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Month: March 2020

Category:
  • Prices

Oil Aided by China Recovery But Still Set for Worst Ever Quarter

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil demand, price forecasts continue to be cut as US extends lockdown

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Dated Brent falls below $20/b Monday, first time since Feb 2002

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

US crude oil price falls below $20

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply

Oil industry facing historic production shutdown

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply

Relentless Oil Price War To Cause Huge Number Of Well Shut-Ins

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply

Goldman: The Oil Industry Will Never Be The Same After Coronavirus

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Industry Spending To Drop By $100 Billion This Year

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Shipping

Supertanker Rates Explode As Traders Race To Store Oil

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Shipping

Coronavirus Rattles Shipping Industry as Supply Shock Moves to Demand Decline

“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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Iran
  • USA

U.S. expected to renew sanctions waivers allowing Iran nonproliferation work: sources

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Saudi Arabia

Aramco Weighs Pipeline Stake Sale to Raise Over $10 Billion

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Oman

This Gulf State Faces An Impossible Decision As Oil War Rages On

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Iran
  • Turkey

Iran-Turkey gas exports halted after pipeline explosion in Turkey: official

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • Middle East

COVID-19 Temporarily Tamps Down Unrest in the Middle East

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • Venezuela

Rosneft Cancels Venezuela Oil Cargoes On Fresh Sanctions

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Mexico

Analysis: Pandemic response in Mexico puts gas demand, imports at risk

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Climate
  • USA

Three states push criminal penalties for fossil fuel protests amid coronavirus

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Japan

Can Japan’s Economy Get Any Worse? It May Soon Find Out

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China
  • Methane Hydrates

China Produces Record Amount Of “Fire Ice”

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China

China’s Sinopec Cuts Run Rates As It Prepares For Negative Growth

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Asia
  • Economy

World Bank sees outbreak taking a big toll on Asia’s economy

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China

China Factory Rebound Hints Worst Is Over as Stimulus Lies Ahead

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China

China Postpones 2020 College Entrance Exam Over Coronavirus Fear

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China
  • Coal

China Is Using More Coal Again. This Time It May Be a Good Thing

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China
  • Solar

GCL System Plans to Build World’s Biggest Solar-Panel Plant

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • China

China’s Coronavirus-Battered Economy Shows Tentative Signs of Renewed Life

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Two Shale Drillers Back Plan to Curb Output After Oil’s Crash

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Climate
  • USA

New Trump mileage standards to gut Obama climate effort

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • USA

Pressure Mounts on Insurance Companies to Pay Out for Coronavirus

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Climate
  • USA

Trump Administration, in Biggest Environmental Rollback, to Announce Auto Pollution Rules

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Solar
  • USA

U.S. Solar Industry Wants Government Bailout As Bankruptcies Loom

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Coal
  • coronavirus

Coronavirus Could Crush US Coal Industry

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Pipeline Operators In Texas Urge Producers To Stop Pumping

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Natural Gas Supply
  • USA

Price plunge, coronavirus pandemic affect all sectors of US natural gas industry

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Air Quality

Study links air pollution to dementia and cardiovascular disease

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Climate

Coronavirus Can’t Keep the World’s Climate Satellites Down

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Prices
  • USA

Gas is cheap, but for many motorists there’s nowhere to go

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • USA

U.S. Prepares for Prolonged Shutdowns as Coronavirus Strains Hospitals

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • USA

Coronavirus: Three out of four Americans under some form of lockdown

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • USA

Relief On The Horizon? Trump And Putin Discuss Oil Markets

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Oil CEOs Back Plan to Cut Texas Output

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Russia
  • USA

Putin, Trump discuss oil market, agree energy ministers to hold further consultations: Kremlin

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • Sweden

Inside Sweden’s Radically Different Approach to the Coronavirus

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

Posted On : 31 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

OIL FUTURES: WTI tests $20/b as pandemic-weakened demand outlooks dim

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil hits 18-year low as lockdowns diminish demand

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Plummets to 17-Year Low as Broken Market Drowns in Crude

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Oil Supply

The Global Oil Market Is Broken, Drowning in Crude Nobody Needs

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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • Iraq

Iraq’s oil minister says selling crude at $20/b, talking to IOCs about payments: report

 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

Posted On : 30 Mar 2020 Published By : Tom Whipple
Category:
  • coronavirus

The Shadow War Playing Out Behind The COVID-19 Crisis

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

Posted On : 30 Mar 2020 Published By : Tom Whipple

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