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Ticking up again today.

On the up again today.

At 8.45am,

WTI crude was down 0.76% to $47.15/bbl, while Brent was 0.27% lower to $54.96/bbl.

at noon

WTI crude was down 0.25% to $47.39/bbl, while Brent was up 0.38% to $55.32/bbl.

at 1pm

WTI crude was up to $47.81/bbl, while Brent was up to $55.70/bbl.

Gold & WTI up for the 7th day.

Losing ground today at 8.30am

WTI crude oil traded at $50.27 a barrel and Brent at $58.07.

LOSING GROUND AGAIN

At 8.40am, WTI crude was down 1.64% to $48.07/bbl. Brent was down 0.87% to $55.92/bbl

recovered some ground at the end of the day

At 21.00pm, WTI crude was $48.70/bbl. Brent was $56.43/bbl

Iran riches coveted by big oil after decades of conflict

At 8.41am, WTI crude was down 1.68% to $47.86/bbl, while Brent was 1.19% lower to $55.62/bbl.

At 7.00am WTI crude oil traded at $47.39 a barrel and Brent at $55.01.

new low for the week at the moment
at 8.44 WTI crude oil traded at $47.14 a barrel and Brent at $54.70.

recovering some ground this afternoon

at 14.40pm crude oil traded at $48.14 a barrel and Brent at $54.70.

is spiking up fast

15.50pm crude oil traded at $49.11 a barrel and Brent at $56.45.

Oil Prices Gain on Slight Production Drop

Still, stored supplies of crude continue to rise, hitting record in weekly data
Hamid Baeedinejad, left, an Iranian official, speaks with the press about negotiations on Iran's nuclear program outside the Beau Rivage Palace Hotel in Lausanne on Tuesday. The U.S. said it was prepared to work past a midnight deadline if progress was being made toward clinching a preliminary nuclear deal. ENLARGE
Hamid Baeedinejad, left, an Iranian official, speaks with the press about negotiations on Iran's nuclear program outside the Beau Rivage Palace Hotel in Lausanne on Tuesday. The U.S. said it was prepared to work past a midnight deadline if progress was being made toward clinching a preliminary nuclear deal.

NEW YORK—Oil prices climbed Wednesday after inventory data showed that U.S. oil production fell last week for the first time since January.

However, stored supplies of crude oil continued to increase. Inventories rose for a 12th straight week to 471.4 million barrels, a record in weekly data, the U.S. Energy Information Administration said Wednesday.

Light, sweet oil for May delivery recently traded up $1.44, or 3%, to $49.04 a barrel on the New York Mercantile Exchange.

Brent, the global benchmark, rose $1.34, or 2.4%, to $56.45 a barrel on ICE Futures Europe.

Domestic crude-oil output fell by 36,000 barrels in the week ended March 27 to 9.4 million barrels, which is still near the highest level in decades. Production last fell on a weekly basis in the week ended Jan. 30.

“Perhaps this is the first sign of a leveling off of oil production in the U.S.,” said Andy Lipow, president of Lipow Oil Associates in Houston.

Oil prices have plunged more than 50% since June as surging U.S. production helped push the global market into an oversupply. Energy companies have since announced large spending cuts, and the number of rigs drilling for oil in the U.S. has dropped sharply. But analysts say those pullbacks can take months to translate to lower oil output, since new technology and efficiency gains mean that producers can pump more oil from existing wells.


The weekly EIA data is often revised in monthly reports. In its latest monthly report released this week, the EIA reported that crude-oil production fell to 9.2 million barrels a day in January, from 9.3 million barrels a day in December.

“The market may be getting the sense now that we are seeing the effect of the decline in rig count and production figures,” Mr. Lipow said. “It certainly may be the beginning of a trend.”

Investors have become concerned in recent months about growing U.S. crude-oil stockpiles, especially in Cushing, Okla., the delivery point for the benchmark Nymex contract. Cushing supplies rose by 2.6 million barrels last week to 58.9 million barrels, the highest level on record, the EIA said.

If Cushing storage levels hit maximum capacity, that could weigh on prices as sellers competed to find buyers with space left to store oil. The EIA said in September that Cushing’s working capacity is 70.8 million barrels.

Nationwide, last week’s stockpile build was roughly in line with what analysts surveyed by The Wall Street Journal had expected.

“It’s already a story everyone knows,” said Elaine Levin, president of energy brokerage Powerhouse, of growing crude-oil inventories. “I still think it keeps a cap, at least in the short term, on how high this market can rally.”

Gasoline stockpiles fell by 4.3 million barrels to 229.1 million barrels, the lowest level this year. Analysts had predicted stockpiles would fall by an average of 900,000 barrels.

