OPEC+ Is On The Brink Of A Crisis
The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate. The IMF has presented a very Continue Reading
Conoco to Buy Concho for $9.7 Billion to Create Shale Giant
ConocoPhillips agreed to buy Concho Resources Inc. for about $9.7 billion in stock, the largest shale industry deal since the collapse in energy demand earlier this year and one that Continue Reading
Biden’s $2 Trillion Energy Plan Could Crush Natural Gas
While Joe Biden has been busy speaking out of both sides of his mouth about what his position on fracking would be, if elected, another revelation has come to light: Continue Reading
Halliburton Sees Fracking Activity Picking Up
Halliburton Company ( NYSE: HAL ), the largest fracking services provider in North America, sees activity across the shale patch stabilizing as it reported another net loss this year due Continue Reading
Halliburton hangs profitability on international growth, leaner US operations
Highlights Completes $1 billion cost-reduction plan Expects US shale sector to ‘slim down’ Committed to oil and gas operations New York — Halliburton is looking to expand its international market Continue Reading
U.S. Election: Joe Biden Would Be a Sea Change For the Oil Price
I don’t know who’ll prevail in the U.S. election. But one thing we can probably all agree on is that incumbent leader President Donald Trump has had an extraordinary impact Continue Reading
OPEC+ Faces Growing Pressure to Change Course as Ministers Meet
When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once Continue Reading
Oil Prices Manage Slight Gain for Week
Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market. Futures in Continue Reading
Oil dips on COVID-19 resurgence, fears of more supply
Oil prices edged lower on Friday, dragged down by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag on demand in two Continue Reading
COVID Kills Another Oil Rally
Yet another oil price rally has been cut short by COVID, with cases climbing in both the U.S. and across Europe as hopes of speedy oil demand recovery fade. For Continue Reading
Schlumberger Books Third Loss This Year As Oil Crisis Bites
The world’s largest oilfield services provider, Schlumberger ( NYSE: SLB ), reported on Friday its third consecutive quarterly loss this year as exploration and production companies drastically reduced demand for Continue Reading
Permian winter 2020-21 market bulls defy autumn-season volatility in Waha cash trade
As spot gas markets in the Permian Basin struggle to gain a foothold above $1 this month, forwards traders appear confident that winter prices there will likely climb to their Continue Reading
Forget Peak Oil Demand, Supply Crisis Could be Hitting First
In today’s IEA’s annual World Energy Outlook 2020 report, the OECD energy watchdog states that it doesn’t see a peak oil demand before 2040, only a possible oil demand flattening. Continue Reading
OPEC Oil Production for September 2020
Data for the OPEC charts below are from the OPEC Monthly Oil Market Report and is in thousand barrels per day. All data is through September 2020. There was little Continue Reading
OPEC+ Discusses Stalled Demand Recovery, Return Of Libyan Oil
A panel of the OPEC+ group is discussing on Thursday the current major downside risks to oil prices—the return of oil supply from Libya and the rising coronavirus cases that Continue Reading
Humbled US shale sector on recovery path with disciplined approach: executives
The US shale sector could be on a path to recovery after a destructive boom-bust period, with plentiful opportunities still available, but a more disciplined approach is needed, executives from Continue Reading
Milder US weather to limit upside for gas-fired heating demand this winter
A winter weather forecast that the National Weather Service published Oct. 15 is calling for above-average temperatures across the US Northeast along with much of the South and West from Continue Reading
Energy Traders Expect Another Jump In Natural Gas Prices
Natural-gas futures soared to levels not seen in more than seven quarters this week, as colder weather in the latest round of forecast data suggests energy demand is set to Continue Reading
5 Major Takeaways From The IEA’s World Energy Outlook 2020
A few years back, the fossil fuel sector was doing just fine while renewable and alternative energy investments were considered a wildcard because the sector was regarded as unchartered territory. Continue Reading
Russia: OPEC+ To Relax Oil Production Cuts Despite Second Wave
The OPEC+ alliance is optimistic that it will be able to gradually ease production cuts from January as planned, despite surging coronavirus cases in many countries, Russia’s Energy Minister Alexander Continue Reading
More than 30% of Gulf oil production remains shut in after Delta
More than 30% Gulf of Mexico crude production was still offline due to Hurricane Delta as of midday Oct. 14, US Bureau of Safety and Environmental Enforcement data showed. Around Continue Reading
The Shale Patch Bankruptcy Crisis Isn’t Over Yet
Low oil prices, lower credit availability, and piling debt loads forced a few dozen oil and gas firms in North America to file for bankruptcy protection in the third quarter. Continue Reading
Oil Recovery Expected to Falter Though Supply Glut Shrinks
The report paints a picture of contracting supply, forecasting a four-million-barrel-a-day drop in inventories in the fourth quarter of this year from the third. But that change in inventories is Continue Reading
IEA warns ‘limited headroom’ to absorb supply amid demand uncertainty
The oil market has only limited capacity to handle extra supply in the coming months given Libya’s potential production increases, OPEC+ continuing to ease back its quotas, and the uncertainty Continue Reading
OPEC Report Reflects Negative Sentiment In Oil Markets
OPEC has again revised down world oil demand in 2021, according to the cartel’s latest Monthly Oil Market Report, and combined with OPEC’s consistent production quota laggards and rising U.S. Continue Reading
UAE Says OPEC+ Set To Ease Oil Production Cuts As Planned
The OPEC+ group plans to taper the ongoing oil production cuts as of January 2021, as initially agreed, the energy minister of OPEC’s third-largest producer, the United Arab Emirates (UAE), Continue Reading
OPEC+ still plans to taper oil output cuts to 5.8 million b/d after 2020: UAE minister
OPEC and its allies are still intending to taper their crude oil production cuts by almost 2 million b/d at the start of 2021, UAE energy minister Suhail al-Mazrouei said Continue Reading
OPEC raises 2020 oil demand forecast as China shows signs of improvement
OPEC raised its global oil demand forecast for 2020 by 60,000 b/d from last month to 90.29 million b/d on Oct. 13 as it sees an improvement in China’s demand Continue Reading
Australia Worries Coal Is China’s Next Target as Ties Fray
Tensions between the two countries have reached new heights in recent months . After Australia began seeking support from European leaders for an investigation into China’s response to the coronavirus Continue Reading
China Bans Australian Coal Imports as Political Relations Sour
China has suspended purchases of Australian coal, according to people familiar with the order, as Beijing continues to tightly control imports of the fuel amid soured political relations with Canberra. Chinese Continue Reading
Chevron to stay wedded to shale, for ‘incredible flexibility’: CEO
Chevron CEO Mike Wirth on Oct. 13 defended the company’s commitment to shale and said its upstream portfolio would remain weighted toward tight oil and gas, with fewer large, non-shale Continue Reading
Is U.S. Shale Finally Bouncing Back?
