Oil Rallies On Signs Of A Global Reopening
Oil prices rose early on Wednesday on a spate of relatively positive news. The most obvious for the oil market was the smaller-than-expected build in crude inventories reported by API. Continue Reading
Oil Jumps Amid Output Cuts and Early Signs of Demand Recovery
Oil jumped for a second day as global production cuts deepened and signs of a fledgling demand recovery emerged. Futures in New York rose by as much as 18%. Norway said Continue Reading
Oil Climbs on Biggest Jump in U.S. Gasoline Demand in 11 Months
Oil rallied on optimism that consumption could gradually return as major producers continue to cut output to counter a global glut. West Texas Intermediate futures surged 22% Wednesday. U.S. gasoline stocks Continue Reading
IEA floats more upbeat oil demand scenario on swift recovery from pandemic
Global oil demand could fall much less than expected in 2020 as a result of the coronavirus pandemic if lockdowns ease quickly and the world rebounds from the worst-hit to Continue Reading
Oil Fields Face Disorderly Shutdown Despite OPEC+ Cuts, IEA Says
Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have Continue Reading
Coal Demand Set for Biggest Annual Drop Since World War II
Global coal demand is heading for its biggest annual drop since World War II as economic activity plunges due to coronavirus lockdowns. Burning coal to make electricity in several European Continue Reading
Global gas benchmarks converge as pandemic roils demand, trade
The NYMEX Henry Hub prompt-month settled up 7 cents Wednesday to $1.87/MMBtu; the contract remained below a nine-week high at $1.94/MMBtu last week. Europe’s benchmark month-ahead gas price, the Dutch Continue Reading
Renewables Are the Only Winners in Historic Decline in Energy Demand
The coronavirus lockdown will cause the biggest drop in energy demand in history, with only renewables managing to increase output through the crisis. As people around the world consume less oil, Continue Reading
CO2 Emissions Are Falling. That Doesn’t Mean Virus Will Slow Warming
Springtime is a difficult moment to puzzle out what the ongoing economic shutdown means for global warming. Carbon-dioxide levels always drop throughout the spring and summer in the Northern Hemisphere, Continue Reading
Green Energy Helps Utilities Survive Slump After Virus Crisis
European utilities with bulging renewable energy portfolios are showing that the way out of the coronavirus slump is colored green. Energy companies from Orsted A/S to Iberdrola SA reported robust first-quarter earnings in a Continue Reading
Emissions Declines Will Set Records This Year. But It’s Not Good News.
Global greenhouse gas emissions are on track to plunge nearly 8 percent this year, the largest drop ever recorded, as worldwide lockdowns to fight the coronavirus have triggered an “unprecedented” Continue Reading
Coronavirus Should Re-Charge Zero-Carbon Energy
A dozen years ago, New Energy Finance founder and CEO Michael Liebreich asked a room full of California electricity sector executives and regulators what their strategy would be when a grid Continue Reading
Libya’s Haftar Offers Ramadan Truce Amid Power Grab Blowback
Libyan militia commander Khalifa Haftar ordered his forces to freeze operations during the Muslim holy month of Ramadan, as criticism mounts over his bid to consolidate power in the oil-rich east. The Continue Reading
Six Million Iranians Might Lose Jobs Due to Pandemic, Study Says
As many as 6.43 million Iranians, or nearly 25% of the workforce, could lose their jobs due to the coronavirus outbreak, according to a study by the country’s Parliament Research Continue Reading
Iraq Seeks More Aid From the U.S. to Manage Coronavirus Fallout
Iraq is seeking financial assistance from the U.S. to help the country combat the fallout of the Covid-19 pandemic and plummeting oil revenue, the country’s health minister-designate said. “We have been Continue Reading
Africa Braces for a Record Wave of Locusts
First came the floods. The waters swamped bean and corn fields and created a breeding ground for a swarm of desert locusts the size of Manhattan that fanned out and Continue Reading
Oil Pirates Have A New Favorite Hotspot
Gone are the days when Somalia’s Gulf of Aden was considered the most dangerous piracy zone for oil companies and other seafarers. But now, with offshore oil storage bursting at Continue Reading
Oil Major Chevron Could Be Forced To Cut Oil Production In Kazakhstan
Kazakhstan is in talks with the companies operating its two sizeable offshore oil projects to reduce total output by 22 percent in compliance with the latest OPEC+ production cut agreement. Continue Reading
Is Venezuela’s PDVSA Abandoning Its Socialist Agenda?
