Many Shale Companies Are Already On The Brink Of Bankruptcy
OPEC may have reached a deal to cut 10 million bpd, but for many U.S. shale producers, it is too little, far too late. Much ado has been made about Continue Reading
Texas Oil Drillers Can’t Agree On Output Cuts
OPEC+ and large producers such as Canada, Norway, Mexico and Brazil came to an output cut agreement this weekend, but a coordinated output reduction in the United States isn’t likely Continue Reading
Enterprise Pipeline Offers Oil Route To Cushing Storage As Glut Grows
Enterprise Products Partners is opening the northbound capacity of its Seaway pipeline, offering U.S. oil producers struggling to place their oil near the Gulf Coast to ship their barrels to Continue Reading
Analysis: US crude stocks see largest-ever build amid record-low product demand
US crude inventories surged higher last week as refiner demand plummeted in the face of a historic slowdown in refined product demand, US Energy Information Administration data showed Wednesday. US Continue Reading
US weekly coal carloads fall to over 10-year low: AAR
US coal carload originations fell to a 10-year low of 52,468 in the week ended April 11, down 8.8% from 57,504 a week earlier and 36.1% lower than the year-ago Continue Reading
United cuts May flights by 90%, tells employees to brace for job cuts
United Airlines Holdings Inc ( UAL.O ) said on Wednesday that it has cut its flight schedule by 90% in May and expects similar cuts for June as a result Continue Reading
U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut
The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers Continue Reading
Business Leaders Urge Trump to Dramatically Increase Coronavirus Testing
Banking and financial services executives told President Trump that his administration needed to dramatically increase the availability of coronavirus testing before the public would be confident enough to return to Continue Reading
Smithfield to Close More Pork Plants Over Coronavirus Pandemic
Smithfield Foods Inc. said it would close two more pork-processing plants because of the coronavirus pandemic, reducing meat supplies for grocery stores and deepening challenges for farmers. The top U.S. Continue Reading
Royal Dutch Shell Sets Border Carbon CO2 Emissions Goal
Royal Dutch Shell Plc plans to eliminate all net emissions from its own operations and the bulk of greenhouse gases from fuel it sells to customers by 2050. The energy giant Continue Reading
Oil falls amid persistent fears about oversupply and pandemic
Oil prices fell on Wednesday on persistent worries about oversupply amid global coronavirus-related lockdowns and as the International Monetary Fund (IMF) warned of a deep recession. Brent futures LCOc1 were Continue Reading
Oil Market Report – April 2020
Global oil demand is expected to fall by a record 9.3 mb/d year-on-year in 2020. The impact of containment measures in 187 countries and territories has been to bring mobility Continue Reading
Oil Demand Projected to Fall by Record Amount
Global oil demand is expected to fall by a record 9.3 million barrels a day this year as government-implemented lockdowns keep the economy at a near standstill, the International Energy Continue Reading
IEA expects 2020 global refining throughput decline on ‘sharply’ reduced demand
The International Energy Agency said Wednesday that it expects global refinery throughput to decline by 7.6 million b/d this year to 74.3 million b/d “on sharply reduced demand for fuels.” Continue Reading
Oil Weighed Down After 10% Drop on Lingering Demand Fears
Oil fell below $20 a barrel after the International Energy Agency said demand would slump by a record this year despite a historic production cut deal. Futures fell as much as 4.5% Continue Reading
Oil Hits $20 After API Reports Mega Crude Inventory Build
The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 13.143 million barrels for the week ending April 10 as demand destruction stemming from the Continue Reading
Oil Prices Plunge On Grim IMF Economic Forecast
As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. “This crisis is Continue Reading
World economy set for heaviest blow since Great Depression
The coronavirus crisis will exact the biggest toll on the global economy since the 1930s Great Depression and potentially hit Britain harder than the Spanish flu epidemic and first world Continue Reading
Coronavirus-Afflicted Global Economy Is Almost Certainly in Recession
The global economy has almost certainly entered a recession affecting most of the world, with a severity unmatched by anything aside from the Great Depression, the International Monetary Fund said Continue Reading
This Non-OPEC Producer Boosted Its Output Ahead Of Historic Deal
Oman increased its crude oil and condensate production in March by nearly 13 percent from February, after the collapse of the OPEC+ deal early last month, according to data from Continue Reading
Thermal coal demand declining globally, driving fewer imports, production: analysts
Thermal coal demand is declining globally and forcing cutbacks of imports and production, driven by lower power-sector coal demand resulting from the coronavirus pandemic, analysts said Tuesday. “After some delays Continue Reading
Oil Falls As Saudi Arabia Launches New Price War With Record Discounts
This weekend’s 11th hour decision to cut OPEC oil output by 23% was supposed to end the oil price war between Saudi Arabia and the rest of OPEC+, but it Continue Reading
Saudi Arabia Claims The U.S. Was Not Their Target In The Oil War
Saudi Arabia did not intend for U.S. oil producers to suffer, Saudi Energy Minister, Prince Abdulaziz bin Salman, said in an interview with a select group of reporters, including Energy Continue Reading
Iranian Navy Temporarily Seizes Vessel, Sparking Persian Gulf Alert
Iranian naval forces seized a Hong Kong-flagged tanker and redirected the vessel into Iranian waters before releasing it, according to Western and Emirati officials, prompting a warning Tuesday to ships Continue Reading
Fujairah data: Oil product stocks climb to highest since record in February
Volumes of oil products held in storage at Fujairah climbed to their highest since the all-time high seen in February as tumbling demand from the coronavirus pandemic left more supplies Continue Reading
Will India Bear the Brunt of the COVID-19 Pandemic?
