Light Crude Down 11% for the Month
Oil posted its largest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery. Futures fell 1.1% in New York on Continue Reading
OIL FUTURES: Crude hits five-month lows as European lockdowns loom
Oil futures were settled near five-month lows Oct. 30 as rising COVID-19 cases continued to weigh on demand outlooks. NYMEX December WTI settled 38 cents lower at $35.79/b, and ICE Continue Reading
Oil Sees Worst Month Since March
Oil prices have hit a 5-month low as COVID cases climb, new lockdowns are put in place and reports emerge that OPEC may not maintain its production cut in 2021. Continue Reading
Oil falls on demand concerns, posts second monthly decline
Oil prices fell on Friday and posted a second consecutive monthly drop as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption. Continue Reading
Analysts: Oil Prices Are Going Nowhere In The Short Term
Oil prices will continue to trade in a narrow range for the rest of the year, and the average Brent price next year will not exceed $50 a barrel, the Continue Reading
Traders Look To Store Diesel At Sea As Second Wave Hits Demand
In another sign that the second coronavirus wave is hitting fuel demand, oil trading firms are looking for new supertankers to use them as floating storage for diesel as demand Continue Reading
Iraq To Back Any OPEC+ Oil Production Decision
OPEC’s second-largest oil producer, Iraq, will support any unanimous decision that the OPEC+ group makes regarding the alliance’s future oil production policy, Iraqi Oil Minister Ihsan Abdul Jabbar Ismaael said Continue Reading
Iraqi oil minister denies seeking exemption from OPEC + output cuts in 2021
Highlights Reuters reported Oct. 29 Iraq seeking exemptions Report quoted unnamed Iraqi oil official Kuwait denies report it opposes extension of cuts into 2021 Dubai — Iraqi oil minister Ihsan Continue Reading
Kurdistan Halts All Oil Exports After Attack
The Kurdistan Region Government in Iraq declared a halt to all oil exports on Friday after experiencing an attack on a crude oil pipeline earlier in the week. The pipeline Continue Reading
How Is the Oil Industry Dealing With Covid?
It was Andrew Swiger, the chief financial officer at Exxon Mobil Corp., who summarized the attitude of the whole industry after Big Oil ended reporting another dismal set of quarterly Continue Reading
PKK suspected of Iraq-Turkey Pipeline attack
The Kurdistan Workers’ Party (PKK) is suspected of causing an Oct. 28 explosion on the Turkish side of the Iraq-Turkey Pipeline, which temporarily shut down oil flows from fields controlled Continue Reading
Pipeline attack halts exports from Iraq’s Kurdish region
Highlights Investigation launched into Oct. 22 attack Most of Kurdish production is exported Kurdish region produces around 450,000 b/d Dubai — Iraq’s semi-autonomous Kurdish region said Oct. 31 an attack Continue Reading
Organised ‘overkill’: China shows off rapid lockdown system after latest outbreak
Days after a 17-year-old girl tested positive for COVID-19 in a remote part of western China last week, health authorities said they had tested over 4.7 million people in the Continue Reading
China’s Factory Outlook Steadies as Recovery Stays on Track
An official gauge of activity in China’s manufacturing industry fell slightly in October, while consumer spending helped to lift services output, suggesting the economic recovery remains on track. The manufacturing Continue Reading
Chinese manufacturing expands in October but at slower pace
China’s manufacturing activity expanded in October for the eighth straight month, though at a slightly slower rate than in September, the National Bureau of Statistics said Saturday. The Purchasing Managers’ Continue Reading
Chinese promise market opening amid technology push
China will promote “technological self-reliance” under the ruling Communist Party’s latest five-year plan but will open further to trade, officials said Friday. The comments reflect growing official urgency about nurturing Continue Reading
Super Typhoon Goni is 2020’s strongest storm, heads for Philippines
In just a day’s time, Super Typhoon Goni transformed from an ordinary Pacific cyclone into the year’s most intense storm on the planet. The typhoon is on a beeline for Continue Reading
Trump rolled back more than 125 environmental safeguards. Here’s how.
