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(Reuters) - Oil prices steadied on Friday near a two-month high of $77.50 a barrel and were headed for a third straight week of gains, supported by global output disruptions and inventory draws. The rally was slightly dampened by China's first public sale of state crude reserves. Brent crude was up 222 cents, or 0.28%,... Continue Reading →
(Reuters) - Brazil's central bank on Wednesday raised interest rates by 100 basis points and flagged a third straight hike of that size in October as it battles surging inflation with the world's most aggressive monetary tightening. The bank's rate-setting committee, known as Copom, decided unanimously to raise its benchmark rate to 6.25% as forecast... Continue Reading →
Harbour Energy, a London-listed oil firm created through a merger between Chrysaor and Premier Oil, has decided to exit the Sea Lion oil field development in the Falkland Islands. The company has a 60 percent stake in the oil field, with Rockhopper Exploration holding the remaining 40 percent stake. The field was discovered in 2010 by Rockhopper,... Continue Reading →
(Reuters) - Brazil's central bank has put itself on the front line of the global battle against inflation, but its aggressive monetary tightening risks choking the economy. With annual inflation at 10%, the central bank will fail to meet its 3.75% central target this year and possibly next year's 3.50% goal too. A chronically weak... Continue Reading →
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 →
Brazil Energy Insight 