Catégorie Economics
WTI falls for third day as U.S. stockpiles expand / Brent steady
West Texas Intermediate fell for a third day after U.S. government data showed distillate and crude inventories increased in the world’s biggest oil consumer. Brent was steady in London. Futures dropped as much as 0.6 percent in New York, extending a 1.8 percent loss on March 6, the most in two months. Distillate stockpiles, including […]
Refining overcapacity hits oil majors
Squeezed margins in the global refining industry are hurting the world’s largest oil companies, as Royal Dutch Shell, Total and ExxonMobil all blamed poor quarterly earnings on a decline in their downstream businesses. Results from Shell were the most disappointing last Thursday, as its profit dropped almost a third to $4.5bn. ExxonMobil’s profit fell 18 […]
Technip sees strong 2014
French oilfield services firm Technip stated Thursday that it has a strong, diversified book of business that will drive revenue growth in 2014. This is despite the firm’s CEO saying that he sees a more strict « discipline » from its oil and gas major clients in terms of capital expenditure. Reporting its third quarter results for […]
Sinopec profit precedes Li’s plan to reduce State role
PetroChina Co. and China Petroleum & Chemical Corp., the country’s largest energy companies, increased profit in the third quarter as a new policy helped them raise fuel prices, foreshadowing Premier Li Keqiang’s plan to reduce state intervention in the economy. China Petroleum, known as Sinopec, reported a 20 percent jump in net income to 22 […]
Total outperforms BP as investors reward spending cuts
France’s Total SA (FP) is the best-performing stock among the world’s five biggest non-state oil companies this year and has overtaken BP Plc in market value. It’s also the only one that’s promised to cut capital spending. All five report third-quarter earnings this week. Chief Executive Officer Christophe de Margerie said last month that Total […]
China tops US as leading net oil importer
China has overtaken the US to become the world’s largest net oil importer, according to US estimates, as its steady increase in imports has crossed over with the steep decline in America. The US government’s Energy Information Administration said on Tuesday that in September the gap between oil consumption and domestic production averaged 6.24m barrels […]
Platts growth into essential source of market data
For oil traders, Jorge Montepeque is a man of unusual influence. For outsiders, he personifies the power that his employer, price reporting agency Platts, carries in the $2.5tn a year energy market. Oil traders say that Mr Montepeque, global director of market reporting at Platts, is one of the architects of the so-called “market-on-close” Platts […]
China likely to spend $13B in Oil and Gas exploration in 2013
China’s Ministry of Land and Resources indicated that Asia’s largest oil consumer is likely to spend $13.07 billion (RMB 80 billion) in oil and gas exploration in 2013 as it seeks to reduce imports as part of a plan to boost energy security, local news agency Xinhua reported on September 15th. Figures from the ministry […]
WTI crude caps biggest weekly drop since July on Syria
West Texas Intermediate crude capped its biggest weekly drop since July as the U.S. and Russia held talks on a plan for Syria to surrender chemical weapons to avert a strike that could stoke Middle East tensions. Prices fell for the first time in three days as Secretary of State John Kerry reported a “constructive” […]
oil & gas logistics 