President Trump has spent the run-up to next week’s election touting himself as the finest steward of the nation’s air and water in generations. “Who would have thought,” he boasted Continue Reading
‘Zombie’ Oil Wells in Canada Are a Climate Threat
William Romaniuk stopped his tractor at the edge of his field and sniffed. A breeze came off the North Saskatchewan River, rippling across rows of ripe wheat, but a caustic Continue Reading
With election looming, U.S. faces record surge of coronavirus cases
A record surge of coronavirus cases in the United States is pushing hospitals to the brink of capacity and killing up to 1,000 people a day, the latest figures show, Continue Reading
Chesapeake, Franklin Head to Bankruptcy Showdown With Creditors
Chesapeake Energy Corp. and Franklin Resources Inc. will need to defend their debt restructuring plan in December from attack by unsecured creditors who claim the proposal is built on a fraudulent scheme, a judge Continue Reading
Stock Market Today: Dow, S&P Live Updates for Oct. 30, 2020
U.S. stocks dropped, capping their biggest weekly rout since March, after earnings from the largest tech companies disappointed investors concerned that a slowing economy will damp profit. The Nasdaq 100 declined about Continue Reading
Losses mount for oil companies as pandemic grips economy
Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtailed travel and crippled global economic activity. The energy giant on Friday posted a $680 million third-quarter Continue Reading
Exxon Posts Third Consecutive Quarterly Loss for First Time
Exxon Mobil Corp. posted its third consecutive quarterly loss for the first time on record Friday and disclosed that it may write down the value of natural-gas assets worth as Continue Reading
United States Records Its Worst Week Yet for Virus Cases
The outlook for the pandemic continues to worsen, and many areas of the United States are experiencing their worst weeks yet. The country reported a record of more than 500,000 Continue Reading
U.S. Rig Count Rises Despite Coronavirus Threat
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 221. The total number of active oil and gas rigs increased Continue Reading
Exxon Flags Possible $30B Writedown After Third Straight Loss
ExxonMobil ( NYSE: XOM ) warned on Friday that it could write down North American natural gas assets with a carrying value of up to US$30 billion as it reported Continue Reading
August coal deliveries to US power plants jump to seven-month high: EIA
Coal deliveries to US power plants rose to a seven-month high of 40.53 million st in August, up 8.3% from the previous month, but 20.6% lower than the year-ago month, Continue Reading
US ELECTIONS: Devon stocks up on permits for drilling on federal land amid US presidential election
Devon Energy will soon have enough permits for shale drilling on federal lands to cover its oil and gas production plans in the Permian’s Delaware Basin through 2024, CEO David Continue Reading
US Gulf oil and gas production, Louisiana refineries returning after Hurricane Zeta
The US Gulf of Mexico’s oil and gas volumes and some New Orleans-area refineries are returning after Hurricane Zeta ripped through the region and knocked out power in much of Continue Reading
ExxonMobil aims to boost Permian oil output in 2021 despite capex cuts
ExxonMobil has returned all but 140,000 b/d of oil production curtailed during the spring’s oil price crash, and the producer aims to increase output from the Permian Basin next year Continue Reading
Energy’s Plunge Is Now Worst Among S&P Sectors Dating to 1928
Energy stocks are suffering through their worst retreat in almost a century. In the biggest drop of any sector going back to 1928, energy stocks have lost 60% more value than Continue Reading
Appalachian gas production record weighs on market’s bullish winter sentiment
Appalachian Basin gas production edged up to its highest on record Oct. 30, dampening recent cash and forward-market bullishness over the promise of colder weather. Receive daily email alerts, subscriber Continue Reading
Wind, Solar News: Repsol Now Spends More on Renewables Than Drilling
Repsol SA has invested more in recent months in developing renewable power projects than searching for oil and gas, offering the latest example of how Europe’s energy giants are accelerating Continue Reading
