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Oil & Gas News

Oil & Gas News
Released:  22/09/20142014-09-22
Word count:  644

West Texas Intermediate crude fell for a third day on rising U.S. inventories as a stronger dollar weighed on commodity prices. Brent futures rose on supply risks.

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Bloomberg
Stockpiles increased last week for the first time since Aug. 8, according to the Energy Information Administration. The dollar gained as the Federal Reserve moves closer to raising interest rates. Brent widened its premium to WTI on signs of lower OPEC output. Gasoline futures jumped on surging Gulf Coast spot prices.

“Oil continues to come under pressure from the idea that we have ample supplies,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The dollar is throwing pressure on oil.”

WTI for October delivery dropped 66 cents, or 0.7 percent, to end at $92.41 on the New York Mercantile Exchange. The volume of all futures traded was about 5.8 percent below the 100-day average. Prices gained 14 cents this week, snapping a two-week losing streak. The October contract expires on Sept. 22. Brent for November settlement gained 69 cents to $98.39 a barrel on the London-based ICE Futures Europe exchange, for a weekly gain of 1.3 percent. Volume was 32 percent below the 100-day average.

WTI for November was at a discount of $6.72 to Brent for the same month, compared with $5.72 yesterday. “You are seeing liquidation of the October futures before expiration,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago.

Gasoline Rally

Gasoline futures rose 2 percent to $2.6114 a gallon on the Nymex, the biggest daily increase since Sept. 3. Prices are up 3.7 percent this week. Ultra low sulfur diesel climbed 0.2 percent to $2.7166. The fuel fell 0.9 percent this week.

Conventional, 85-octane gasoline blendstock, or CBOB, in the Gulf reached a premium of 2 cents a gallon versus Nymex futures, the highest level since October 2012, data compiled by Bloomberg showed. Refiners including Exxon Mobil Corp. (XOM) and Marathon Petroleum Corp. (MPC) were said to be performing repairs at plants in the Gulf.

“The Gulf Coast gasoline market has been steadily rising to the point where people no longer want to ship gasoline all the way to New York Harbor,” said Andy Lipow, president of Lipow Oil Associates LLC, an energy consulting firm in Houston, Texas. “As a result, the RBOB price in the harbor has to rise to attract imports.”

Crude Supplies

Crude supplies in the U.S. climbed 3.67 million barrels in the week ended Sept. 12 to 362.3 million, near the highest ever level for this time of year, the EIA, the Energy Department’s statistical arm, said Sept. 17. Average oil demand fell in the four weeks ended Sept. 12, the EIA said.

The U.S. Dollar Index advanced for a 10th straight week, the longest rally since at least March 1967. A strong dollar reduces commodities’ investment appeal.

Fed officials, who met Sept. 16-17, increased their median estimate for the federal funds rate to 1.375 percent at the end of next year, versus June’s forecast for 1.125 percent.

“The pressure here is from the dollar,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “The market is probably going to rebound next week because of OPEC production.” A reduction in crude output from the Organization of Petroleum Exporting Countries deepened as Libya’s biggest producing oilfield stopped pumping amid supply cuts from Saudi Arabia and potential disruptions to Nigerian exports.

Libyan Halt

Libya halted the Sharara oilfield as a precaution after a rocket attack on the connected Zawiya refinery three days ago, closing down about 30 percent of national output. In Africa’s largest oil producer, state-owned Nigerian National Petroleum Corp. was in talks yesterday to prevent a strike that threatened to disrupt exports. Saudi Arabia told OPEC that in August it made the deepest production cut in 18 months.

OPEC, supplier of about 40 percent of the world’s oil, may reduce its daily quota by 500,000 barrels to 29.5 million in 2015, Secretary-General Abdalla El-Badri said in Vienna on Sept. 16.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Charlotte Porter
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Oil & Gas News

Oil & Gas News
Released:  22/09/20142014-09-22
Word count:  349

LONDON, Sept 17 (Reuters) - Russia's main export crude Urals held firm in quiet trade in northwest Europe and the Mediterranean on Wednesday, underpinned by healthy refining margins, while lighter grades in the south were supported by renewed supply problems in Libya

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Reuters
No Urals deals were done in the Platts window but traders said deals were discussed at between -$1.75 and -$1.55 versus dated Brent, up slightly from levels around -$1.80 to -$1.60 on Tuesday. In the Mediterranean, traders said Urals deals were discussed at around -$1.80, in line with discussions on Tuesday.

Prices for Azeri were discussed about 10 cents higher to dated Brent than previously, traders said, at around $1.50 above dated Brent. Kazakhstan's CPC Blend was discussed near parity to dated for the first time since May.

Libya's El Sharara field has shut, an oil ministry official said on Wednesday, after a tank was damaged at the Zawiya refinery that it supplies during fighting between armed groups. The closure is expected to shut-in around 200,000 barrels a day of output.

