Economics ///

Mexico opens door to going naked on oil hedge

Mexico usually buys put options from a small group of investment banks, starting as early as May, in what’s considered one of Wall Street’s largest -- and most secretive -- annual oil deals.

Traders spot opportunity with LNG prices at rock bottom

After prices plunged to their lowest on record for this time of year, traders say buyers from Japan to India have started to snap up cargoes in anticipation of a pickup in winter demand. Procurement for the colder season is only expected to intensify over what’s left of the summer.

Putin’s budget has lowest break-even oil price in over a decade

Oil prices may be recovering, but Russian President Vladimir Putin isn’t taking any chances, running a budget that balances at the lowest crude price in more than a decade.

Foreign oil firms bailing on Canada in $30 billion exodus

Capital keeps marching out of Canada’s oil industry, with Kinder Morgan’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.

Pembina to buy Kinder Morgan’s oil assets for $3.3 billion

Pembina Pipeline Corp. increased its bet on the future of Canada’s turbulent oil-sands industry, agreeing to buy Kinder Morgan Inc.’s Canadian unit and the U.S. portion of a key pipeline for about C$4.35 billion ($3.3 billion).

Wood to sell nuclear business for $300 million as it cuts debt

Wood Plc has agreed to sell its nuclear business for 250 million pounds ($302 million), as it cuts debt associated with the 2017 acquisition of Amec Foster Wheeler and a prolonged oil-price slump.

Oil climbs as Huawei sanctions delay offers sign of trade war truce

Oil climbed as the U.S. delayed sanctions against Huawei Technologies, offering a hint of progress in its trade war with China, and a drone attack in Saudi Arabia highlighted simmering Middle East tensions.

U.S. oil poses threat to Mideast sellers with Asia trading debut

The rivalry between U.S. and Middle Eastern oil producers has jumped up a notch as American crude makes its way right to the heart of Asia, the world’s most-prized energy market.

Equinor completes $965 million GoM acquisition from Shell

The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction, in which Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell for $965 million in cash.

Oil refiners preparing to gain on IMO 2020 vessel fuel rules

Profits from turning crude into diesel in the second half of 2019 are forecast to be about 31% higher than the first six months, according to Goldman Sachs. Margins have expanded around 40% since late April as International Maritime Organization rules that prohibit ships from using dirty fuel from Jan. 1 are set to bolster diesel demand, while cutting fuel oil use.

Oil rises as Saudi drone attack stokes export concerns

Oil rose for a second day as a drone attack on a Saudi Arabian oil field revived concerns that the tense Middle East political situation may jeopardize crude exports.

OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth and the long-running trade war, even though supplies will be tighter than previously thought, OPEC said.

Oil heads for weekly gain as trade war headlines whipsaw market

Oil headed for a weekly increase as hopes that the U.S. and China could resume negotiations to resolve their trade dispute capped a week of volatile trading.

U.S. oil sanctions leave Russian exporters $1 billion richer

U.S. sanctions against Iran and Venezuela have inadvertently increased demand for a Russian brand of crude oil, boosting revenues for the nation’s exporters.

Oil declines as trade war casts dark cloud, stockpiles rise

Oil fell for a second day as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories.

Green energy has a plethora of failures

The annals of green energy are filled with failures. Many ideas struggled to move from the lab to the factory.

GE stock drops as whistleblower levels accounting accusations

Harry Markopolos, who had raised concerns over investment manager Bernie Madoff before his Ponzi scheme was exposed, said GE has understated liabilities in its insurance unit and hasn’t properly accounted for its investment in Baker Hughes.

Angola to offer 10 frontier offshore blocks in new license round

ANPG, the national concessionaire for Angola, holds mineral rights for the exploration, development and production of liquid and gas hydrocarbons. The blocks, which are all considered frontier, currently have no hydrocarbon production.

Oil retreats after biggest jump in five weeks as stockpiles rise

Oil declined after its biggest surge in five weeks as an industry report showed American crude stockpiles expanded, paring a rally that was fueled by signs the U.S.-China trade deadlock may be easing.

Petrobras contract penalties swing Vantage Drilling to profit

Vantage Drilling reported net income of $590.7 million for the second quarter of 2019, thanks to payments of more than $700 million by Petrobras for terminating drilling vessel contracts.