Beaumont – Fuelfix

Market Currents: Middle East oil loadings continue to rise

Market Currents: Middle East oil loadings continue to rise

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Forty-one years to the day after the birth of chef Jamie Oliver, and the recent rally in oil is looking a wee bit overcooked, after having a nibble at the $50 mark. Dollar strength returns to pressure prices lower, while a bout of profit-taking after hitting the psychological level of $50 is spurring on selling …

Hercules Offshore to file for second bankruptcy, sell assets

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Hercules Offshore says it will file paperwork for its second Chapter 11 bankruptcy since last summer in a plan that will involve selling off its assets, a fleet of offshore drilling rigs. The Houston company, which had 1,000 employees at the end of last year, emerged from bankruptcy in November with a fresh balance sheet …

Local leaders supporting militants attacking Nigerian oil production

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WARRI, Nigeria (AP) — Community leaders and activists in Nigeria’s oil-producing Niger Delta voiced support for a new group of violent militants, saying their demands for a greater share of oil wealth match the aspirations of local people. At a stakeholders’ meeting held Thursday in the southern town of Warri, community leaders accused the Nigerian …

Saudi strategy to pump higher-cost competitors out of business appearing to work

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Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time next week, it can argue convincingly that its strategy of squeezing rival producers is succeeding. By stifling high-cost suppliers, the Saudi approach has now almost eradicated the global oversupply, spurring a price rally of …

Oil trims weekly gain in prices

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Oil trimmed its third weekly advance as Canadian energy producers moved to resume operations after wildfires eased. Futures fell 0.9 percent in New York, paring the weekly advance to 2.7 percent. Suncor Energy Inc. is seeking to return most of its workers by next week and begin startup of oil-sands facilities that were shut down …
Cruz jumps into fray over climate change investigation into Exxon Mobil

Cruz jumps into fray over climate change investigation into Exxon Mobil

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Texas Senator and former presidential candidate Ted Cruz called on the U.S. Attorney General Thursday to back off the oil industry. A letter signed by five Republican senators and dated Wednesday called on Attorney General Loretta Lynch to drop any federal investigations into whether oil companies committed fraud in past statements downplaying the science and impact …

Market Currents: Five things to consider in oil markets today

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One-hundred and nine years after the birth of John Wayne, and oil is shootin’ from the hip today, with both Brent and WTI taking a shot at fifty dollardom. As the dollar softens, and as another act of sabotage in Nigeria looks to further stymie production, crude is close to price territory not traversed since …
Categories: crude oil, WAF loadings

Exterran risks NYSE delisting during ongoing internal investigation

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Several Houston energy companies have seen their stock tickers forcibly removed from the New York Stock Exchange for poor financial performance. But Exterran’s warning is different because it’s about a failure to comply with filing financial reports on time.