It was the first time that fighting between armed groups hit Libya's oil industry since heavy clashes broke out in the capital Tripoli in July, and has stoked fears of further blows to the recovery in output seen in recent months. "We're wondering whether it's a one off or if there's going to be more to come," one trader said.

For Urals, traders were eyeing lower supplies at the start of this month and quarterly loading programmes showing exports of seaborne Russian Urals and ESPO blends are expected to decline by 6.2 percent next quarter.

Strong refining margins for Urals were also providing some support on Wednesday, with simple plants standing to make around $4.50 a barrel, according to Reuters models. That is up from around $3.20 a barrel last month.

OPEC may not need to cut its oil output target at a meeting in November, a Gulf OPEC delegate and other OPEC sources said on Wednesday, as strengthening demand in coming winter months should support oil prices that have fallen below $100 a barrel.

On Tuesday, OPEC Secretary General Abdullah al-Badri said he expected the group's production to be around 29.50 million barrels per day pd in 2015, not 30 million bpd, leading to speculation an output cut could be agreed at the next meeting in Vienna on Nov. 27.

(Reporting by David Sheppard; Editing by William Hardy)
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Oil & Gas News

Oil & Gas News
Released:  19/09/20142014-09-19
Word count:  183

West Texas Intermediate was little changed as rising U.S. crude stockpiles offset signs of diminished OPEC supply. Brent fluctuated in London.

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Market pulse
U.S. crude inventories expanded last week by the most since April to 362.3 million barrels, according to the Energy Information Administration. Libya’s Sharara field, the OPEC member’s biggest-producing asset, and the connected Zawiya refinery are still shut, Oil Movement Director Mansur Abdallah said. The Federal Reserve raised estimates for interest rates yesterday.

“The nationwide build of 3.67 million barrels likely helped set the bearish tone for trading in the U.S.,” David Wech, an analyst at JBC Energy GmbH in Vienna, said in a report. The “expected tightening of U.S. monetary policy” is weighing on the outlook for global economic growth, he said.

WTI for October delivery rose 15 cents to $94.57 a barrel in electronic trading on the New York Mercantile Exchange as of 1:52 p.m. local time, after dropping earlier to $93.62. The volume of all futures traded was about 2 percent below the 100-day average. Prices have decreased 3.9 percent this year.

Brent for November settlement declined 7 cents to $98.90 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $5.51 to WTI for the same month.  
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Oil & Gas News

Oil & Gas News
Released:  19/09/20142014-09-19
Word count:  765

West Texas Intermediate and Brent oils fell as a stronger dollar curbed the appeal of commodities to investors looking for a store of value. Diesel tumbled to the lowest level in more than two year on ample supply.

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Bloomberg
Crude futures dropped 1.4 percent in New York and 1.3 percent in London. The dollar reached a six-year high against the yen after the Federal Reserve increased its outlook for interest rates. U.S. stockpiles of distillate fuel, a category that includes diesel and heating oil, rose last week, government data showed yesterday.

Supplies of gasoil, distillate’s European equivalent, gained in Europe’s Amsterdam-Rotterdam-Antwerp oil-trading hub, PJK International BV said today.

“Yesterday’s Fed statement and news conference have been examined closely and are having an impact on the dollar,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “This is propping up the dollar and putting downward pressure on commodities.”

WTI for October delivery slid $1.35 to settle at $93.07 a barrel on the New York Mercantile Exchange. It was the biggest decrease since Sept. 2. The volume of all futures traded was 3.3 percent above the 100-day average at 2:47 p.m. Prices have decreased 5.4 percent this year.

Brent for November settlement fell $1.27 to end the session at $97.70 a barrel on the London-based ICE Futures Europe exchange. Volumes were 11 percent lower than the 100-day average. The European benchmark crude grade closed at a $5.72 premium to WTI for the same month, down from $5.77 yesterday.

‘Divided Reaction’

“We’re getting a divided reaction to the Fed,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $2.6 billion, said by phone. “The stock market is reacting positively to the remarks made at the Fed news conference while the currency and commodity markets are focused on the text. It’s impossible to know at this point what market has it right.”

Commodity markets dropped while U.S. equities climbed. Fed officials signaled they won’t be raising interest rates anytime soon, while suggesting they would tighten credit at a faster pace once the liftoff has begun. The Bloomberg Commodity Index of 22 futures dropped as much as 1.3 percent.

“Commodities are in headwinds over the dollar’s climb,” Rob Haworth, a senior investment strategist in Seattle at U.S. Bank Wealth Management, which oversees about $120 billion of assets, said by phone. “The dollar has been on a tear. The Fed seems to be hinting that they will tighten.” Distillate Supplies Diesel futures fell as supplies climbed on both sides of the Atlantic. Gasoil stockpiles in independent storage in the European ports increased 7.2 percent to 2.79 million metric tons in the week to today, according to PJK. U.S. inventories of distillate fuel rose 279,000 barrels to 127.8 million in the week ended Sept. 12, the highest level since Sept. 27, 2013, an Energy Information Administration report showed yesterday.

