Oil Sinks in Worst Week Since 2008
Oil had it worst week since the financial crisis as panic over the coronavirus pandemic battered global markets. Futures in New York fell 16% this week, marking the biggest weekly Continue Reading
Oil plunges to 14-month lows as coronavirus spread outside China sparks demand fears
Dated Brent was assessed by S&P Global Platts at $50.49/b Friday, the lowest since December 31, 2018 and down nearly 22% from January 20. Year-ahead Brent futures settled at a Continue Reading
Coronavirus Meltdown Continues As Brent Drops Below $50
As fears of the coronavirus outbreak reaching pandemic levels continue to spread, markets have taken a beating. Investors are panic selling and nearly every sector is plummeting. The meltdown continues. Continue Reading
Oil prices sink to lowest in over a year, biggest weekly drop since 2016
Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week Continue Reading
S&P 500 drops for seventh day, posts biggest weekly fall since 2008 crisis
The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the Continue Reading
Oil plunges to 14-month lows as coronavirus spread outside China sparks demand fears
Oil prices moved sharply lower this week amid a renewed focus on demand destruction following a flurry of new coronavirus cases outside of China. ICE front-month Brent futures settled at Continue Reading
Crude rout extends as coronavirus spread outside China accelerates
Crude oil futures settled at fresh 14-month lows Friday as the continued global spread of coronavirus fed fears of flattening demand and raised the specter of economic downturn. ICE April Continue Reading
Global downturn looms as countries struggle to contain coronavirus outbreak
The coronavirus spread further on Friday, with cases reported for the first time in at least six countries across four continents, battering markets and leading the World Health Organization (WHO) Continue Reading
Outbreak starts to look more like worldwide economic crisis
The coronavirus outbreak began to look more like a worldwide economic crisis Friday as anxiety about the infection emptied shops and amusement parks, canceled events, cut trade and travel and Continue Reading
Coronavirus Panic Is Causing A Worst-Case Scenario For Oil
As the World Health Organization on Friday upgraded its global risk assessment for the coronavirus to “very high”, anxious oil markets are wondering when might be a good time to Continue Reading
Human Consumption of Natural Resources Exceeds an Annual 100 Billion Tonnes
In 1969, the late Professor Albert Bartlett famously delivered a lecture, entitled “Arithmetic, Population and Energy” , which begins with the observation that, “The greatest shortcoming of the human race Continue Reading
Saudi Arabia seeks bigger oil cut as coronavirus slashes demand
Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus Continue Reading
How Iran Became a New Epicenter of the Coronavirus Outbreak
A man disinfects the shrine of Fatima Masumeh, in Qom, Iran, against coronavirus. Iran’s deputy health minister, Iraj Harirchi, was pale and drenched in sweat during a press conference on Continue Reading
Saudi Arabia Aims For Additional Cuts As Oil Plunges Below $50
Faced with a slump in demand and plunging oil prices, OPEC’s top producer and de facto leader Saudi Arabia is asking members of the OPEC+ group to consider an additional Continue Reading
Nigeria: Why Excess Crude Account Dropped 78% in Two Months – Official
Oil field State governors, who are members of the National Economic Council (NEC), on Thursday explained why the Excess Crude Account ( ECA ) balance dropped by about 78.2 per Continue Reading
Swarms of Locusts Destroy Huge Swaths of Farmland in East Africa
