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US oil and natural gas rig count drops as Permian production climbs

2 months ago DieselGasoil Comments Off on US oil and natural gas rig count drops as Permian production climbs
Highlights Oil-directed rigs fall by seven to 849 Gas rigs fall by two to 210 Permian production climbing Houston — US oil and natural gas rigs fell by 13 to 1,061 for the week ended May 29, according to data released by S&P Global Platts Analytics Thursday. Not registered? Receive daily email alerts, subscriber notes Read More

UK data: Oil output rises 9% on year in Q1

2 months ago DieselGasoil Comments Off on UK data: Oil output rises 9% on year in Q1
London — UK oil production rose by nearly 9% on the year in the first quarter of 2019 to 1.18 million b/d, continuing a half-decade revival and beating industry expectations, government statistics released Thursday showed. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The statistics from the Department of Read More

Delek’s Ithaca buys Chevron UK North Sea assets for $2 billion

2 months ago DieselGasoil Comments Off on Delek’s Ithaca buys Chevron UK North Sea assets for $2 billion
London — Delek-backed Ithaca Energy has agreed to acquire Chevron’s UK oil and gas asset portfolio in the central North Sea for $2 billion, it announced Thursday, as the Israeli company looks to develop as an international upstream operator. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Under the Read More

Middle East LPG market under strain as supply improves, demand eases

2 months ago DieselGasoil Comments Off on Middle East LPG market under strain as supply improves, demand eases
Singapore — The FOB Middle East LPG market has come under pressure by abundant supply to meet demand from China and Indonesia, even as imports from India have yet to recover after the country’s pre-election stockpiling, traders said Thursday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Qatar and Read More

Analysis: Australia unlikely to build new oil refineries despite heavy import dependence

2 months ago DieselGasoil Comments Off on Analysis: Australia unlikely to build new oil refineries despite heavy import dependence
Highlights Building large new oil refineries uneconomical in Australia: interim report To continue relying on Asian refining hubs for refined product supply To meet IEA’s 90-day crude stockpiling requirements by 2026 Brisbane — The building of new, large oil refineries in Australia is likely to remain uneconomical due to stiff competition from Asian refining hubs Read More

Crude oil futures see mild recovery on bullish inventory data

2 months ago DieselGasoil Comments Off on Crude oil futures see mild recovery on bullish inventory data
Singapore — Crude oil futures saw a modest upswing in mid-morning Asian trade on Thursday, despite a significant drawdown in US crude oil inventories, as US-China trade concerns continue to overshadow sentiment across global markets. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The July NYMEX light sweet crude Read More

Supply-side concerns batter Asian gasoline cracks to 4-month low

2 months ago DieselGasoil Comments Off on Supply-side concerns batter Asian gasoline cracks to 4-month low
Singapore — Pressure from fresh supply in the region has dragged gasoline refining margins to new monthly lows, keeping sentiment tepid despite steady demand, sources said Thursday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The benchmark Singapore 92 RON gasoline crack spread against the front-month June ICE Brent Read More

Devon to sell Canadian oil assets to Canadian Natural Resources

2 months ago DieselGasoil Comments Off on Devon to sell Canadian oil assets to Canadian Natural Resources
Houston — In the first step of its plan to transition into a US oil growth business, Devon Energy is divesting its Canadian business to Canadian Natural Resources, the company said Wednesday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Devon’s Canadian portfolio is composed of heavy oil assets Read More

LLOG-operated Buckskin well to come online in US Gulf of Mexico by mid-June: executive

2 months ago DieselGasoil Comments Off on LLOG-operated Buckskin well to come online in US Gulf of Mexico by mid-June: executive
Highlights Remote field is LLOG’s first ultra-deep project Two initial wells to be brought online Later, Leon remote well will be drilled New Orleans — LLOG Exploration, one of the largest private US Gulf of Mexico operators, expects the Buckskin oil development it operates to come on stream in June, making the company an ultra-deepwater Read More