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NY Mercantile - NY Mercantile Delayed price. Currency in USD
58.85
+1.02 (+1.76%)
As of 6:13AM EDT. Market open.
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Pre. SettlementN/A
Settlement dateN/A
Open58.84
Bid58.85
Last price57.83
Day's range58.65 - 59.13
Volume144,885
Ask58.86
  • Reuters30 minutes ago

    Exclusive: Russia to pay Kazakhstan fixed rate for contaminated oil in crisis breakthrough

    MOSCOW/LONDON (Reuters) - Russia has agreed to pay Kazakhstan a fixed per-barrel rate of compensation for tainted oil, industry sources said on Wednesday, a breakthrough in an oil contamination crisis that disrupted Russian and Kazakh flows earlier this year. It is the first such deal and could serve as a template for other agreements, including with Western buyers of Russian oil. Russian oil flows have been contaminated with chemicals along several transit routes since the end of April.

  • Does RAK Petroleum (OB:RAKP) Deserve A Spot On Your Watchlist?
    Simply Wall St.2 hours ago

    Does RAK Petroleum (OB:RAKP) Deserve A Spot On Your Watchlist?

    Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...

  • Bloomberg2 hours ago

    Aramco Plans $6 Billion Korean Refinery Boost to Place Saudi Oil

    (Bloomberg) -- Saudi Aramco is planning a $6 billion expansion at its South Korean refining unit as the state-owned producer signs deals to ensure long-term demand for its crude in Asia.Saudi Crown Prince Mohammed bin Salman took Aramco’s Chief Executive Officer Amin Nasser with him to Korea during a visit that saw a raft of deals from crude supply to ship building and automobile industry projects signed between the two countries. Aramco, officially known as Saudi Arabian Oil Co., and other Saudi businesses agreed to $8.3 billion worth of projects with Korean companies during the visit, the Korean energy ministry said.Prince Mohammed is leading the push to transform the crude-dependent Saudi economy by developing new industries at home. Korea Shipbuilding & Offshore Engineering Co. was among the companies that agreed to set up businesses like ship building and servicing in the kingdom, which is the largest supplier of oil to South Korea.That doesn’t mean the Saudis are turning their back on their cash cow. Aramco signed deals for crude supply and storage in Korea aimed at guaranteeing access to Asian markets. The state producer, which aims to nearly double refining capacity to about 10 million barrels a day by the end of the next decade, is investing in processing and chemical plants overseas to ensure it’s got buyers for its oil as competition from other suppliers increases.Aramco, plans to add units at its S-Oil Corp. refining venture in South Korea by 2024 to help further process oil into chemicals, the two companies said in separate statements. It will expand the 669,0000 barrel-a-day refinery and chemical complex at Onsan on Korea’s east coast by adding a steam cracker and olefins unit. S-Oil will study using technology that will allow it to transform crude directly into chemicals. Aramco owns around 63% of S-Oil.Like other Middle East oil producers, Aramco is moving into petrochemicals as a way to earn more from its energy deposits. The push into Asia highlights the importance of seaborne transit for crude and products. Amid tensions with Iran over the Strait of Hormuz, CEO Nasser stressed that Aramco remained prepared to supply markets even if disruptions to traditional trade routes occur.To contact the reporters on this story: Heesu Lee in Seoul at hlee425@bloomberg.net;Shinhye Kang in Seoul at skang24@bloomberg.net;Anthony DiPaola in Dubai at adipaola@bloomberg.netTo contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, Andrew Janes, Serene CheongFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oil prices jump on U.S. crude stocks fall, major refinery outage
    Reuters10 hours ago

    Oil prices jump on U.S. crude stocks fall, major refinery outage

    Oil prices hit their highest level in nearly a month on Wednesday, buoyed by an outage at a major refinery on the U.S. East Coast and industry data that showed U.S. crude stockpiles fell more than expected. U.S. West Texas Intermediate (WTI) crude futures were at $58.96 per barrel, up $1.13 from their last settlement. Philadelphia Energy Solutions (PES) is expected to seek to permanently shut its oil refinery in the city after a massive fire caused substantial damage to the complex, two sources familiar with the plans said on Tuesday.

  • Oilprice.com11 hours ago

    The Last Truly Underdeveloped Oil Frontier In The Middle East

    Russia is zeroing in on one of the last truly underdeveloped oil & gas frontiers in the Middle East, and the mighty Barzani family is helping it to achieve this goal

  • China’s Risky Move To Boost Domestic Oil Production
    Oilprice.com17 hours ago

    China’s Risky Move To Boost Domestic Oil Production

    China’s increasing foreign oil imports are seen as a strategic risk by its rulers, and Beijing has now taken steps to make the country less reliant on foreign crude

  • Oilprice.com18 hours ago

    Saudi Aramco Says It's Ready For Strait Of Hormuz Disruption

    Aramco is ready to continue shipping crude oil even if maritime transport through the Strait of Hormuz is disrupted

  • Reuters18 hours ago

    Canada, U.S. gain as India cuts dependence on Australian coking coal

    Shipments of coking coal from the United States and Canada rose to a sixth of all Indian imports of the fuel during the year ended March 2019, as steelmakers in the coal guzzling country look to cut their dependence on Australia. Australia's share in India's coking coal market fell to 71%, or 36.91 million tonnes, during the year ended March 2019 from about 88% three years ago, India coal ministry data reviewed by Reuters showed. The United States and Canada had a 5.6% share of the market three years ago.

