LONDON, April 27 (Reuters) – “Downing Street has discreetly
let it be known in the City that it would oppose any takeover of
BP,” the Financial Times reported on Sunday.
The prime minister’s office has signalled it would make life
difficult for any bidder, although no bid has been mooted yet,
the newspaper said (“UK ministers make Gallic gesture to keep
the British in BP”, April 26).
LONDON, April 22 (Reuters) – Global oil demand is set to
rise by 1 million or even 1.5 million barrels per day (bpd) in
2015, according to a range of forecasters.
Coupled with a fall in shale output in the second half of
the year, as the decline in the U.S. rig count takes effect,
that should be enough to bring the oil market near to balance by
LONDON, April 21 (Reuters) – Lower oil prices are sharply
reducing the cost of shipping merchandise from Asia to the
United States and Europe as the cost of bunker fuel tumbles.
Container shipping companies deal with the volatility in
fuel prices by adding a separate bunker adjustment factor or
fuel surcharge to their freight rates.
LONDON, April 20 (Reuters) – Despite the surge in U.S. oil
prices, hedge funds are still divided about what will happen
next, according to the latest data from the Commodity Futures
Trading Commission (CFTC).
Hedge funds and other money managers held long positions in
WTI-linked futures and options equivalent to 396 million barrels
of oil on April 14.
LONDON, April 17 (Reuters) – Lifting sanctions on Iran’s oil
industry could significantly change the outlook for oil supply
and prices, the head of the U.S. Energy Information
Administration told U.S. legislators.
“If and when sanctions are lifted, EIA’s baseline forecast
for world crude oil prices in 2016 could be reduced $5-$15 per
barrel,” Adam Sieminski said to the Senate’s Committee on Energy
and Natural Resources on Thursday.
LONDON, April 16 (Reuters) – U.S. refiners have come back
unusually early from the maintenance season to maximise
throughput of cheap crude and turn it into valuable products in
time for the summer driving demand surge.
Refinery run rates normally begin to rise around now as
maintenance ends and refineries come back online, but this year
production is rising unusually early and fast.
LONDON, April 15 (Reuters) – Iran contains some of the
largest and most attractive petroleum resources in the world, so
any easing of sanctions could have a major impact on oil and gas
markets in the second half of the decade.
Iran’s possible re-emergence as a major exporter would force
a re-ordering of the world oil market both because of the
country’s location on the cost-curve and the quality of its oil.
LONDON, April 13 (Reuters) – Professional commodity traders
watch spreads (differences between the prices for adjacent
futures contracts) rather than spot prices as the best indicator
of the balance between supply and demand.
In crude, the narrowing spreads for both Brent and West
Texas Intermediate (WTI) indicate a closer balance between
supply and demand in the second half of the year than in the
LONDON (Reuters) – There could be up to 100 billion barrels of oil onshore beneath southern England, the chief executive of a small exploration firm told the BBC in an interview on Thursday. To which the correct response is “yes, but”.
Based on an analysis of samples from a single well drilled near London’s Gatwick airport, UK Oil and Gas Investments estimates there could be 158 million barrels per square mile in the local area.
LONDON, April 9 (Reuters) – There could be up to 100 billion
barrels of oil onshore beneath southern England, the chief
executive of a small exploration firm told the BBC in an
interview on Thursday. To which the correct response is “yes,
Based on an analysis of samples from a single well drilled
near London’s Gatwick airport, UK Oil and Gas Investments
estimates there could be 158 million barrels per square mile in
the local area.