Newsflash about oil&gas industry on November 19, 2018
Time: 2018-11-19 09:13:34 Source: Rigzone ;OGJ
Oil Poised for Sixth Weekly Loss. Oil is poised for a sixth weekly loss, trading near $57 a barrel as lingering concerns over a supply glut continue to weigh on the market.
Futures in New York rose 1.1 percent on Friday, trimming the weekly drop to 5.2 percent. Government data on Thursday showed American crude inventories rose the most in 21 months last week as output hit a record high. With the Organization of Petroleum Exporting Countries seeing declining demand for its oil, the group and its allies are said to be considering bigger-than-expected cuts despite criticism from U.S. President Donald Trump
Finding Oil Floor Is Going to Take More Time. That’s according to CIBC Private Wealth Management Senior Energy Trader Rebecca Babin, who expressed her view in a television interview with Bloomberg on Thursday.
“It’s hard to say when you’ve had huge volatility spikes where the floor is. This was an avalanche of selling pressure that just hit the commodity and if you get in front of an avalanche, you might get buried,” Babin told Bloomberg in the interview.
Baker Hughes: US, Canada weekly rig counts up. The US drilling rig count is up 1 unit to 1,082 rigs working for the week ended Nov. 16, according to Baker Hughes data. The count is up 167 units from the 915 rigs working this time a year ago. Canada gained a single rig for the week. With 197 rigs running, the count is less than the 208 units drilling this week a year ago. The additional rig is oil-directed, bringing the count to 118 rigs for the week. Gas-directed rigs in Canada remained unchanged at 79 units.
Lchthys production elevates Australia to world’s top LNG exporter. Japanese Prime Minister Shinzo Abe has officially opened the Inpex group’s $40-billion Ichthys LNG project at a ceremony in Darwin, a symbolic milestone that also propels Australia to the top of the list of the world’s LNG exporters, according to Adelaide-based energy economics group EnergyQuest.