Ultra low sulfur diesel for October delivery dropped 3.28 cents, or 1.2 percent, to close at $2.7123 a gallon in New York. It was the lowest settlement since July 6, 2012. Volumes were 61 percent above the 100-day average.

“Distillate production has been solid,” Kyle Cooper, director of research with IAF Advisors and Cypress Energy Capital Management in Houston, said by phone. “It’s getting pummeled and it’s yet to find support.” Crude Supplies

U.S. crude supplies rose 3.67 million barrels to 362.3 million last week, the biggest gain in five months, according to the EIA, the Energy Department’s statistical arm. Gasoline inventories declined 1.64 million barrels to 210.7 million.

October gasoline futures slipped 0.82 cent, or 0.3 percent, to settle at $2.561 a gallon on the Nymex. Volumes were 24 percent above the 100-day average. Pump prices fell 0.9 cent to $3.364 a gallon nationwide yesterday, the least since Feb. 16, according to AAA, the largest U.S. motoring group.

A strike among oil workers in Nigeria entered its third day as a resolution hasn’t been reached, Sanusi Abdulakim, deputy president of Petroleum and Natural Gas Senior Staff Association of Nigeria, or Pengassan, said by phone. Nigeria is Africa’s biggest crude producer.

Libya’s Sharara field, the country’s biggest-producing asset, and the connected Zawiya refinery are still shut, Oil Movement Director Mansur Abdallah said by phone from Zawiya. Sharara was shut after a rocket attack on Sept. 15 on the nearby refinery. The field pumped about 250,000 barrels a day before the disruption, Abdallah said.

“The focus has been on interest rates and that’s pushed the dollar higher, which is hurting demand for commodities,” Phil Flynn, senior market analyst at the Price Futures Group in Chicago, said by phone. “Oil would be much lower if not for the trouble in both Libya and Nigeria.”

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editors responsible for this story: Dan Stets at dstets@bloomberg.net Stephen Cunningham, Bill Banker  
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News Releases

News Releases
Released:  18/09/20142014-09-18
Word count:  47

Libya's El Sharara oilfield is still operating but its production is fluctuating, a spokesman for state-run National Oil Corp (NOC) said

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Trade Arabia
"Output is fluctuating, falling and rising," NOC spokesman Mohamed El Harari said. "The field has not been completely closed." He gave no production figure. NOC said the southwestern field had lowered output after Grad rockets struck in the vicinity of the Zawiya refinery it feeds. -- Reuters
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Oil & Gas News

Oil & Gas News
Released:  18/09/20142014-09-18
Word count:  604

West Texas Intermediate crude fell from a two-week high after an Energy Information Administration report showed U.S. inventories rose the most in five months.

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Bloomberg
Supplies gained 3.67 million barrels in the seven days ended Sept. 12, the first increase in five weeks, the EIA, the Energy Department’s statistical arm, said. Analysts surveyed by Bloomberg had expected a drop of 1.5 million. Brent widened its premium to WTI as Libya halted its biggest oil field.

“The big build in crude is going to put a lot of downward pressure on WTI,” Chip Hodge, who oversees a $9 billion natural-resource bond portfolio as senior managing director at John Hancock in Boston, said by phone. “Production is rising here, otherwise we would be looking at much higher prices because of the geopolitical situation.”

WTI for October delivery slipped 46 cents, or 0.5 percent, to close at $94.42 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 28 percent above the 100-day average for the time of day. Prices are down 4.1 percent this year. Brent for November settlement fell 8 cents to $98.97 a barrel on the ICE Futures Europe exchange after earlier rising as much as 0.6 percent. Volume was 13 percent below the 100-day average. The European benchmark crude ended at a $5.77 premium to November WTI futures. The spread closed at $5.24 yesterday.

‘Large Build’

Crude supplies climbed to 362.3 million barrels last week, the EIA said. Stockpiles at Cushing, Oklahoma, the delivery point for WTI futures, fell 357,000 barrels to 20 million.

Production of crude climbed to 8.84 million barrels a day, the highest level since 1986. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S.

“We saw a large build today,” said Tariq Zahir, a New York-based commodity fund manager at Tyche Capital Advisors. “The trend is still down here for oil. With the amount of oil we have out there, prices are going to go lower.” Gasoline supplies declined 1.64 million barrels to 210.7 million. Demand for the fuel in the four weeks ended Sept. 12 dropped 0.2 percent to 8.98 million barrels a day, the least since July.

Fuel Inventories

Stockpiles of distillate fuel, a category that includes diesel and heating oil, climbed 279,000 barrels to 127.8 million, the highest level since Sept. 27, 2013.

October gasoline futures climbed 1.04 cents to $2.5692 a gallon on the Nymex. Ultra low sulfur diesel for October delivery fell 1.12 cents to $2.7451 a gallon.

