Sunday, 25 August, 2019

Oil ticks higher, market eyes US State of the Union address

Oil Holds Gains on Signs of Shale Slowdown as OPEC Output FallsMore Oil Holds Gains on Signs of Shale Slowdown as OPEC Output FallsMore
Russell Knight | 07 February, 2019, 23:52

France's oil and gas major Total has pulled out all its personnel from Venezuela following the us sanctions on Venezuelan state oil firm PDVSA, which also blocked Total's accounts in the Latin American country, CEO Patrick Pouyanné said on Thursday.

The move ratcheted up pressure on Maduro to cede power to National Assembly leader Juan Guaido, who the US and European allies have recognized as Venezuela's rightful president. -China trade deal. An economic slowdown in the Euro Zone is now a concerns after German industrial output unexpectedly fell in December for the fourth consecutive month.

The producers known as OPEC+ began cutting production by 1.2 million barrels per day from last month to avert a new supply glut and OPEC has delivered nearly three-quarters of its pledged cutback already, according to a Reuters survey.

A decline in OPEC production and a squeeze on supply from Iran and Venezuela from USA sanctions have led many analysts to forecast that the market will be balanced in 2019. The contract increased 35 cents to $54.01 on Wednesday.

At 11:00 GMT, March WTI crude oil is trading $53.69, down $0.32 or -0.57% and April Brent crude oil is at $62.44, down $0.25 or -0.40%.

Celtics looking to move Jabari Bird prior to trade deadline
But once Irving hits free agency, on July 1, Boston will be able to pursue re-signing him and pairing him with Davis. The Lakers' current offer is Brandon Ingram, Kyle Kuzma, Lonzo Ball and two first-round picks.

Kings send Iman Shumpert to Rockets in 3-team trade with Cavs
For the Cavs, they're scooping up yet another future draft pick for taking on bad contracts and sending out a useful bench scorer. Knight has two seasons, including 2019, and about $30 million left on the five-year, $70 million deal he signed with the Suns.

Why women's grey matter ages better than men's
But researchers have understood little about how brain metabolism differs between men and women. The discovery was made during brain surgery on a patient who was awake under local anaesthetic.

USA inventories of winter fuels, including propane, shrank by about 4.9 million barrels combined last week, EIA data showed Wednesday. Stocks gained by 1.3 million barrels in the week ended February 1, compared with analysts' expectations for an increase of 2.2 million barrels. The global benchmark crude was at an $8.36 premium to WTI for the same month.

Earlier on Thursday, Total said that its 2018 oil and gas production hit a record high, growing by more than 8 percent from 2017 to reach 2.8 million barrels of oil equivalent per day (boepd), thanks to the start-ups of Ichthys LNG in Australia, Yamal LNG in Russian Federation, and deepwater projects Kaombo North in Angola and Egina in Nigeria. They closed down 1.7 percent on Tuesday.

OPEC and its allies will probably extend their oil-cuts agreement later this year to keep prices at "comfortable" levels, according to Azerbaijan's energy minister.

TransCanada Corp.'s Keystone pipeline and Enbridge Inc.'s Platte pipeline were shut Wednesday to investigate a possible oil spill in Missouri.

Venezuela's opposition is opening a US fund to receive the proceeds of oil sales, a key measure to secure revenue for its effort to dislodge President Nicolas Maduro, an opposition lawmaker said on Wednesday. Both lines carry Canadian crude to the U.S. The lender sees Venezuelan oil exports quickly falling by 300,000 barrels a day to about 700,000 barrels a day.

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