The United States Brent Oil ETF, LP(BNO)- NYSEARCA
  • Yesterday, 4:03 AM
    • Oil producers will not come out of this week's International Energy Forum "empty-handed," according to Algerian Energy Minister Noureddine Bouterfa, who stated that "all options" were on the table.
    • Participants of the informal gathering, which will be held from Sept. 26-28, include energy ministers from OPEC nations and Russia.
    • While internal divisions make an agreement to cut oil production very unlikely, a cap seems the most effective way to stabilize prices.
    • Crude futures +0.6% to $44.75/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Yesterday, 4:03 AM | 11 Comments
  • Fri, Sep. 23, 1:37 PM
    | Fri, Sep. 23, 1:37 PM | 23 Comments
  • Fri, Sep. 23, 6:14 AM
    • Saudi Arabia has offered to lower its oil production if Iran agrees to cap output this year at its current level of 3.6M bpd.
    • The offer, which has yet to be accepted or rejected by Tehran, was made this month, sources told Reuters, and would be a major compromise ahead of talks in Algeria next week.
    • Ironic? The last two OPEC meetings held in the country - in 2004 and 2008 - led to unexpected production cuts to prop up prices.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Fri, Sep. 23, 6:14 AM | 67 Comments
  • Thu, Sep. 22, 6:35 AM
    • OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria, Bloomberg reports.
    • Iraq is also suggesting that conditions are better for a supply deal to occur when producing countries meet on Sept. 28.
    • Besides the OPEC talk, oil prices are extending gains after a surprise third consecutive weekly U.S. crude inventory draw tightened surplus in the market.
    • Crude futures +1.1% to $45.84/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Thu, Sep. 22, 6:35 AM | 30 Comments
  • Thu, Sep. 22, 3:29 AM
    • The SEC's investigation of how Exxon Mobil values assets in a world of increasing climate change regulations is eliciting sharp reactions, with some investors seeing it as a tipping point, while others are calling it a politically motivated attack.
    • But many agreed on one thing: It's a potentially transformative moment for U.S. companies, which now have to worry about regulators' scrutiny of future climate change impacts more seriously than before.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Thu, Sep. 22, 3:29 AM | 4 Comments
  • Wed, Sep. 21, 8:15 PM
    | Wed, Sep. 21, 8:15 PM | 2 Comments
  • Wed, Sep. 21, 10:32 AM
    | Wed, Sep. 21, 10:32 AM | 84 Comments
  • Wed, Sep. 21, 10:21 AM
    • More than 300 Norwegian oil service workers are on strike after wage talks broke down, hitting operations of subcontractors to the country's oil and gas industry including Schlumberger (SLB +1%), Halliburton (HAL +2.3%), Baker Hughes (BHI +2%) and Oceaneering (OII +1.5%).
    • The conflict will force oil companies to halt drilling of some wells on Norway's continental shelf and later could cut into the country's production of ~2M bbl/day of oil, condensate and natural gas liquids; state-controlled Statoil (STO +0.8%) is Norway's largest oil firm.
    • Brent crude recently was 1.6% higher at $46.58/bbl and WTI had jumped 2.1% to $45, sparked by the strike and API data showing a surprise drop in U.S. crude inventories.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Sep. 21, 10:21 AM | 13 Comments
  • Wed, Sep. 21, 7:59 AM
    • A tanker sailed from Libya with 781K barrels of crude oil bound for Italy as fighting between rival armed forces stops, allowing Libya to resume exports from its third-largest oil port for the first time since 2014.
    • Libya has increased crude production by more than 70% since August to 450K bbl/day, as some oil fields resumed output and other oil ports also reopened for their first overseas loadings in more than two years; earlier this month, the national oil company ended measures that had curbed exports from Libya’s main oil ports of Es Sider, Zueitina and Ras Lanuf.
    • Libya holds Africa’s largest oil reserves and pumped 1.6M bbl/day of crude before Qaddafi’s ouster in 2011.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Sep. 21, 7:59 AM | 9 Comments
  • Tue, Sep. 20, 4:38 PM
    • The numbers aren't yet available, but the API is reporting a sizable unexpected draw in oil inventories for the past week.
