Oil clawed back some losses as Chinese manufacturing data beat expectations, but futures were still heading for the worst quarter on record as the physical market showed further signs of collapse. Futures Continue Reading
Predictions over collapsing global oil demand due to the spread of coronavirus are continuing to spiral, further depressing oil price forecasts, after the US extended its latest lockdown guidance. Brent Continue Reading
S&P Global Platts crude benchmark Dated Brent fell below $20/b Monday for the first time since February 2002. Dated Brent was assessed by Platts at $17.79/b Monday, down $3.31/b day Continue Reading
US crude oil prices fell below $20 a barrel on Monday, close to their lowest level in 18 years, as traders bet production would have to shut to cope with Continue Reading
The world’s oil market once fixated on how Saudi-led Opec would tweak supply in small increments to boost prices. That concern suddenly feels quaint: the size of the global drop Continue Reading
Plunging demand, surging supply, and strained storage capacity have put so much downward pressure on oil prices that producers are now considering shutting-in oil wells. The magnitude of these en Continue Reading
The unprecedented oil demand plunge in the COVID-19 pandemic is poised to change the oil sector forever, as fewer companies holding high-quality assets emerge after the downturn, Goldman Sachs said Continue Reading
Global capital expenditure (capex) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated Continue Reading
Supertanker rates are surging again, for a second time this month, as a growing global glut is making more traders and companies look to charter carriers to store oil at Continue Reading
“In China we had a supply shock, a production shortage from closed factories and reduced truck numbers,” Jeremy Nixon, chief executive of Japan’s Ocean Network Express, the world’s sixth biggest Continue Reading
The United States is expected to allow Russian, Chinese and European companies to continue their work at Iranian nuclear sites to make it harder for Tehran to develop nuclear weapons, Continue Reading
Saudi Aramco, the world’s largest oil producer, is weighing the sale of a stake in its pipeline unit to raise money amid a slump in crude prices, according to people Continue Reading
Given the twin facts that Oman has only around five billion barrels of estimated proved oil reserves (barely the 22 nd largest in the world) but is still dependent on Continue Reading
Natural gas exports from Iran to Turkey were halted early Tuesday after an explosion and fire on the pipeline just inside the border of Turkey, an official at Turkey’s energy Continue Reading
Protest movements across the Middle East and North Africa, from Algeria to Lebanon and Iraq, have been severely impacted by the COVID-19 pandemic. The fear of the virus’ spread has Continue Reading
Russia’s Rosneft has canceled VLCC cargoes scheduled to carry 5.7 million barrels of Venezuelan oil because of U.S. sanctions, Reuters reports , citing data from PdVSA, and shipping data from Continue Reading
Residents asked to remain at home as cases near 1,000 Social distancing could cut demand, imports by 400 MMcf/d As the number of reported coronavirus cases in Mexico continues to Continue Reading
Three states have moved toward enacting criminal penalties for protesting against fossil fuels amid the coronavirus pandemic. Kentucky Gov. Andy Beshear (D) was the first to enact such a law, Continue Reading
Even before the new coronavirus, Japan’s economy was in trouble . Exports were plummeting on slowing demand from China, and a tax increase at home was keeping shoppers out of Continue Reading
In a world awash in oil and gas, you’d think it couldn’t get any worse. Well, it can: China just announced that it had extracted a record amount of what Continue Reading
China’s oil major Sinopec reduced its capital spending plan for 2020 and said it expected lower run rates this year because of the coronavirus outbreak, Reuters reported , citing a Continue Reading
The World Bank is estimating that the cornavirus outbreak will cause economic growth to slow significantly this year in China and other East Asian-Pacific countries, throwing millions into poverty. Under Continue Reading
A rebound in China’s manufacturing sector and a shift by government leaders to loosen the reins on borrowing suggest the worst may be over for an economy suffering its biggest Continue Reading
China pushed its annual college entrance exam back by one month, a sign the government remains worried about the possibility of a second wave of coronavirus infections as cases rise Continue Reading
China is burning more coal in yet another sign that the first country hit by a coronavirus outbreak is returning to a level of normalcy. Daily coal burn at select coastal Continue Reading
