ite-led government’s soldiers and police from the mostly Sunni city are now asking what life will bring under the al Qaeda offshoot calling the shots, the Islamic State in Iraq and the Levant (ISIL).

Jun 22, 2014

Fuel shortages in Iraqi Kurdistan to last at least another week

ARBIL, June 22 (Reuters) – Fuel shortages in Iraq’s
autonomous Kurdistan region will last for at least another week,
government officials said on Sunday, as sweeping advances by
Sunni Muslim militants further south put a heavy strain on
supply lines.

Queues of motorists, some up to 2 km (1.2 miles) long, have
been one of the most visible signs of the militants’ battlefield
successes in Iraq for the people of Kurdistan’s regional capital
Arbil, a city filled with new office blocks and Western oil
workers barely an hour’s drive from Mosul, now in rebel hands.

Jun 16, 2014

After Kirkuk, Kurds want quarter of Iraq oil revenue

ARBIL, June 16 (Reuters) – A bolder Kurdistan, a bulwark
against ISIL forces and strengthened by the seizure of the oil
city of Kirkuk, wants a greater share of Iraq’s oil revenue.

The Kurdistan Regional Government believes its share of
total Iraqi oil sales should be as high as
25 percent, the KRG’s official spokesman said on Monday.

Jun 9, 2014

Second tanker of Kurdish oil leaves Turkey despite Baghdad protest

ANKARA/LONDON (Reuters) – A second shipment of Iraqi Kurdish crude has sailed from the Turkish port of Ceyhan, industry and government sources said, increasing the stakes in a battle with Baghdad over control of oil sales from the autonomous region.

The United Emblem suezmax tanker, carrying 1 million barrels of crude, sailed from the harbor on Turkey’s Mediterranean coast on Monday, Reuters AIS Live ship tracking showed.