Global Stocks Steady After Selloff, Oil Leaps 10%
Global stocks steadied Thursday after U.S. equities endured their worst start to a new quarter on record, while oil jumped 10% on hopes of an end to the price war Continue Reading
Oil Extends Rebound as China Prepares to Buy Crude for Reserves
Oil surged more than 12% as China planned to start buying up cheap crude for its strategic reserves, adding to tentative signs of growing risk appetite across financial markets that’s Continue Reading
Oil Extends Rebound as China Prepares to Buy Crude for Reserves
Oil surged more than 12% as China planned to start buying up cheap crude for its strategic reserves, adding to tentative signs of growing risk appetite across financial markets that’s Continue Reading
Crude oil futures climb ahead of Trump’s meeting with US oil leaders
Crude oil futures were higher in mid-morning trade Asia Thursday, as more optimism emerged ahead of US President Donald Trump’s meeting with oil industry leaders later in the week. Receive Continue Reading
Unprecedented Demand Destruction Marks The Return Of The Super Contango
These days, every corner of the oil market is “unprecedented”—from the demand destruction to the supply surge and the resulting glut. The oil futures curve is no exception and is Continue Reading
Economies won’t be able to recover after shutdowns
Citizens seem to be clamoring for shutdowns to prevent the spread of COVID-19. There is one major difficulty, however. Once an economy has been shut down, it is extremely difficult Continue Reading
Coronavirus: When Meeting a National Emissions-Reduction Goal May Not Be a Good Thing
An mall in lower Manhattan on March 29, 2020, emptied out by the city’s shelter-in-place order imposed to combat Covid-19. Credit: Spencer Platt/Getty Images The sudden drop in emissions tied Continue Reading
Trump warns Iran against possible ‘sneak attack’ on U.S. in Iraq
U.S. President Donald Trump said on Wednesday that Iran or its proxies planned a sneak attack on U.S. targets in Iraq, and warned they would pay a “very heavy price” Continue Reading
Iran Says U.S. Sanctions Are Taking Lives. U.S. Officials Disagree.
As Iran struggles with a devastating coronavirus outbreak, a broken economy and a severe shortage of medical equipment, it says that American trade sanctions are taking Iranian lives and has Continue Reading
Saudi Arabia’s Secret To Surviving The Oil Price War
Restrictions on movement and trade as a result of the Covid-19 pandemic have led to a significant shift in consumer behaviour in Saudi Arabia, with locals increasingly turning to digital Continue Reading
Iraq’s crude exports steady in March, but average price plunges 45%: oil ministry
Iraq’s crude exports averaged 3.390 million b/d in March, little changed from February, but average crude prices plunged 45%, the oil ministry said Wednesday. Receive daily email alerts, subscriber notes Continue Reading
Iraqi parliamentary committee recommends oil companies get paid with crude rather than cash
The committee proposed Kurdish oil be marketed by Baghdad It also recommended salary cuts, lower spending Delaying payments of foreign debt was also suggested Dubai — Iraq’s economic parliamentary committee Continue Reading
In poor countries, the lockdown cure could be worse than disease
Prime minister Narendra Modi warned that if India did not get the next 21 days right it would risk wiping out the gains of 21 years. In South Africa, Cyril Continue Reading
India’s Top Refiner Declares Force Majeure On Oil Imports From Saudi Arabia
Indian Oil Corp (IOC), the country’s biggest refiner and fuel retailer, has declared a force majeure on oil imports from some of its top oil suppliers, including Saudi Arabia, which Continue Reading
Venezuela fuel shortages hinder food delivery amid coronavirus quarantine
Venezuela’s fuel shortages are causing growing complications for the production and delivery of food to a crisis-stricken nation that is in quarantine to stop the spread of the coronavirus, according Continue Reading
Venezuela’s PDVSA sending oil to Cuba despite fuel shortages in home
The acute fuel shortage in Venezuela is impeding distribution of limited food and aid needed to tackle the spreading coronavirus. Venezuela’s national oil company PDVSA is continuing to supply its Continue Reading
China logs fewer coronavirus infections but limits some movement
China, where the coronavirus outbreak first erupted in December, logged fewer new infections on Thursday, but measures restricting movement across the country have tightened in some places due to fear Continue Reading
Shipping U.S. Oil to China Costs Half as Much as the Cargo
The cost of hauling oil from the U.S. to China has skyrocketed to nearly $10 a barrel — almost half of what the American benchmark crude is currently valued at — Continue Reading
Supplies Are Starting To Get Really Tight Nationwide As Food Distribution Systems Break Down
All across America, store shelves are emptying and people are becoming increasingly frustrated because they can’t get their hands on needed supplies. Most Americans are blaming “hoarders” for the current Continue Reading
Wall Street’s major indexes slammed as virus anxiety grows
The key S&P 500 index was down more than 4% on Wednesday after a dire warning on the U.S. death toll from the coronavirus and heightened nerves over the upcoming Continue Reading
U.S. shale company Whiting becomes first major bankruptcy of oil-price crash
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite Continue Reading
U.S. ISM Factory Orders, Labor Gauges Are Weakest Since 2009
The cost of hauling oil from the U.S. to China has skyrocketed to nearly $10 a barrel — almost half of what the American benchmark crude is currently valued at — Continue Reading
Massive New Mine Could Be Oil-Sands’ First Big Price War Victim
The last major oil-sands mine to start operating in northern Alberta could be Canada’s first big casualty of the Saudi-Russian price war and the Covid-19 pandemic. Teck Resources Ltd., one of Continue Reading
First Few Shale Bankruptcies Probably Would Have Happened Anyway
This year’s dramatic crash in oil prices will probably be blamed by many energy companies for their ultimate demise. But the first wave of U.S. shale producers to file for Continue Reading
Disputed Canada-US oil pipeline work to start in April