GCL System Integration Technology Co. plans to build the world’s biggest solar-panel manufacturing plant, with capacity to meet half of global demand. The Chinese manufacturer plans to invest 18 billion yuan Continue Reading
An official gauge of China’s manufacturing activity rebounded strongly in March as work resumption picked up, though economists warned that business activity remains far from normal following a devastating coronavirus Continue Reading
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. Pioneer Natural Resources Co. and Parsley Energy Continue Reading
President Donald Trump is poised to roll back ambitious Obama-era vehicle mileage standards and raise the ceiling on damaging fossil fuel emissions for years to come, gutting one of the Continue Reading
Some regulators have declared moratoriums on cancellations and nonrenewals of policies. And some are urging car insurers to lower people’s bills. These states note that policyholders now working from home Continue Reading
The Trump administration is expected on Tuesday to announce its final rule to roll back Obama-era automobile fuel efficiency standards , relaxing efforts to limit climate-warming tailpipe pollution and virtually Continue Reading
Coronavirus is hitting the energy industry hard. First, it instigated a breakup between the OPEC+ countries of Saudi Arabia and Russia, leading to an oil price war which then led Continue Reading
The spreading coronavirus pandemic may too heavy of a burden for the already struggling coal miners in the United States, with three companies announcing operations halts due to measures to Continue Reading
U.S. pipeline operators have issued a warning to some oil producers operating in Texas: reduce production rates because storage is filling up, a Texas Railroad Commissioner said in a tweet. Continue Reading
High natural gas storage volumes combined with effects of the coronavirus outbreak could suppress demand and prices through at least the end of the summer and likely into winter, according Continue Reading
People continuously exposed to air pollution are at increased risk of dementia, especially if they also suffer from cardiovascular diseases, according to a study at Karolinska Institutet in Sweden published in the Continue Reading
Here’s one thing that hasn’t changed because of the coronavirus pandemic: NASA and the European Space Agency keep delivering climate data from satellites, even as mission control headquarters empty and some scientists fall ill. The Continue Reading
U.S. gasoline prices have dropped to their lowest levels in four years, and they are almost sure to go lower as oil prices plunge. Price-tracking services put the national average Continue Reading
A U.S. Navy ship outfitted with 1,000 hospital beds pulled into New York Harbor. Tents sprung up in New York City’s Central Park. The Javits Center, a 1.8 million-square-foot convention Continue Reading
Most Americans are now only allowed out to get supplies or exercise About three out of four Americans are now, or about to be, under some form of lockdown, as Continue Reading
US President Donald Trump and Russian President Vladimir Putin agreed on Monday to have energy officials from both countries discuss the dire state of the global oil market, the Kremlin Continue Reading
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. (Bloomberg) — Two of Continue Reading
Russian President Vladimir Putin discussed the situation on global oil markets with his US counterpart, Donald Trump, Monday, according to a statement issued by the Kremlin press service. “There was Continue Reading
The ski pistes are open, the restaurants are doing ample business and the malls are awash with shoppers. Welcome to Sweden, the last holdout among the small number of Western Continue Reading
NYMEX WTI futures were testing the $20/b level soon after the start of trading Sunday evening as demand outlooks dimmed amid further intensification of to COVID-19 pandemic despite stepped-up global Continue Reading
Crude oil fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown Continue Reading
Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus. Futures in London fell as Continue Reading
The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store Continue Reading
Iraq, OPEC’s second-largest oil producer, is selling its crude at an average of $20/b and plans to talk to international oil companies about their payments and contracts, the country’s oil Continue Reading
The rush to what is essentially a new wartime footing began consciously and urgently in the first quarter of 2020 between some of the most powerful geopolitical players of the Continue Reading
