The U.S.-China Feud Gets Nasty
The U.S. and China are moving beyond bellicose trade threats to exchanging regulatory punches that threaten a wide range of industries including technology, energy and air travel. The two countries Continue Reading
Oil groups boosted by cuts to US royalty rates during pandemic
Oil and natural gas companies that drill on US government-owned land are spending less for access after the Trump administration invoked the coronavirus crisis to slash the royalties they pay. About Continue Reading
Shale pioneer Chesapeake Energy files for bankruptcy
Chesapeake Energy Corp ( CHK.N ) filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed Continue Reading
U.S. LNG Industry Needs Prices To Double
Last week, Tellurian said it would make the final investment decision on the Driftwood LNG project next year. On the one hand, the news is good: Tellurian had stopped making Continue Reading
30% Of U.S. Shale Drillers Could Go Under
U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank Continue Reading
2020 Will Be A Brutal Year For Coal
As if the economic fallout from the novel coronavirus pandemic weren’t enough, a series of trade battles have redoubled the United States’ economic woes in recent weeks. Like everywhere else Continue Reading
Natural Gas Price Plunge Could Soon Lead To Shut-Ins
Natural gas prices plunged to new lows this week, falling below $1.50/MMBtu, a catastrophically low price for U.S. gas drillers. The factors afflicting the gas market are multiple. Prices had Continue Reading
Coronavirus rekindles global trade disputes
At the start of the year, U.S.-China tensions were easing after their Phase I trade deal, while Washington, Brussels and Tokyo agreed on new global trading rules to curb subsidies. Continue Reading
Airbus sees output down 40% for two years as job cuts loom
Airbus ( AIR.PA ) plane output will be 40% lower for two years compared to pre-crisis plans, its chief executive said in remarks published on Monday, underscoring the threat to Continue Reading
Oil Prices Down for the Week
Oil posted its second weekly loss for the month, as a surge in U.S. coronavirus cases clouds the demand outlook and casts doubts on the market’s recovery. (Bloomberg) — Oil Continue Reading
Oil Prices Fall Back Below $40 On New COVID Fears
The two-month oil rally has stalled, with WTI falling back to $38 per barrel. The resurgence of Covid-19 across the U.S. has halted the market’s positive momentum. Natural gas prices Continue Reading
Crude Oil Prices for WTI, Brent on Friday, June 26, 2020
Oil posted its second weekly loss for the month, as a surge in U.S. coronavirus cases clouds the demand outlook and casts doubts on the market’s recovery. Futures in New York Continue Reading
Non-OPEC W/O U.S. On Production Plateau
This post updates Non-OPEC production to February 2020. However, we are now in late June 2020 and the effects of the plunge in the price of WTI which began on Continue Reading
Global nuclear power capacity falls 4.5 GW in 2019: IAEA
Global nuclear generating capacity was 391.1 GW as of December 31, 2019, with 443 operational reactors in 30 countries, a fall of 4.5 GW from 386.6 GW at the end Continue Reading
Russia’s Putin, France’s Macron call for Libya ceasefire: Kremlin
Russian President Vladimir Putin and French counterpart Emmanuel Macron called on Friday for a ceasefire in Libya and a return to dialogue, the Kremlin said in a statement following a Continue Reading
UN Warns Abandoned Full Oil Tanker Off Yemen Could Explode
