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Hedge funds purchased crude after disruption to offshore production in the Gulf of Mexico lasted longer than expected, extending a drawdown of already-tight petroleum inventories. In the week to Sept. 14, hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts, according... Continue Reading →
Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices. U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities... Continue Reading →
(Portos e Navios) About one in four tankers is approaching retirement age. The information is from the UK tanker broker Gibson, who estimates between 20% and 30% the portion of tankers over 15 years old — approaching the retirement age in the coming years. The number may reflect the formulation of new green regulations by... Continue Reading →
U.S. energy firms [last week] added oil and natural gas rigs for a fifth time in six weeks as offshore oil units in the Gulf of Mexico slowly started to return after Hurricane Ida slammed into the coast. [Last week], four offshore oil rigs returned in Louisiana, energy services firm Baker Hughes Co said in... Continue Reading →
Hurricane Ida's damage to U.S. offshore energy production makes it one of the most costly since back-to-back storms in 2005 cut output for months, according to the latest data and historical records. Ida's 150 mile-per-hour (240 kph) winds cut most offshore oil and gas production for more than a week and damaged platforms and onshore... Continue Reading →
Royal Dutch Shell Plc is weighing whether to mandate COVID-19 vaccines for employees and firing those who refuse to comply, the Financial Times reported on Wednesday. The oil major outlined a case for "selective vaccine mandates" initially at offshore and other remote locations, where staff live and work, and where World Health Organization-approved vaccines were available,... Continue Reading →
Occidental Petroleum Corp on Wednesday said in a securities filing seven of its 10 offshore oil production platforms in the U.S. Gulf of Mexico remain offline since Hurricane Ida. Hurricane Ida tore through the Gulf of Mexico late last month knocking out some 80% of the region's offshore oil and gas production. Restarts have been... Continue Reading →
Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through. U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.4%, to $68.62 a barrel at 0204 GMT, after sliding 1.4% on Tuesday following the Labor Day... Continue Reading →
Offshore engineering firm Aquaterra Energy has signed an engineering and design service agreement with an unnamed "supermajor" to deliver multiple offshore platforms over a three-year period. The platforms, of Aquaterra Energy's Sea Swift design, will be destined for off the coast of the Cabinda Province, offshore Angola. "Won through a competitive tender process, Aquaterra Energy... Continue Reading →
(Reuters) - Brazil prepared on Monday for Independence Day demonstrations by supporters of far-right President Jair Bolsonaro, who has called for a show of support for his attacks on the country's Supreme Court that are rattling Latin America's largest democracy. Security was reinforced in the capital Brasilia and police started blocking access to the central... Continue Reading →
Brazil Energy Insight 