On Thursday, Citi provided insights into the recent dynamics of oil prices, noting that geopolitical tensions had initially prompted a surge in above $90 per barrel. This increase was linked to concerns about the potential for a broader regional conflict. However, the firm observed that the initial price spike due to the Israel-Iran conflict was temporary, with prices subsequently retreating sharply. The market’s attention has turned away from these tensions, focusing instead on what Citi describes as “increasingly bearish near-term fundamentals.” According to Citi, the global oil market has seen ...

Size usually matters in oil and gas. Eight of the sector’s biggest companies feature in WoodMac’s benchmarking analysis – the five Supermajors and Saudi Aramco, ADNOC and Qatar Energy. These Middle East NOCs are stepping beyond their domestic asset base and are now talking – and acting – like IOCs. I picked out five themes with NeivanBoroujerdi and Tom Ellacott from our Corporate Analysis team, highlighting the big differences – and similarities – between the peer groups. First, the Supermajors and NOCs all want more exposure to upstream. These giants ...

U.S. energy firms this week cut five oil rigs, the biggest weekly drop since November, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. Meanwhile, the oil and gas rig count, an early indicator of future output, fell by six to 613 in the week to April 26, the lowest since February 2022. Baker Hughes said that puts the total rig count down 142rigs, or 18.8%,below this time last year. The number of oil rigs fell by fiveto 506 this week, while gas rigs fell ...

Mexican state energy company Pemex reported on Friday a net profit of 4.7 billion pesos for the first quarter of 2024, down 91.7% from the year earlier period. Pemex also reported revenues of 405.9 billion pesos for the January-to-March period, a filing to the Mexican stock exchange showed. Source: Reuters (Reporting by Ana Isabel Martinez, Adriana Barrera and Stefanie Eschenbacher; Writing by Valentine Hilaire; Editing by Anthony Esposito)

Sales of Nigerian crude remained slow on Friday after rare offers of May-loading cargoes in the public trading window as poor margins squeezed offers. May-loading cargoes of Nigerian crude were still selling slowly as June export plans emerged this month. Stiff competition from U.S. WTI crude and lacklustre refining margins were keeping offers restrained, traders said. Mercuria offered a cargo of Escravos this week for dated Brent plus $2.20 but likely did not entice a buyer. India’s HPCL closed a tender for July-arriving crude but results did not immediately emerge. ...

North Sea Ekofisk crude differentials were steady on Friday while U.S. WTI Midland was offered higher. PLATTS WINDOW * Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP). * Ekofisk: Vitol bought from BP May 20-22 at dated Brent plus $1.85, the same as a deal on Thursday. * WTI Midland: There were two Trafigura offers of which the lowest was for CIF Rotterdam May 13-17 at dated plus $1.95, up from deals on Thursday. * Taking into account ...

U.S. physical crude grades largely strengthened on Friday, dealers said, on the first day of June trade after a volatile roll trading period. Mars Sour gained $1.80 a barrel, while WTI Midland WTC-WTM gained 15 cents. Traders and refiners use the three-day “roll” period after the expiry of the front-month U.S. light crude contract to adjust slate and manage exposure, causing more volatility in prices. West Texas Intermediate crude futures’ discount to Brent widened to as much as minus $5.63, the most in more than three months. A wider spread ...

Russia’s oil production in 2024 is forecast to reach 523 million tonnes, with exports at 240 million tonnes, Interfax news agency reported on Friday, citing the economy ministry. The ministry also forecast gas output to reach 666.7 billion cubic metres and gas pipeline exports of 108 billion cubic metres. Source: Reuters (Reporting by Marina Bobrova, Writing by Maxim Rodionov, Editing by Chris Reese)

There are growing fears of yet another conflict in the Middle East. OPEC+ is keeping a tight rein on supply. And growth outlook is improving in some key global economies. For now, the oil market has enough reasons to believe that these factors combined have the ability to more than offset any supply growth that the market is witnessing in non-OPEC producers, at a time when demand growth outlook in some key oil consuming countries, such as China, is just about moderate. As tensions between Israel and Iran grow, geopolitics ...

Middle East crude benchmark Dubai slipped for a second straight session on Friday with PetroChina keeping up its selling momentum and delivering another two cargoes on the Platts window. DME Oman, on the other hand, climbed to its highest premium of $2.80 a barrel this month while IFAD Murban’s premium edged up to $2.27. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps fell 15 cents to $2.09 a barrel. PetroChina will deliver two June-loading al-Shaheen crude to Equinor and Vitol following the trades, switching from Murban which is the most ...

Exxon Mobil Corporation Friday announced first-quarter 2024 earnings of $8.2 billion, or $2.06 per share assuming dilution. Capital and exploration expenditures were $5.8 billion, consistent with the company’s full-year guidance of $23 billion to $25 billion. Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activities Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana and reached a final investment decision on the sixth major development Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining ...

French energy giant TotalEnergies TTEF.PA posted a 22% decline in first-quarter earnings due to a steep decline in profits from natural gas, while warning that rising crude oil prices could weigh on refining margins in coming months. Adjusted net income for the three months to end-March came to $5.1 billion, the company said on Friday, slightly above the $5 billion in a consensus estimate of analysts forecasts compiled by LSEG. Profits at oil and gas firms are still retreating from record levels in 2022, when prices spiked after Russia invaded ...

Chevron Corporation (NYSE: CVX) reported earnings of $5.5 billion ($2.97 per share – diluted) for first quarter 2024, compared with $6.6 billion ($3.46 per share – diluted) in first quarter 2023. Foreign currency effects increased earnings by $85 million. Adjusted earnings of $5.4 billion ($2.93 per share – diluted) in first quarter 2024 compared to adjusted earnings of $6.7 billion ($3.55 per share – diluted) in first quarter 2023. See Attachment 4 for a reconciliation of adjusted earnings. We had another quarter of strong operational and financial performance and delivered ...

Oil prices edged up slightly on Friday, boosted by worries about geopolitical tensions but still under pressure from U.S. data showing inflation rose moderately in March, dampening hopes the Federal Reserve would cut interest rates soon. Brent crude futures were up 7 cents, or 0.08%, to $89.08 a barrel at 1109 ET (1509 GMT). U.S. West Texas Intermediate crude futures were up 6 cents, or 0.07%, to $83.63 a barrel. The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said, on ...

Russia’s Energy Minister Nikolai Shulginov said on Friday that oil output and refining have not been affected by floods which hit regions including Tymen, the heart of the country’s oil production, Interfax news agency reported. Russia’s Urals, some west Siberian regions as well as northern Kazakhstan often suffer flooding at this time of year but are seeing the worst in memory this year after large snowfalls melted and heavy rain fell on ground already waterlogged before winter. Source: Reuters (Reporting by Vladimir Soldatkin; editing by Jason Neely)