Oil surges as US ends Iran sanction waivers—four experts forecast what’s next

Things are heating up in the energy market. div > div.group > p:first-child »> The Trump administration announced Monday that it would end exemptions to its sanctions on Iran, a move meant to significantly curb Iran’s oil output. Crude prices surged after the announcement, with the U.S. benchmark, West Texas Intermediate crude, gaining nearly 3 percent. Here’s what experts say higher oil prices could mean for the broader market: Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch, said a significant uptick in the…

Only Saudi Arabia could make up oil shortfall, says expert

2 Mins Ago The United States is expected to announce on Monday that all buyers of Iranian oil will have to end their imports shortly or face sanctions, triggering about a 3 percent rise in crude prices. Guest Host Savita Subramanian, head of U.S. equity and quantitative strategy with Bank of America Merrill Lynch, and John Kilduff, founding partner of Again Capital, joins « Squawk Box » to discuss. Source: CNBC

Trump expected to end Iran sanctions waivers, seeking to drive oil exports to zero

The Trump administration is expected to announce on Monday that it will no longer grant sanctions waivers to a handful of Iran’s oil customers, accelerating its mission of driving the Islamic Republic’s exports to zero. div > div.group > p:first-child »> The move threatens to wipe roughly 1 million barrels per day off the market at a time when analyst say oil supply is already tightening. Crude futures spiked to nearly six month highs on the surprise news, which was first reported Sunday by the Washington Post. President Donald Trump…

Oil prices spike more than 3% on reports that US will end waivers for Iran sanctions

Oil prices spiked by more than 3 percent on Monday — past highs not seen since November 2018 — after reports that Washington is set to announce that all buyers of Iranian oil will have to end imports, or be subject to U.S. sanctions. div > div.group > p:first-child »> Brent crude futures surged more than 3 percent to over $74 per barrel on Monday morning during Asia hours, while U.S. crude futures rose around 2.67 percent to $65.71 per barrel. That price spike followed a report by the Washington…

Oil prices rise on decline in US drilling activity, OPEC supply cuts

Oil prices rose early on Monday, with Brent hitting its highest level since November, driven up by a decline in U.S. drilling activity and ongoing supply cuts led by producer club OPEC. Brent crude futures were at a November 2018 high of $72.58 per barrel at 0028 GMT, up 0.8 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.55 per barrel, up 0.9 percent from their previous settlement. « The path of least resistance remains higher (for oil prices), » said Stephen Innes, head…

New York City Council embraces pillar of AOC’s Green New Deal, passing building emissions bill

The New York City Council on Thursday took a major step toward implementing a pillar of the Green New Deal, the aggressive blueprint for addressing climate change supported by U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y. div > div.group > p:first-child »> The council passed a bill that requires large buildings to meet new standards aimed at reducing their carbon footprint. The bill aims to cut greenhouse gas emissions from the city’s buildings by 40% over the next decade. That will require many building owners to take measures to make them more…

Venezuela skirts U.S. sanctions by funneling oil sales via Russia

President Nicolas Maduro is funneling cash flow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters. The sales are the latest sign of the growing dependence of Venezuela’s cash-strapped government on Russia as the United States tightens a financial noose around Maduro, who it describes as a dictator. With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to…

ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale

div > div.group > p:first-child »> ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea. The Houston-based driller will sell its ConocoPhillips United Kingdom subsidiaries for $2.675 billion to Chrysaor E&P, a company focused on producing oil and natural gas from the North Sea. The transaction is expected to close in the second half of 2019. The deal is the largest transaction in the exploration and production space outside the…

Here are the top risk events facing global oil markets

div > div.group > p:first-child »> As global supply stocks lessen, oil industry experts are agreed that the crude market is becoming ever more sensitive to a sudden or unexpected disruption. However there appears to be little agreement on what the current biggest risk actually is. Oil prices have soared since the start of the year, supported by ongoing OPEC-led supply cuts, escalating fighting in Libya and U.S. sanctions on Iran and Venezuela. International benchmark Brent crude and U.S. West Texas Intermediate crude have risen by approximately 30% and 40%…

Europe invested $30 billion in new wind farms last year, report shows

The wind industry invested 26.7 billion euros ($30.05 billion) in new European wind farms in 2018, according to a new report from industry body WindEurope. div > div.group > p:first-child »> The investment is similar to recent years but, because of cost reductions, it will finance a record 16.7 gigawatts (GW) in new capacity, WindEurope said. It added that 1 megawatt (MW) of new onshore wind capacity now needed 1.4 million euros in capital expenditure, down from 2 million euros in 2015. In the offshore sector, 1 MW of capacity…

