A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
U.S. Car Sales Decimated By Coronavirus Crisis
If any company is bracing for the shock of falling U.S. auto sales, it’s got to be Group 1 Automotive. The company owns and operates 186 auto dealerships along with Continue Reading
U.S. Gasoline Demand Plummets Despite Low Oil Prices
Demand for gasoline in the United States fell by 859,000 bpd, the Energy Information Administration (EIA) said in its weekly petroleum status report . According to Reuters, this is the Continue Reading
Ford aiming to restart North American production beginning April 6
Ford is aiming to restart production at some of its North American plants as early as April 6, the company said Thursday. Ford said it is planning to resume production Continue Reading
US DOE still seeking funding for SPR crude fill after Congress nixes plan
The Trump administration will continue to urge Congress to appropriate $3 billion to fill the Strategic Petroleum Reserve with US crudes after lawmakers removed the plan from a coronavirus relief Continue Reading
Tesla to slash on-site staff at Nevada factory by 75% due to virus: county manager
U.S. electric carmaker Tesla Inc ( TSLA.O ) plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager Continue Reading
Citing virus, EPA has stopped enforcing environmental laws
The Environmental Protection Agency on Thursday abruptly waived enforcement on a range of legally mandated public health and environmental protections, saying industries could have trouble complying with them during the Continue Reading
After Considering $1 Billion Price Tag for Ventilators, White House Has Second Thoughts
The White House had been preparing to reveal on Wednesday a joint venture between General Motors and Ventec Life Systems that would allow for the production of as many as Continue Reading
The coronavirus recession is just getting started
The record 3.3 million jobless claims reported Thursday mark the beginning of an economic crisis facing American workers and businesses — a slump, experts say, that will only end when Continue Reading
Cruise lines, early source of coronavirus infections, out of bailout package
The Grand Princess cruise ship docked at Oakland, Calif., after two men who were on the coronavirus-stricken cruise ship died from the virus. (Ben Margot/AP) The cruise industry, particularly Carnival-owned Continue Reading
Is This The Beginning Of The End For Texas Oil?
Widespread misery was evident in the Dallas Fed’s latest survey , which included responses from 161 energy firms and took place from March 11-19. The quarterly survey offers a window Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
MIT researchers use neural networks to speed materials design; 5 weeks vs 50 years for flow battery proof-of-concept
When searching through theoretical lists of possible new materials for particular applications, such as batteries or other energy-related devices, there are often millions of potential materials that could be considered, Continue Reading
G20 leaders to inject $5 trillion into global economy to fight coronavirus
Leaders of the Group of 20 major economies pledged on Thursday to inject $5 trillion in fiscal spending into the global economy to blunt the economic impact of the coronavirus Continue Reading
In drastic move, Italy shuts most factories to halt virus
Italy has become the first western developed nation to idle most of its industry to halt the spread of the coronavirus, a potential cautionary tale for other governments, such as Continue Reading
Russian oil, gas output to continue smoothly despite new coronavirus measures
Russian oil and gas producers said Thursday that measures introduced so far to combat the spread of the coronavirus in Russia will not affect oil and gas production and supply. Continue Reading
Russia calls for new enlarged OPEC deal to tackle oil demand collapse
A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also Continue Reading
Europe’s Leaders Are at Loggerheads Over Coronabonds: Map – Bloomberg
As Europe’s economy nosedives, its leaders are at loggerheads over how to respond to the shock of the coronavirus pandemic. A group of countries led by France, Italy and Spain seek joint Continue Reading
Russia’s Self-Inflicted Oil Crisis
The timing could not have been worse for Russia to provoke a spat with Saudi Arabia over oil production quotas in early March. Moscow’s decision to withdraw from the OPEC+ Continue Reading
Oil falls as sinking demand outweighs stimulus hopes
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus Continue Reading
Oil Price Slide Accelerates On Crude Inventory Build
As the oil industry continues to struggle with oil price shocks, the U.S. Energy Information Administration reported a crude oil inventory build of 1.6 million barrels for the week to Continue Reading
Oil price may fall to $10 a barrel as world runs out of storage space
The world may soon run out of space to store its extra oil as Saudi Arabia prepares to increase its fossil fuel production even as global demand for energy continues Continue Reading
Forget $25, Oil’s Trading Much Lower in the Real World
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are Continue Reading
Don’t Believe The Oil Bulls
The world surplus could reach 20 million barrels per day (mb/d) in the next few weeks, threatening not only to top off storage tanks everywhere, but to crash prices even Continue Reading
Trump says reopen by Easter, Corporate America says not so fast
President Donald Trump wants America to get back to business by Easter, suggesting some efforts to slow the spread of coronavirus outbreak will no longer be needed by then, but Continue Reading
Many businesses cautious about restarting economy amid virus
President Donald Trump wants the country open for business by mid-April, but some experts warn it’s not as easy as flipping a switch: Economies run on confidence, and that is Continue Reading
Not Even The $2 Trillion Stimulus Package Can Save Oil Markets
A stimulus agreement has finally been reached. The package would provide $2 trillion in funding, allocated directly to the White House’s plan which includes purchasing 77 million barrels of oil Continue Reading
When Will It Be Safe to Loosen Coronavirus Lockdowns?
