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Month: May 2020

Category:
  • Prices

Oil surges 5% on U.S.-China trade optimism, falling crude output

 Oil prices soared on Friday, with U.S. futures closing out May with record monthly gains, on hopes that the U.S.-China trade deal would remain intact and on falling crude production. Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Prices

WTI rallies as Trump takes measured response toward China

NYMEX oil futures rallied in the final minutes of trading to settle sharply higher Friday amid optimism that the US and China could avoid a renewed trade war despite rising Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Are Unlikely To Break $40 This Year

Despite production cuts from OPEC+ and North America and slowly improving demand, oil prices are not expected to average much higher than current prices in 2020 because of renewed U.S.-China Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Price Rally Breaks Records In May

Early signs of growing demand for crude oil have prompted a market optimism that has led to increased WTI buying, setting the stage for the benchmark’s best-ever monthly performance , Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Oil Supply
  • Prices

Oil Market Could See Long Term Contango

The oil market could stay in a state of contango for longer after supply and demand finally balance due to the vast amount of crude and products in storage, Reuters Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Now Faces Demand Uncertainty After Record Rebound From Crash

Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88% in May, with U.S. futures on Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Prices

The Next Big Wildcard For Oil Markets

U.S. West Texas Intermediate crude oil is edging lower at the end of the week with prices being dragged down by weak U.S. fuel demand, fears of a second wave Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Oil Supply

Three Key Events In The Global Oil Patch

Three Events to Watch in the Global Oil Patch First, while the markets are again overly obsessed with OPEC news (particularly in the aftermath of an oil price war), all Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Energy Demand
  • IEA

IEA: Oil Demand to Soon Exceed Pre-Lockdown Level

Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions. “In the absence Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Climate

Economic Giants Are Restarting. Here’s What It Means for Climate Change.

As countries begin rolling out plans to restart their economies after the brutal shock inflicted by the coronavirus pandemic , the three biggest producers of planet-warming gases — the European Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • coronavirus

Coronavirus Cases Spike in Several Countries, Raising Possibility of Second Lockdowns: Live Coverage

Here’s what you need to know: Despite surging infections, India lifts its lockdown. Travel bubbles, airline corridors, bilateral border deals: Europe’s tangled reopening to travel. Trump, blaming China for the Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Climate

Antarctic Ocean Reveals New Signs of Rapid Melt of Ancient Ice, Clues About Future Sea Level Rise

A new study in the journal Science found that floating ice shelves can melt much more rapidly than previously thought—at a rate of about six miles per year. Credit: Massimo Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Climate
  • IMF

IMF Urges Stock Investors to Pay More Attention to Climate Risks

Investors worldwide are underestimating the financial risks from climate change, and companies need to start disclosing their exposure, according to the International Monetary Fund. As global temperatures rise, severe climate events Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • OPEC

OPEC Compliance With Output Cuts Was Only 74% In May

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Iran
  • USA

France, Britain, Germany ‘regret’ U.S. end to Iran nuclear waivers

France, Germany, and Britain on Saturday criticized a U.S. decision to end sanctions waivers allowing work on Iranian nuclear sites designed to prevent weapons development. “We deeply regret the U.S. Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Arabia Moved $40 Billion in Reserves to Sovereign Fund

Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Iran
  • USA
  • Venezuela

Exclusive: U.S. warns governments, firms against aiding Iran fuel shipments to Venezuela

Seeking to deter further shipments of Iranian fuel to Venezuela, the Trump administration has quietly warned foreign governments, seaports, shipping companies and insurers that they could face stiff U.S. sanctions Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • India

Its Coronavirus Caseload Soaring, India Is Reopening Anyway

Its coronavirus cases are skyrocketing, putting it among the world’s most worrisome pandemic zones in recent weeks. Nonetheless, India is reopening, lifting its lockdown at what experts fear may be the Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Iran
  • Venezuela

Iranian Oil Reaches Crisis-Stricken Venezuela

– Much to Turkey’s dismay, the EastMed gas pipeline project has been approved by the Cypriot cabinet, and studies are currently in progress. The consortium comprises Cyprus-Greece-Israel for the 1300-mile Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • China
  • USA

Trump orders his administration to begin eliminating Hong Kong privileges

U.S. President Donald Trump said on Friday he was directing his administration to begin the process of eliminating special treatment for Hong Kong, in response to China’s plans to impose Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • China
  • USA

Hong Kong warns removing U.S. special status is a ‘double-edged sword’

Hong Kong told the United States to keep out of the debate over national security legislation being imposed by China, and warned that withdrawal of the financial hub’s special status Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • China
  • USA

New Spat Between U.S. And China Could Crush $52 Billion Energy Deal

The latest escalation between the U.S. and China could compromise U.S. energy sales worth $52 billion that China pledged to make over the next few years as part of the Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • China
  • Electric Cars
  • Germany

Volkswagen intensifies e-mobility activities in China with additional €2B investment; JAC Volkswagen and battery-maker Gotion

Volkswagen plans to increase its share in JAC Volkswagen, its joint venture for e-mobility. Around €1 billion is to be invested. This amount includes the acquisition of 50% of JAG, Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • USA

Trump says terminating U.S. relationship with World Health Organization over virus

U.S. President Donald Trump on Friday said he is terminating the U.S. relationship with the World Health Organization over its handling of the coronavirus, saying the WHO had essentially become Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Economy
  • USA

Coronavirus sinks U.S. consumer spending; savings hit record high

U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Oil Explorers Revert to Pre-Shale Drilling Level Across U.S.

