More Economics & Oil Market News

MARKET WATCH: NYMEX natural gas prices keep climbing

Crude oil prices climbed more than $1/bbl on the New York market for a second consecutive day on Apr. 30 to set fresh highs for 2015 although prices retreated in early trading on May 1 awaiting the weekly rig count numbers from Baker Hughes Inc. while natural gas prices continued their upward momentum.

Shell 1Q earnings plunged 56% year-over-year

Royal Dutch Shell PLC reported first-quarter earnings on a current cost of supplies (CCS) basis, excluding identified items, were $3.2 billion, down from $7.3 billion during first-quarter 2014.

Cost opportunity seen for LNG projects in western Canada

Rising construction costs in the US and falling oil prices give LNG export projects in western Canada a window of opportunity in competition with otherwise advantaged projects to the south.

Foreign suppliers maintain ties as crude sales to US fall, study says

International producers are keeping relations with the US strong despite its plunging crude oil imports as production from domestic tight shales climbs, research by 16 University of Texas at Austin master’s degree candidates found.

ExxonMobil 1Q earning down 46% year-over-year

ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.

MARKET WATCH: NYMEX crude oil, gas prices climb

Crude oil prices climbed more than $1/bbl on the New York market on a lower-than-expected increase in US oil and product supplies Apr. 29 while US natural gas futures prices rose for a second consecutive session.

Newfield Exploration to close two regional offices

Newfield Exploration Co. plans to combine its onshore Gulf Coast and Rocky Mountain business units into one operating region to be based in The Woodlands, Tex., and will close its Denver and north Houston offices during August.

Canada’s crude oil exports reached record high in January

Canada’s crude oil exports set a monthly record with an average of 3.11 million b/d in January, the country’s National Energy Board reported.

Hess reports 1Q net loss of $389 million, trims budget

Hess Corp. reported a net loss of $389 million during the first quarter compared with net income of $386 million in first-quarter 2014. An adjusted net loss of $279 million was down from an adjusted net income of $446 million in first-quarter 2014.

MARKET WATCH: NYMEX prices edge higher after Strait of Hormuz incident

Light, sweet oil prices settled moderately higher on the New York market Apr. 28 after briefly spiking to $57.73/bbl on news that the Iranian Revolutionary Guards Corp navy seized a western cargo ship in the Strait of Hormuz. Meanwhile, Brent crude oil fell modestly on the London market.

Eni sees 1Q profit decline 55% year-over-year

Eni SPA reported a first-quarter consolidated adjusted operating profit of €1.57 billion, down 55% from first-quarter 2014. The company says the decline was driven by lower crude oil prices, and only partly offset by a better performance recorded in upstream activity and in all other business segments.

Total’s 1Q profit down 22%

Total SA reported a first-quarter adjusted net income of $2.6 billion, down 22% from $3.3 billion during first-quarter 2014, citing a 50% decrease in Brent crude oil prices since last year.

BP reports 20% lower profits in 1Q, continues divestment program

BP PLC reported that its underlying replacement cost profit for the first quarter was $2.6 billion, down from $3.2 billion for first-quarter 2014 but up from $2.2 billion for fourth-quarter 2014.

MARKET WATCH: Crude prices slide, then climb on international news

Crude oil prices on the New York and London markets dropped on Apr. 27, settling down after a weeks-long rally. However, prices crept up again early on Apr. 28 following reports that the Iranian navy seized a Marshall Islands-flagged commercial cargo vessel that was initially reported as belonging to the US.

MARKET WATCH: NYMEX oil prices retreat; Brent sets high for 2015

Crude oil futures settled moderately lower Apr. 24 on the New York market while Brent crude futures on the London market set a fresh high for the year with the Apr. 24 settlement.

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