Venezuela seems to be changing tactics when it comes to managing its oil resources. PDVSA is considering a major industry reform that would increase private company activities in its troubled Continue Reading
Travellers rejoice, flight bookings surge as China’s capital relaxes curbs
Flight bookings surged by up to 15 times after Beijing relaxed quarantine rules, raising hope that a release of pent-up demand ahead of a major holiday will breathe life into Continue Reading
After aggressive mass testing, Vietnam says it contains coronavirus outbreak
Businessman Phan Quoc Viet was making his usual prayers at a pagoda in Tay Ninh, a province in southern Vietnam when the government official’s call came. It was late January, Continue Reading
Chinese Oil Giant CNOOC Cuts US Shale, Canada Oil Sands Output
China National Offshore Oil Corporation (CNOOC), a major oil operator with assets around the world, is reducing its 2020 production and spending guidance in light of the unprecedented market downturn, Continue Reading
China’s CNOOC cuts 2020 oil, gas output target by 3%, capex target by 11%
China National Offshore Oil Corp. cut its production and capital expenditure targets by 2.9% and 11.1%, respectively, for 2020 from the original plan amid low oil prices, with the reduction Continue Reading
Shipowners brace for S Korea’s new emissions rules amid pandemic pain
Shipowners are starting to gear up for South Korea’s stricter environmental emissions rules despite having no time to draw breath after transitioning to IMO 2020 and grappling with the coronavirus Continue Reading
Coronavirus savages U.S. economy in first quarter; bigger hit still to come
The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down Continue Reading
Exclusive: Chesapeake Energy preparing bankruptcy filing
Chesapeake Energy Corp ( CHK.N ), the oil and gas exploration and production company that was at the forefront of the past decade’s U.S. shale boom, is preparing a potential Continue Reading
Tesla’s profit run not derailed by coronavirus, full-year forecast scrapped
Tesla Inc ( TSLA.O ) on Wednesday posted its third quarterly profit in a row, but said the novel coronavirus was hurting deliveries and lockdown restrictions made it impossible for Continue Reading
Saudi Oil Flotilla Heading to U.S. Will Worsen Port Congestion
A fleet of supertankers carrying Saudi oil will add to the growing congestion at U.S. ports in coming weeks at the same time producers are shutting in output as they Continue Reading
Trump Said to Be Briefed on Emergency Aid for Oil Industry
The Trump administration may announce as soon as Thursday a plan to offer loans to the ailing oil industry possibly in exchange for a financial stake, according to two people Continue Reading
Economists agree: No quick rebound from recession is likely
Devastated by the coronavirus, the U.S. economy is sinking. And the plunge is accelerating. Now, as some businesses in a few states start to trickle back to work, hopes are Continue Reading
U.S. Economy Shrank at 4.8% Pace in First Quarter
The U.S. economy in the first quarter shrank at its fastest pace since the last recession as the coronavirus pandemic shut down large parts of the country, signaling the end Continue Reading
U.S. Borders to Remain Shut to Foreign Travelers as States Reopen
The Trump administration has no immediate plans to reopen the country’s borders after imposing a ban on foreign travelers from the European Union and the U.K. last month to slow Continue Reading
Summary of Weekly Petroleum Data for the week ending April 24, 2020
U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending April 24, 2020 which was 305,000 barrels per day more than the previous week’s average. Continue Reading
Permian Bankruptcies Could Fuel A Buying Spree For Big Oil
The United States shale revolution is over. Production in the Permian Basin, which spreads across West Texas and Southeast New Mexico, has been slowing for months, but the novel coronavirus Continue Reading
Fleet Of 28 Saudi Oil Tankers Could Send U.S. Oil Prices Crashing In May