A tanker with 1 million barrels of oil, which has been moored off the Yemeni coast for five years, could explode or sink, the United Nations (UN) warn , in Continue Reading
Parliament passes $18 billion emergency financing law
Iraq’s Parliament has passed a law authorizing new borrowing of nearly $18 billion – an emergency measure that will enable the government to pay public-sector salaries despite a dire financial Continue Reading
Foreign powers preventing Libya from restarting oil output: NOC’s Sanalla
The head of Libya’s state-owned oil company has called out foreign powers for meddling in the country’s oil sector, accusing them of preventing the North African producer from restarting production. Continue Reading
Russian Mercenaries Block Output Restart At Libya’s Largest Oilfield
Russian and other foreign mercenaries entered the Sharara oilfield on Thursday evening to prevent the resumption of oil production at the largest Libyan oilfield. Early this month, NOC resumed production Continue Reading
Egypt, Ethiopia and Sudan to agree Nile dam deal in weeks
Egypt, Ethiopia, and Sudan will agree on a deal to fill the giant Blue Nile dam in two to three weeks, following mediation by the African Union to broker a Continue Reading
Power outages spark protests across Karachi
The city witnessed widespread protests on Wednesday as residents, angered by prolonged blackouts and water shortages amid rising temperatures and a pandemic, took to the streets. Various neighborhoods, including Korangi, Landhi, Continue Reading
Owner Of Largest Refinery In India Stops Importing Venezuelan Oil
Reliance Industries, the owner of the largest refinery in India and the world, has stopped buying Venezuelan crude, according to unnamed sources in the know who spoke to Bloomberg, Last Continue Reading
Prices may be rising for world’s cheapest gas in Venezuela
President Nicolas Maduro said Wednesday he’s appointed a team of specialists to consider whether the price of the world’s cheapest gasoline in Venezuela should rise for drivers in the crisis-stricken Continue Reading
Exclusive: Venezuela’s PDVSA Weighs Plan to Pay for Refinery Work With Fuel, Byproducts-Sources
Officials from Venezuelan state oil company Petroleos de Venezuela [PDVSA.UL] have spoken with private contractors about paying for work fixing the country’s refineries with fuel and byproducts, a half dozen Continue Reading
China Message to U.S.: Crossing ‘Red Lines’ Could Put Trade Deal at Risk
Under pressure from China, Hong Kong has been chipping away at the territory’s free speech, which is a key pillar of the city’s identity. WSJ visits the set of “Headliner,” Continue Reading
China’s Oil Imports From Saudi Arabia Jump To Record High
As China imported its highest-ever volume of crude oil in May. Chinese imports of crude oil from OPEC’s largest producer, Saudi Arabia, surged by 94.9 percent on the year and Continue Reading
CHINA DATA: May crude imports from Saudi Arabia soar 95% on year to record high
Singapore — China’s crude oil imports from Saudi Arabia soared 94.9% year on year to 9.17 million mt, or 2.17 million b/d, in May, a new record high for a Continue Reading
China’s U.S. Oil Binge Seen Slowing With Virus Revival
A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases. Signs of weakening demand from the Continue Reading
Air carriers canceled 41% of U.S. flights in April
U.S. air carriers canceled a record 41% of scheduled flights in April even as carriers had scheduled a historic low number of flights in the face of the coronavirus pandemic Continue Reading
Has The Rig Count Collapse Finally Bottomed Out?
