Saudis Set to Sell 600,000 Barrels a Day of Oil to U.S. in April
Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official Continue Reading
Saudi Arabia’s Oil Stock Gambit
It’s the basic successful investment rule: buy when everyone is selling and sell when everyone is buying. The rule has been proved right by many a legendary figure in the Continue Reading
Saudi Arabia, Russia Hint at Further Action to Stem Oil Rout
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral. The two Continue Reading
Mexico’s Offshore Oil Investment Set To Plunge Despite Government Pledges
Investment in Mexico’s offshore oil sector is set to plunge by 21 percent between 2020 and 2025 compared to previous expectations, as the price crash and the financial issues of Continue Reading
Mexico’s Pemex Makes Unusual Move With Call For Joint Venture Opportunities
Mexico’s Pemex is looking for joint venture opportunities, the country’s energy regulator said. That’s despite the president’s decision to suspend all new bidding rounds and review all contracts with foreign Continue Reading
Mexico’s Pemex Has Too Much Fuel and Nowhere to Store It
Mexico’s Pemex has too much gasoline and nowhere to store it, potentially racking up significant ship fees as demand wanes because of the fast-spreading coronavirus. A lack of storage capacity in Continue Reading
China’s economy in worst downturn since ’60s in virus battle
China faces a drawn-out struggle to revive an economy that suffered its biggest contraction since possibly the mid-1960s after millions of people were told to stay home to fight the Continue Reading
Coronavirus Ravages China’s Economy—and It’s Just Getting Started
Since the Cultural Revolution ended in the mid-1970s, China’s economy, fueled by market reforms, has notched up more than four decades of unbroken gains, enlarging the domestic economy by roughly Continue Reading
South Korea’s New Coronavirus Twist: Recovered Patients Test Positive Again
More than 160 South Koreans have tested positive a second time for the coronavirus, a development that suggests the disease may have a longer shelf life than expected. Many had Continue Reading
Chinese Bargain Hunters Are Stocking Up On Ultra Cheap Crude Oil
Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are Continue Reading
China’s economy: the risk of a second coronavirus wave
On the same day that Chinese authorities began to relax a 77-day quarantine on Wuhan, the city that exported coronavirus across China and ultimately to every corner of the world, Continue Reading
Half of announced North American oil cuts come from just three companies
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron Continue Reading
Climate Change Brings Summertime Heat to Florida’s Early Spring
Florida is caught between a climate change-induced sauna of extreme spring temperatures and a steam bath caused by warming oceans. The result has been record-setting heat that has turned April Continue Reading
Flotilla of Saudi Oil Threatens to Worsen U.S. Supply Glut
A fleet of tankers full of Saudi oil is slowly making its way to the U.S. Gulf Coast, threatening to worsen an already historic oversupply of crude. The Saudi crude, Continue Reading
Virginia Closes Port Terminal as Volumes Dive From Coronavirus Impact
Virginia is home to the sixth-largest container port in the U.S., part of a sprawling facility that also includes the world’s largest naval base, ship repair services and dry-bulk berths Continue Reading
U.S. Drillers Shed 260 Rigs In Five Brutal Weeks
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 73, falling to 529, with the total oil and Continue Reading
Coronavirus pandemic accelerating need for coal production cutbacks amid declining demand
Declining US coal-fired power demand, hit further by the coronavirus pandemic pressuring electricity demand, has pushed major coal basins into oversupply and utility stockpiles to multi-year highs, requiring producers to Continue Reading
Analysis: SoCal Gas might reach max storage capacity by August under ‘best case scenario’
Despite capacity curtailments this summer leading to Southern California Gas Company’s storage system, its fields could hit maximum capacity as early as August, especially considering extended demand loss due to Continue Reading
US EPA rescinds legal basis for Obama-era mercury rule targeting power plants
Despite the objections of public health advocates and even the U.S. electric industry, the US Environmental Protection Agency April 16 released a final rule rescinding the legal basis for the Continue Reading
Schlumberger sees 40% capital spending cuts in North America
Industry leading oilfield service firm Schlumberger sees North American producers cutting their capital spending by 40% in 2020 compared to roughly 15% cutbacks internationally as independent shale firms move more Continue Reading
Keystone XL Hits Another Snag in Court
A US court ruled against the use of a permit that lets new pipelines cross bodies of water. TC Energy Corp.’s plans for the Keystone XL oil pipeline hit another Continue Reading
Big Banks Pull Financing, Prepare To Seize Assets From Collapsing Oil and Gas Industry
The finances of the oil and gas industry are so dismal that the major banks that have funded the money-losing fracking boom are now exploring taking the unusual step of Continue Reading
Texas Oil at $2 a Barrel Raises Specter of Negative Prices
Crude prices in America’s oil capital are getting dangerously close to zero. Buyers bidding for crude in Texas, the birthplace of the shale revolution, are offering as little as $2 a barrel for Continue Reading
Canadian Oil Sands Per Barrel At $4.47, Now Cheaper Than 12-Pack Coke, $5.08
The collapse of global oil demand has impacted the price of Canadian Oil Sands to such a degree, the price of a barrel is now cheaper than a 12-pack of Continue Reading
Exclusive: Moscow has more coronavirus cases than state testing shows, private lab data suggest
MOSCOW (Reuters) – The novel coronavirus has penetrated more deeply into Moscow’s population than official data show, private testing results among people without symptoms suggest. Moscow, a city of 12.7 Continue Reading
EU March new car registrations plunge 55.1% on year: ACEA