If India experiences the same kind of outbreak that better-prepared nations are struggling to manage, the South Asian giant soon could find itself with millions of deaths and a ravaged Continue Reading
Coronavirus lockdown guidelines: What has India changed under new rules?
India will be under lockdown for nearly three more weeks A day after extending a nationwide lockdown, India has relaxed restrictions on farming, banking and public works, but transport services Continue Reading
World Economy May Be Crashing But Guyana Still Seen Growing 53%
The world may be falling into its worst recession in almost a century but one tiny South American economy is still forecast to grow 53% this year. The remote, jungle-covered nation of Continue Reading
US and China still working to implement trade deal, says ambassador
China’s ambassador to Washington has said the two countries were still working to implement their trade deal despite the recent strains in their relationship prompted by the Covid-19 outbreak. Cui Continue Reading
Coronavirus: China yet to meet key phase one trade deal target due to Covid-19 lockdown
China was due to release intellectual property action plan 30 working days after phase one trade deal came into force on February 15 US officials said to be ‘frustrated’, but Continue Reading
China’s exports fall in March as pandemic hits world markets
China’s exports fell in March but at slower pace than the 17% contraction seen in January-February as the coronavirus shutdown paralyzed much business activity. Exports sank 6.6% from a year Continue Reading
China Tightens Russia Border to Stem Surge of Coronavirus Cases
China raced to contain a new outbreak of coronavirus in communities along its northern border with Russia, just days after Beijing had all but declared victory over the disease where Continue Reading
China Plans To Copy Mexico’s Mega Oil Hedge
This weekend, OPEC and its partners managed to agree on a historic oil production cut to the tune of 9.7 million bpd. The initial number the cartel eyed was 10 Continue Reading
China Stockpiled Ultra Cheap Crude During Lockdown
China imported crude oil at an average rate of around 10.38 million bpd, for a total of 43.91 million tons, according to calculations made by Reuters. The total for the Continue Reading
Tesla’s China car registrations surge in March as Shanghai factory back up
U.S. electric vehicle maker Tesla Inc’s ( TSLA.O ) China car registrations jumped 450% in March, month on month, data from auto consultancy LMC Automotive showed. Tesla’s China registrations rose Continue Reading
Hospital Visits Declined After Sulfur Dioxide Reductions from Louisville-Area Coal Plants
By taking advantage of a “natural experiment” brought on by the closure of one coal-fired power plant and the addition of new pollution controls at others in the area, health Continue Reading
Climate change is forcing Norfolk, Va., and other waterfront communities to plan their retreat from the coasts
On Richmond Crescent in Norfolk, Va., more than a dozen homes rise in varying heights, forming a streetscape bar graph tracing the past decade’s increasing threat of flooding from an Continue Reading
Worst-Case Fears of 20%-Plus U.S. Jobless Rate Are Now Realistic
What started as the worst-case scenario for U.S. unemployment is quickly becoming reality. Some economists now see the jobless rate surging to 20% as soon as this month — and Continue Reading
Shale Giants Clash Over Oil-Production Cap to Survive Rout
One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to Continue Reading
Get Ready for More, Longer Blackouts Due to the Coronavirus
By mid-Monday morning, storms sweeping north from the Gulf Coast had left more than 1.3 million out of power in the U.S. Under normal circumstances, this would have called for the mass Continue Reading
A Second Round of Coronavirus Layoffs Has Begun. Few Are Safe.
A second wave of job loss is hitting those who thought they were safe. Businesses that set up employees to work from home are laying them off as sales plummet. Continue Reading
U.S. Joining Global Push Allowing Cargo Shipments in Passenger Jet Cabins
The new guidance is slated to be issued in the coming days, they said, and is expected to resemble earlier moves by carriers and foreign aviation authorities from Canada to Continue Reading
U.S. Refineries In Jeopardy As Gasoline Consumption Plunges
Last time when prices at the pump were so low—about four years ago—it was heaven for drivers. Now, with lockdowns across most states, it is anything but: gasoline may indeed Continue Reading
U.S. May Help Oil Producers By Offering Storage Space In SPR
The U.S. Department of Energy is negotiating contracts with nine U.S. oil producers to store a total of 23 million barrels of their produced oil in the Strategic Petroleum Reserve Continue Reading
US gas inventories to rise at above-average rate amid demand destruction: analysts
Analysts expect a US natural gas storage injection nearly three times larger than the five-year average as warmer temperatures combine with demand destruction due to the ongoing coronavirus epidemic. Receive Continue Reading
Texas oil regulator weighs 20% production cuts against ‘free market’ opposition
Texas energy regulators began debating Tuesday whether the state should impose 20% crude oil output cuts on producers to help stabilize prices amid the global coronavirus pandemic. The issue is Continue Reading
Trump to Lease Oil Storage to Nine Companies
The US Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its SPR. (Bloomberg) — The U.S. Energy Department is negotiating Continue Reading
Texas Railroad Commissioner Talks Proration
Any argument that the Texas Railroad Commission (RRC) should not even consider proration is simply misinformed. That’s what RRC commissioner Ryan Sitton believes, according to a statement posted on the Continue Reading
Trump says close to plan to reopen economy possibly, in part, before May 1
President Donald Trump said on Tuesday he is close to completing a plan to end the coronavirus shutdown and reopen the battered U.S. economy with some parts of the country Continue Reading
U.S. may need to extend social distancing for virus until 2022, study says
(Reuters) – The United States may need to endure social distancing measures adopted during the coronavirus outbreak until 2022, according to researchers at the Harvard School of Public Health. The Continue Reading