    • Crude has added about $0.50 to earlier gains since the news hit, now up 1.4% on the session to $44.48 per barrel.
    • USO +0.9% after hours
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    • Update at 4:40: Crude oil draw of 7.5M barrels vs. a build of 1.4M last week. Gasoline draw of 2.5M barrels vs. a draw of 2.4M last week. Distillate build of 407K barrels vs. a draw of 1.1M last week.
    | Tue, Sep. 20, 4:38 PM | 62 Comments
  • Tue, Sep. 20, 11:24 AM
    • Colonial Pipeline says it expects to restart its major pipeline tomorrow after completing the installation of a new 500-ft. section of pipe to bypass a leak, while warning that it will take several days for the fuel delivery supply chain to return to normal.
    • The pipeline normally carries more than 1M bbl/day of gasoline, and filling the pipeline back up is not like flipping a switch; while the bypass section is just as large as the original pipeline, it could take days for the pipeline to return to full rates.
    • With the pipeline largely out of commission since Sept. 9 when a leak was discovered in Alabama, gasoline prices have surged in southeastern states including Georgia, Alabama, South Carolina, North Carolina, Tennessee and Virginia.
    • Colonial Pipeline is owned by Koch Industries, South Korea’s National Pension Service, Royal Dutch Shell (RDS.A, RDS.B) and others.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, SZO, OLEM
    | Tue, Sep. 20, 11:24 AM | 13 Comments
  • Tue, Sep. 20, 3:48 AM
    • Oil prices are trading lower amid fears of oversupply in the crude market.
    • According to Venezuela's energy minister Eulogio Del Pino, global supplies would have to come down by around 10% from a current 94M bpd for output to meet consumption levels.
    • Meanwhile, Saudi Arabia keeps pumping at record levels. The world's biggest oil exporter produced 10.6M bpd in July, rising by more than 120K from June and hitting a fresh high, but the kingdom's output may have dipped slightly in August.
    • Crude futures -0.7% to $42.98/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Tue, Sep. 20, 3:48 AM | 15 Comments
  • Mon, Sep. 19, 8:15 AM
    • Pump prices surged over the weekend in some southern states following the recent shutdown of the Colonial Pipeline that carries fuel to the U.S. east coast, and states including North Carolina reported gasoline shortages.
    • Colonial said over the weekend that it would construct a bypass that circumvents the leak, which occurred more than a week ago in Alabama, but it remains unclear how quickly the pipeline will be fixed.
    • Reuters reported that the average price of a gallon of regular gasoline in Georgia rose to $2.26 as of Sunday morning, up more than $0.06 overnight and more than $0.15 in a week, while prices rose $0.04 in North Carolina to $2.136 and $0.04 in South Carolina to $2.011.
    • GasBuddy's Patrick DeHaan says prices are moving up roughly one-tenth of $0.01 every hour and that it could take several weeks before prices return to normal.
    • Colonial Pipeline is owned by Koch Industries, South Korea’s National Pension Service, Royal Dutch Shell (RDS.A, RDS.B) and others.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Sep. 19, 8:15 AM | 12 Comments
  • Mon, Sep. 19, 4:01 AM
    • OPEC and non-OPEC producers are close to reaching an output stabilizing deal, Venezuelan President Nicolas Maduro declared, a day after Iran welcomed any move aimed at market stability.
    • OPEC members may even call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria.
    • Crude futures +1.7% to $43.77/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Mon, Sep. 19, 4:01 AM | 11 Comments
  • Sun, Sep. 18, 8:14 AM
    • "Tehran welcomes any move aimed at market stability and improvement of oil prices based on justice, fairness and fair quota of all the oil producers," Iran's President Hassan Rouhani said on Sunday. "Instability and falling oil prices are harmful to all countries, especially oil producers."
    • OPEC members and Russia will likely revive talks on freezing crude production levels when they meet at the upcoming International Energy Forum in Algeria on Sept. 26-28.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Sun, Sep. 18, 8:14 AM | 91 Comments
  • Fri, Sep. 16, 4:36 PM
    | Fri, Sep. 16, 4:36 PM | 1 Comment
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