With the Covid-19 pandemic reducing global oil demand by devastating numbers, oil storages are filling quickly in the US, forcing producers to start shutting output in the country and creating Continue Reading
Crashing Fuel Demand Leads To Large Loss For This Big U.S. Refiner
U.S. refiner Valero Energy Corporation ( NYSE: VLO ) reported on Wednesday a net loss of $1.9 billion for Q1, compared to a profit for the same period last year, Continue Reading
Morgan Stanley: Oil Demand Won’t Return To ‘Normal’ Until End-2021
Oil demand around the world will not return to the pre-virus levels of 2019 until the fourth quarter of 2021, as countries will be slowly emerging from the lockdowns and Continue Reading
Gasoline Inventories See Surprise Draw As Crude Stocks Soar
A day after the American Petroleum Institute reported yet another inventory build estimate, at close to 10 million barrels, the Energy Information Administration confirmed a build, saying inventories of crude Continue Reading
Another Big Shale Driller Stops Operations In The Bakken
After Continental Resources suspended drilling in North Dakota and started shutting in operating wells, now another company has followed: Oasis Petroleum. Reuters quotes unnamed sources that said the company has Continue Reading
Analysis: US crude stocks climb to 3-year high as refinery demand bottoms
US crude inventories again moved higher last week, but the build was blunted by an unexpected uptick in refinery demand, sliding production levels and strong export flows, an S&P Global Continue Reading
North Dakota regulators to decide if producing oil at low prices is ‘waste’
North Dakota regulators will hear testimony May 20 on whether oil production at current low prices amounts to wasting natural resources, potentially setting the stage for output restrictions, like those Continue Reading
Nine companies rent 23 million barrels worth of space in U.S. emergency oil reserve: official
Nine companies including Chevron Corp ( CVX.N ), Exxon Mobil Corp ( XOM.N ) and Alon USA Inc ALJON.UL have agreed to rent space to store 23 million barrels of Continue Reading
Russian Manufacturing Gauge Slumps to Lowest Since Records Began
A gauge of Russian manufacturing slumped to the lowest level since records began in 1997 as lockdowns across Europe choked demand. The Manufacturing Purchasing Managers’ Index fell to 31.3 in April, Continue Reading
Russia’s Grand Plan For Arctic Oil Is Under Threat
Russia’s oil sector has been at the center of virtually all developments in its modern history. Imperial Russia already produced oil in the early days of the industry from the Continue Reading
Italian Car Sales Plunged 98% In April
You can’t get much more of a “worse case scenario” in auto sales than watching numbers plunge an astounding 98%. But that’s exactly what has happened with new car sales Continue Reading
Russia Calls For Market Share Target For OPEC+
It would make sense for the OPEC+ coalition of oil producers to begin monitoring the group’s market share to measure how effective the OPEC+ actions are, Russian Energy Minister Alexander Continue Reading
Russian Oil Production Set For First Annual Drop Since 2008
Due to the OPEC+ production cut deal, Russia’s oil production could decline by 15 percent annually in 2020, Russian Energy Minister Alexander Novak told news agency Interfax in an interview Continue Reading
Euro zone economy shrinks at record rate, inflation slows sharply
The eurozone economy contracted at a record rate and by more than expected in the first three months of the year and inflation slowed sharply as much economic activity in Continue Reading
Service with a (masked) smile as Germany reopens stores
The eyes of the retail world are on Germany, the first major Western economy to start reopening bigger stores. Companies large and small, which have been hammered by the COVID-19 Continue Reading
Royal Dutch Shell (RDA) Cuts Dividend as Pandemic Hammers Oil
Royal Dutch Shell Plc cut its dividend for the first time since at least the Second World War as the oil slump triggered by the coronavirus pandemic reshapes the energy Continue Reading