  • Investing.com19 hours ago

    Oil Mixed as Trump Sanctions Target Iran Leaders

    By Barani Krishnan

  • US-Iran Tension Shifted US Crude Oil’s Forward Curve
    Market Realist22 hours ago

    US-Iran Tension Shifted US Crude Oil’s Forward Curve

    On June 24, the US crude oil August 2019 futures closed ~$2.48 above the August 2020 futures. On June 17, the futures spread was at a premium of $0.57.

  • Will Oil Continue to Outperform after OPEC’s Meeting?
    Market Realist22 hours ago

    Will Oil Continue to Outperform after OPEC’s Meeting?

    On June 24, US crude oil prices rose 0.8% and settled at $57.9 per barrel. In the trailing week, US crude oil prices rose 11%. On June 17–24, the S&P; 500 Index (SPY) rose 1.9%.

  • Oil Traders: Ready for Higher US Oil Output in Q3
    Market Realist22 hours ago

    Oil Traders: Ready for Higher US Oil Output in Q3

    In the next quarter, the US crude oil production might increase. For the week ending June 14, US crude oil’s weekly production was at 12.2 million barrels per day—near its record high.

  • Saudi Aramco Says It Can Keep Oil Flowing If Hormuz Hit
    Bloomberg22 hours ago

    Saudi Aramco Says It Can Keep Oil Flowing If Hormuz Hit

    (Bloomberg) -- Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer.“We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea and we have the necessary pipelines and terminals.”Brent crude has jumped about 8% since mid-June as worsening relations between the U.S. and Iran have magnified fears that shipments could be disrupted through the Strait of Hormuz, a narrow choke-point through which about one-third of all seaborne crude flows. There have been a series of attacks on tankers over the past few weeks and the downing of an U.S. Navy drone, which American officials have blamed on Iran.“It’s a concern for the whole world because that is an important supply route for a lot of crude, not only from Saudi Arabia,” Nasser said.Saudi Aramco operates a pipeline with a capacity of 5 million barrels a day that carries crude 1,200 kilometers (746 miles) between the Gulf and Red Sea, enabling it to ship oil from both sides of the country. But that compares with the company’s total exports of around 7 million barrels a day, meaning it would need to find other ways of getting any remaining oil to the market.In mid-May, flows through the cross-country link were halted after two pumping stations were hit by a drone attack by Yemen’s Iranian-backed Houthi rebels.The state-run company, which is the world’s biggest oil exporter, traces its beginnings to the 1930s and kept pumping crude through the Iran-Iraq war and the two Gulf Wars. Aramco would draw on that experience to keep supplies flowing, Nasser said.“We had experience through the Gulf conflict but we have always met our commitments to our customers,” he said. “So we have a track record of building enough flexibility in the system to manage a situation or a crisis.”Stakes in KoreaNasser is visiting South Korea this week along with a Saudi delegation including Crown Prince Mohammed bin Salman. Saudi Aramco has been the biggest shareholder of South Korea’s S-Oil Corp. since 1991 and it bought a 17% stake in Hyundai Oilbank Co. for $1.2 billion in April.Hyundai Oilbank’s purchases of Saudi crude are set to rise from the current level, Nasser said. The company bought about 15.5 million barrels of oil from the kingdom last year, according to Korea National Oil Corp. data. Separately, S-Oil will announce Wednesday plans to start another feasibility study on further expanding its refining capacity, which will be bigger than the latest capacity addition at its Ulsan plant, he said, without giving further details.See also: Tanker Attacks Making U.S. Oil More Attractive for South KoreaWhile Saudi Arabia was South Korea’s biggest oil supplier last year, with shipments of 885,000 barrels a day accounting for about 29% of total imports, crude from the U.S. jumped more than fourfold during the same period, KNOC data showed.With rising geopolitical risks in the Gulf region and the Organization of Petroleum Exporting Countries and its allies trimming output, Korean processors may further boost purchases from America. Still, Nasser said he’s not worried about the competition from the U.S.“We are not concerned,” he said. “We have the lowest cost position with an excellent infrastructure to supply to our customers. In the past, we have never failed to supply and meet our deliveries. We also have different types of crude, which is critical.”(Adds details on Aramco’s Korean investments from 9th paragraph.)To contact the reporter on this story: Heesu Lee in Seoul at hlee425@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Alexander Kwiatkowski, Andrew JanesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Asia's coal developers feeling left out by cold shoulder from banks
    Reutersyesterday

    Asia's coal developers feeling left out by cold shoulder from banks

    Developers of coal mines and coal-fired power plants in Asia are facing difficulties growing their businesses as global financial institutions refuse to back their projects to avoid criticism over climate change, industry participants said on Tuesday. "Coal power plant financing is very challenging," said Dharma Djojonegoro, Deputy Chief Executive Officer of Indonesia's PT Adaro Power, the power generation unit of the country's second-largest coal miner PT Adaro Energy.

