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Depletionism: Religion of Fractivists and Other Environmental Extremists

Institute for Energy Research …. ….   The religion of fractivists and other environmental extremists may be described as depletionism, a new Malthusian creed based on fear and selfishness. Last week, a group of sustainable population organizations issued a global … Continue reading

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Vallourec sees non-U.S. H2 tube orders increasing

Higher bookings in Europe, Africa, the Middle East and Asia will benefit Vallourec’s deliveries in the second half of 2018, according to company chairman Philippe Crouzet.

“Taking into account the gradual recovery in our main markets and the continued progress in our Transformation Plan, we confirm our positive outlook for the year with Ebitda in the second half of 2018 targeted to be significantly higher than in the first half,” Crouzet says in a report seen by Kallanish, sister publication of Kallanish Energy.

“International oil & gas markets are also showing positive signs of improving activity.” Vallourec’s improved performance in H1 was driven by positive momentum in the U.S. oil & gas market.

The Oil & Gas and Petrochemicals divisions’ revenue accounted for almost 70% of the company’s consolidated revenue in H1. Oil division revenue reached €1.11 billion ($1.29 billion), up 3.5% year-over-year, while Petrochemicals’ revenue rose 64.2%, to €179 million ($209.60 million).

In Europe, Africa, the Middle East and Asia, oil & gas volumes were up y-o-y, along with increased prices, notably in the Middle East and Southeast Asia. These were partly offset by a negative foreign exchange translation impact and a different product mix on some deliveries.

“Overall, tendering activity continues to increase in these regions as anticipated,” Vallourec says.

The higher demand for tubes (pipe) in North America registered by the company in H1 was supported by much higher drilling activity. The average active rig count in the U.S. rose by 23% y-o-y and OCTG prices were raised in the second half of 2017. Vallourec has, beginning in H2 2018, passed on significant OCTG price increases in the region, as planned.

Over the first half of 2018 the company recorded revenue of €1.84 billion ($2.15 billion), up 7.5% year-over-year, driven by the positive momentum in the oil & gas market. Ebitda stood at €18m, improving by €36 million y-o-y.

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U.S. crude rises above $70

Oil prices rose back above $70 a barrel on Monday, with U.S. crude recording its best one-day dollar gain in over a month, after four weeks of losses for the benchmark.

West Texas Intermediate crude ended Monday’s session up $1.44 a barrel, or 2.1%, to $70.13/Bbl, Kallanish Energy reports. While the contract has risen in seven of the previous 10 sessions, it has not posted a gain of more than $1/Bbl since June 27, CNBC reported.

As of Friday, WTI was down more than 7% over the last four weeks, as heavy losses in a handful of trading sessions wiped out a string of modest daily gains for the benchmark.

The contract to deliver international benchmark Brent crude for September was up 83 cents a barrel, or 1.1%, at $75.12/Bbl by 2:08 p.m. ET. The September contract expires today. Trading was heavier for the October contract, which was up 97 cents, or 1.3%, at $75.73/Bbl.

Prices got support after Saudi Arabia announced it would suspend shipments of oil through the Bab el-Mandeb Strait, after Houthi rebels in Yemen attacked a pair of oil tankers in the Red Sea. Saudi has led a military coalition against the Iran-aligned Houthis for more than three years.

The U.S. and Iran have lately engaged in a war of words, with Iranian officials threatening to snarl oil exports in the world’s busiest region for crude shipments.

Tension is rising ahead of the first of two deadlines next week for international businesses to wind down ties with Iran under renewed U.S. sanctions.

The situation raises concerns that the world will be short of oil. Those concerns have been amplified as Canada’s Suncor Energy works to fully restore operations at its Syncrude oil sands facility in western Canada, where supplies have been disrupted by a power outage earlier this year.

“It’s just this witches’ brew of supportive factors from Iran to the Syncrude,” John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC.

A Reuters survey indicates the 15-member OPEC oil cartel increased output by 70,000 barrels per day in July. That would mark a slowdown in production growth from June, when the group hiked production by 173,000 Bpd. OPEC is seeking to add supplies to the market to prevent prices from rising too quickly and denting demand.

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LNG Exports to the EU Are All About Their Freedom and Our Economy

Tom Shepstone Natural Gas NOW …. …. More LNG exports to the EU are coming and they will help ensure the future freedom of Europeans while continuing the revitalization of our rural America. Bloomberg News put out a wonderful story yesterday … Continue reading

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Oil markets slip with drop in U.S. equities market, ship attacks

Brent oil prices increased last week, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude shipping lane.

In addition, oil prices fell on Friday, weighed down by a drop in the U.S. equities market.

Brent crude futures increase 1.8% last week, its first increase in four weeks.

U.S. West Texas Intermediate crude futures fell about 2.4%, its fourth week of declines.

U.S. stock markets dropped broadly on Friday, depressing oil prices.

Crude futures at times track with equities, Reuters noted.

A government report on Friday said the U.S. economy grew in the second quarter at its fastest pace in nearly four years.

“It’s a strong number that suggests strong energy demand into the end of the year,” said analyst Phil Flynn of Price Futures Group in Chicago, in comments to Reuters.

The U.S. Commodity Futures Trading Commission reported that hedge funds had cut their bullish wagers on U.S. crude on combined futures and options position in New York and London. The number of contracts, 412,289 in the week of July 24, was the lowest level since late June.

Russia energy minister Alexander Novak said the oil market remains volatile and the market had priced in risk related to U.S. sanctions against Iran.

He said the Organization of Petroleum Exporting Countries (OPEC) and its supporters were not discussing an option to boost production by more than 1 million barrels per day.

Last week, Saudi Arabia said it was suspending oil shipments through the Red Sea’s Bab-al-Mandeb strait, after Yemen’s Iran-aligned Houthis attacked two ships in the waterway that is a main shipping route for crude oil.

A surprise trade agreement last week between the U.S. and the European Union also supported oil prices.

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Environmental Hysteria Apologies? When Will Fractivists Say “Sorry”?

Stephen Heins Energy Consultant “The Word Merchant”   … The Sierra Club has basically apologized for its environmental hysteria about a starving polar bear. When can we expect fractivists to say they’re sorry? There is an original December 2017 National … Continue reading

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