As the oil price dropped through the first and second quarters of this year, oil companies closed in wells and laid off drilling and fracking crews. Activity bottomed in late Continue Reading
U.S. Shale Production Set To Drop Next Month
Oil production from the seven largest shale formations in the United States is set to decline 121,000 barrels next month, the Energy Information Administration (EIA) said on Tuesday in its Continue Reading
IEA: Natural Gas Demand To See Largest Drop Ever In 2020
Despite some uptick in consumption in recent months, the world’s demand for natural gas is still set to see its biggest drop on record in 2020, the International Energy Agency Continue Reading
Global gas markets to remain ‘amply supplied’ to mid-2020s: IEA
To maintain ‘downward’ pressure on spot prices Buyers to seek concessions in new contract talks IEA points to ‘sensitive’ global LNG balance London — Global gas markets are expected to Continue Reading
Solar Pushes Aside Coal as the Favorite Fuel for Power, IEA Says
Renewables are set to overtake coal this decade as the world’s favorite fuel to generate electricity, the International Energy Agency says. Solar photovoltaics are now cheaper than plants fired by coal Continue Reading
Oil, gas output restarts begin at US Gulf of Mexico platforms after hurricane
Highlights 1.28 million b/d of oil, 1.28 Bcf/d of gas still shut in Crews return to nearly 75 more platforms Large E&P companies restoring output Houston — Three days after Continue Reading
Shale binge has spoiled US reserves, top investor warns
A fracking binge in the American shale industry has permanently damaged the country’s oil and gas reserves, threatening hopes for a production recovery and US energy independence, according to one Continue Reading
The Next Couple Of Months Are Crucial For U.S. Oil
The U.S. oil industry faces a bumpy road to recovery from the steepest slump in oil demand in history. Oil demand in the United States and elsewhere is still trailing Continue Reading
IEA slashes 2040 European gas demand forecast by further 21 Bcm
The International Energy Agency has cut its forecast for European gas demand for 2040 by 21 Bcm, the agency said in its latest World Energy Outlook, with the mature northwest Continue Reading
Gazprom Expects Gas Glut In Europe Will Continue In 2021
Russian gas giant Gazprom doesn’t see the glut in Europe’s natural gas market going away soon, with oversupply extending well into 2021. “The majority of challenges and threats are still Continue Reading
Oil Prices Up More Than 9% for the Week
Crude prices slid after oil workers in Norway called off a strike that had shut down about 8% of the country’s production. Futures in London and New York both fell Continue Reading
OPEC Expects Oil Demand Rise
Oil demand is projected to increase from nearly 100 million barrels per day in 2019 to around 109 MMbpd in 2045, according to OPEC’s latest World Oil Outlook report. Oil Continue Reading
Saudi Arabia May Not Want To Ease Output Cuts In January
Saudi Arabia is mulling over canceling a planned relaxation of OPEC oil production cuts due to enter into effect next January, the Wall Street Journal reported , citing senior oil Continue Reading
Hurricane Delta shuts most U.S. offshore oil output in 15 years
Large and powerful Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, halting most of the region’s oil and nearly two-thirds of Continue Reading
U.S. Shale Faces Another Year Of Contraction In 2021
1. DVN and EOG exposed to federal lands drilling ban – With Joe Biden leading in the polls, the odds of access to federal lands for U.S oil and gas Continue Reading
Hurricane Delta power outages expected to bring lower demand, power prices
With utilities in the Southern US recovering from Hurricane Laura, which hit Louisiana six weeks ago, the impacts of Hurricane Delta could linger for weeks after making landfall Oct. 9 Continue Reading
Nearly 92% of Gulf oil offline as Hurricane Delta moves toward landfall
Nearly 92% of all US Gulf of Mexico oil production remained shut-in as Hurricane Delta moved toward the Louisiana Coast, according to the most recent federal statistics released Oct. 9. Continue Reading
Oil Set for Weekly Surge With Hurricane Paralyzing Gulf Output
Oil is poised for the biggest weekly gain since June with Hurricane Delta forcing the shutdown of almost 92% of crude output in the Gulf of Mexico. Delta regained strength Continue Reading
OPEC: Oil Demand Will Grow Until Late 2030s
OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said on Thursday, Continue Reading