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