U.s. Crude Oil

LONDON (Reuters) - BP BP.L has reappointed Daniel Wise as global head of crude in the latest reshuffle of its trading division aimed at helping the company to boost margins during a transition to low-carbon energy.Despite a broader reshuffle, BP has chosen a safe pair of hands by reappointing Wise, who helped the company to generate hundreds of millions of dollars on crude trading over the past few years, sources familiar with the move said.The announcement was communicated to staff via BP’s internal website. A BP spokesman declined to comment.Wise has been the global head of crude since 2015 and the role is considered one of the most powerful in the oil industry given BP’s large presence in U.S. crude exports and refining.Wise will report to David Bucknall, who was appointed senior vice president for refining and products earlier this year. Bucknall will report to Carol Howle, executive vice president for trading and shipping.Bucknall will also oversee low-carbon trading while BP looks for a senior vice president to fill the role. The company wants to scale up that business and will be considering internal and external candidates for this role, the sources said.Also reporting to Bucknall will be Enric Arderiu, vice president for low-carbon trading, and Michael Thomas, vice president for biogas origination.BP CEO Bernard Looney has pledged to cut oil and gas output by 40% by the end of this decade as he seeks to ramp up renewable energy such as offshore wind and solar power.Investors have welcomed BP’s shift but have also questioned the financial viability of the plan as renewables typically generate lower returns than oil and gas.BP has said energy trading can help it to achieve returns of 8% to 10% in renewables - higher than the sector average of 5% to 6% - to maintain or even increase its dividend.Other new appointments who will report to Bucknall include: Julia Emanuele, vice president for strategic implementation; Robert Gosman, head of light products trading; Janet Kong, head of products America; Michael Leonard, head of products in Europe and Africa; Eugene Leong, head of products Asia and the Middle East; David Palmer, head of distillates trading.On Tuesday, BP reported a small profit for the third quarter but warned the pace of recovery from the pandemic remained uncertain and trading was weaker than in the previous quarter.TradePetroleum IndustryCommodity MarketRenewable EnergyMiddle EastLondonCrude OilOil IndustryLight CrudeOffshore WindReutersRobert GosmanDaniel WiseDavid PalmerJulia EmanueleBernard LooneyDavid Bucknall

TOKYO, Oct 9 (Reuters) - Oil prices eased a few cents early in trading on Friday in a breather at the end of a week of big gains propelled by a strike in Norway that raised the prospect of supply from the major producer

Oil prices fell about 3% on Monday as force majeure at Libya's largest oilfield was lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta. Brent crude fell $1.21, or 2.8%, to $41.64 a barrel West Texas Intermediate fell 2.88%, or $1.17, to settle...Oil PricesBrent CrudeWest Texas IntermediateOPECThe Gulf Of MexicoOil FieldsFossil FuelBarrels Per DayHurricane DeltaOil ProductionCrude OilOil SupplyOil DemandOrganization Of The Petroleum Exporting CountriesAssociatesBoris JohnsonRead Full Story

A produced water and oil spill in McKenzie County occurred about a mile southwest of Arnegard and resulted in an estimated release volume of 4,300 barrels of produced water, or 180,600 gallons; and one barrel of crude oil. The spill impacted agricultural land and marks the second significant spill by BNN North Dakota, LLC. this year.Read Full Story Produced WaterOil SpillOil WellOil ProductionCrude OilAgricultural ProductionWater QualityBNN North Dakota ,LLCNDDEQMcKenzie CountyBrineJunePermanent StorageArnegard

