Oil Prices for Jul. 31, 2020: Brent Crude, WTI
Oil is set to end July with a gain in New York ahead of OPEC+ plans to return supply to the market after the group’s historic output cuts, while the Continue Reading
Oil on track for monthly gain as dollar supports
Oil prices rose on Friday and were on track for monthly gains, boosted by a weaker dollar in the face of continuing concerns over the recovery of the U.S. economy Continue Reading
Oil Slides Most in a Month on Grim Economic Signals
Oil cratered the most in more than a month after data showed the U.S. economy had its worst contraction on record, with demand expected to languish as millions of Americans Continue Reading
Oil sinks on weak U.S. economic data, political uncertainty
Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election. Continue Reading
OPEC+ Prepares to Pump More Oil
From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge Continue Reading
Oil Market Contango Returns In A Sign Of New Glut
Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have Continue Reading
Trading Profits Save Oil Majors In Very Volatile Second Quarter
In a big day for earnings releases, European majors Shell and Total reported on Thursday surprise profits for the second quarter, thanks to strong oil trading business when prices were Continue Reading
Natural Gas Could Blaze Trail for Hydrogen
For a glimpse into the future of a hydrogen-fueled world, look no further than natural gas and the technology that rapidly transformed it into a global commodity. Following natural gas’s lead, Continue Reading
The World Is Facing A Solar Panel Waste Problem
Solar panel installations hit a total 629 GW last year–an increase of 12 percent from 2018. It was also a lot—really a lot—of panels. And in a few years, these Continue Reading
Why The Iran-China Oil Alliance Is So Important
The steady rise in U.S. strategic competition with the People’s Republic of China (PRC) over trade and the South China Sea already has so many dimensions that it is sometimes Continue Reading
Iraq in talks with Saudi Arabia and Honeywell over Basra mega-deal
Pivoting away from negotiations with ExxonMobil, Iraq is now putting the Ratawi oil field at the center of a prospective upstream, gas, and power deal with Saudi Arabia. Iraqi Oil Continue Reading
Saudi King Salman leaves hospital: state news agency
CAIRO (Reuters) – Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz left King Faisal hospital in Riyadh after recovery, the state news agency reported on Thursday. The Saudi king was Continue Reading
Iran struggles to buy food in a world wary of touching its money
Iran, creaking under the impact of U.S. sanctions, a collapse in oil sales and a severe COVID-19 epidemic, is scrambling to buy food and medicine to avoid a supply crunch. Continue Reading
A Quarter of Bangladesh Is Flooded. Millions Have Lost Everything.
Torrential rains have submerged at least a quarter of Bangladesh, washing away the few things that count as assets for some of the world’s poorest people — their goats and Continue Reading
Over Half of Residents in Mumbai’s Slums Were Exposed to Coronavirus, Survey Finds
More than half of the residents in the densely populated slums of India’s financial capital of Mumbai had been exposed to the coronavirus and developed antibodies as of early July, Continue Reading
Rising Seas Could Menace Millions Beyond Shorelines, Study Finds
As global warming pushes up ocean levels around the world, scientists have long warned that many low-lying coastal areas will become permanently submerged. But a new study published Thursday finds that much Continue Reading
CNPC In Talks To Buy $1.5-Billion Stake In BP’s Oman Gas Field
Chinese state-held giant China National Petroleum Corporation (CNPC) is in advanced talks to buy a 10-percent stake in a giant natural gas field in Oman from BP in a deal Continue Reading
China’s manufacturing improves in July, exports strengthen
China’s manufacturing activity edged up in July and export orders strengthened despite weak U.S. and European demand, a survey showed Friday, in fresh signs the world’s second-largest economy is gradually Continue Reading
Coronavirus Surge Could Restrain Consumer Spending—and Recovery
U.S. consumer spending likely rose in June but appears to have weakened in recent weeks as coronavirus cases increased, restraining the economic recovery. Americans’ ability and willingness to spend will Continue Reading
China’s Manufacturing Recovery Picks Up the Pace
An official gauge of China’s factory activity expanded at a faster pace in July, as improving demand inside and outside the country kept the recovery of the world’s second-largest economy Continue Reading
JAPAN DATA: Crude imports hit 54-year low on pandemic, non-Mideast oil squeezed out
Japan’s crude imports plunged 31% year on year to 1.91 million b/d in June, the lowest for the month in 54 years, as refiners slashed their crude throughput because of Continue Reading
Plunging U.S. GDP through June gives way to slow climb back in July
A record-setting drop in the U.S. economy from April to June has given way to an increasingly tepid-looking rebound as consumers appear to pull back and businesses slow rehiring, data Continue Reading
U.S. Jobless Claims Rise a Second Week in Sign of Growing Risks
The number of Americans filing for unemployment benefits increased for a second straight week, a sign the economic rebound is increasingly at risk with Congress poised to potentially let supplemental Continue Reading
U.S. Economy’s Rebound Looks Shakier After Worst Quarter Yet
The full scope of the pandemic’s toll on the U.S. economy was on display Thursday, when government officials reported that gross domestic product shrank the most on record in the second quarter Continue Reading
Extra $600 in jobless aid set to lapse as talks deadlock
A deadlocked Senate on Thursday exited Washington for the weekend without acting to extend a $600 per-week expanded jobless benefit that has helped keep both families and the economy afloat Continue Reading
U.S. Economy Contracted at Record Rate Last Quarter; Jobless Claims Rise to 1.43 Million
Economists have long used letters of the alphabet like V and U to describe economic recoveries. But the coronavirus downturn is so different from past recessions that economists are coming Continue Reading
Trump Allows Existing Keystone Oil Pipeline To Boost Capacity
U.S. President Donald Trump issued a presidential permit on Wednesday granting the operator of the existing Keystone oil pipeline, TC Energy, the right to increase the maximum throughput capacity, while Continue Reading
US working natural gas volumes in underground storage rise by 26 Bcf: EIA
Storage inventories increased by 26 Bcf to 3.241 Tcf for the week ended July 24, the US Energy Information Administration reported July 30. Receive daily email alerts, subscriber notes & Continue Reading
Oil Majors Report Dismal Second Quarter Earnings
On Thursday, some quarterly figures from the oil majors started coming in – and they are mostly negative. Royal Dutch Shell reported a staggering $18 billion quarterly loss, made worse Continue Reading
Exxon’s Mad Dash To Save Its Dividend
Exxon is planning to cut jobs and spending, in a hail mary to preserve its dividend, according to anonymous Reuters sources. Exxon spokesman Casey Norton, however, has denied that the Continue Reading
What’s Holding Geothermal Energy Back?
