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FTG Blog - Shell Loads Oil in Libya for the First Time in Five Years

Shell Loads Oil in Libya for the First Time in Five Years

Royal Dutch Shell Plc, the world’s largest oil trader, is said to have loaded its first crude from Libya in five years over the weekend, adding to evidence of the OPEC nation’s comeback. The cargo on Saturday is for 600,000 barrels of crude from the Zueitina port, according to two people familiar with the matter who asked not to be identified because the information is private. A Shell spokesperson declined to comment on the shipment, but said the company’s Shell International Trading & Shipping “has a history marketing Libyan crudes. We welcome new business opportunities with Libya’s National Oil Corp.” Read more

FTG Blog - Crude Slump Wipes $113 Billion From Oil Drillers

Crude Slump Wipes $113 Billion From Oil Drillers

Oil companies have spent three years slashing spending and firing workers to protect profits, only to find their hard work blown away as prices entered another bear market. The MSCI World Energy Sector Index is heading for a second consecutive quarter of declines, mirroring the drop in crude. The 90 companies that make up the index, including giants like Exxon Mobil Corp. and Royal Dutch Shell Plc, have together lost $113 billion in market value since the start of April, according to data compiled by Bloomberg. Read more

FTG Blog - Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve

Trump Proposes Selling Off Half the U.S. Strategic Oil Reserve

The White House plan to trim the national debt includes selling off half of the nation’s emergency oil stockpile, part of a broad series of changes proposed by President Donald Trump to the federal government’s role in energy markets. Read more

FTG Blog - Oil price rise helps push Wall Street higher

Oil price rise helps push Wall Street higher

US markets reached new highs on Monday, after a rise in the oil price boosted equities linked to the industry. Chevron and Halliburton were among the heavyweight stocks to benefit after Saudi Arabia and Russia said an oil production curb would be extended. A flurry of company announcements also buoyed share prices. Read more

FTG Blog - Oil recovers lost ground, but market remains under pressure

Oil recovers lost ground, but market remains under pressure

Oil prices recovered ground on Monday following last week’s big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 26 cents, or 0.5 percent, by 0401 GMT (12:01 a.m. ET), but were still below the $50 mark pierced on Friday at $49.88 a barrel.

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FTG Blog- Investors remain cautious as geopolitical strains persist

Investors remain cautious as geopolitical strains persist

Investors edged back into European stocks on higher oil prices and hopes of positive earnings on Wednesday, but gold, the yen and low-risk bonds all held at multi-month highs as geopolitical tensions from the Middle East to the Korean peninsula simmered. The unease tarnished an otherwise brightening outlook for global economic growth and meant oil’s best run since August went almost under the radar.

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FTG Blog - European shares nudge higher as oil and mining stocks recover

European shares nudge higher as oil and mining stocks recover

The muted start to the second quarter continued on Tuesday as European shares edged up, helped by gains in oil-related stocks and miners, though weakness in the autos sector weighed. The pan-European STOXX 600 index was up 0.1 pct while the resources-heavy FTSE 100 outperformed and was up 0.5 percent.

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FTG Blog - Shell and Anadarko mull clean break from Permian venture - executive

Shell and Anadarko mull clean break from Permian venture – executive

Royal Dutch Shell Plc (RDSa.L) and Anadarko Petroleum Corp (APC.N) may let a 10-year joint venture in the oil-rich Permian Basin of Texas expire and split their properties, hoping to speed up development, according to a senior Shell executive.

The divorce and re-parceling of acreage would let each company drill and develop new wells at its own pace in the Permian, which has become the U.S. oil industry’s hottest development area for its low operating costs as crude prices CLc1 hover under $50 per barrel.

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FTG Blog - European Shares Seen Ticking Higher Ahead Of US Healthcare Vote

European Shares Seen Ticking Higher Ahead Of US Healthcare Vote

European stocks are likely to open higher on Thursday, after U.S. stocks rebounded from five-week lows overnight, taking in their stride a fall in oil prices, weak housing data and a suspected terrorist attack in London near the British parliament.

Oil futures rose in Asian deals after slipping back towards three-month lows on Wednesday as rising U.S. crude inventories underscored an ongoing global fuel supply overhang.

The dollar recovered from seven-week lows ahead of a House of Representatives vote on U.S. President Donald Trump’s healthcare bill later in the day.

If the healthcare bill fails, it could imperil Trump’s other policies such as tax reform and increased infrastructure spending.

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FTG Blog - Oil Tightens Its Noose Around Currency Market as Rout Deepens

Oil Tightens Its Noose Around Currency Market as Rout Deepens

Oil is re-asserting its stranglehold on the currencies of energy producers.

After ignoring volatile crude prices for most of the year, the currencies of Norway and Canada are succumbing to a selloff that has knocked 12 percent off the value of their biggest export this month. Russia’s ruble, a favorite destination of carry traders using borrowed dollars to invest in higher-yielding assets, has proved more resilient.

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