European shares and U.S. futures advanced Tuesday after American lawmakers approved a $900 billion package of measures to help the economy get through the pandemic. Stocks rose in Paris, London and Frankfurt but fell in Tokyo and other Asian markets. The Shanghai Composite index dropped nearly 2%. The long awaited economic package approved late Monday in Washington helped offset worries over the discovery in Britain of a new, potentially more infectious strain of the virus that has countries around the world restricting travel from the United Kingdom . It has added to fears of even worse economic hardship if the new strain spreads to other countries or proves resistant to vaccines now being distributed. Germany's DAX climbed 1.2% to 13,408.31 and the CAC 40 in Paris jumped 1.3% to 5,461.81. In Britain, the FTSE 100 gained 0.4% to 6,441.09. The future for the S&P 500 rose 0.2% while the contract for the Dow industrials edged 0.1% higher. Shares retreated in Asia on Tuesday after the U.S. Commerce Department announced it was including 103 entities on a new “Military End User" list, including 58 Chinese and 45 Russian companies. Such a designation requires special licensing for exports and other sales of designated products to the listed companies to prevent certain technologies from being used by foreign militaries in China, Russia or Venezuela, it said. Many of the companies are related to aviation and shipbuilding. The list adds to strains between Washington and Beijing at a time when relations are at their worst level in decades amid feuds over technology, security and other issues. Tokyo's Nikkei 225 fell 1% to 26,436.39. In Hong Kong, the Hang Seng sank 0.7% to 26,119.25. South Korea's Kospi declined 1.6% to 2,733.68. In Australia, the S&P/ASX 200 gave up 1.1% to 6,599.60. The Shanghai Composite index shed nearly 64 points to 3,356.78. Shares rose in Thailand and India. Economists and investors have been clamoring for a new bundle of aid for U.S. businesses and families for months. The $900 billion relief effort for the U.S. economy includes $600 in cash payments for most Americans, extra benefits for laid-off workers and other financial support. It was awaiting approval by President Donald Trump. Congressional approval came after the closure of U.S. markets, where the S&P 500 fell 1.4% to 3,694.92. The Dow Jones Industrial Average rose 0.1% to 30,216.45. The Nasdaq composite slipped 0.1% to 12,742.52. The Russell 2000 small-cap index gained 0.1% to 1,970.33. The yield on the 10-year Treasury held steady at 0.93%. In other trading Tuesday: Benchmark U.S. crude oil lost 79 cents to $47.18 per barrel in electronic trading on the New York Mercantile Exchange. It gave up $1.27 on Monday to $47.97 per barrel. Brent crude, the international standard, slipped 73 cents to $50.18 per barrel. The dollar rose to 103.40 Japanese yen from 103.31 yen on Monday. The euro fell to $1.2222 from $1.2243. Us CongressU.s. EconomyStimulusNikkei 225U.s. Commerce DepartmentPoliticsU.S. StocksU.S. MarketsU.S. FuturesU.S. ExportsEuropean StocksUS CongressShanghai CompositeDowChineseDonald Trump

WINNIPEG, Manitoba/WASHINGTON (Reuters) - A private-sector proposal endorsed by U.S. President Donald Trump to build a railway from Canada’s oil sands to ports in Alaska would free landlocked crude but faces numerous s