Refineries used 16.3 million barrels a day of crude last week, down 0.2 percent. The utilization rate was 93 percent. “The crude runs are still above 16 million barrels a day,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “We are still putting in a lot of crude in the middle of September. That’s almost bullish.”

WTI pared loses after the Federal Reserve pledged to keep borrowing costs low for a “considerable time” after its asset-purchase program ends.

Brent rose earlier after Libya halted its biggest oil field. The Sharara field, producing about 250,000 barrels a day, was shut as a precaution after a rocket attack two days ago on the connected Zawiya refinery, Mansur Abdallah, director of oil movement at the plant, said by phone today.

The North African nation, still restoring output after more than a year of political unrest and protests, was producing 870,000 barrels a day as of Sept. 14, National Oil Corp. spokesman Mohamed Elharari said that day.

The fluid political situation in Libya can lead to unplanned supply disruptions, while sustaining higher production in the longer term might be difficult “given the absence of strong governance mechanisms,” Miswin Mahesh, an analyst at Barclays Plc in London, said by e-mail.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Charlotte Porter  
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News Releases

News Releases
Released:  17/09/20142014-09-17
Word count:  473

NEW YORK, Sept 16 (Reuters) - U.S. crude futures rose by almost $2 and Brent by more than $1 on Tuesday on the prospect of a production cut by OPEC as well as on a weakening dollar and news that Libya had curbed output after rockets hit an area near a refinery.

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Reuters
The dollar began selling off just ahead of a meeting of the U.S. Federal Reserve, sending the euro to a near two-week high against the U.S. currency, and boosting both Brent and U.S. crude, brokers said.

A weakening dollar makes it cheaper for holders of other currencies to purchase crude oil contracts priced in dollars. "The weakening dollar is supporting both benchmarks," said John Kilduff, a partner at Again Capital LLC. November Brent rose $1.17 to settle at $99.05 a barrel. The October contract expired and went off the board on Monday at $96.21. Brent is down 11 percent in the third quarter, its biggest quarterly drop since the second quarter of 2012. It fell to a 26-month low on Monday, tumbling from above $115 in June because of supply increases and sluggish growth in demand.

The front-month U.S. October crude settled $1.96 higher at $94.88 a barrel, after earlier touching a high of $95.15. The October contract expires on Sept. 22.

Oil prices rose earlier in the day after Russia said that deploying troops in Crimea, which Russia annexed from Ukraine in March, was a top priority with NATO holding military exercises in Ukraine near its border with Poland.

Oil prices also received an early boost after OPEC Secretary General Abdallah El-Badri told reporters he expected the group to lower its oil output target to 29.5 million barrels per day (bpd) from 30 million bpd when it next meets in late November. On Tuesday Libya's state-run National Oil Corp said the El Sharara 340,000-bpd oil field slightly reduced production after rockets hit an area near the Zawiya refinery.

Fighting between rival armed groups resulted in rockets landing close to the refinery connected to the field.

"The talk of OPEC reducing production has given us a boost and the Libya news is important because the market was expecting the recovery of that country's exports to continue," said Phil Flynn, analyst at Price Futures Group in Chicago. The recent steep drop in oil prices had prompted speculation that OPEC would reduce output to support prices, and Badri's comments marked the first official confirmation that such a move might occur. It would be the first cut by the cartel since 2008.

U.S. INVENTORIES

U.S. crude and distillate inventories rose by 3.3 million barrels last week, compared with the 1.6 million decrease expected, while gasoline stockpiles decreased by 1.2 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

The more closely watched inventories report from the U.S. government's Energy Information Administration is to be released at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Crude stocks are expected to have fallen by 1.6 million barrels, according to Monday's Reuters survey of analysts.

(Additional reporting by Robert Gibbons in New York, Simon Falush and Libby George in London and Seng Li Peng in Singapore; Editing by Marguerita Choy, Peter Galloway, Chizu Nomiyama and Steve Orlofsky)  
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Oil & Gas News

Oil & Gas News
Released:  16/09/20142014-09-16
Word count:  436

NEW YORK, Sept 15 (Reuters) - Brent crude oil futures ended little changed on Monday after weak Chinese economic data sent prices to a 26-month low earlier in the day, while U.S. crude rose after bouncing off a technical support level near a 16-month low reached last week.

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Reuters
Oil prices dropped early on data showing China's factory output grew in August at the weakest pace in nearly six years, while growth in other key sectors also cooled, raising fears the world's second-largest economy may be at risk of a sharp slowdown.

"The Chinese data was sufficiently negative to create real worry again about the outlook for demand there and globally," said John Kilduff, a partner at Again Capital LLC in New York. News of Russian Energy Minister Alexander Novak's meeting on Tuesday with OPEC officials in Vienna, an annual get-together coming as falling oil prices pressure Moscow's budget, was cited as helping to pull oil prices off lows on Monday. Oil sales account for 40 percent of Russia's budget.

October Brent dropped by 46 cents to settle at $96.65 a barrel, after earlier falling to $96.21, its lowest since July 2, 2012.

