Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases Continue Reading
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA Continue Reading
The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the Continue Reading
Last month , OPEC and its non-OPEC allies, known as OPEC+, agreed to extend their deep production cuts through July in an effort to rebalance oversupplied markets in the face Continue Reading
Houston-based Noble Energy plans to bring back by the end of July most of the oil production it had curtailed in the second quarter in response to the plunge in Continue Reading
The rash of oil and gas bankruptcies in North America is set to continue for the remainder of 2020, a report by Haynes and Boone cited by Reuters shows. After Continue Reading
Crude oil inventories in the United States swelled by 5.7 million barrels in the week to July 3, the Energy Information Administration reported , but gasoline inventories drew down. Analysts Continue Reading
Gasoline demand appears to be weakening in some parts of the United States, as the coronavirus continues to spread. The states hardest hit by the surging number of infections are Continue Reading
The number of oil and gas drilling permits in Texas fell by a third in June from a year earlier, the state’s oil and gas regulator body said on Tuesday. Continue Reading
A steep decline in US oil exports and a flood of imports pushed crude inventories higher last week, even as refinery inputs and refined product demand edged higher, US Energy Continue Reading
The recovery in oil demand and the less-than-feared demand destruction earlier this year will support oil prices next year when producers will be playing catch up with demand, and Brent Continue Reading
The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast Continue Reading
The major integrated oil companies: Shell,(NYSE:RDS.A, RDS.B); ExxonMobil, (NYSE:XOM); BP, (NYSE:BP); Chevron, (NYSE:CVX), and a few others, so named for their vertical stewardship of the hydrocarbon molecule from initial extraction Continue Reading
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the Continue Reading
The July Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve. Reduced economic activity related to Continue Reading
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
The US Energy Information Administration July 7 again lowered its estimates for natural gas marketed production for the rest of 2020, pointing to low gas and oil prices and production Continue Reading
A federal judge on July 7 denied Energy Transfer’s emergency request for a stay to avoid the ordered shutdown of the controversial Dakota Access Pipeline in August. Receive daily email Continue Reading
The US Energy Information Administration boosted its outlook for crude futures by about $4/b in the second half of 2020 and by $2/b for 2021 on OPEC+ supply cuts and Continue Reading
The Bakken shale is already declining because of financial struggles and the oil market downturn, but the potential shuttering of the Dakota Access pipeline could close off the possibility of Continue Reading
While US gasoline demand continues to recover from April lockdowns, driving fell last week in three states hit hard by rising coronavirus cases, highlighting the ongoing risks to oil demand Continue Reading
Italy’s Eni lowered its long-term oil price assumptions on Tuesday, saying that the coronavirus pandemic would have “an enduring impact” on the global economy and energy industry. Weeks after BP Continue Reading
Crude oil prices made ground during the European morning trading session on July 6, taking their cue from rising Asian indexes rather than from bad news about coronavirus in the Continue Reading
US Oil inventories declined by 7.20 million barrels w/w OPEC+ compliance is said to have exceeded 100% in June Angola is said to be unable to compensate for its missed Continue Reading
Here is a preview of issues to watch this week in the oil and gas markets. The $40 per barrel level for West Texas Intermediate crude oil could trigger an Continue Reading
Asian economies that appear to have a handle on the initial macroeconomic destruction caused by COVID-19 also happen to be prolific buyers of U.S. light sweet crude. The near-term economic Continue Reading
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the Continue Reading
U.S. crude futures edged lower with investors concerned that lackluster demand through the summer months will weigh on the market’s recovery. As coronavirus infections rise across much of the U.S., major Continue Reading
Oil rose in London to above $43 a barrel as Saudi Arabia hiked its official selling prices, and as global equity markets climbed. Brent gained 1.3% in London to near the Continue Reading
Oil prices hit a four-month high on Thursday, pushed higher by supply restrictions and a global rebound in demand. However, the accelerating spread of the coronavirus across the United States Continue Reading
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval Continue Reading
Oil prices hit four-month highs this week, but bearish sentiment quickly snapped back into place and halted the rally. For Global Energy Alert members there are now two new free Continue Reading
One big question emerging from the pandemic is whether it will speed up the global shift away from oil. Life under lockdown gave a taste of a world that burns Continue Reading
Crude oil futures were lower in midmorning trading in Asia July 3, after hitting a four-month high overnight on better-than-expected US labor market data, as concerns over rising COVID-19 cases Continue Reading
Billions of people spent the last few months in a lockdown of some form or another with travel bans or severe restrictions in place. Some warn that this will be Continue Reading
Crude oil prices are unlikely to return to three-digit levels ever again, Citigroup commodity analysts said in a note, as quoted by Bloomberg. The idea of oil at $100 or Continue Reading
Goldman Sachs’ commodity analysts remain guarded about oil’s potential to rise over the near term, but in 2021, prices may start to improve, commodity chief Jeffrey Currie told Bloomberg’s Alix Continue Reading
Angola is not too keen to compensate for its loose compliance with the OPEC+ cuts by making deeper production cuts in Q3, Reuters reported on Thursday, citing sources in the Continue Reading
U.S. oil and gas companies are scrambling for credit, with lenders tightening their purse strings as oil prices continue to sit below $40 per barrel. Oil and gas lenders have Continue Reading
After consecutive weeks of single-digit declines, the US oil and gas rig count may have essentially reached its long-awaited bottom. The US oil and gas rig count fell by six Continue Reading
OPEC+ is not discussing or planning changes to its production cut agreement, which should see the oil producers ease the cuts in August, Russia’s Energy Minister Alexander Novak said at Continue Reading
The oil market continues to tighten, but the surge of coronavirus cases in the U.S. could derail the rally in crude prices. OPEC+ can claim most of the credit for Continue Reading
The huge volumes of oil held at sea have started to shrink and are expected to continue declining into the second half of this year, thanks to recovering demand and Continue Reading
In previous energy downturns, prices slumped but companies kept faith in their oil and gas investments. This time it might be different, as the prospect sinks in that the pandemic’s Continue Reading
OPEC’s oil production in June came in at the lowest level since May 1991 during the Gulf War, and collectively meeting its promised cut. For June, OPEC cut its production Continue Reading
1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, Continue Reading
Saudi Arabia has threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said. Saudi energy Continue Reading
The coronavirus pandemic and the oil price collapse are accelerating the pace of bankruptcy filings in the U.S. shale patch this year. The number of filings had already started to Continue Reading
U.S. commercial crude oil inventories decreased by 7.2 million barrels from June 19 to June 26, according to the latest weekly petroleum data from the EIA. U.S. commercial crude oil Continue Reading
The American Petroleum Institute (API) estimated on Tuesday a major draw in crude oil inventories of 8.156 million barrels for the week ending June 26. Analysts had predicted an inventory Continue Reading