Global travel and tourism projected to shed 174 million jobs
The global travel and tourism industry is on course to lose 174 million jobs this year if current restrictions to curb the spread of the coronavirus remain in place, a Continue Reading
Europe Risks a New Economic Downturn as Lockdowns Return
On paper the European economy is snapping back smartly from the pandemic, growing more in the third quarter than it ever had. But images from Paris, Madrid and Frankfurt tell Continue Reading
Western Europe’s Biggest Oilfield Set To Increase Production
The giant Johan Sverdrup oilfield in Norway’s North Sea is expected to increase its oil production this quarter after the Norwegian government raised the Q4 production permits for Western Europe’s Continue Reading
European mobility sinks to two-month low as major new lockdowns loom
Economic mobility indicators in Europe’s largest economies have fallen to more than two-month lows, according to Google data, as the growing wave of second-wave lockdowns in the region continues to Continue Reading
UK calls for greater international climate ambition ahead of Dec. 12 summit
The UK government has invited countries to prepare announcements of stronger climate commitments ahead of a planned virtual international climate summit Dec. 12. Receive daily email alerts, subscriber notes & Continue Reading
Oil Set for Worst Month Since March as Virus Revival Cuts Travel
Oil is poised for the biggest monthly slide since March on concern a resurgent pandemic in the U.S. and Europe will keep people hunkered down, crimping demand for auto and Continue Reading
Oil losses deepen as anxiety builds over lockdowns, U.S. elections
Global oil prices fell more than 1% on Friday, extending losses and on track for a second monthly fall, on growing concerns that the rise in COVID-19 cases in Europe Continue Reading
Oil Prices Fall Amid Demand Destruction Fears
Oil futures fell to multi-month lows as record growth in coronavirus cases in the U.S. and Europe raised the specter of more demand destruction from tighter lockdown measures. Futures in Continue Reading
The New Energy Reality Is A Massive Opportunity For Investors
Since the very beginning of the novel coronavirus pandemic, it was clear that coronavirus would have a severe and lasting impact on the energy industry. At first, as the worldwide Continue Reading
OPEC Members Rebel Over Production Cut Extension
While the oil market speculates on whether or not OPEC+ will ease its production cuts in January amid sluggish demand, rumors emerged on Thursday that the three biggest OPEC producers Continue Reading
U.S. unveils more sanctions on Iran and sells off Iranian oil for terrorism victims fund
An Iranian oil tanker Forest is anchored off the dock of El Palito refinery near Puerto Cabello, Venezuela, on Sept 29. The Trump administration on Thursday unveiled a set of Continue Reading
US sells seized Iranian gasoline cargoes for more than $40 million: DOJ
Four Iranian gasoline cargoes that were bound for Venezuela but seized by the US earlier this year have been sold in a forfeiture auction for more than $40 million, the Continue Reading
U.S. Blacklists Iranian, Chinese Companies Accused of Helping Iran Evade Energy Sanctions
The Trump administration on Thursday rolled out another pre-election battery of sanctions and other punitive actions against Iran, blacklisting Iranian and Chinese energy companies and announcing forfeiture actions against two Continue Reading
The war in the Caucasus nears a bloody tipping point
You’re reading an excerpt from the Today’s WorldView newsletter. Sign up to get the rest , including news from around the globe, interesting ideas and opinions to know, sent to Continue Reading
Could Fracking Help Save Colombia’s Oil Dependent Economy?
For almost a decade the Andean country of Colombia has been battling to significantly boost its low proven petroleum reserves and lengthen the production life of its economically vital oil Continue Reading
Will A Fracking Boom Ever Happen In Mexico?
Mexico is sitting on top of the sixth biggest collective shale reserve in the entire world. At an estimated total of 545 trillion cubic feet , they’re just a hair Continue Reading