November Brent fell by 8 cents to settle at $97.88, putting its premium to October's crude LCOc1-LCOc2 at more than a dollar.

U.S. October crude rose by 65 cents to $92.92, recovering by more than $2 a barrel after falling earlier in the session to $90.63, near a 16-month low of $90.43 hit last week.

Brent's premium to U.S. crude settled at $3.73, the narrowest since April.

"Today's low is $90.63, so we're running into significant technical support here," said Stephen Schork, editor of The Schork Report in Villanova, Pennsylvania, who noted that $90.63 represented the Fibonacci retracement number, a figure used by chart-watching technical traders.

The U.S. October contract expires on Sept. 22.

Brokers also cited news that seaborne Russian oil exports were seen declining in the fourth quarter of 2014 from the previous quarter as softening Brent's fall.

CONCERNS ABOUT ECONOMY, DEMAND FOR OIL

Some U.S. economic data on Monday was not supportive for oil. U.S. manufacturing output fell for the first time in seven months in August.

Factory production dropped 0.4 percent last month after surging in July, the Federal Reserve said. July's factory output gain was revised lower to show a 0.7 percent increase rather than the previously reported 1.0 percent rise. Chinese data, which showed a drop in power generation for the first time in four years, came on the heels of downward revisions in 2014 and 2015 global oil demand growth estimates by the International Energy Agency last week.

"Struggling global economic growth has resulted in falling growth in global oil demand," PVM oil analyst Tamas Varga said, adding that concerns over conflict in the Middle East, North Africa and Russia had not translated into supply disruptions.

(Additional reporting by Robert Gibbons in New York, Christopher Johnson in London and Jane Xie in Singapore; Editing by Michael Urquhart, Paul Simao and Marguerita Choy)
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News Releases

News Releases
Released:  16/09/20142014-09-16
Word count:  185

The commodities space was for the most part lower on Friday as expectations for a slightly prompter increase in interest rates Stateside continued to weigh on gold and perhaps other commodities as well.

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Ifa magazine
Gold futures for December delivery were thus off by $9.40 to $1,231.5 per ounce by the end of trading on COMEX .

Similarly, front month West Texas crude futures retreated by 68 cents to $92.27 per barrel over on the ICE, with some market commentary highlighting worries of a slowdown in economic growth worldwide.

Not to be missed in regard to the above, Libya’s oil production rose to 850,000 barrels a day on Thursday, National Oil Corp. spokesman Mohamed Elharari told Bloomberg News by phone from Tripoli. It was expected to recover to 900,000 barrels a day over the coming weekend.

Be that as it may, better-than-expected figures on industrial production out of the Eurozone and Japan were credited for a small gain in three-month copper futures on the LME. Those ended the day higher by 0.04% at $6,838 per metric tonne.

Lastly, wheat futures for December delivery declined 1.4% to close at $5.025 a bushel on the Chicago Board of Trade.

On Thursday the U.S. Department of Agriculture forecast global wheat production would climb to a record 719.95m metric tons, 0.5% more than previously expected, thanks to larger harvests in Europe and the Ukraine.  
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News Releases

News Releases
Released:  15/09/20142014-09-15
Word count:  66

Libya to see oil output rise up to 1.5 mil. barrels per day by end of year

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China post
TRIPOLI, Libya -- Libya said Wednesday it expects oil production to reach 1.5 million barrels per day by year-end, with output quadrupled since the beginning of the summer despite ongoing chaos in the country.

“We will continue advancing,” National Oil Co. spokesman Mohamed al-Hrari said.

Production had reached 810,000 bpd by Wednesday, compared with 550,000 at the end of August and 200,000 at the beginning of the summer, he said.
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Oil & Gas News

Oil & Gas News
Released:  15/09/20142014-09-15
Word count:  73

Libya's oil production rises to 870,000 bpd from 810,000 bpd last week -NOC

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Reuters
BENGHAZI, Libya, Sept 15 (Reuters) - Libya's oil production has risen to 870,000 barrels a day, a spokesman for state-run National Oil Corp (NOC) said on Sunday. NOC had put output last week at 810,000 bpd.

The OPEC member's production has risen in the past two months as major oil ports in the East reopened after a group of rebels ended a year-long blockage.

(Reporting by Feras Bosalum; Writing by Ulf Laessing; Editing by Cynthia Osterman)  
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Oil & Gas News

Oil & Gas News
Released:  12/09/20142014-09-12
Word count:  178

VIENNA, Sept. 10 (UPI) -- More barrels of oil on the global market in part because of Libya are keeping oil prices lower, the Organization of Petroleum Exporting Countries said.

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UPI
OPEC said in its monthly market report for September crude oil production from the 12 members of the cartel increased by 231,000 barrels per day last month to average 30.35 million bpd.

Iraq and Saudi Arabia were the only two member states to post a decline in oil production since the last monthly market report. Libya, meanwhile, posted in the highest gains in terms of percent.

