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Oil flipped between small gains and losses.
(Bloomberg) Oil flipped between small gains and losses as the market weighed a tightening global supply outlook against indications prices may be overextended.
Futures in New York were little changed after chopping around a one-year high on Thursday. The oil futures curve continues to signal a tighter market, with Brent’s nearest contract trading at a nearly $6 a barrel premium to the contract one year out in a bullish structure known as backwardation. Still, technical indicators show crude hovering in overbought territory with the recent price surge.
“Looking forward in the market, we’re seeing a significant backwardation, which signals that there is an anticipation of an easing of virus restrictions coming,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “The market is looking toward more normal inventories heading into the summer, if we don’t see a flooding of markets.”
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FILE PHOTO: The logo of U.S. oil and gas company EOG Resources is seen in its office in Chongqing, China December 15, 2017. REUTERS/Chen Aizhu
(Reuters) - Oil and gas producer EOG Resources Inc on Thursday boosted its annual dividend by 10% after its fourth-quarter adjusted profit came in well above expectations, helped by cost cuts and a recent recovery in commodity prices.
Easing of COVID-19 related restrictions has sparked optimism among shale producers after they endured a year of destruction in crude prices and demand. U.S. crude rose to $63.53 on Thursday, its highest since May 2019.
Despite the higher commodity prices, EOG forecast its crude oil output this year between 434,000 barrels per day (bpd) and 446,000 bpd, about flat compared to the fourth-quarter rate of 444,800 bpd.
(Bloomberg) Oil climbed to the highest in more than a year amid optimism of swiftly depleting global oil inventories.Futures in New York closed 0.5% higher on Thursday. The oil futures curve continues to signal a tighter market. U.S. crude inventories are near the lowest levels in about a year, while exports of five key crudes in the North Sea fields are seen slumping in April. As a result, crude timespreads are strengthening in a bullish structure known as backwardation.“Looking forward in the market, we’re seeing a significant backwardation, which signals that there is an anticipation of an easing of virus restrictions coming,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “The market is looking toward more normal inventories heading into the summer, if we don’t see a flooding of markets.”U.S. crude futures are up nearly 22% in February with expectations of shrinking supplies and as economies worldwide begi
Oil Prices Finish Lower Despite Tighter Market Signals rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.