NrgEdge Editor

Sharing content and articles for users
Last Updated: June 28, 2019
Business Trends

Market Watch 

Headline crude prices for the week beginning 24 June 2019 – Brent: US$65/b; WTI: US$58/b

  • With the downing of an American drone in the Straits of Hormuz marking the first direct confrontation between the US and Iran, crude oil prices have surged in response as the possibility of a war threatens to upend global supply
  • In response to the attack, the US was already preparing retaliatory air strikes but this was called off at the last minute by President Donald Trump, who instead promised ‘major additional sanctions’ on Iran
  • One of these has already been revealed, as the US placed personal sanctions on Ayatollah Ali Khamenei and eight other military commanders, in an attempt to cut off funds and financial activity
  • This will likely colour the OPEC talks that are scheduled to begin in Vienna next Monday, as members struggle to agree on extending a supply deal that will (it is hoped) balance the global oil market but allow OPEC members to encroach on Iran’s market share
  • All this is happening against the backdrop of surging US production, which was confirmed to hit a new all-time high of 12.2 mmb/d in May by the API
  • Meanwhile, the global economy is starting to show signs of slowing down as the US-China trade standoff continues, with key indicators for manufacturing worldwide slipping as the G20 group of nations meets in Japan
  • Given the turmoil and risk in the markets, it is unsurprising that the active US rig count dropped once again, losing an additional net of three sites last week to a new total of 967, with the gain of one oil rig offset by the loss of three gas sites
  • After maintaining a relatively steady discount of US$8/b against Brent for the first half of the year, WTI prices are closing the gap to a spread of US$6/b as Brent prices are hit by concerns over global economic headwinds
  • Ahead of the crucial OPEC meeting in Vienna, crude oil prices should remain heightened on war risk but the ongoing G20 will put trade issues back at the forefront of minds; this should keep Brent around US$65/b and WTI at US$59/b

Headlines of the week


  • Canada has approved the Trans Mountain pipeline, shrugging off environmental concerns to connect crude from Alberta to Vancouver
  • ConocoPhillips is taking over the Nuna discovery in Alaska’s North Slope, acquiring 100% of the 2012 prospect from Caelus Natural Resources
  • BP has agreed to sell its oil and natural gas assets in Oklahoma to Houston-based Lime Rock Resources, including properties in Cleveland and McClain
  • Phillips 66 has announced plans to build a new offshore crude export terminal in the US Gulf of Mexico, to be located 21 nautical miles off Corpus Christi in Texas to complement its Ingleside marine terminal currently in development
  • Turkey is continuing to look for energy riches near Cyprus by sending the Yavuz exploration vessel there, defying European Union warnings that it was infringing on the economic and geographical sovereignty of Cyprus
  • Equinor, Ineos E&P and Faroe Petroleum have announced a new oil and gas discovery in the Snadd Outer / Black Vulture well in the Norwegian Sea


  • A massive fire and a series of explosions has taken out the largest refinery on the US East Coast, with the 335,000 b/d Philadelphia Energy Solutions refinery now likely to be shut down completely after a string of technical accidents
  • After sustained protests by farmers drove a site change for India’s planned massive 1.2 mmb/d joint venture Maharashtra refinery with Saudi Aramco, ADNOC and Indian state firms, a new site in Nanar has now been identified
  • Indonesia’s efforts to overhaul its refining industry sees another setback, as Pertamina and Saudi Aramco have extended talks over the joint venture Cilacap refinery by another three months after a six-month delay in December 2018
  • The disruption caused by contaminated crude along the Russian Druzhba pipeline is slowly coming to an end, with the PCK Schwedt refinery in eastern Germany now reporting that it has begun receiving clean Russian crude
  • The Jamaican government has officially acquired the remaining 49% stake in the Petrojam refinery on the island from PDVSA, despite official protests from Venezuela over the expropriation, bringing the state’s ownership to 100%
  • Chevron Phillips Chemical (CP Chem) is looking to acquire Canada-focused Nova Chemicals from Mubadala Investment for US$15 billion, which would vault CP Chem into the top 3 of polyethylene producers in North America
  • Petronas and Saudi Aramco’s RAPID refinery in Johor achieves another milestone, as its 1.2 mtpa naphtha cracker starts up
  • Saudi Aramco’s trading charge continues, now adding a trading desk in Fujairah as part of a push to become one of the world’s top fuels traders

Natural Gas/LNG

  • Petrobras has struck major gas in the offshore Sergipe basin, with six deepwater fields yielding potential extraction of up to 20 mmscf/d of natural gas, which is the largest discovery in Brazil since the pre-salt fields were found in 2006
  • Anadarko and its partners in the Mozambique Area 1 have taken FID on the critical Mozambique LNG project with planned capacity of 12.88 mtpa, though Anadarko’s share might pass to Total as part of its acquisition by Occidental
  • The state government of Brazil’s Amazonas state is giving Rosneft a leg up by assigning priority status to its gas project in the Solimões basin, which is estimated to contain some 176 bcm of natural gas resources