Libya in August produced an average 538,000 bpd, a 26.5 percent increase from July and more than twice what it produced in June.

"An agreement to open some Libyan ports and resume exports of crude made additional barrels available on the global market and applied downward pressure on light sweet crude oil prices," OPEC said in a report published Wednesday.

The Libyan government brokered a deal in April with eastern rebel leaders to re-open oil export terminals. An eight-month blockade from rebels seeking more autonomy for the region known as Cyrenaica had cut Libya's oil export potential dramatically.

Last week, Libya's National Oil Co. said production has topped the August level reported by OPEC to reach 700,000 bpd.

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News Releases

News Releases

Mellitah Oil &Gas Tender Number 768 : Tender for Telecommunications service via satellite (V-SAT) for all company sites.

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NOC

Mellitah Oil &Gas B.V. Company (Oil Division) ,intends to issue the below tender and wish to invite for pre-qualification interested, experienced and reputable Companies specialized in providing similar services stated below to submit full electronic file including all requirements for inclusion in the bidders list to be  invited to participate in the following tender:

Tender Number  768

Tender forTelecommunications service via satellite (V-SAT) for all company sites.

Scope of Work

MOG – Oil Division attends to call all companies for a (V-Sat) Connectivity Bidder to the minimum requirements for the functional, Technical, Performance and Operational requirements of MOG Back up interconnectivity through VSAT operating in Ku band on Rental basis for Communications between the following Company Locations:-

  • Company Tripoli HQ office  (Dahra)            
  • Company Benghazi Office                           
  • A/100 abu-attifel Field                                  
  • Bouri Field                                                    
  • El-Feel Field                                                  

 

Company intention is to protect LAN/WAN interconnections for voice and data Connectivity using VSAT links in case of failure of the main links interconnecting MOG- Oil Division sites.  

Mellitah Oil and Gas B.V. – Oil Division invites qualified service providers to submit their Pre-qualificationdocuments for the provision of the requested end to end managed service and maintenance of the proposed solution for the Company.

The Contractor shallalso, adheres to all of the Mellitah company for oil and gas standards, government regulations and industry practices where applicable.

QUALIFICATION REQUIREMENTS

 

Interested companies for the above tender must satisfythe  minimum requirementsand submit the required information below. Failure to submit any of the under listed documents will render automatic disqualification

  1. The bidders must be registered in Libya and have valid licenses.
  2. Experience of similar contracts and references in Libya and worldwide ( List of clients and project details).
  3. Financial Status documents and for 5year’s turnover.
  4. . Letter on Company's letterhead Addressedto the "Contract Department Manager (Oil Division)" stating expression of interest on the respective tender.

Valid copy of Company Registration in Libya, if already registered, or details of Branch Office, Representative or Agent in Libya and Tax department declaration.

  1. Any additional information that will enhance the potential of the applicant /consortium.
  2. Two copies of the Prequalification Documents containing the above stated requirements shall be submitted in envelopes marked:

Tender Number  768

Tender forTelecommunications service via satellite (V-SAT) for all company site

Addressed to the " Contracts Department Manager  Oil Division"to the following address:

Mellitah Oil & Gas Company

Dahra Kebira Street, P.O. Box 346,

Tripoli-Libya

 

Or to the following E-mail address:

 

PRE-Q@Mellitahog.ly

1-The prequalification documents shall be submitted not later than  23/9/2014

2-Company has the right to exclude any file does not meet the above stipulated requirements.

Important Notes:

  • Companies are required to submit the documents mentioned above.

  Letter on Company's letterhead addressed to the "Contracts Department Manager (Oil Division)" expressing interest on the respective tender.

2-The pre‑qualification request is not an invitation to tender. Company is neither committed nor obligated to undertake the work described above or to issue any call for tender or to include any respondent to this invitation or other company on any Bidders List or to award any form of contract.

3-The Invitation to Tender (ITT) and full ITT Package will only be issued to qualified companies that have been pre-qualified.

4- Company will not be responsible for whatsoever costs incurred for preparation and submission presented in response to this notice.

5- Company shall deal only with authorized officers of the bidding companies and not through individuals or agents.

6- Company shall not consider any pre-qualification request if not all the Conditions been provided as per resolution (207),2012 from the economic minister .

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News Releases

News Releases
Released:  11/09/20142014-09-11
Word count:  212

Tripoli (AFP) - Libya said Wednesday it expects oil production to reach 1.5 million barrels per day by year-end, with output quadrupled since the beginning of the summer despite ongoing chaos in the country.

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"We will continue advancing," National Oil Co spokesman Mohamed al-Hrari said.

Production had reached 810,000 bpd by Wednesday, compared with 550,000 at the end of August and 200,000 at the beginning of the summer, he said.

The next target is one million bpd by the end of September.

Prime Minister Abdullah al-Thani, speaking in Abu Dhabi, confirmed the trend, saying the one million barrel figure would be reached in October, without giving a precise date.