The EU passenger car market recorded a dramatic 55.1% year-on-year drop in registrations of new vehicles in March as a result of the coronavirus pandemic, the European auto manufacturers’ association, Continue Reading
Russia Coronavirus Cases: New Daily Record for Virus
Russia recorded its largest daily increase in coronavirus infections, with the new cases rising by almost 5,000 in a single day. New infections jumped by 4,785 to 36,793, the official Russian Continue Reading
Italy Coronavirus News: Milan Virus Cases Threaten Lockdown Plan
Persistently high levels of coronavirus cases in Milan are complicating Prime Minister Giuseppe Conte’s plans to restart the Italian economy. Even as growth in new cases nationally has slowed in recent Continue Reading
Oil falls as Chinese economy outweighs Trump plan to ease lockdown
Oil prices fell on Friday, giving up early gains as China’s worst economic contraction on record outweighed news of U.S. President Donald Trump’s plans to get the American economy moving Continue Reading
Oil Demand Won’t Bounce Back Anytime Soon
Oil demand is expected to be down by nearly 30 million barrels per day (mb/d) in April and down by almost 10 mb/d for the entire year, according to the Continue Reading
Oil Extends Slump Below $19 Following Persistent Gloomy Demand
Oil fell below $19 a barrel in New York after a wave of gloomy demand forecasts and a cratering physical market outweighed an unprecedented deal to cut output. China’s economy suffered a historic Continue Reading
WTI holds at 18-year low as market weighs US output cuts, weak economic data
ICE June Brent settled up 13 cents at $27.82/b while NYMEX May WTI settled unchanged on the day at $19.78/b. Indications of a contraction in US crude supply placed a Continue Reading
Oil Closes Under $20 for Second Day Amid Historic Demand Loss
Oil closed under $20 a barrel for a second day as projections that demand will fall to a 30-year low outweighed an agreement by the world’s biggest producers to curb supply. Futures Continue Reading
Coronavirus Causes Mass Layoffs In Renewables Sector
The renewable energy industry has not been spared by the significant job bleed that the coronavirus pandemic caused in the world’s biggest economy. Last month alone, 106,000 people from this Continue Reading
Can A Trillion New Trees Really Combat Climate Change?
Last month I discussed the announcement by Jeff Bezos, founder, president and CEO of Amazon — that he would commit $10 billion toward fighting climate change . The money would Continue Reading
Coronavirus has accelerated energy transition by a decade: Wartsila
European responses to the coronavirus have accelerated the electricity system transition by a decade, proving systems can cope with high levels of renewable energy generation, according to analysis Friday by Continue Reading
Demand For OPEC Oil Falls To 30-Year Low
The sharp contraction in global oil demand amid lockdowns and stalled industrial activity will lead to the lowest demand for OPEC crude in more than thirty years this quarter. Global Continue Reading
OPEC sees 10 mil b/d demand recovery by Q4 as market remains in ‘extreme’ shock
2020 oil demand to fall by 6.8 mil b/d, more downside likely Call on OPEC crude to average 24.52 mil b/d this year Demand for OPEC crude to fall to Continue Reading
OPEC March 2020 Production Data
All OPEC data reflected in the charts below are from the April edition of the OPEC Monthly Oil Market Report. https://momr.opec.org/pdf-download/ The data in in thousand barrels per day and Continue Reading
Real Oil Market Is Sinking and OPEC+ Deal Can’t Rescue It
The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged Continue Reading
The Real Winner Of The OPEC+ Output Deal
As of April 15, Mexico, the world’s 10th-most populous country, had recorded 5847 cases and 449 deaths related to COVID-19, far behind the figures reported by its northern neighbor, the Continue Reading
Saudi Aramco to slash crude supply to 8.5 mil b/d from May 1
State-owned Saudi Aramco said Friday it will cut oil supplies in May by almost 4 million b/d, in line with the kingdom’s commitments under the new OPEC/non-OPEC deal, as it Continue Reading
Nigeria: No Buyers Yet for 50m Barrels of Nigeria’s Crude Oil
Global energy data, financial information and analytics company, S&P Global Platts, disclosed that more than 50 million barrels of Nigerian crude oil for late April and May 2020 loading are Continue Reading
Nigerian crude in dire straits, gasping for buyers
The sheer weakness of the physical oil market can be best explained by the state of the Nigerian crude market. The once coveted light sweet Nigerian barrel is facing one Continue Reading
Brazil Cuts Oil Production On 62 Offshore Platforms
Petrobras has started shutting down production at 62 offshore platforms in the shallow waters off its coast, Reuters reported , adding that the cuts will amount to 23,000 bpd. Petrobras Continue Reading
Venezuela crisis: Energy shortage, gas lines challenge Maduro
With friends and family stuck indoors and buses rarely running, Onasis Muñoz missed several lifesaving dialysis sessions for his failing kidneys. When his blood pressure started to dangerously spike, he Continue Reading
China Is Stocking Up On Cheap LNG
COVID-19 is causing an unprecedented global economic crisis which also affects the LNG industry. In February China’s lockdown seemed to contain the outbreak of the virus but the ensuing pandemic Continue Reading
China Suffers Historic Economic Slump With Hard Recovery Ahead
The coronavirus pushed China’s economy into its first contraction in decades in the first quarter, with the spread of the disease around the world now leaving the nation reliant on Continue Reading
Hobbled by coronavirus, China’s first-quarter GDP shrinks for first time on record
China’s economy shrank in the March quarter for the first time since current records began almost three decades ago, as the coronavirus shut down factories and shopping malls and put Continue Reading
China’s Wuhan raises coronavirus death toll by 50% citing early lapses
The Chinese city of Wuhan raised its death toll from the novel coronavirus by 50% on Friday, bringing its total to 3,869, amid doubts about the accuracy of China’s data Continue Reading