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Good afternoon Jakers

Carveiro is absolutely gorgeous

Today the weather is just lovely.Hope you and your family are well

Onwards and upwards:)))))

Https://www.bbc.com/news/articles/cl5k58x9g83o

From sunny Carveiro

Exxon Strikes Oil in Offshore Angola. US oil major ExxonMobil (NYSE:XOM) has discovered oil in Angola‘s Block 15 with its Likembe-1 exploration well, two years after the last oil find in the African country’s most prolific offshore license as Luanda is seeking to reverse structural declines.

US Shale M&A Frenzy Still Not Over. Creating the second-largest producer in the Eagle Ford basin, US driller Crescent Energy (NYSE:CRGY) agreed to buy rival SilverBow Resources for $2.1 billion, pre-empting the takeover of the latter company by private equity firm Kimmeridge Energy Management.

OPEC+ Meeting Shifted Online Amidst Quota Spat. The much-anticipated OPEC+ ministerial meeting on June 1 will most probably be held online as tensions start to rise over compensation plans for Iraq and Kazakhstan, two countries that have failed to comply with their targets.

Copper Futures Diverge as NY Steals Limelight. Copper prices traded at the LME and Comex exchanges started to diverge in a spectacular fashion, with the latter trading at a $1,300/metric tonne premium as the Comex July futures soared 10% this week whilst London traded flat.

Day, May 17th 2024

Crude prices continue to trend within a very narrow range, confined within $82 and $84 per barrel over the course of May, and despite this week’s improving macroeconomic outlook Brent futures continue to be rangebound. That said, a slight US oil inventory drop and US inflation slowing down to a monthly rate of 0.3% might provide support for a breakout next week.

ADNOC Eyes US Trading Expansion. ADNOC, the national oil company of the UAE, is planning to expand its operations into the US market by setting up a trading desk in the States while also looking for larger LNG exposure in the shale patch with ongoing talks on Rio Grande LNG.

Colombia Turns Off Pipeline Due to Theft. The chief executive of Colombia’s Ecopetrol (NYSE:EC) confirmed that the state-controlled oil firm would shut the Transandino oil pipeline running to Ecuador’s Pacific port of Tumaco until at least year-end, citing rampant theft.

Chevron to Quit UK North Sea. US oil major Chevron announced it would exit its UK offshore business in the North Sea, starting the process of selling its remaining assets in the area, claiming that its decision to quit is not related to the UK windfall tax on energy profits and a worsening political environment.

Brazil Fires Market-Friendly Petrobras CEO. The Brazilian government ousted the chief executive of the national oil firm Petrobras (NYSE:PBR) Jean Paul Prates, opting for the former ANP official Magda Chambriard, who is expected to cut the major’s dividend and push for lower fuel prices.

IEA Downgrades 2024 Crude Demand Outlook. The International Energy Agency lowered its crude oil demand forecast for 2024 by 140,000 b/d to 1.06 million b/d, half of OPEC’s 2.25 million b/d call for this year, citing poor industrial activity and weaker diesel consumption.

Poland Probes $400 Million Missing Payments. Prosecutors in Poland are investigating the trading arm of national oil company Orlen (WSE:PKN) as some $400 million went missing after Orlen Trading paid two Dubai-based intermediaries as prepayment for Venezuelan crude that never loaded.

Moscow Eyes Power of Siberia 2 Deal with China. Russia’s deputy PM Alexander Novak said that Moscow and Beijing should sign a supply deal on the Power of Siberia-2 gas pipeline very soon, even though Gazprom’s CEO has not accompanied Putin on his official visit to China.

Rains Alleviate Wildfire Fears Across Alberta. The threat of ravaging wildfires in Alberta’s Fort McMurray area, home to around 1 million b/d of oil sands production, subsided as two days of wet weather helped containment efforts, alleviating the risk of shutdowns for the time being.

Trafigura Warns of ‘Overdone’ Aluminium Rally. Global trading major Trafigura warned that aluminum prices should decline by at least 6% to a range of $2100-2400 per metric tonne over the next six months amidst higher supply and worsening global demand for the base metal.

From Sunny Carvei

Https://www.livecharts.co.uk/MarketCharts/brent.php

See you all next week.

Onwards and upwards:))))

Chevron Surpasses Tesla as the Most Shorted U.S. Large-Cap Stock

Good afternoon meoryou. Portugal tomorrow for 9 days :))))))

Onwards and upwards

:))))))

Https://www.livecharts.co.uk/MarketCharts/brent.php

Oil Prices Rise as Market Anticipates OPEC Monthly Report

Onwards and upwards:)))))

Senate Majority Leader Chuck Schumer called on the Federal Trade Commission to stop the merger between Chevron and Hess Corp., claiming it would be detrimental to consumers.