Waorani indigenous women pictured after filing a climate change lawsuit against Chinese oil company PetroOriental in El Coca, Orellana province, Ecuador, on December 10, 2020 /AFP Indigenous Waorani from Ecuador's Amazon filed a lawsuit Thursday against state-owned Chinese oil company PetroOriental, accusing it of contaminating their ancestral lands by burning off natural gas from oil wells in a process known as flaring. Leaders of the Waorani village of Miwaguno went to a  court in Francisco de Orellana, the main town of Orellana province east of Quito, to file the lawsuit "as victims." "We have seen our way of life altered forever," the community stated in the complaint. "Our very survival is threatened as a result of climate change." A burner belonging to Chinese oil company PetroOriental near the Miwuaguno village, Orellana province, Ecuador, on December 10, 2020 /AFP The local people are objecting to the widespread practice of flaring, where oil producers -- in this case PetroOriental -- deliberately burn off millions of cubic meters of natural gas produced from oil wells. Environmentalists say the province of Orellana has a high concentration of oil burners, and the Waorani say the smoke produced is contaminating their land and water sources. "The rainfall tastes like coal. We still use it because we don't have drinking water," said Menare Omene, a 52-year-old Waorani woman, whose community of about 150 people presented the complaint. PetroOriental operates exploration blocks 14 and 17 in Orellana province, which yield about 10,000 barrels of oil per day (bpd). The Waorani are calling on authorities to shut down oil burners flaring off natural gas within their territory in Ecuador's Amazon region /AFP Crude oil is Ecuador's main source of foreign currency, its 469,000 bpd generating $3.35 billion in the year to September. Ecuador's Energy Ministry estimated in 2018 that for every barrel of oil produced, about 5 cubic meters of natural gas is burned. An environmental NGO supporting the Waorani's case, Accion Ecologica, said that if the flares are extinguished, the gas could be used to generate electricity. That would demand heavy investment in the face of the cheaper option of burning it, it said. "We want them to turn off the burners because of the environmental damage to our land. It's full contamination," said the Miwaguno village leader Juan Pablo Enomenga. The village is located relatively close to oil wells where several PetroOriental burners are flaring. He said that for the past 15 years, local production of yucca and plantain, the basis of his community's diet, has gradually declined, blaming environmental pollution. Waorani indigenous woman Juana Mintare poses after filing a lawsuit against Chinese oil company PetroOriental in Orellana province Ecuador, on December 10, 2020 /AFP "What we sow on the farm does not even yield 50 percent" compared to previously, he said. Accion Ecologica said that up to January this year, it had registered 447 burners operating in the Ecuadoran Amazon, including 159 in Orellana alone. The Waorani are a community of around 5,000 people, owning around 800,000 hectares in the provinces of Napo, Pastaza and Orellana, the latter two bordering Peru. Ecuadoran law recognizes indigenous jurisdiction over their ancestral territory, but maintains state ownership of the subsoil. dsl/sp/db/caw Natural GasYuccaForeign CurrencyPeruOil And GasProduction CompanyOil WellsPetroOrientalEnergy MinistryEcuadoran AmazonNapoAFP Indigenous WaoraniAccion EcologicaChinese Oil CompanyFilesFrancisco De Orellana