A Canadian company said Tuesday it plans to start construction of the disputed Keystone XL oil sands pipeline through the U.S. Midwest in April, after lining up customers and money Continue Reading
Summary of Weekly Petroleum Data for the week ending March 27, 2020
U.S. crude oil refinery inputs averaged 14.9 million barrels per day during the week ending March 27, 2020 which was 0.9 million barrels per day less than the previous week’s Continue Reading
U.S. To Rent Out Federal Storage Space To Oil Industry
U.S. oil producers may soon have access to federal oil storage space to alleviate the glut that is threatening to overwhelm existing private storage capacity. Bloomberg reports , quoting three Continue Reading
Why EVs Are Greener Than Gasoline And Diesel Powered Vehicles
While electric vehicles are often touted as the climate-friendly green alternative to standard combustion engines, there are some people that question whether this is really the case, or if it Continue Reading
Trump considers canceling domestic flights to coronavirus hot spots
President Donald Trump said on Wednesday he was considering a plan to halt domestic flights to coronavirus hot spots inside the United States as the country struggles to contain a Continue Reading
What 12 More Years of Putin Means for Russia
The Kremlin’s proposed constitutional amendments to extend Putin’s tenure could still set Moscow up for having to deal with a transition of power at a time of severe economic hardships…. Continue Reading
France Sanctions Chloroquine After 78 Of 80 Patients COMPLETELY Recover From COVID-19 Within Five Days
The French government has officially sanctioned the malaria drug chloroquine to fight the SARS-CoV-2 virus, France 24 English reported Saturday. “This ensures continued treatment of patients who have been treated Continue Reading
France passes 4,000 coronavirus deaths, no end of lockdown in sight
France became the fourth country to pass the 4,000 coronavirus deaths threshold on Wednesday, after Italy, Spain and the United States, as the government scrambles to stay ahead of the Continue Reading
Putin takes coronavirus precautions as Moscow unveils tracking app
President Vladimir Putin is taking precautions to protect himself against coronavirus, the Kremlin said on Wednesday, as Moscow authorities launched a smartphone app to track people who have been ordered Continue Reading
Italy’s Coronavirus Death Toll Is Far Higher Than Reported
In the town of Coccaglio, an hour’s drive east of here, the local nursing home lost over a third of its residents in March. None of the 24 people who Continue Reading
Spain sheds nearly 900,000 jobs since coronavirus lockdown
Spain has shed close to 900,000 jobs, more than half of them temporary, since it went into lockdown in mid-March to fight the coronavirus outbreak, social security data showed on Continue Reading
Russia’s coronavirus cases jump to more than 3,500 in record daily rise
Russia’s coronavirus case tally jumped to 3,548 on Thursday, a record daily increase of 771, Russia’s crisis response centre said. Cases have been recorded in 76 of Russia’s more than Continue Reading
Oil Holds Near $20 as Saudi Output Surges, Russia’s Won’t Rise
Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes. Crude futures in New York Continue Reading
Futures tumble as coronavirus crisis intensifies
U.S. stock index futures sank on Wednesday following stark predictions of a rising U.S. death toll and economic damage from the coronavirus outbreak, a day after the S&P 500 ended Continue Reading
Oil Posts Worst Quarter Ever While Physical Market Craters
Oil posted the worst quarter on record after the coronavirus crushed demand and raised fears about overflowing storage tanks amid a price war that has flooded the market with extra Continue Reading
The First Victims Of The Oil Price War
As the oil price war and coronavirus pandemic rage on, it’s becoming increasingly clear that the energy market can remain choppy and irrational longer than entire nations can stay solvent. Continue Reading
Oil Giants Turn On Each Other As Crude Prices Plummet
Scott Sheffield of Pioneer Natural Resources blamed ExxonMobil for blocking help from the American government for the U.S. shale industry. Exxon’s refusal, Sheffield says, is because the oil major wants Continue Reading
Why the Global Recession Could Last a Long Time
The world is almost certainly ensnared in a devastating recession delivered by the coronavirus pandemic. Now, fears are growing that the downturn could be far more punishing and long lasting Continue Reading
Oilfield spending to fall 21% as producers slash outlays: report
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Continue Reading
Oil’s Apocalyptic April Could Reverberate for Years to Come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come. Daily consumption will plummet by 15 million to 22 million Continue Reading
Trump Says World’s Biggest Oil Producers to Meet on Market Crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching an historic plunge in oil prices. Trump, speaking at the White House Tuesday, Continue Reading
The Inevitable Collapse Of Global Oil Production
The OVX index measures implied volatility of oil prices and is calculated by using movements in the prices of financial options for WTI. – The OVX reached 190 on March Continue Reading
U.S. Extends Iran Sanctions Waiver
The U.S. government has extended for another 60 days sanction waivers that allow Russia, China, and European countries to continue nonproliferation work at Iranian nuclear sites. Secretary of State Mike Continue Reading
Nigeria: Coronavirus – More Troubles for Nigeria As Oil Price Crashes Below $20 – – Lowest in 18 Years
As countries of the world continue to battle the spread of coronavirus , oil prices crashed below $20 amid a supply glut on Monday. Brent crude fell to $22.58 per Continue Reading
Rouhani: U.S. has lost opportunity to lift Iran sanctions amid coronavirus
Iran’s president said on Wednesday that, with the advent of the coronavirus, the United States had missed a historic opportunity to lift sanctions on his country, though the penalties had Continue Reading
Coal India Mulls Output Cuts as Inventories Mount on Virus Fight
State-run Coal India Ltd. is considering cutting output at some mines, aligning it with a steep drop in demand from power generators amid a countrywide lockdown, according to people with knowledge Continue Reading