Libya's economy took a heavy hit after rebels blockaded export terminals in July 2013, forcing a reduction in output and slashing all-important oil revenues. The seizure of four terminals in pursuit of a campaign for restored autonomy for the eastern Cyrenaica region slashed output from 1.5 million bpd to just 200,000.

Under a deal with the government, the rebels returned control of two terminals in April and the remaining two in July.

Since then, output and exports have soared, despite unrest rocking a country that never regained stability following the 2011 ouster of long-time dictator Moamer Kadhafi.

The internationally recognised government, now operating from the eastern city of Tobruk, has lost control of the capital Tripoli and second city Benghazi to militias. Among the latter are Islamists who reject the outcome of elections they lost in June and who have formed a rival government.  
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Oil & Gas News

Oil & Gas News
Released:  10/09/20142014-09-10
Word count:  291

MOSCOW, September 9 (RIA Novosti) – Oil prices slump as the geopolitical tensions in Ukraine and the Middle East ease and Libya increases crude oil production.

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RIA Novosti
"Investors moved into oil in June looking for a hedge against the uncertainty generated by the advance of Isis in Iraq and fears of an oil price spike negatively impacting other asset classes like equities," Financial Times reported Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, as saying Monday. "But this unravelled when production remained intact. The return of Libyan production has really helped to move the price lower and has extended the deleveraging process out of oil," he added. October contracts for Brent crude oil fell below the symbolically important $100 threshold Monday to an intraday low of $99.36 a barrel – the lowest since May 2013. Currently it is trading at about $100.08 a barrel, according to Bloomberg.

Underlying the fall are abating geopolitical upheavals and the gradual increase in Libyan supplies. In addition, an excess of oil in the Atlantic Basin and the North Sea has compounded the effects of greater North American production.

"I suspect oil cannot fall further than $90 a barrel," USA Today quoted Wells Fargo Advisors investment strategist Paul Christopher as saying Monday. "Saudi Arabia and other OPEC members will start cutting production if oil continues to fall like this."

Nevertheless, analysts note that the current sentiment may easily shift if geopolitical tensions flare up again and increase the risk of supply disruptions.

The Libyan 340,000 barrels per day El Sharara oilfield resumed operations in mid-July after protesters ended a four month strike. Restart of the oilfield may double the country"s previously humble crude output. According to the authorities" data, crude oil output reached the level of 207 thousand barrels Monday in comparison with 60 thousand Saturday. Some experts say increase in Libyan output may prompt other OPEC members to cut their production in order to maintain price stability.
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News Releases

News Releases
Released:  10/09/20142014-09-10
Word count:  66

Libya's oil output rises to 740,000 bpd - NOC

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BENGHAZI, Libya, Sept 8 (Reuters) - Libya's oil output has risen to 740,000 barrels a day, spokesman for state-run National Oil Corp (NOC) said on Monday.

The OPEC member had last put production at 725,000 bpd. Output has been driven by several oil ports reopening after the end of protests by a rebel group demanding regional autonomy.

(Reporting by Feras Bosalum; Writing by Ulf Laessing, editing by David Evans)
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News Releases

News Releases
Released:  09/09/20142014-09-09
Word count:  507

Brent crude fell below $100 a barrel for the first time since June 2013 as a slowdown in imports into China reinforced signs of surplus supply. West Texas Intermediate dropped to the lowest in almost eight months.

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The global benchmark slipped as much as $1.10 a barrel in London as China’s purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, according to the Beijing-based customs administration. Libya hopes OPEC will act to curb further price declines, said a spokesman for state-run National Oil Corp.

“Demand fears will take some time to dissipate,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said by e-mail. “China’s slowing imports this morning did not help lift these concerns. The Atlantic basin supply glut is still in place.”

Brent for October settlement traded 80 cents lower at $100.02 a barrel on the London-based ICE Futures Europe exchange at 1:16 p.m. local time. It traded earlier at $99.72 a barrel, the lowest since June 24, 2013. The European benchmark was at a premium of $7.60 to WTI. It closed at $7.53 on Sept. 5.

WTI for October delivery lost as much as 95 cents, or 1 percent, to $92.34 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Jan. 14.

Property Slump

Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, according to the International Energy Agency, the Paris-based adviser to 29 nations.

Growth in China, the world’s second-biggest oil consumer, will drop to 7.4 percent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg. It will slide to 7.2 percent in 2015.

The nation’s imports fell for a second month as a property slump hurt domestic demand. The trade surplus climbed to a record of $49.8 billion in August as exports rose on the back of increased shipments to the U.S. and Europe.

Money managers reduced net-long positions in West Texas Intermediate futures in the seven days to Sept. 2, data from the U.S. Commodity Futures Trading Commission showed. Bullish bets on Brent crude dropped to the lowest in 2 years.