It’s abundant, and it’s emissions-free: the heat from the earth’s mantle that reaches well into the crust and gives deep drillers a headache occasionally is the new star on the Continue Reading
May coal deliveries to US power plants fall to more than 13-year low: EIA
Coal deliveries to US power plants fell to a more than 13-year low of 28.9 million st in May, down 3.7% from 30.02 million st delivered in April and 37% Continue Reading
DOE announces $100M for artificial photosynthesis research to two major partnerships
The US Department of Energy (DOE) announced $100 million in funding over five years for two new awards focused on advancing artificial photosynthesis for the production of fuels from sunlight. Continue Reading
Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp ( XOM.N ) is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with Continue Reading
This is one absolute failure by Donald Trump that is actually good for the United States
To say that in 2019 America produced less coal than it has in any year since 1978 is telling only part of the story. Because in 1978 coal mines across the Continue Reading
These are the top coronavirus vaccines to watch
Here’s a bright spot in a summer of otherwise discouraging coronavirus news: The race for a vaccine is going about as well as anyone could have expected. That’s despite the United States Continue Reading
Shell Swings to Historic Loss as Pandemic Devastates Oil Demand
An abundance of fossil fuels combined with advances in technology has sent energy prices crashing around the world. Royal Dutch Shell PLC swung to a heavy loss in the second Continue Reading
The World’s Largest Nuclear Fusion Reactor Is Finally Being Built
What do The Dark Knight Rises, Back to the Future, Oblivion, and Interstellar have in common ? They are sci-fi megahits that showcase a technology that scientists consider the Holy Continue Reading
Covid-19 Virus Plunges Euro-Area Into Recession, Spain Takes Biggest Hit
The euro-area economy plunged into an unprecedented slump in the second quarter, putting it in a deep hole from which it may take years to fully recover. Spain took the biggest Continue Reading
Eurozone economy suffers record drop during lockdown months
The economy of the 19-country eurozone shrank by a devastating 12.1% percent during the second quarter from the quarter before as coronavirus lockdowns froze business and consumer activity. It was Continue Reading
Excess deaths during Europe’s coronavirus outbreak were highest in England, according to U.K. analysis
England topped Europe’s grim league table for highest levels of excess deaths during the coronavirus pandemic, according to a new analysis published Thursday by Britain’s Office for National Statistics. The analysis Continue Reading
Crude stable as rising coronavirus cases offset US inventory draw
Crude oil futures were largely steady in mid-morning trade in Asia July 30, as a sharp uptick in global coronavirus cases overrode a deep decline in US inventory stocks. Receive Continue Reading
Oil Buoyed by Shrinking American Stockpiles and Dovish Fed – Bloomberg
Oil held gains in Asia following the biggest drop in American crude stockpiles this year and as the Federal Reserve reaffirmed that it would do whatever it takes to shore Continue Reading
Oil Rallies On Biggest Crude Inventory Draw Since 2019
U.S. crude oil inventories shed an impressive 10.6 million barrels in the week to July 24, the Energy Information Administration reported today. This compares with a build of 4.9 million Continue Reading
Why Oil Remains Stuck At $40
Oil prices posted gains once again on Wednesday on the back of bullish data from the EIA, but analysts are warning that plenty of downside risks remain. The EIA reported Continue Reading
Rystad Foresees New Oil Supply Glut
A new four-month oil supply glut should result from the partial return in August of curtailed OPEC+ production, Rystad Energy predicts. A new four-month oil supply glut of approximately 170 Continue Reading
Arctic climate change yields unprecedented heat, fires and ice melt
The Arctic summer of 2020 is one that has been marked by raging fires in the Far North, with smoke extending more than 1,000 miles downwind, along with alarming new Continue Reading
The COVID Crisis Could Lead To A Green Energy Boom
The novel coronavirus pandemic has wreaked an historic havoc on global markets, and left economies around the world floundering. The tragedies that have come along with COVID-19 are innumerable, from Continue Reading
Saudi Arabia Books $29-Bln Deficit In Q2
Saudi Arabia booked a deficit of $29 billion for the second quarter of the year because of the continued slump in oil prices and oil demand, which affected revenues. Reuters Continue Reading
Saudis Seen Cutting Oil Price as Fresh Supply Meets Demand Slump
Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the Continue Reading