All posts by Julianne Geiger

Oil Rig Count Inches Higher In Coronavirus Plagued Markets

Baker Hughes reported that the number of oil and gas rigs in the US rose this week by 1 to 791, with the total oil and gas rigs clocking in at 265 less than this time last year. The number of oil rigs increased for the week, by 1 rig, according to Baker Hughes data, bringing the total to 679—a 174-rig loss year over year. The total number of active gas rigs in the United States stayed the same according to the report, at 110. This compares to 194 a year ago.  The miscellaneous rig count stayed the same this week as well, for a total…

Shell Looks To Expand Mars Crude Pipeline System

Shell Midstream Partners LP (NYSE: SHLX) announced that it is considering expanding its 163-mile-long Mars crude oil pipeline in the Gulf of Mexico, the company said in a Thursday earnings call, as the current system nears capacity according to Reuters. SHLX, formed by Shell to own and operate pipelines and other midstream assets, said that interest from producers is still strong. The company remains bullish on the Gulf of Mexico. Gulf of Mexico oil of the sour medium crude variety—including the Mars grade from Shell and BP’s Gulf of…

Shell Looks To Expand Mars Crude Pipeline System

Shell Midstream Partners LP (NYSE: SHLX) announced that it is considering expanding its 163-mile-long Mars crude oil pipeline in the Gulf of Mexico, the company said in a Thursday earnings call, as the current system nears capacity according to Reuters. SHLX, formed by Shell to own and operate pipelines and other midstream assets, said that interest from producers is still strong. The company remains bullish on the Gulf of Mexico. Gulf of Mexico oil of the sour medium crude variety—including the Mars grade from Shell and BP’s Gulf of…

Andurand’s Hedge Fund Lost Big In Volatile Oil Markets

The main oil-focused hedge fund of one of the best known oil traders, Pierre Andurand, incurred an 8-percent loss in January, the Financial Times reported on Friday, quoting three people with knowledge of Andurand’s fund performance.   Pierre Andurand manages Andurand Capital Management, one of the few oil-specializing hedge funds still out there. Andurand’s fund was a big winner of the oil price volatility in 2014 and 2016, but after that it suffered two consecutive years of annual losses in 2018 and 2019. According to FT’s…

Larger Than Expected Crude Build Threatens This Week’s Oil Rally

The American Petroleum Institute (API) estimated on Wednesday a larger than anticipated crude oil inventory build of 4.16-million barrels for the week ending February 14, compared to analyst expectations of a 2.494-million-barrel build in inventory. In the previous week, the API estimated a larger than expected build in crude oil inventories of 6-million barrels, while the EIA’s estimates were even more bearish, reporting a large build of 7.5-million barrels for the week. Oil prices were trading significantly up on Wednesday prior to the…

Larger Than Expected Crude Build Threatens This Week’s Oil Rally

The American Petroleum Institute (API) estimated on Wednesday a larger than anticipated crude oil inventory build of 4.16-million barrels for the week ending February 14, compared to analyst expectations of a 2.494-million-barrel build in inventory. In the previous week, the API estimated a larger than expected build in crude oil inventories of 6-million barrels, while the EIA’s estimates were even more bearish, reporting a large build of 7.5-million barrels for the week. Oil prices were trading significantly up on Wednesday prior to the…

Larger Than Expected Crude Build Threatens This Week’s Oil Rally

The American Petroleum Institute (API) estimated on Wednesday a larger than anticipated crude oil inventory build of 4.16-million barrels for the week ending February 14, compared to analyst expectations of a 2.494-million-barrel build in inventory. In the previous week, the API estimated a larger than expected build in crude oil inventories of 6-million barrels, while the EIA’s estimates were even more bearish, reporting a large build of 7.5-million barrels for the week. Oil prices were trading significantly up on Wednesday prior to the…

Trafigura To Shun Rosneft Trading Due To New Round Of Sanctions

Just one day after the United States slapped sanctions on Rosneft’s subsidiary Rosneft Trading, oil trader Trafigura has announced that it will disentangle itself from the sanctioned company by mid-May to avoid running afoul of US sanctions itself, the company told TASS on Wednesday. “Trafigura is aware of the addition by the US authorities of certain Rosneft entities to the Venezuela related designations and the associated general license. Trafigura complies with all applicable sanctions and will comply with the requirements of these latest…

Trafigura To Shun Rosneft Trading Due To New Round Of Sanctions

Just one day after the United States slapped sanctions on Rosneft’s subsidiary Rosneft Trading, oil trader Trafigura has announced that it will disentangle itself from the sanctioned company by mid-May to avoid running afoul of US sanctions itself, the company told TASS on Wednesday. “Trafigura is aware of the addition by the US authorities of certain Rosneft entities to the Venezuela related designations and the associated general license. Trafigura complies with all applicable sanctions and will comply with the requirements of these latest…

Guyana Reports 35,600 Bpd In Oil Production For December

Guyana produced 35,607 barrels of oil daily in December, the country’s Finance Ministry said, as quoted by Reuters, which added the government’s royalty on that production would be 2 percent. Guyana is the newest entrant on the international oil market. It rose to industry fame after Exxon, in partnership with Hess Corp., made a string of discoveries off its coast that tapped reserves estimated at more than 5 billion barrels. Commercial production began ahead of schedule. It was originally planned for the first quarter of this year,…