Stocks are falling Monday as a new, potentially more infectious strain of the coronavirus has countries around the world restricting travel from the United Kingdom, raising worries that the economy is about to take even worse punishment. The S&P 500 was 1.3% lower in midday trading, putting it on track to fall for a second day from its record set on Thursday. The Dow Jones Industrial Average was down 178 points, or 0.6%, at 30,000, as of 11:35 a.m. Eastern time, and the Nasdaq composite was 1.1% lower. It’s a busy day of trading, with plenty of forces pushing and pulling the market. Thin trading ahead of a holiday-shortened week may also be exacerbating moves, analysts said. Crude oil prices were also dropping on worries about disappearing demand, and Treasury yields slipped. One big factor for the market is Congress, which finally appears set to act on a $900 billion relief effort for the economy. House and Senate leaders are planning to vote Monday on the deal, which would include $600 in cash payments sent to most Americans, extra benefits for laid-off workers and other financial support. Economists and investors have been clamoring for such aid for months, and a recent upswing in momentum for talks had stock prices rising in anticipation of a deal. Analysts said some traders may be selling now to lock in profits, with the compromise all but assured and prices close to the highest they’ve ever been. Even after Monday’s drop, the S&P 500 is back only to where it was earlier this month. Across the Atlantic, negotiators blew past a Sunday deadline set for talks on trade terms for the United Kingdom’s exit from the European Union. Investors have been fixed on the progress of those talks because a Brexit with no deal could cause massive disruptions for businesses on New Year’s Day. Monday is also the first day of trading for Tesla since joining the S&P 500 index. The electric-vehicle maker surged so much this year, nearly 731% as of Friday evening, that some critics say its price doesn’t make sense. But its inclusion in the benchmark index triggered $90.3 billion in trades, as the company instantly became the sixth-biggest in the S&P 500. Tesla slumped 5.4% Monday. The market’s focus, though, was centered nearly 3,500 miles to the east of Wall Street, where U.K. Prime Minister Boris Johnson said Saturday that he was placing London and the southeast of England in a new level of restrictions after scientific advisers warned they detected a new variant of the coronavirus. There is no evidence that the new strain’s mutations make it more deadly, but it seems to infect more easily than others. Two COVID-19 vaccines have already been approved for the United States, and regulators around the world have also either approved or are considering usage of the vaccines. Hope that widespread vaccinations will nurse the economy back to some semblance of normal has been a big reason for surging prices across markets worldwide. But for now, vaccinations are only for health care workers and other high-risk populations. It will be a while before a more widespread rollout can get life around the world closer to normal, and surging numbers of coronavirus counts and deaths in the meanwhile are setting the global economy up for a bleak few months. The worries hit stock markets hardest in Europe, where France banned U.K. trucks from entering for a period of 48 hours. Other countries around the world also halted flights from the United Kingdom. France’s CAC 40 fell 2.5%, and Germany’s DAX lost 2.7%. The FTSE 100 in London dropped 1.7%. All the new restrictions on movement also sent travel-related stocks on Wall Street to sharp losses. Cruise operator Carnival dropped 4.7%, Norwegian Cruise Line fell 4% and American Airlines lost 3.4%. Stocks of energy producers were also weak on worries that heightened travel restrictions could mean even fewer airplane seats filled and fewer miles driven by automobiles. Losses were widespread, and the vast majority of stocks in the S&P 500 were dropping. The index fell as much as 2% early in the morning. Amid the few gainers was Nike, which rose 5.4% after reporting stronger revenue and profit for its latest quarter than analysts expected. Financial stocks were another rare source of resilience, after the Federal Reserve said Friday that the 33 largest banks look healthy enough to survive a sharp downturn. The Fed also permitted buybacks of company stock, with some limits. Goldman Sachs rose 6.3% after it said it expects to begin buying back its stock again next quarter. In Asian stock markets, Tokyo’s Nikkei 225 lost 0.2% after Japan’s Cabinet approved a record annual budget of 106.6 trillion yen ($1.03 trillion) for the coming fiscal year, which begins April 1. Hong Kong’s Hang Seng dropped 0.7%, South Korea’s Kospi recovered from early losses to gain 0.2% and stocks in Shanghai rose 0.8%. The yield on the 10-year Treasury slipped to 0.92% from 0.93% late Friday. ——— AP Business Writer Elaine Kurtenbach contributed. Nikkei 225AutomobilesVirusTravel RestrictionsShanghaiPublic HealthGlobal StocksOil StocksStock MarketWeak PricesGlobal Oil PricesNasdaqCongressHouseSenateBoris Johnson