Oil explorers are drilling at the slowest pace in more than a decade as the pandemic-driven collapse in energy demand wipes out cash flow, jobs and even entire companies. Drillers idled Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Economy
  • USA

U.S. Consumer Spending Plunges While Stimulus Boosts Incomes

U.S. consumer spending plunged in April by the most on record as widespread government lockdowns largely prevented Americans from spending federal stimulus payments in the month. Household outlays fell 13.6% Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • International Oil Companies

Occidental Petroleum (OXY) Slashes Dividend by 91% to One Cent

Occidental Petroleum Corp. cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Oil And Gas Rig Count Falls For Ninth Straight Week

Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 301, with the total oil and Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Shale Oil

The Shale Bust Has Arrived

1. Shale bust is here – Shale wells decline somewhere between 70 and 90 percent from their initial peak within 3 years, with the bulk of that decline coming within Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Producers turn to hedging as shelter against oil market turmoil

 US shale oil producers have moved in droves during the last couple of months to protect themselves from current market turmoil by hedging, using a variety of derivative instruments to Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Climate
  • USA

As hurricane season approaches, utility response to heed pandemic protocols

 Utilities eye ‘layered defense’ to protect workforce Smaller staging areas, other protocols planned Sector constantly checking pulse of supply chain With the Atlantic hurricane season just around the corner, utilities Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. pipeline operator Energy Transfer warns of coming job cuts

U.S. pipeline operator Energy Transfer will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Marshall Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Shale Oil

Oil Explorers Revert to Pre-Shale Drilling Level Across U.S.

Oil explorers are drilling at the slowest pace in more than a decade as the pandemic-driven collapse in energy demand wipes out cash flow, jobs and even entire companies. Drillers Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Renewables
  • Shale Oil

Oil-Bust Refugees Are Being Courted By Clean Energy in Texas

Jeff Bishop’s LinkedIn post gets right to the point: “Houston Oil & Gas Folks — we’re hiring in Texas” for jobs in clean tech. His company, battery developer Key Capture Energy, Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • China
  • United Kingdom

UK widens visa rights offer to almost 3m Hong Kong residents

The UK has set itself on a collision course with China after broadening its offer on extended visa rights from 350,000 to almost 3m Hong Kong residents. After Beijing announced plans Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • coronavirus
  • Europe

Coronavirus: Denmark and Norway exclude Sweden from tourism

Travellers at Copenhagen Kastrup Airport (2019 file pic) Norway and Denmark say they will open up tourism between their two countries from 15 June but will maintain restrictions for Swedes. Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Germany
  • Wind

German offshore wind draft law sets 40 GW target by 2040

Draft law lifts maximum bid, adds second component to avoid draw Cabinet to decide Wed, stakeholders call for adjustments Hydrogen (non-grid) fields to be included at a later stage Germany’s Continue Reading

Posted On : 30 May 2020 Published By : Tom Whipple
Category:
  • Prices

Crude oil futures slip as market monitors US-China tensions

 0237 GMT: Crude oil futures slipped in mid-morning trade in Asia Friday as the market turned its focus on US-China tensions after US President Donald Trump said late Thursday that Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Prices for May 29, 2020: Brent Crude, WTI

Oil trimmed its biggest monthly advance on record as crude was swept up in the broader negative sentiment around deteriorating U.S.-China relations. Futures in New York declined 2.3% on Friday, Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Fall On Bearish EIA Data

The Energy Information poured cold water on oil bull circles this week when it reported a crude oil inventory increase of 7.9 million barrels for the week to May 22. Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • Oil Supply

The Oil Storage Crisis Is Far From Over

It’s more than a month since the oil markets sunk to a nadir in the mother-of-all market routs. Since then, oil prices have staged an impressive recovery, especially from WTI’s Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • Energy Demand

SUV Sales Exceed 40% Of Global Car Sales For The First Time

Sales of SUVs have been continuously rising not only in America but also around the world, to the point of exceeding 40 percent of all new car sales worldwide in Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • Electricity

IEA says global power sector to see almost $80 bil drop in investment in 2020

The International Energy Agency’s executive director said Thursday that with an historic $400 billion decline in overall energy investment in 2020 expected, the global power sector will account for almost Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • coronavirus

Coronavirus Will Change the World. Good Luck Figuring Out How.

The U.S. economy contracted 5% in the first quarter of 2020. With the coronavirus crisis continuing into the summer, economists are expecting an even steeper contraction in the second quarter. Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • coronavirus

The World Is Still Far From Herd Immunity for Coronavirus

That number isn’t high enough to fully reach herd immunity — and the flu still circulates every year. But there are benefits to partial immunity in the population: Only a Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • coronavirus

Coronavirus may never go away, even with a vaccine

It is a daunting proposition — a coronavirus-tinged world without a foreseeable end. But experts in epidemiology, disaster planning and vaccine development say embracing that reality is crucial to the Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • IEA

IEA’s World Energy Outlook Needs a 1.5°C Climate Change Scenario

The International Energy Agency marginalizes key climate goals in its research, according to an open letter from dozens of investors, business leaders, researchers and climate policy advocates. The Paris-based organization is largely funded Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • Climate

Key UN Climate Talks Officially Postponed to Nov. 2021

The United Nations “Cop26” Climate Change Conference in Glasgow has been officially postponed for a year and is now expected to take place the first two weeks of November. “The COP Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple
Category:
  • OPEC

Deja Vu: OPEC’s Recurring Oil Production Dilemma

Two conflicting reports about OPEC’s plans for oil production surfaced earlier this week–both citing unnamed sources. One set of sources claimed that Russia was considering an extension of the current Continue Reading

Posted On : 29 May 2020 Published By : Tom Whipple

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