Across Somalia, desert locusts in a swarm the size of Manhattan have destroyed a swath of farmland as big as Oklahoma. In Kenya, billions-strong clouds of the insects have eaten Continue Reading
U.S. says it will keep engaging Egypt, Ethiopia, Sudan on Blue Nile dam
The United States will continue to work with Egypt, Ethiopia and Sudan until they sign an accord on a giant Blue Nile hydropower dam, after failing to secure signatures from Continue Reading
Indian Refiners To Stop Importing Venezuelan Crude
Two Indian oil refiners who still buy Venezuelan crude will stop importing oil from the Latin American country from April as the U.S. steps up sanctions pressure on Nicolas Maduro’s Continue Reading
This Could Be The End Of Chevron’s Business With Venezuela
The Trump Administration is unlikely to grant U.S. supermajor Chevron another waiver to operate in Venezuela as the United States is increasing pressure on Nicolas Maduro’s regime, Bloomberg reported on Continue Reading
World’s Biggest New Oil Find Turns Guyana Upside Down
To mark the flow of the world’s biggest oil discovery in years, President David Granger declared a new holiday, National Petroleum Day, on Dec. 20. Backed by soothing Caribbean tunes Continue Reading
China manufacturing plunges in February amid virus controls
China’s manufacturing plunged in February by an even wider margin than expected after efforts to contain a virus outbreak shut down much of the world’s second-largest economy, an official surveyed Continue Reading
South Korea Coronavirus Cases Rise as China Touts Recoveries
South Korea reported more than 800 new coronavirus cases on Saturday, the most of any country caught up in the epidemic, as China said it crossed a key threshold in Continue Reading
China Purchasing Indexes Drop to Record Lows as Epidemic Stalls Output
Official gauges of China’s factory and nonfactory activity plunged to record lows in February as the nation’s economy struggled to resume normal production as it faced the coronavirus epidemic. The Continue Reading
Coronavirus Outbreak Gives Rise to More Complex Forms of Remote Work
The outbreak has demonstrated the “huge potential” of remote work, said Kuan Chen, founder and chief executive of Beijing-based medical AI company Infervision. Infervision’s AI is being used in imaging Continue Reading
China factory index hits record low on coronavirus
Manufacturing activity in China plunged in February, exceeding its collapse during the global financial crisis of 2008, according to one of the first official economic indicators published since the coronavirus Continue Reading
Coronavirus Live Updates: South Korea Reports 800 New Cases
New cases in three U.S. states raise prospect of local, person-to-person spread. Troubling new signs of how the coronavirus is spreading in the United States emerged on Friday, as cases Continue Reading
In China’s War on the Coronavirus, a Community Is Besieged
When the coronavirus emerged in Wuhan, residents in a rising suburb on the city’s rural edge thought they were safe. Zuoling New Town, a bustling community of retired farmers, factory Continue Reading
China’s manufacturing PMI drops in February amid epidemic
The purchasing managers’ index (PMI) for China’s manufacturing sector stood at 35.7 in February, down from 50 in January, the National Bureau of Statistics (NBS) said Saturday. A reading above Continue Reading
Xinhua Headlines: Beijing beefs up control of coronavirus while cautiously restoring production
As China’s battle with the novel coronavirus continues, Beijing is also strengthening preventive and control measures as the capital is seeing workers return to work. On Thursday, Beijing reported 12 Continue Reading
Major news networks devoted less than 4 hours to climate change in 2019. Total.
