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Wintershall Dea begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea

Wintershall Dea reported today that it has begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea, getting ready for the start of production in 2020.

read more... 13/08/2019

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Daily (12.08.2019): European spot power prices plummeted by nearly 70% on Friday due to a surge in renewables output

Oil prices continued to climb on Friday, in response to weaker Euroilstock data, which showed a decrease in the total crude and product inventories of 16 European countries in July. Prices also drew support from OPEC supply cuts and Saudi Arabia’s commitment to bring the oil market back to balance. Hence, Brent crude rose by 2% to $58.53 a barrel. Concurrently, WTI futures surged by 3.7% to $54.50 a barrel, on lower production growth forecasts after U.S. drillers slashed the active oil rig count for a sixth straight week.

read more... 12/08/2019

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Daily (07.08.2019): NBP spot plunged by 12.8% on Tuesday, due to rising production at the Bacton and Teesside facilities

Crude oil prices declined on Tuesday, on worries about the U.S. China trade war that might weigh on the global crude demand. Consequently, Brent crude dropped by 1.5% to $58.94 a barrel, while WTI futures decreased by 1.9% to $53.63 a barrel.

read more... 07/08/2019

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Daily (25.07.2019): NBP spot plunged by 3.7% on Wednesday, as Sterling hit a one-month high versus the euro

Crude oil prices nudged down on Wednesday, despite a large decrease in U.S. crude stockpiles as investors are concerned about global oil demand. Saudi Arabia’s and Kuwait’s plans to resume oil production in the Saudi–Kuwaiti Neutral Zone also put pressure on oil prices. As a result, Brent crude inched 1% down at $63.18 a barrel, while WTI futures settled 1.6% lower at $55.88 a barrel.

read more... 25/07/2019

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Global oil consumption stagnates leaving prices under pressure

Global oil consumption has stalled since the middle of 2018, making lower oil prices inevitable despite the best efforts of Saudi Arabia and its allies to reduce production.

read more... 24/07/2019

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