Stocks are falling Monday as a new, potentially more infectious strain of the coronavirus has countries around the world restricting travel from the United Kingdom, raising worries that the economy is about to take even worse punishment. The S&P 500 was 0.7% lower in afternoon trading, on pace for a second straight drop after setting its record on Thursday. But the index pared its loss as the day progressed, recovering from an earlier 2% drop. The Dow Jones Industrial Average was down 8 points, or less than 0.1%, at 30,170, as of 12:51 p.m. Eastern time, after erasing most of an earlier 423 point loss. The Nasdaq composite was 0.5% lower. It’s a busy day of trading, with plenty of forces pushing and pulling the market. Thin trading ahead of a holiday-shortened week may also be exacerbating moves, analysts said. Crude oil prices were also dropping on worries about disappearing demand, and Treasury yields slipped. One big factor for the market is Congress, which finally appears set to act on a $900 billion relief effort for the economy. House and Senate leaders are planning to vote Monday on the deal, which would include $600 in cash payments sent to most Americans, extra benefits for laid-off workers and other financial support. Economists and investors have been clamoring for such aid for months, and a recent upswing in momentum for talks had stock prices rising in anticipation of a deal. Analysts said some traders may be selling now to lock in profits, with the compromise all but assured and prices close to the highest they’ve ever been. Even after Monday’s drop, the S&P 500 is back only to where it was earlier this month. Across the Atlantic, negotiators blew past a Sunday deadline set for talks on trade terms for the United Kingdom’s exit from the European Union. Investors have been fixed on the progress of those talks because a Brexit with no deal could cause massive disruptions for businesses on New Year’s Day. Monday is also the first day of trading for Tesla since joining the S&P 500 index. The electric-vehicle maker surged so much this year, nearly 731% as of Friday evening, that some critics say its price doesn’t make sense. But its inclusion in the benchmark index triggered $90.3 billion in trades, as the company instantly became the sixth-biggest in the S&P 500. Tesla slumped 4.9% Monday. The market’s focus, though, was centered nearly 3,500 miles to the east of Wall Street, where U.K. Prime Minister Boris Johnson said Saturday that he was placing London and the southeast of England in a new level of restrictions after scientific advisers warned they detected a new variant of the coronavirus. There is no evidence that the new strain’s mutations make it more deadly, but it seems to infect more easily than others. Two COVID-19 vaccines have already been approved for the United States, and regulators around the world have also either approved or are considering usage of the vaccines. Hope that widespread vaccinations will nurse the economy back to some semblance of normal has been a big reason for surging prices across markets worldwide. But for now, vaccinations are only for health care workers and other high-risk populations. It will be a while before a more widespread rollout can get life around the world closer to normal, and surging numbers of coronavirus counts and deaths in the meanwhile are setting the global economy up for a bleak few months. The worries hit stock markets hardest in Europe, where France banned U.K. trucks from entering for a period of 48 hours. Other countries around the world also halted flights from the United Kingdom. France’s CAC 40 fell 2.4%, and Germany’s DAX lost 2.8%. The FTSE 100 in London dropped 1.7%. All the new restrictions on movement also sent travel-related stocks on Wall Street to sharp losses. Cruise operator Carnival dropped 3.9%, Norwegian Cruise Line fell 2.9% and American Airlines lost 3.5%. Stocks of energy producers were also weak on worries that heightened travel restrictions could mean even fewer airplane seats filled and fewer miles driven by automobiles. Amid the market's few gainers was Nike, which rose 5% after reporting stronger revenue and profit for its latest quarter than analysts expected. Financial stocks were another rare source of resilience, after the Federal Reserve said Friday that the 33 largest banks look healthy enough to survive a sharp downturn. The Fed also permitted buybacks of company stock, with some limits. Goldman Sachs rose 7% after it said it expects to begin buying back its stock again next quarter. Goldman Sachs and Nike are two of the 30 stocks in the Dow, and their big moves higher left it faring much better than measures of the broader stock market. In Asian stock markets, Tokyo’s Nikkei 225 lost 0.2% after Japan’s Cabinet approved a record annual budget of 106.6 trillion yen ($1.03 trillion) for the coming fiscal year, which begins April 1. Hong Kong’s Hang Seng dropped 0.7%, South Korea’s Kospi recovered from early losses to gain 0.2% and stocks in Shanghai rose 0.8%. The yield on the 10-year Treasury slipped to 0.92% from 0.93% late Friday. ——— AP Business Writer Elaine Kurtenbach contributed. Nikkei 225AutomobilesVirusTravel RestrictionsPublic HealthOil StocksGlobal StocksWeak PricesStock MarketEnergy StocksCongressHouseSenateAmericansThe European UnionBoris Johnson

Environmental groups say a new ban on a highly polluting shipping fuel in Arctic waters is full of gaps and Canada should not make use of loopholes in the new regulations for heavy fuel oil. “Arctic states and communities have been calling for a complete ban, not a half-ban,'' said...Read Full Story Arctic WatersThe ArcticEnvironmentalistsSea IceTransport CanadaArctic SeaInternational ShippingCrude OilThe World Wildlife FundIndigenousNunavut Tunngavik Inc.IMOHeavy Fuel OilArctic CoastlinesCanadian Arctic Families