When it comes to climate change, television news is covering little more than the tip of the iceberg. That’s according to a just-released report from Media Matters for America, which Continue Reading
New EPA Rule Change Saves Industry Money but Exacts a Climate Cost
A new EPA rule relaxes the requirements on leak detection and maintenance Programs for Owners and operators of refrigeration equipment. Credit: Creative Touch Imaging Ltd./NurPhoto via Getty Images For the Continue Reading
Don’t call it a climate bill: Senators unveil bipartisan energy package
On Thursday, Senators Lisa Murkowski, a Republican from Alaska and the chair of the Senate’s energy committee, and Joe Manchin, a Democrat from West Virginia, unveiled the American Energy Innovation Continue Reading
Drought Fears Rise in California
California’s mountain snowpack is about half its normal level, raising fears that the state could return to drought after a string of mostly abundant wet years. On Thursday, officials of Continue Reading
U.S. Oil Rig Count Inches Lower Amid Coronavirus Panic
Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 790, with the total oil and gas rigs clocking in Continue Reading
US to sell up to 12 million barrels of SPR sour crude in March: DOE
The US will sell up to 12 million barrels of crude from the Strategic Petroleum Reserve next month, the US Department of Energy said Friday. One of the sales approved Continue Reading
Coronavirus live updates: New coronavirus cases of unknown origin indicate virus is spreading in U.S. – The Washington Post
Health officials in Washington, Oregon and California on Friday reported new cases of coronavirus among people who have not traveled recently to countries hit hard by the outbreak or come Continue Reading
Companies are canceling U.S. domestic travel over coronavirus fears
Major companies are beginning to cancel conferences and travel plans within the United States due to the coronavirus, which analysts warn will have cascading impacts on the country’s hotels, airlines Continue Reading
US SecAg directs USDA fleet to increase biofuels usage; $100M for biofuels infrastructure program
US Secretary of Agriculture Sonny Perdue has directed the US Department of Agriculture (USDA) to acquire alternative fueled vehicles (AFV) when replacing conventionally fueled vehicles. USDA owns and operates one Continue Reading
Court rules London Heathrow runway plan would violate climate change commitments
Protesters cheer outside the Royal Courts of Justice in London on Thursday after winning a court ruling to block the plans for a third runway at Heathrow Airport on environmental Continue Reading
This Oil Major Expects Its Oil Production To Peak In 2025
Italy’s Eni expects its oil production to start declining after 2025 under its new long-term strategy to rely on natural gas, renewables, and new technologies to cut net greenhouse gas Continue Reading
Eni plans oil, gas production ‘plateau’ in 2025 under energy ‘evolution’
Highlights Sees gas making up about 85% of total production in 2050 Eni targets 80% cut in net GHG emissions by 2050 To convert all Italian refineries to biorefining sites Continue Reading
Total Shortlisted For $7 Billion Wind Project
Total is among the shortlisted bidders for an offshore wind power project that has been estimated to cost some $7 billion, Bloomberg reports , citing unnamed sources in the know. Continue Reading
Oil retains downtrend as demand worsens amid COVID-19
Crude oil futures remained lower in mid-morning trade in Asia Friday as indications of worsening demand emerged amid the growing COVID-19 spread outside China. At 11:01 am in Singapore (0301 Continue Reading
Oil prices dive to lowest in over a year on coronavirus fears
Oil prices tumbled for a fifth day on Thursday to their lowest in more than a year, as further novel coronavirus cases outside China fanned fears that a pandemic could Continue Reading
Coronavirus crash wipes $5 trillion off world stocks
Coronavirus panic sent world share markets crashing again on Friday, compounding their worst week since the 2008 global financial crisis and bringing the wipeout in value terms to $5 trillion. Continue Reading
Coronavirus Fears Drive Stocks Down for 6th Day and Into Correction
Jeenah Moon for The New York Times The global stock market slid for the sixth straight day on Thursday, as the S&P 500 index plunged to its worst loss in Continue Reading
Oil Market Meltdown Sends Energy Stocks Crashing
The market meltdown continued on Thursday, with stocks across the board in retreat. Oil prices were down more than 4 percent in early trading, falling to their lowest levels in Continue Reading
No country will be spared, warn experts, as fight against coronavirus ramps up
No country should make the “fatal mistake” of assuming it will be spared the coronavirus, the World Health Organization said on Thursday, as governments from Iran to Australia raced to Continue Reading
Coronavirus fear grips stocks, oil; Treasury yields touch record low
Stocks across the globe and oil prices continued to tumble on Thursday and U.S. Treasury yields hit record lows as traders fretted over the economic impact of the spreading coronavirus. Continue Reading
Coronavirus spreads in three continents; markets brace for global recession
Countries on three continents reported their first cases of the coronavirus on Friday as the world prepared for a pandemic and investors dumped equities in expectation of a global recession. Continue Reading