As the new coronavirus spreads across the world, governments and scientists are bracing for a monthslong siege rather than a swift victory—one marked by shifting strategies and potentially prolonged economic Continue Reading
Trapped at Sea by Covid-19 Lockdowns, Crew Members Plead for Help
When Capt. Nilesh Gandhi’s oil tanker docked in coronavirus-ravaged China early last month, he understood that he would not be able to disembark and fly home as planned. He would Continue Reading
World’s Largest Oil Trader Says Demand Could Plummet By 20 Million Bpd
A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, Continue Reading
Ten signs the oil industry is bent out of shape
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to Continue Reading
World Trade Rocked by Virus Sees Worst Collapse in a Generation
The global economy’s most abrupt and consequential shock in at least a generation is unfolding at ports and other hubs of international commerce as the U.S. and Europe struggle to Continue Reading
Countries Starting to Hoard Food, Threatening Global Trade
It’s not just grocery shoppers who are hoarding pantry staples. Some governments are moving to secure domestic food supplies during the conoravirus pandemic. Kazakhstan, one of the world’s biggest shippers of Continue Reading
World’s wind power capacity up by fifth after record year
The world’s wind power capacity grew by almost a fifth in 2019 after a year of record growth for offshore windfarms and a boom in onshore projects in the US Continue Reading
Coal’s Demise Is Fueling A Wave Of Green Energy Solutions
The slow and painful death of the coal industry is creating some interesting new opportunities for green energy solutions, with industrious capitalists turning ex-coal-fired power plants into renewable energy hubs, Continue Reading
The Senate’s Stimulus Bill Is Full of Disappointments for Climate Advocates
There was hope among some climate activists in the U.S. that the federal stimulus to address Covid-19 might be the moment to both heal the economy and advance a long-overdue transition to clean energy. Whatever they’d envisioned, Continue Reading
How Scientists Say Diplomacy Has Helped Close the Ozone Hole
Diplomacy can fix large-scale harm done to the planet by industrial pollution. That’s the conclusion of new research published today in the journal Nature showing how skies above the Southern Hemisphere have recovered Continue Reading
US pressures Saudi Arabia to give up oil price war with Russia
The US is urging Saudi Arabia to back off its oil price war with Russia, with Secretary of State Mike Pompeo calling Crown Prince Mohammed bin Salman on Tuesday. The Continue Reading
Saudi Arabia wants to pump way more oil than it ever has, a major test for Aramco
In a week’s time, Saudi Arabia is set to turn its taps to the max and unleash a surge of crude oil that refiners increasingly say they don’t want nor Continue Reading
Iran Is Preparing For An Oil Export Boom
In the current straitened sanctions period, Iran’s focus in its oil sector is broadly to increase the capacity of its fields in West Karoun and from the huge fields that Continue Reading
Can The U.S. Convince Saudi Arabia To End The Oil War?
US Secretary of State Michael Pompeo is applying verbal pressure to Saudi Arabia, encouraging the Middle Eastern country who started the oil price war to “rise to the occasion” and Continue Reading
Nigeria Can’t Cope With Global Pandemics Amid Vanishing Oil Revenue
Earlier this month, shortly before the global outbreak of the Coronavirus, also known as COVID-19, the price of oil tumbled from $68 to $30 per barrel. It’s a double whammy Continue Reading
India, Day 1: World’s Largest Coronavirus Lockdown Begins
India’s economy was sputtering even before its leader announced the world’s largest coronavirus lockdown. Now the state-ordered paralysis of virtually all commerce in the country has put millions of people Continue Reading
India lockdown: Coronavirus pandemic compounds demand woes for jet fuel, gasoil
Significant losses expected for India airlines Traders eye higher exports as domestic demand suffers The lockdown in India has affected India’s aviation sector further amid the coronavirus pandemic as air Continue Reading
As coronavirus hits Venezuela, Maduro further quashes dissent
On March 13, Melquiades Avila, an indigenous leader and journalist in the remote Venezuelan state of Delta Amacuro, asked on his popular Facebook account: “Will our hospital be ready for Continue Reading
As Latin America Shuts Down to Fight Virus, Brazil and Mexico Are Holdouts
Most leaders in Latin America reacted to the arrival of the coronavirus in the region with speed and severity: Borders were shut. Flights were halted. Soldiers roamed deserted streets enforcing Continue Reading
Mexicans fear looting spree as shops robbed, online messages incite theft
Mexicans on Wednesday feared measures to contain the coronavirus outbreak would lead to widespread looting after criminals robbed stores that were closed and posted calls on social media for people Continue Reading
China lifting last controls in province at outbreak’s center
Trains carrying factory employees back to work after two months in locked-down cities rolled out of Hubei province, the center of China’s virus outbreak, as the government on Wednesday began Continue Reading
Japan Slashes View of Economy on Virus, Postponed Olympics
Japan’s government slashed its assessment of the economy, downgrading a range of components hit by the coronavirus pandemic as schools were shut, factory production lines halted and the Olympics postponed. In Continue Reading
Retailers Cancel Orders From Asian Factories, Threatening Millions of Jobs
Retailers are suspending and canceling clothing orders, threatening millions of factory jobs in Asia just as China shows signs of recovering from the worst of the coronavirus outbreak. Among the Continue Reading