Oil Oil and Gas News Oil and Gas Industry LNG Oil and Gas Companies News Weekly Update Market Watch Market Trends Latest Oil and Gas Trends
2 0

Something interesting to share?
Join NrgEdge and create your own NrgBuzz today

Latest NrgBuzz

Top Brand In India Helps Automotive, Electrical Industries For Resistance Welding Consumables - PARENTNashik

ParamountEnterprises with a renowned brand .PARENTNashik is an ISO 9001:2015 certified company, listed in major leading manufacturers, suppliers & exporters of resistance spot welding consumables, spares, weldparts in Nashik – India.

PARENTNashikis younger energetic, with highly skilled engineering group having extensive more than 2-decade experience in resistance spot welding supplies and installed latest technology machining facility at works, manufacturing all sorts of resistance gun spot welding spares &consumables.


  1. Product know-how more than 20 years of experience in resistance spot welding

  2. Design, optimization & production of special spares, parts

  3. Products that meet all international quality standards & requirements.

  4. Productionline having next-generation CNC machinery.

  5. Timely delivery

  6. Express production service available

  7. Delivery anywhere.

Resistance Welding Consumables &Spot Welding Gun Spare WeldParts Offered:- 

Spot welding electrodes,cap tips, bend electrodes, double bend electrodes, shanks, holders,gun arms dully insulation coating, adapters,flexible shunt,braided cables, water cooled kickless cables, jumper aid cables,bracket in aluminium & copper, gyro ring rotational assly.,electrical busbar, busbar 3D, swivel pad electrodes, projection welding electrodes,nut welding electrodes, nut welding pins, ceramic pins, insulating bush, elkonite faced electrodes, projection welding electrode caps,seam welding wheels, shaft, silver contacts, bush, housing body,conductive grease, restoration of seam welding housing frame, robotic welding shank, robotic holders, robot welding cables, on-line &Offline Gun Arm Insulation coating, BS807 electrode tips flat,centre, offset, angle offset, cranked, spade, jobbing, reducing adapters, straight stem holders, threaded adapters, ISO adapters, nut welding bodies, nut weld pins, nut welding caps, ISO electrode tips,PSA style electrodes. Copper Chromium Zirconium, Beryllium Copper,Nickel silicon Copper Chromium, RWMA Class-2,Class-3,C-18150,C17510,C17500 Copper alloy, rods, flats, bars, Threaded electrodes,composite electrodes, Male electrodes, offset electrodes, single crank electrodes, double bend electrodes, swivel electrodes, cap adapters, reducing adaptors, double bend cap adaptors, Merituselectrodes, tool post, water connections, water tubes, horizontal adaptors, horizontal toolpost holderBloster, Horseshoe adaptors,Machine arm, plattern, Projection weld nut assemblies, ceramic coated sleeves for stud welding, stud electrode, solid ceramic bush, stud electrode elkonite faced, projection welding bodies, copper tungsten faced electrodes, insulated nut electrodes, ½”screwed electrodes,pad bolt, short tool post.

.PARENTNashikalso offers variety of unique refractory metals for resistance spot-welding like Elkonite- Tungsten, Tungsten copper, molybdenum,graphite, TZM tipped electrodes.

 Specialist in copper 3D busbar.

Presentlysatisfied customers are in India, Malaysia, Middle East, Europe-France, Spain, Italy, and USA.

September, 21 2019
Your Weekly Update: 16 - 20 September 2019

Market Watch  

Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b

  • Global crude oil prices surged at the start of the week as news that a successful drone strike on the Abqaiq processing plant and the Khurais oil field in Saudi Arabia took out over half of the Kingdom’s crude production capacity
  • Brent prices jumped above US$70/b at one point on fears on global supply disruption, but abated as President Donald Trump authorises the release of US strategic petroleum reserves to cover the market
  • Initial fears that the Saudi Arabian crude output would be crippled for months proved to be extreme, with Saudi Aramco announcing that some 70% of capacity at Abqaiq had been restored within days
  • But more worryingly is that this incident escalates the risk of a full-blown military confrontation with Iran; the US was quick to accuse Iran of the attack, citing data on the attack, which was denied by Iran
  • Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack, although initial results of a Saudi investigation pointed to the weapons originating from Iran
  • For now, crude oil prices have retreated as the risk of widespread supply disruption abated, but tensions are still high in the region
  • This comes after President Trump signals that he was considering easing sanctions in an apparent thaw in the US-Iran relationship; this opportunity now appears to have evaporated
  • Saudi Arabia’s new oil energy minister, Prince Abdulaziz bin Salman, made a positive impression at the recent OPEC+ meeting, with errant members of the group signalling that they were now ready to adhere to the supply deal
  • In Venezuela, the oil crisis continues as ongoing US sanctions now mean that the country cannot find enough vessels to transport its crude, as shippers fear losing insurance coverage if they transport Venezuelan oil
  • Iran has released the UK-flagged Stena Impero vessel that it had impounded, a lone bright spot in a region now clouded by geopolitical tensions
  • Against this backdrop, the US active rig count recorded yet another fall, losing five oil and seven gas rigs for a net drop of 12 to a new total of 886 rigs
  • With the shock of the Saudi drone attacks abating, crude oil prices are retreating back to their previous range – US$60-63 for Brent and US$56-59/b for WTI – as the impact of global supply was minimised; another attack, however, might cause a more permanent shift in prices

