Oil Rises Toward $40 After Recovery in Chinese Crude Imports

(Bloomberg) — Oil rebounded after its biggest daily drop in more than a week amid dollar weakness and data showing Chinese crude imports rose last month.

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Futures in New York rose around 1% toward $40 a barrel. Chinese crude imports climbed 2.1% in September from August, the General Administration of Customs said Tuesday, in a positive sign for global demand. Buying was resilient against expectations for a slowdown and volumes are likely to stay high through to the end of the year, Australia & New Zealand Banking Group Ltd. said in a note.

Crude dropped 2.9% Monday as several supply disruptions that have supported prices subsided. Libya’s largest oil field could be at full capacity by next week, while Royal Dutch Shell Plc, BHP Group and Chevron Corp. said they’ve begun resuming operations at Gulf of Mexico platforms after Hurricane Delta. That followed the cancellation of an oil

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Oil prices log lowest finish in a week as constrained supplies come back on line

Crude-oil futures finished Monday at their lowest price in a week, with production in Libya, Norway and the Gulf of Mexico set to recover.

Libya lifted force majeure at its largest oil field, producers began restoring output in the Gulf of Mexico following Hurricane Delta, and crude output in Norway looked to recover following the end of an oil-worker strike.

West Texas Intermediate crude for November delivery
CL.1,
+0.35%

fell $1.17, or 2.9%, to settle at $39.43 a barrel on the New York Mercantile Exchange. December Brent crude
BRN00,
+0.24%

lost $1.13, or 2.6%, at $41.72 a barrel on ICE Futures Europe.

Front-month WTI, the U.S. benchmark, and global benchmark Brent on Monday both marked their lowest settlements since Oct. 5, according to Dow Jones Market Data.

With the passing of the hurricane and the resolution of the strike in Norway, “investors are more concerned about the higher output in

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Chevron passes Exxon as largest U.S. oil company

(Reuters) – Chevron’s market value leapfrogged that of Exxon Mobil for the first time on Wednesday during a week in which it closed a $4.1 billion, all-stock deal for Noble Energy, a smaller oil and gas producer.

Stocks in this Article

XOMEXXON MOBIL CORPORATION

Chevron’s market cap ended the day around $142 billion, topping Exxon Mobil’s $141.65 billion market value at the end of trade, according to Refinitiv data and Chevron SEC filings pertaining to the Nobel deal.

CHEVRON WORKERS FACE DEMANDS TO REAPPLY FOR JOBS UNDER GLOBAL RESTRUCTURING- SOURCES

Shares in Chevron closed up 2.047% on Wednesday and Exxon Mobile rose just 0.3%.

Chevron’s finances are stronger and its shares have performed better than its larger rival. It has shifted away from costly megaprojects favored by oil majors, and moved sooner this year to cut costs amid the coronavirus-induced sharp drop in oil and gas prices.

Investors have

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GLOBAL MARKETS-Earnings, stimulus hopes keep U.S. stocks buoyant, oil dips

Dow up 0.94%, S&P 500 up 1.41%, Nasdaq up 2.09%

Oct 12 (Reuters)U.S. stocks climbed on Monday as investors looked to Washington to unveil more fiscal stimulus to aid the economy and hoped that Wall Street’s largest banks would post decent quarterly earnings later this week.

Optimism that more U.S. stimulus was in the offing came in spite of indications that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

U.S. President Donald Trump on Friday had offered a $1.8 trillion coronavirus relief package after urging his team on Twitter to “go big” in negotiations with the Democrats to reach a deal.

Edward Moya, a senior market analyst at OANDA, a currency broker, said despite the uncertainty of stimulus negotiations, investors were hopeful that banks would announce earnings that suggest the economy is not

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Oil Falls Toward $40 With Supply Constraints Beginning to Ease

(Bloomberg) — Oil dropped for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.

Futures in New York fell toward $40 a barrel after closing down 1.4% Friday as oil workers in Norway called off a strike. Crude explorers and tugboat operators got back to work on Saturday after Delta, which had seen about 92% of oil production and 62% of gas output shuttered. The hurricane and hopes for more U.S. fiscal stimulus contributed to a price jump of almost 10% last week.

Libya’s National Oil Corp. lifted force majeure on the western deposit of the Sharara field and instructed its operator to resume production, according to a statement on Sunday. Sharara’s output will reach its daily capacity of almost 300,000 barrels in 10 days, a person with knowledge of the

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Libya Reopens Its Biggest Oil Field, Giving OPEC+ a New Headache

(Bloomberg) — Libya took a major step toward reviving its battered oil industry by reopening its biggest field, presenting a new headache for OPEC+ as the alliance of major producers tries to curb global supplies.

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The National Oil Corp., Libya’s state energy company, lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday. The field will initially pump 40,000 barrels of crude a day, before reaching its capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.

That would roughly double Libya’s overall output to about 600,000 barrels daily, said the person, who asked not to be identified because they aren’t authorized to speak to media.

Sharara’s reopening follows a truce in Libya’s long-running civil war that’s already led to many oil fields and ports in the east starting up

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Oil Falls Below $40 With Supply Constraints Beginning to Ease

(Bloomberg) — Oil fell for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.

Futures in New York dropped below $40 a barrel after closing down 1.4% Friday as oil workers in Norway called off a strike. Crude explorers and tugboat operators got back to work on Saturday after Delta, which had seen about 92% of oil production and 62% of gas output shuttered. The hurricane and hopes for more U.S. fiscal stimulus contributed to a price jump of almost 10% last week.

Libya’s National Oil Corp. lifted force majeure on the western deposit of the Sharara field and instructed its operator to resume production, according to a statement on Sunday. Sharara’s output will reach its daily capacity of almost 300,000 barrels in 10 days, a person with knowledge of the

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Oil Prices Extend Losses as U.S. Producers Restore Output Post-Hurricane | Investing News

SINGAPORE (Reuters) – Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude

for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate

for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

“We had good support for both Brent and West Texas on the back of some supply concerns,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“Given

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U.S. energy companies begin restoring oil and gas output after storm exits

By Erwin Seba

HOUSTON (Reuters) – U.S. energy companies were returning workers and restarting operations at storm-swept production facilities along the U.S. Gulf Coast on Sunday, two days after Hurricane Delta barreled through the area.

Chevron Corp, Royal Dutch Shell Plc and BHP Group were returning workers to production platforms in the U.S.-regulated northern Gulf of Mexico, the companies said.

BHP expects to complete the return of workers to its Shenzi and Neptune production platforms on Sunday, spokeswoman Judy Dane said, but resuming flows will depend on how quickly pipelines return to service, she said.

It can take several days after a storm passes for energy producers to evaluate facilities for damage, return workers and restore offshore production. The companies that operate oil and gas pipelines and process the offshore output also shut ahead of the storm.

Cumulative volumes shut-in by Hurricane Delta through Sunday, according to company reports to

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Libya Gets Ready to Pump More Oil as It Reopens Biggest Field

(Bloomberg) — Libya took a major step toward reviving its battered oil industry by reopening its biggest field, presenting a new headache for OPEC+ as the alliance of major producers tries to curb global supplies.

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The National Oil Corp., Libya’s state energy company, lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday. The field will initially pump 40,000 barrels of crude a day, before reaching its capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.

That would roughly double Libya’s overall output to about 600,000 barrels a day, said the person, who asked not to be identified because they aren’t authorized to speak to media.

Sharara’s reopening follows a truce in Libya’s long-running civil war that’s already led to many oil fields and ports in the east starting

Read More

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