The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 9.978 million barrels for the week ending April 24 as the demand destruction continues and Continue Reading
The Regional Municipality of Wood Buffalo, which includes Fort McMurray – the hub of Alberta’s oil sands business – has issued a mandatory evacuation order for all of downtown Fort Continue Reading
U.S. oil companies have started sending oil to the Strategic Petroleum Reserve, Bloomberg reports, citing a Department of Energy official. According to the official, since the start of April, some Continue Reading
It’s the latest example of an oil and gas deal running into snags amid the unprecedented plunge in crude prices. (Bloomberg) — Continental Resources Inc. is being sued by a Continue Reading
Whiting Petroleum, a major oil and gas producer in the Bakken Shale and Denver-Julesburg Basin, announced Monday it had filed a Chapter 11 plan, as the decimated global demand for Continue Reading
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the Continue Reading
The magnitude of how damaged the energy industry is coming into full view on April 20 when the benchmark price of U.S. oil futures CLc1, which had never dropped below Continue Reading
Oklahoma’s governor has called on U.S. President Donald Trump to declare the coronavirus pandemic an “act of God,” a step to help oil-producing states contend with a crude glut that Continue Reading
A few weeks before the summer driving season begins, U.S. gasoline consumption has plummeted to levels last seen in the late 1960s, due to the lockdowns to contain the spreading Continue Reading
The global oil market is on track to test storage capacity limits in as little as three weeks, requiring the shut-in of nearly 20% of global production, according to Goldman Sachs Continue Reading