Libyan Supply

Libya, holder of Africa’s biggest crude reserves, is pumping 740,000 barrels a day, National Oil Corp. spokesman Mohamed Elharari said by phone from Tripoli. That compares with a monthly average of 400,000 a day in July.

“The price decline comes as Libya is trying to reenter the market,” Elharari said. “It is important that fellow OPEC states like Saudi Arabia take measures to preserve the price of the barrel.” Brent’s decline below $100 will probably trigger further losses because prices are currently more sensitive to bearish news and disregard threats to supply across the Middle East and North Africa, according to Commerzbank AG.

“The market appears at present to be deaf in one ear,” Carsten Fritsch, a Frankfurt-based analyst at the bank, said in a report. “The price slide is also speculatively driven to a major extent. We see little justification for the massive increase in pessimism in view of the many geopolitical risks to the supply of oil.”

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net Rachel Graham, James Herron
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Oil & Gas News

Oil & Gas News
Released:  08/09/20142014-09-08
Word count:  210

On behalf of the Organization Committee we are proud to invite you to attend the “The Thirteen Mediterranean Petroleum Conference and Exhibition” (MPC2014) which will be held in Radisson Blu Sisli Hotel in Istanbul Turkey between October 14th to October 16th, 2014.

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The International Energy Foundation (IEF) under the Libyan Ministry of Oil & Gas and the National Oil Corporation of Libya (NOC) patronage since 1991 has been organizing biennially the Mediterranean Petroleum Conference and Exhibition (MPC) which is a specialized forum in oil and gas industry in the region. The MPC2014 is co-chaired with the International Congress on Fracture (ICF). The event will be sponsored by international companies and institutions including Baker Hughes, Schlumberger, Halliburton, Weatherford, OMV, Blade Energy Partners, TOTAL E&P, UNDP, EGA, PEI, University of Tripoli, Wintershall, REPSOL-Libya, LPI and others.

MPC2014 conference will provide the opportunities for the exchange of professional expertise and the transfer of technology through interaction between energy researchers and industrial representatives from all over the world. Experts and authors will gather in Istanbul to address different technical issues related to improving oil and gas operations. MPC2014 exhibition also will provide a window of opportunity for industry experts, researchers and others to present their new technological advancements in the oil and gas sector and to establish collaboration, key contacts with their counterparts from the Mediterranean region and elsewhere.

We look forward to seeing you all Istanbul.

Dr. M.A Muntasser, IEF President & Conference Chairman)

Dr. M. Elboujdaini, Ph.D., ICF-IQ-Chair & Conference Co-chair

http://www.mpc-2014.com/
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Oil & Gas News

Oil & Gas News
Released:  08/09/20142014-09-08
Word count:  182

Italian utility Edison confirmed Thursday to Platts that the second round of renegotiations for its contract with Italy's Eni to import some 4 billion cubic meters/year of Libyan gas to the Italian market is still ongoing.

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Platts
Edison said last week it had successfully renegotiated the price of its gas import contract with Promgas, Gazprom's subsidiary in Italy.

It said this would have an estimated positive impact on its 2014 EBITDA of Eur80 million.

Edison's press office told Platts Thursday that both sets of discussions are part of a second round of renegotiations of its supply contracts related to 2014 and "previous years", without giving further details on the period under renegotiation. An initial renegotiation of Edison's contract with Eni for Libyan gas supplies was concluded in 2012.

The press office said it didn't want to comment on whether price, volumes or both aspects are subject to the current renegotiations.

When contacted by Platts, Eni wasn't immediately available to comment.

Edison's press office added that a second round of renegotiations of its supply contracts with Qatar's Rasgas and Algeria's Sonatrach had successfully been concluded this year, without giving further details on the contracts.

It said that, meanwhile, its supply contract with Eni for importing Norwegian gas has expired.

--Beatrice Bedeschi, beatrice.bedeschi@platts.com --Edited by James Leech, james.leech@platts.com  
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News Releases

News Releases
Released:  05/09/20142014-09-05
Word count:  189

Malta-based oil logistics firm Medserv has said that operations at its Misurata base continue, but at a very low level.

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According to a report from Malta Independent, work has also commenced on one of the two offshore contracts announced earlier this year relating to drilling offshore Libya, and the other is due to start in the fourth quarter of this year.

The company remains confident that it will be awarded the offshore maintenance contract referred to in the Chairman’s report for 2013, and attributes the delay to the difficulty in obtaining all the necessary signatures to the contract due to the present difficulties in Libya.

Commenting about the current situation in Libya, Anthony Diacono, Chairman of Medserv, said: “Whilst the situation on the ground is difficult and we continue to support our Libyan colleagues to the best of our ability, the state of affairs in Libya at the moment has had little further impact on our business performance, due to the fact that our involvement with International Oil Companies operating in Libya is related to offshore activity.

“Offshore work continues and is important to Libya itself. We are currently supporting operations from Malta and are receiving all the support necessary from the Libyan Authorities when required.”

(Source: Malta Independent)
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