Oil prices slip, but supply cuts support

Oil prices eased on Thursday, although a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran all limited losses. Brent crude futures were at $71.49 a barrel at 0943 GMT, down 13 cents from their last close and further away from Wednesday’s five-month high of $72.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.71 per barrel, down 5 cents. Both contracts traded slightly higher earlier in the day. U.S. crude inventories fell by 1.4 million barrels…

Schneider Electric’s first quarter results beat consensus

Schneider Electric reported on Thursday its first quarter results with revenue growth of 9 percent at 6.31 billion euros, above consensus of 6.13 billion euros. The company, which markets products ranging from electrical car chargers and lighting control to transformers and software, reiterated its 2019 outlook, with an adjusted EBITA margin up 20 to 50 basis points organic and a revenue organic growth of 3 to 5 percent. Schneider Electric said that the FX impact on 2019 full year revenues would be between 300 and 400 million euros and could…

Energy Department denies report Sec Rick Perry is preparing to depart

The Department of Energy on Wednesday denied a report that Secretary Rick Perry is preparing to leave his post. div > div.group > p:first-child »> « There is no truth that Secretary Perry is departing the administration any time soon, » Press Secretary Shaylyn Hynes told CNBC. « He is happy where he is serving President Trump in leading the Department of Energy. » Earlier on Wednesday, Bloomberg News reported that Perry plans to leave the administration and is currently working out the terms and timing of his exit. Bloomberg…

Oil prices extend losses despite surprise drop in US inventories

Oil prices edged down on Thursday despite a surprise decline in U.S. inventories, with international benchmark Brent retreating from a five-month high touched in the previous session. Brent crude futures were at $71.51 a barrel at 0056 GMT, down 11 cents, or 0.2 percent, from their last close. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov. 8 at $72.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.67 per barrel, down 9 cents, or 0.1 percent, from their previous settlement. WTI closed…

Cramer: Chevron’s Anadarko merger won’t be the only oil deal this year

CNBC’s Jim Cramer on Wednesday said investors could expect to see more mergers and acquisitions in the energy and oil space in 2019. div > div.group > p:first-child »> « Anadarko was the first big oil deal this year, but I bet it won’t be the last, » the « Mad Money » host said. « That’s why I like Apache, I like Concho, Parsley, and especially Pioneer Nat, because this industry still needs much more consolidation. » Chevron made a move on Friday to purchase the oil and gas…

Investors are placing buyout bets on oil drillers after Chevron-Anadarko deal

Chevron’s $33 billion deal to buy Anadarko Petroleum is having a halo effect for U.S. oil drillers, as investors place bets on the next acquisition target in the U.S. shale oil space. div > div.group > p:first-child »> Shares of drillers with positions in the Permian Basin are on the rise following the acquisition, the sixth-biggest deal on record in the oil and gas sector by enterprise value. The Permian Basin, which stretches across western Texas and southeastern New Mexico, is the center of a renaissance in U.S. oil and…

Subaru launches next generation Outback in New York

There aren’t many products that can claim to have saved a brand, but the Outback is widely credited with turning things around for a struggling Subaru when it was introduced 25 years ago. div > div.group > p:first-child »> Little more than a tall version of the automaker’s Legacy wagon, the first-generation Outback also helped set the crossover boom into motion. Crossover utility vehicles, or CUVs, are now the fastest-growing segment of the U.S. automotive market. For Subaru, in particular, the Outback has been a key to its ongoing success.…

Jaguar I-Pace electric SUV sweeps awards at New York auto show

The Jaguar I-Pace electric sport utility vehicle swept the World Car Awards handed out at the New York International Auto Show on Wednesday. div > div.group > p:first-child »> Jaguar’s first electric vehicle took home the awards for best design, best green car award and best overall vehicle. « In my 40 years in this business, this is my Oscar moment, » said Jaguar Director of Design Ian Callum, as he accepted the final award during a ceremony at the Jacob K. Javits Center in New York City, where the…

Oil prices rise for a second day on China demand, US stockpile drop

Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 29 cents, or 0.4 percent, to $72.01 a barrel by 0657 GMT. Brent gained as much 0.5 percent to 72.10 a barrel, the highest since Nov. 8 and the highest this year. U.S. West Texas Intermediate (WTI) crude futures were at $64.49 per…

Lincoln reveals new Corsair SUV at New York auto show, targeting fast-growing segment

Lincoln unveiled a new small sport utility vehicle called the Corsair at the New York International Auto Show on Wednesday, in a bid to keep revitalizing its brand and recreate some of the success it has seen with larger vehicles such as the Navigator. div > div.group > p:first-child »> The two-row Corsair continues Lincoln’s strategy of leaning into what it considers its new brand identity: plush, spacious, and quiet vehicles that offer smooth rides and new technology. It is the smallest SUV Lincoln makes, but Lincoln President Joy Falotico…

