Markets

Short Sellers Circle Oil and Gas Stocks as Crude Price Climbs

Short Sellers Circle Oil and Gas Stocks as Crude Price Climbs

The renewed sanctions would likely dampen Iranian oil exports, disrupting global oil supply.

Brent was on track for a weekly gain of about 1 percent, while WTI was set for a weekly loss of about 0.3 percent.

A rise in United States government borrowing costs to their highest since 2013 this week has tempered some investor appetite for risk, but analysts said they believed Brent crude may have another attempt at marking new 2018 highs above $75 a barrel.

U.S. West Texas Intermediate crude for June delivery was up 2 cents at $68.59 a barrel by 0649 GMT, after settling up 47 cents on Monday.

Exxon Mobil (XOM) fell 0.7% in the stock market today.

Brent crude futures, the worldwide benchmark, dipped 39 cents, or 0.5 per cent, to $74.25 a barrel.

"We are working to shift from a year-to-year agreement to a 10 to 20 year agreement", Saudi Crown Prince Mohammed bin Salman told Reuters in a story last month.

Futures in NY are up 3.9% this month, even after a near 1% drop on Monday following data that showed an increase in U.S. drilling activity.

Hawkeyes Jackson and Daniels Taken in NFL Draft
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US drillers added five oil rigs this week, bringing the total count to 825, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said.

U.S. President Donald Trump will decide by May 12 whether to reimpose sanctions on Iran that were lifted as part of an agreement with six other world powers over Tehran's nuclear program. Prices are up 5.2 per cent for the month.

In the USA, working oil rigs rose by five last week to 825, the highest level since March 2015, according to data from Baker Hughes. The more-active July contract traded at $73.16. The rig fleet has expanded throughout the entire month of April, adding a total 28 units.

"They want to try and work out a deal that could be independent of any kind of Trump walk-away", said Bob Yawger, director of futures at Mizuho Securities USA Inc.in NY.

Oil fell earlier in the day after a weekly report showed United States drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest since March 2015, General Electric's Baker Hughes energy services firm said. Only Russia now produces more, at around 11 million bpd.

Because of the tighter market, the forward curve for Brent is now above $70 per barrel until the end of 2018, and prices are above $60 per barrel through 2020.

Saudi Aramco, the world's biggest crude exporter, appointed new board members with experience in global oil and petrochemical businesses as it plans a possible overseas share sale in what could be a record initial public offering.


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