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 1. Canada’s overall rig count fell this week by Continue Reading
U.S. Gulf Coast Crude Oil Gets Its Own Benchmark
S&P Global Platts and Argus Media will today launch new benchmarks for pricing U.S. crude oil that is being exported to replace the West Texas Intermediate benchmark. The new benchmarks Continue Reading
Alberta Extends Investigation Into Foreign Anti-Oil Funding
The Alberta government has extended until October an investigation into whether foreign groups are funding anti-oil protests in Canada, the Canadian Press reports , citing Energy Minister Sonya Savage. According Continue Reading
Appalachia’s autumn gas forwards hit record low amid substantial supply growth
Autumn forwards prices at Appalachia’s benchmark Dominion South hub are at fresh lows in late June as anticipated production growth, rising gas storage levels and limited midstream capacity loom large Continue Reading
Interior proposes opening 7 million acres in Alaska petroleum reserve to leasing
The US Department of the Interior will open 7 million acres of additional Alaska lands to oil and natural gas leasing in a plan released June 25. Receive daily email Continue Reading
Exxon Reportedly Preps for US Job Cuts
Some U.S.-based employees who are subject to performance evaluations could end up leaving this year after their assessments, unnamed sources told Bloomberg. (Bloomberg) — Exxon Mobil Corp. is preparing to Continue Reading
Oil Market Optimism Downplays DUCs
Recent oil market buoyancy fails to properly account for a potential drag on the West Texas Intermediate (WTI) benchmark, according to one of Rigzone’s regular market-watchers. Read on to learn Continue Reading
New U.S. coronavirus cases hit 45,242 for biggest one-day increase of pandemic
The United States recorded 45,242 new cases of COVID-19 on Friday, the largest single-day increase of the pandemic, according to a Reuters tally, bringing the total number of Americans who Continue Reading
Delta will warn pilots about possible furloughs, offers early retirement
Delta Air Lines ( DAL.N ) said late on Friday it will soon send warning notices to about 2,500 pilots regarding possible furloughs at the airline, as the industry takes Continue Reading
Trump administration has denied most onshore drilling relief requests: official
The Trump administration has rejected most requests for royalty relief submitted by onshore oil and gas companies struggling with reduced demand for fuel and battered prices, a top Interior Department Continue Reading
A Second Wave of the Virus Is Threatening U.S. Oil Demand Again
After months of empty roads, lockdowns were easing and people were getting behind the wheel again. A station in Northern California was selling gasoline for a whopping $5.98 a gallon. Continue Reading
In a Summer of Extreme Weather, Climate Costs Remain Mysterious
How much does climate change actually cost? It’s one of the more important questions, and also one of the more difficult ones. The reason often hinges on one word: attribution. It’s one Continue Reading
The Coronavirus Surge in Florida, Arizona, Texas Isn’t the Same as New York’s Crisis
The virus that ravaged Northeastern U.S. cities is surging through Southern and Western states. It’s different this time. Younger people are getting sick with Covid-19. States that had brief coronavirus Continue Reading
Leaders Re-examine U.S. Reopenings as Coronavirus Cases Hit Another Record
As coronavirus cases surge across much of the United States, leaders are urgently rethinking their strategies to curb the spread, which the nation’s top infectious disease expert said on Friday Continue Reading
Record Saharan dust event brings unhealthy air quality to Texas, Louisiana
The most far-reaching and potent outbreak of dust from the Sahara Desert in decades has begun to significantly affect the Lower 48 states, with air quality deteriorating markedly on the Continue Reading
ExxonMobil Readies To Make Major Job Cuts
The largest oil company in the United States is preparing to let go between 5% and 10% of its US-based employees subject to performance reviewed, anonymous sources told BNN Bloomberg. Continue Reading
US Hampton Roads coal exports falls to three-year low in May
Coal exports out of the terminals in the Hampton Roads region in Virginia were at a three-year-low 2.1 million st in May, down 7.8% from 2.28 million st in April Continue Reading
U.S. consumer spending rebounds; falling income, surging COVID-19 cases loom
U.S. consumer spending rebounded by the most on record in May, but the gains are not likely to be sustainable, with income dropping and expected to decline further as millions Continue Reading
Europe Shuns Russia’s Crude Oil As Price Soars
European refiners are shunning Russia’s flagship crude grade Urals, which is now more expensive than Brent Crude after Russia cut its exports as part of the OPEC+ agreement, oil traders Continue Reading
Russia’s Gazprom mulls Power of Siberia capacity expansion to 44 Bcm/year
Russia’s Gazprom is considering, with Chinese partners, increasing the capacity of its Power of Siberia gas pipeline to 44 Bcm/year from the current design capacity of 38 Bcm/year, CEO Alexei Continue Reading
EU holds off decision on borders, Americans set to be excluded
European Union countries failed to settle on Friday on a final “safe list” of countries whose residents could travel to the bloc from July, with the United States, Brazil and Continue Reading