  • Saudi Aramco can meet customer demand despite Gulf tension: CEO
    Reutersyesterday

    Saudi Aramco can meet customer demand despite Gulf tension: CEO

    Saudi Aramco can meet the oil needs of customers using its spare capacity despite developments in the Gulf that are a cause for concern, the head of the state-run energy giant said on Tuesday. Attacks in May and June on oil tankers near the Strait of Hormuz, the entrance to the Gulf, has raised concerns about the safety of ships using the strategic shipping route. "What's happening in the Gulf is definitely a concern," Amin Nasser, president and chief executive of Aramco, told Reuters in an interview in Seoul.

  • Oil Jumps as API Sees Surprise Plunge in U.S. Crude Stockpiles
    Bloomberg13 hours ago

    Oil Jumps as API Sees Surprise Plunge in U.S. Crude Stockpiles

    (Bloomberg) -- Oil pushed higher as an industry report suggested U.S. crude stockpiles continue to shrink, a bullish signal for a market that’s been beset by economic jitters and an uncertain standoff in the Middle East.Futures jumped almost 1% in New York within minutes of an American Petroleum Institute report said to show U.S. inventories dropping by 7.55 million barrels, more than twice the median drop predicted by analysts in a Bloomberg survey. If confirmed by government data on Wednesday, it would be the second straight stockpile drop and the biggest in three months.Prices had flipped between gains and losses several times during a choppy trading session that also brought reminders of the fragile economic outlook.Acting Secretary of Defense Mark Esper said the U.S. isn’t looking to go to war with Iran, Federal Reserve Chairman Jerome Powell warned the risks to the economy have increased and Trump administration officials signaled a trade deal at the Group of 20 summit this week is unlikely.“Oil squeezed higher last week on tensions in the Middle East, but with so much uncertainty regarding the trade war and global economy, the demand argument is too shaky for a sustainable rally just yet,” Tyler Richey, co-editor at Sevens Report Research in Palm Beach Gardens, Florida, wrote in a note to clients.West Texas Intermediate for August delivery rose 1.2%, or 72 cents, to $58.62 at 4:45 p.m. on the New York Mercantile Exchange, after closing the official trading session at $57.83. Brent for August settlement rose 92 cents, or 1.4%, to $65.78 a barrel on London’s ICE Futures Europe Exchange.See also: Malaise in Top Oil-Consuming Region a Warning Sign for OPEC+“The United States is not looking to go to war with Iran; rather we want to get into a diplomatic path,” Esper told reporters en route to Brussels Tuesday for a North Atlantic Treaty Organization conference. The administration wants to work with its allies to bring Iran “back to the negotiating table,” he said.\--With assistance from Tsuyoshi Inajima.To contact the reporters on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.net;Grant Smith in London at gsmith52@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Reg Gale, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oil prices mixed ahead of U.S. crude stock data
    Reutersyesterday

    Oil prices mixed ahead of U.S. crude stock data

    Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand. U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel. Oil-market jitters over the escalating tension between the United States and Iran have eased after Trump targeted Supreme Leader Ayatollah Ali Khamenei and other top Iranian officials with sanctions on Monday, after calling off a retaliatory air strike, analysts said.

  • Investing.comyesterday

    Oil Prices Fall; U.S. Imposes Sanctions on Iran

    Investing.com - Oil prices fell on Tuesday in Asia even after the U.S. slapped sanctions on Iran this week after the latter shot down an unmanned American drone last week.

  • 14-year-old Gulf oil spill leaking up to 4,500 gallons a day, new study finds
    MarketWatch2 days ago

    14-year-old Gulf oil spill leaking up to 4,500 gallons a day, new study finds

    A new federally led study of oil seeping from a platform toppled off Louisiana’s coast 14½ years ago found releases lower than other recent estimates, but contradicts the well owner’s assertions about the amount and source of oil.

  • Exclusive: Dirty oil crisis over for Russia, but contagion felt on high seas
    Reuters2 days ago

    Exclusive: Dirty oil crisis over for Russia, but contagion felt on high seas

    MOSCOW/LONDON (Reuters) - In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world's second-largest exporter of crude this spring is long over. Two months since buyers discovered Russia was shipping oil contaminated with organic chloride, which is designed to boost output but can destroy refining equipment, less than half of the tainted crude loaded on tankers has found end-users. In China, buyers have refused to take dirty Russian oil, forcing trader Vitol to send a cargo back to Europe.

  • Oilprice.com2 days ago

    The Irony of California’s Oil Dependence

    California’s oil production has been falling steadily as a result of the environmental push of the local government and legislators, but its consumption has been rising, creating an unsustainable situation

  • Why We Like Goodrich Petroleum Corporation’s (NYSEMKT:GDP) 13% Return On Capital Employed
    Simply Wall St.2 days ago

    Why We Like Goodrich Petroleum Corporation’s (NYSEMKT:GDP) 13% Return On Capital Employed

    Today we'll evaluate Goodrich Petroleum Corporation (NYSEMKT:GDP) to determine whether it could have potential as an...

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