Why Opec thinks oil prices will stay below $100 for a decade May 12, 2015 The Organization of the Petroleum Exporting Countries (Opec) thinks oil will stay below $100 for a decade, and it's worried a low oil price environment won't be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that Opec thinks a best-case scenario will see oil prices [...]
UK Oil and Gas Investments share price jumps on another Horse Hill oil estimate upgrade May 11, 2015 Shares in UK Oil and Gas Investments (UKOG), the company behind the oil discovery at Horse Hill near Gatwick, were up six per cent in early trading after estimates for how much oil there is in sandstone rocks in the area were upgraded. The new estimates are separate to the one made last month claiming [...]
BG Group pre-tax profit plunges 62 per cent on plummeting oil prices May 8, 2015 The figures BG Group said pre-tax profit plunged 62 per cent to $715m (£463m) in the first quarter, down from $1.9bn during the first quarter a year earlier. Total earnings were $233m, including a post-tax loss of $332m on disposals, re-measurements and impairments in the first quarter of 2015. This was down from $1.1bn and included a post-tax loss [...]
Brent crude price edges towards $70 as US oil stocks fall unexpectedly May 6, 2015 The price of oil edged towards $70 a barrel this afternoon after new data showed stockpiles of US crude oil had fallen for the first time since the beginning of the year. The Energy Information Administration showed stocks had fallen unexpectedly to 487m barrels in the week to the beginning of May, down 3.88m barrels. [...]
Three reasons oil prices are climbing May 6, 2015 Oil prices jumped by over a dollar today, taking the price of the black stuff to its highest level this year, and it also comes on the back of a month rally. Here's why oil prices are pushing upwards: 1. US crude stocks Industry group American Petroleum Institution (API) yesterday said US crude oil stocks fell [...]
UK Oil & Gas Investments share price dips after issuing second clarification on Horse Hill Gatwick “100bn barrels” oil discovery claim May 5, 2015 UK Oil & Gas Investments (UKOG), the firm behind a potentially huge oil discovery at Horse Hill near Gatwick, has issued a second statement clarifying the size of the find following comments made by the company's chairman. Shares dipped more than three per cent in afternoon trading after spiking as much as five per cent [...]
WorleyParsons axes 2,000 jobs and cuts hours in face of oil price slide May 4, 2015 WorleyParsons, Australia’s largest oil services business, yesterday announced it was cutting 2,000 jobs and reducing work due to falling commodity prices. The firm, which has operations throughout the UK and the rest of Europe, forecast second-half earnings will fall about 50 per cent from the first half of the year. The Sydney-based company said that [...]
Rising oil prices boost UK shares – London Report April 30, 2015 BRITAIN’S top equity index closed slightly higher after setting a three-week low yesterday, with Royal Mail gaining on the prospect of lower competition and energy shares tracking a rise in oil prices. Royal Mail led the blue-chip FTSE 100 index, with the company’s shares rising 5.3 per cent after Dutch rival PostNL abandoned talks with [...]
Bank of Russia cuts rates more than expected April 30, 2015 The Bank of Russia has cut rates more than expected, from 14 per cent to 12.5 per cent, citing “persistent risks of considerable economy cooling”. Although a cut was widely expected, consensus had put the reduction at one percentage point, taking the country's base rate to 13 per cent. Rates peaked at 17 per [...]
UK Oil & Gas’ share price saga is just another symptom of Aim’s lack of regulation April 29, 2015 Yesterday's revelation that UK Oil & Gas (UKOG) doesn’t yet have permission from the regulator to drill in the Gatwick area will revive the recent saga surrounding claims that there could be 100bn barrels of untapped oil resource in the Horse Hill area once more. With this will, no doubt, come questions once more [...]