Gasoline futures recently rose 2.7% to $1.8181 a gallon.

Distillate stocks, which include heating oil and diesel fuel, rose by 1.3 million barrels. Analysts had expected a 300,000-barrel weekly decrease.

Diesel futures rose 1.8% to $1.7393 a gallon.

Prices pared earlier losses after weaker-than-expected U.S. economic data weighed on the dollar. Oil is priced in dollars, so a weaker dollar makes oil more affordable to buyers using foreign currencies. Oil prices and the dollar have tracked each other closely in recent months.

Nuclear talks between Iran and six world powers missed the deadline for a preliminary agreement Tuesday. But officials remained hopeful that they could reach an agreement outlining elements of a final nuclear deal to be reached by June 30.

Oil-market participants are keeping a close watch on the negotiations because a deal could lead to the lifting of international sanctions on Iran, paving the way for more Iranian crude to flood an already oversupplied global market.

Oil prices this afternoon losing all the gains of this morning#

At 16.36am, WTI crude was down to $48.79/bbl, while Brent eased to $54.75/bb

At 8.46am, WTI crude was down 1.16% to $49.51/bbl, while Brent eased 0.75% to $56.67/bb

OIL PRICES

This morning
Brent added 1.3% to $55.65 a barrel, while US crude futures rose 1.8% to $50.02 a barrel.

Crude oil futures rallied after Saudi Arabia raised prices for sales to Asia, taking back some of their sharp losses marked before the holiday weekend after Thursday's preliminary agreement between Iran and global powers on Tehran's nuclear programme.

price well up at close
Brent up to $57.78 a barrel, while US crude futures rising to $51.89 at close

double

MAM's problem, both post did not show, anyhow no post anywhere would show at the time

moving over earlier highs and spiking

15.50pm crude oil traded at $52.89 a barrel and Brent at $58.45.

RECOMMENDED CASH AND SHARE OFFER FOR BG GRROUP PLC

Summary

The Boards of Shell and BG are pleased to announce that they have reached agreement on the terms of a recommended cash and share offer to be made by Shell for the entire issued and to be issued share capital of BG.

· Under the terms of the Combination, BG Shareholders will be entitled to receive:

For each BG Share: 383 pence in cash; and

0.4454 Shell B Shares[1]

· Based on the 90 trading day volume weighted average price of 2,170.3 pence per Shell B Share on 7 April 2015 (being the last Business Day before the date of this Announcement), the terms of the Combination represent:

- a value of approximately 1,350 pence per BG Share; and

- a premium of approximately 52% to the 90 trading day volume weighted average price of 890.4 pence per BG Share on 7 April 2015.

· Based on the Closing Price of 2,208.5 pence per Shell B Share on 7 April 2015 (being the last Business Day before the date of this Announcement), the terms of the Combination represent:

- a value of approximately 1,367 pence per BG Share;

- a premium of approximately 50% to the Closing Price of 910.4 pence per BG Share on 7 April 2015; and

- a value of approximately £47.0 billion for BG's entire issued and to be issued share capital.

· The Combination will result in BG Shareholders owning approximately 19% of the Combined Group.

· Shell expects the Combination to accelerate its growth strategy in global LNG and deep water.

· The Combination will add some 25% to Shell's proved oil and gas reserves[2] and 20% to production, each on a 2014 basis, and provide Shell with enhanced positions in competitive new oil and gas projects, particularly in Australia LNG and Brazil deep water.

· The Combination has the potential to unlock further value for both sets of shareholders from the combined portfolio. An enhanced set of upstream positions will be a springboard to high-grade the Combined Group's longer term portfolio, increase asset sales and reduce capital investment, thereby enhancing the Combined Group's capacity to pay dividends and undertake share buybacks.

· Shell expects the Combination to generate pre‑tax synergies of approximately $2.5 billion per annum (which have been reported on) and has also identified further significant opportunities.

· In the near term, BG Shareholders will benefit from the dividends enjoyed by Shell Shareholders.[3] Shell today confirms its intention to pay dividends of $1.88 per ordinary share in 2015 and at least that amount in 2016.

· In the medium term, all shareholders will benefit from the potential for enhanced cash flow and a continued drive to grow returns and enhance capital efficiency from the combined portfolio.

· Shell expects to commence a share buyback programme in 2017 of at least $25 billion for the period 2017 to 2020.[4] Shell expects this programme to offset the shares issued under the Shell scrip dividend programme and to significantly reduce the equity issued in connection with the Combination.

more....

Oil plunges as inventory glut keeps building