Headlines of the week


  • Equinor has received consent from the Norwegian Petroleum Directorate to continue operations at the Tordis and Vigdis fields through 2036 and 2040, respectively, extending the life of the North Sea fields by 34 years
  • BP has announced that it will deploy continuous measurement of methane emissions for all future oil and gas projects in a bid to reduce emissions
  • CNOPC and Niger have agreed to collaborate on a 1,892km pipeline to carry oil from Niger’s Agadem rift basin to port facilities in Benin
  • The South African government is tabling a new law that will allow the state to take a free stake of up to 10% in all new oil and gas ventures, hoping to capitalise on a surge in upstream interest after Total’s Brulpadda discovery


  • As the IMO deadline for low-sulfur marine fuels approaches, refiners have begun stockpiling supplies of very low-sulfur fuel oil to ensure adequate supply; this includes Japan’s Cosmo Oil that aims to begin supplying VLSFO to the domestic marine market by October 2019
  • IndianOil’s Gujarat refinery stated it ready to produce 12,900 b/d of VLSFO by October while its Haldia refinery will start producing 5,500 b/d of VLSFO by December; this should be adequate to cover the India’s marine fuel demand
  • India is considering selling a stake in BPCL, the country’s second largest refiner, to an international firm to boost competition in downstream fuel retailing that has historically been dominated by state firms
  • Valero Energy and Darling Ingredients are launching the first renewable gasoil plant in Texas, focusing on producing renewable diesel and naphtha
  • In the UK, Essar Oil’s Stanlow refinery aims to increase its diet of US crude from a current 35% to 40%, leveraging on cheaper American oil
  • The after-effects of Russia’s contaminated crude through the Druzhba pipeline continues as Total issues a tender to sell 1.3 million barrels of tainted Ural crude through Rotterdam after failing to process it

Natural Gas/LNG

  • Poland has won a ruling from the EU courts to reduce Russian control over the key EU Opal pipeline that carries Russian gas from the Nord Stream link to Germany, preventing Gazprom from using most of Opal capacity in a bit to increase energy security for Eastern European countries
  • Vitol and Mozambique’s state player ENH have set up a new joint venture in Singapore to capitalise on trading opportunities for LNG, LPG, and condensate
  • Australia’s Liquefied Natural Gas Ltd and Delta Offshore Energy will supply gas from the Magnolia fields to an LNG-to-power project in Bac Lieu, Vietnam
  • Eni’s Baltim South West gas field offshore Egypt has started up production, only 3 years after discovery, producing an initial 100 mscf/d of gas
  • US gas player Sempra is looking to take FID on its Energia Costa Azul LNG project in Mexico’s Baja California region by the end of 2019
  • Egypt has announced that it expects to receive first natural gas from Israel by end-2019 through the East Mediterranean Gas pipeline, with initial supplies of 200 mscf/d that will rise to 500 mscf/d by 2020
  • The Independence floating LNG terminal in Lithuania – built to reduce the Baltic region’s dependence on Russian gas – is set to receive its first-ever cargo from Siberia, likely from Novatek’s LNG projects in Yamal
September, 20 2019
Financial Review: Second-Quarter 2019
Key findings
  • Brent crude oil daily average prices were 9% lower in second-quarter 2019 than in second-quarter 2018 and averaged $68 per barrel
  • The 117 companies in this study increased their combined liquids production 4.6% in second-quarter 2019 from second-quarter 2018, and their natural gas production increased 5.0% during the same period
  • Nearly half of the companies were free cash flow positive—that is, they generated more cash from operations than their capital expenditures
  • Dividends plus share repurchases were nearly one-third of cash from operations, slightly lower than the six-year high set in first-quarter 2019

Distributions to shareholders via dividends and share repurchases amounted to nearly 33% of cash from operations

See entire second-quarter review

September, 20 2019