Page 24 - Oil

Oil or nothing

It's not how much oil, but how much influence

Oil bulls beware because China's almost done with amassing crude

One of the pillars of oil's recovery from the lowest price in 12 years could be on the verge of crumbling. China is likely close to filling its strategic petroleum reserves after doubling purchases for it this year as prices plunged, JPMorgan Chase & Co. analysts including Ying Wang wrote in a June 29 research note.Stopping shipments for the reserve would wipe out about 15 per cent of the country's imports, according to the bank. Chinese crude imports have risen 16 per cent this year, and the country is rivaling the US as the world's biggest oil purchaser.That demand, along with supply disruptions from Canada to Nigeria, has helped boost oil prices about 80 per cent since January.China has taken the opportunity of lower oil prices since early-2015 to accelerate the strategic petroleum reserve builds,'' Wang said in the report. ''This volume might be close to the capacity limit, in our view, and together with potential teapot utilisation pullback and slower-than-expected demand from

7 merchant bankers bid to manage OIL stake sale

Government plans to sell 10% of its stake in 'Navratna' OIL through an Offer For Sale

IEA sees global oil market returning to surplus in early 2017

On the supply side, the IEA said output fell by 590,000 bpd year-on-year to 95.4 million bpd in May, first significant decline since the start of 2013

Oil futures fall as global growth, Brexit concerns weigh

OPEC also forecast that world oil market would be more balanced in second half of 2016 as outages in Nigeria, Canada help to speed up erosion of a supply glut

Aramco, Total, Shell eye entry into retail fuel market: Pradhan

India, world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects

Govt to auction oil, gas fields with Rs 70,000 cr worth reserves from July

The auction will be the first licensing round in over four years

Oil rebound has Citi seeing worst over for commodities

The commodities market has turned a corner and prices are unlikely to return to lows seen in the first quarter, according to Citigroup Inc, which boosted forecasts from metals to grains amid an oil-led recovery.The bottom was likely hit earlier this year when weak fundamentals across all commodities were reinforced by selling after the collapse of China's equity markets, Citigroup analysts including Ed Morse wrote in a report Tuesday. The bank is now predicting Brent oil will climb to $50 a barrel in the third quarter, earlier than its previous forecast for the fourth quarter, while increasing its year-end gold estimate by $100 an ounce to $1,250."This recovery is starting in the oil sector, where market fundamentals are tightening much faster than we had forecast at the start of the year," the analysts wrote. "Across the industrial metals, markets are also slowly firming and prices bottoming as new projects get postponed and surpluses are whittled down. So too in the agricultural sect

India seeks bids for oil, gas fields in first auction since 2010

India is auctioning a total of 46 oil and gas fields, with 26 on land, 18 offshore in shallow water and two in deep water

Oil prices fall below $48 as dollar gains, but possible stock drawdown supports

Brent futures had declined 42 cents to $47.93 a barrel by 0643 GMT, after closing down 37 cents in the previous session

Oil prices dip after Iran says it won't freeze output

Despite a recent rebound, world crude prices are still below half their levels in June 2014 due to oversupply

Oil rises as Nigeria turmoil adds to global supply disruptions

Nigerian oil output below 1.4 mn bpd; Global disruptions at 2.5 mn bpd - ANZ bank; But brimming storage to cushion supply disruptions

Oil drops below $48 on Fed hike speculation, fading support from outages

A stronger dollar makes commodities denominated in the US currency more expensive for holders of other currencies and tends to weigh on oil prices

Markets trim gains; Nifty hovers around 7,900

Select financials extended gains while oil explorers flared up on higher crude prices

Oil prices jump as Goldman Sachs says market flips into deficit

International Brent crude futures were trading at $48.50 per barrel

Oil at fresh 2016 highs on hopes of supply glut easing

US oilfield services firm Baker Hughes said the number of US drilling rigs fell to its lowest level since October 2009, which is good news for prices

Global oil supply glut to 'shrink dramatically' this year: IEA

Demand for oil worldwide is set to grow at a 'solid' rate in 2016, with India the 'star performer', the IEA said

Iran ends free shipping of oil to India: Oil minister

It has also terminated a three-year-old system of getting paid for half of the oil dues in rupees

Oil firms abandon $2.5-billion drilling rights in US Arctic waters

After plunking down more than $2.5 billion for drilling rights in US Arctic waters, Royal Dutch Shell, ConocoPhillips and other companies have quietly relinquished claims they once hoped would net the next big oil discovery.The pullout comes as crude oil prices have plummeted to less than half their June 2014 levels, forcing oil companies to slash spending. For Shell and ConocoPhillips, the decision to abandon Arctic acreage was formalised just before a May 1 due date to pay the US government millions of dollars in rent to keep holdings in the Chukchi Sea north of Alaska. The US Arctic is estimated to hold 27 billion barrels of oil and 132 trillion cubic feet of natural gas, but energy companies have struggled to tap resources buried below icy waters at the top of the globe.Shell last year ended a nearly $8 billion, mishap-marred quest for Arctic crude after disappointing results from a test well in the Chukchi Sea. Shell decided the risk is not worth it for now, and other companies ha

Oil rises from 2-week low

Oil rose from a two-week low on concern that supplies from Nigeria and Libya, holders of Africa's largest crude reserves, will be disrupted.Futures advanced as much as 2.2 per cent in New York. Royal Dutch Shell Plc and Chevron Corp. are evacuating workers from the Niger Delta because of deteriorating security, a union official said. In Libya, some fields will be forced to halt output unless a port blockade is lifted, according to the National Oil Corp. Canada's oil-sands companies curbed supply as wildfires ripped across northern Alberta last week. Gains accelerated as global equities rose.