Chevron CEO teased the $33 billion Anadarko deal with a Kevin Durant analogy a month ago

Golden State Warriors fans paying attention to Chevron’s recent analyst meeting might have had a sense that something big was coming from the Bay Area oil giant. div > div.group > p:first-child »> San Ramon, California-based Chevron hosted the annual meet-up about a month before announcing its massive $33 billion deal to purchase Anadarko Petroleum, a driller with a large position in the red hot Permian Basin in western Texas. During the event, Wells Fargo analyst Richard Read asked how Chevron is evaluating opportunities to grow its own footprint in…

What oil’s six-week win streak means for stocks

Oil prices have risen for sixth consecutive weeks, notching an 11% gain for crude during the rally. While a pullback could occur — the oil trade was close to flat on Tuesday as overseas supply threats balanced higher U.S. inventories — recent history suggests there are more gains to come, not just in oil but also in stocks. div > div.group > p:first-child »> Similar six-week oil rallies have happened only five times since 2010, according to a CNBC analysis of Kensho, a big data trading tool used by Wall…

Trump’s new Interior Secretary David Bernhardt, confirmed days ago, is now under investigation

Newly appointed Secretary of the Interior David Bernhardt is the latest member of President Donald Trump’s Cabinet to come under investigation by his own agency’s watchdog. div > div.group > p:first-child »> The Interior Department’s office of Inspector General on Monday confirmed that it has opened an investigation into allegations of conflict of interest and other violations during Bernhardt’s tenure as the agency’s deputy secretary. The confirmation comes less than a week after the Senate confirmed Bernhardt to his position. It keeps the spotlight on the nation’s top steward of…

Oil extends losses into second session; Russia, OPEC output in focus

Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight for market share, checking a recent sharp rally driven by tighter global production. Brent crude oil futures were at $71.08 a barrel at 0111 GMT, down 10 cents, or 0.1 percent, from their last close. Brent ended down 0.5 percent on Monday. U.S. West Texas Intermediate (WTI) crude futures were at $63.39 per barrel, down 2 cents, or 0.1 percent, from their previous settlement. WTI fell 0.8 percent on…

Sen Elizabeth Warren says she’d ban new fossil fuel production on public lands as president

Sen. Elizabeth Warren says she would immediately move to place a « total moratorium » on new federal fossil fuel leases if elected president, blocking energy companies from drilling offshore and producing oil, gas and coal from U.S. government-owned land. div > div.group > p:first-child »> The Massachusetts Democrat and 2020 contender says she would prioritize building new renewable energy projects. On Monday, she said her administration would set a goal of producing 10 percent of the nation’s electric power needs from wind towers, solar farms, and and other clean…

Occidental bid for Anadarko reached mid-$70s per share before Chevron deal disrupted talks: Sources

Merger talks between Occidental Petroleum and Anadarko Petroleum were ongoing when Chevron announced on Friday it would acquire Anadarko for $33 billion, preventing Occidental from potentially upping its offer price, sources tell CNBC. div > div.group > p:first-child »> The deal announcement by Chevron cut short the talks between Occidental and Anadarko, the sources told CNBC’s David Faber, who reported the rival bid by Houston-based Occidental on Friday. The Occidental bid had reached the mid-$70s per share and was being structured as a 40% cash deal. Occidental was under the…

Thousands of activists block London roads to demand action on climate change

Thousands of environmental activists paralysed parts of central London on Monday by blocking Marble Arch, Oxford Circus and Waterloo Bridge in a bid to force the government to do more to tackle climate change. Under sunny skies, activists sang songs or held signs that read « There is no Planet B » and « Extinction is forever » at some of the capital’s most iconic locations. Roadblocks will continue night and day at each site and the demonstrators say the protests could last at least a week. The protests are…

Oil pauses; focus on future supply direction

Oil prices nudged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply. Brent crude oil futures were at $71.44 a barrel at 0629 GMT, down 11 cents, or 0.2 percent, from their last close, having hit their highest since Nov. 12 on Friday at $71.87. U.S. West Texas Intermediate (WTI) crude futures were at $63.63 per barrel, down 26 cents, or 0.4 percent, from their last settlement. « I would expect oil to trade in…

Guinness brewer Diageo to scrap plastic packaging for its beer

Global beer and spirits maker Diageo is to scrap plastic packaging from its multipacks of beer. div > div.group > p:first-child »> In a statement Monday the business said it was investing £16 million ($20.96 million) to cut the amount of plastic it used in beer packaging. Instead of plastic, Diageo – whose brands include Guinness – will use « 100% recyclable and biodegradable cardboard » in its multipacks of beer. The new packaging will be introduced on the island of Ireland in August 2019 and Great Britain and other…