“I’m sounding the alarm against yet another proposed Big Oil merger—a $53B deal between Chevron and Hess,” Schumer wrote on X on Sunday. “It would give Big Oil more fuel to raise gas prices. Trump might be hosting dinners for Big Oil execs, but the FTC should side with consumers and pump the breaks on this deal,” the Senate Majority Leader wrote.

It has been a long-running claim of Democrat lawmakers that consolidation in the energy space would lead to higher retail prices for fuels. On these grounds, Democrats in Congress have attacked all major deals from the past couple of years as consolidation gained momentum.

Earlier this year, Schumer led a group of 22 senators to call on the Federal Trade Commission to look into the tie-up between Exxon and Pioneer Natural Resources, and the Chevron-Hess deal.

“Exxon’s and Chevron’s operations downstream would enable them to redirect Pioneer’s and Hess’s crude supply to themselves, away from (and possibly to the detriment of) their midstream competitors,” the group wrote in a letter to the FTC.

“These new market dynamics could result in price hikes for midstream customers, and such added costs are often passed downstream to retail customers, including drivers at gas stations.”

Despite the legislators’ push, the FTC greenlit the merger between Exxon and Pioneer on the condition that former Pioneer CEO Scott Sheffield would not join the board of the combined company following allegations of collusion with OPEC to control oil production to keep prices higher.

The Chevron tie-up with Hess already faces a challenge in the face of Hess’ partner in Guyana, Exxon, which claims it has right of first refusal to Hess’ stake in their joint project there.

Https://www.livecharts.co.uk/MarketCharts/brent.php

Thankyou for all the exciting news

There is never a dull moment holding Bp

:)))))))))

Https://oilprice.com/Energy/Crude-Oil/OPEC-Signals-Lasting-OPEC-Alliance-in-Oil-Market-Management.html

Onwards and upwards

Crude oil prices started moving higher early on Friday, set to book their first weekly gain in several weeks as China reported growth in exports and imports, and ceasefire talks between Israel and Hamas broke down.

China reported a 5.45% increase in crude oil imports specifically for last month, equal to a daily rate of 10.88 million barrels. This was lower than the March average, which stood at 11.55 million bpd but was still strong enough to warrant a change in sentiment among traders.

One reason for that was the news that the latest round of ceasefire talks between Hamas and Israel had failed to produce a deal, with Israel bombing Rafah despite warnings from Washington not to do it.

Separately, the latest weekly U.S. jobs report showed new unemployment benefit claims hit an eight-month high, fueling hopes of rate cuts despite recent indications from Fed officials they were going to take their time with the cuts. These hopes also helped oil prices tick higher.

OPEC+ meanwhile signaled it had no intention of changing its production policy at the next group meeting on June 1. While the update was not really unexpected, especially with the latest decline in prices despite the continued cuts, it did highlight the significance of OPEC policies for global supply dynamics.

“The crude oil market will remain beholden to OPEC supply policies,” ANZ analysts said in a note as quoted by Bloomberg. “Ongoing curtailments should support prices, but the market is susceptible to geopolitical issues.”

“Our balance sheet shows the market to be in deficit by around 1m b/d in the second quarter of the year before returning to a small surplus in the second half of 2024,” ING commodity analysts said in a Thursday note. “However, this surplus could disappear quickly if OPEC+ members decide to roll over their additional voluntary cuts of 2.2m b/d.”

Https://www.livecharts.co.uk/MarketCharts/brent.php

Https://www.livecharts.co.uk/MarketCharts/brent.php

Thankyou for all the excellent posts

Beautiful sunny day :)

Https://www.livecharts.co.uk/MarketCharts/brent.php

Https://oilprice.com/Latest-Energy-News/World-News/API-Reports-Small-Builds-in-Crude-Fuel-Inventories.html

Https://oilprice.com/Energy/Energy-General/BPs-Azerbaijani-Oil-Field-Could-Be-a-Game-Changer-for-Baku.html

Hi Jakers not what I expected. MmFor me paying down the debt was a priority

There’s nothing better than being debt free.I am also not happy with the board as they were aware of Loonies behaviour in the work place

An absolute disgrace

They all should go

BP sticks with multi-billion dollar investor payout plans as first quarter profits miss City forecasts

BP, the UK’s second-biggest oil major, stuck with its plans to return cash to shareholders today, even as its quarterly profit fell and missed City forecasts.

For the first quarter of the year, underlying replacement cost profit fell to $2.7billion, from $2.9 billion in the fourth quarter and almost $5 billion in the same period a year ago. It was expected to be $2.9 billion.

Oil and gas prices on global energy markets were lower in the period

BP will keep the pace of its share buy back at $1.75 billion for the quarter, and repeated its commitment to return $3.5 billion in the first half of the year.

Murray Auchincloss called the numbers “resilient”, and pointed to cost-cutting plans:

“Oil production was up ... We are simplifying and reducing complexity across BP and plan to deliver at least $2 billion of cash cost savings by the end of 2026.”