Commodity Pricing

Source: Houston Chronicle

Occidental Petroleum reports $965 million loss in 2019

Houston Chronicle


Costs related to Occidental Petroleum’s acquisition of Anadarko Petroleum last year drove losses for the Houston oil and gas producer in 2019, the company said Friday.

Oxy said it lost $965 million or $1.22 per share in 2019, …

February 28, 2020 - 9:30 am
Source: Reuters

Oil prices slide for fifth day to lowest in a year as virus fears grow

Reuters


NEW YORK – Oil prices plunged more than 4% on Thursday, down for a fifth day to their lowest since January 2019 as more new coronavirus cases outside China fed fears of a pandemic that could slow the global …

February 27, 2020 - 10:00 am
Potential Mismeasurement of Mining Limits Official Texas Real GDP Data

Potential Mismeasurement of Mining Limits Official Texas Real GDP Data

Dallas Fed


Oil & Gas 360 Publishers Note: Outstanding research by Keith Phillips and Christopher Slijk from the Dallas Fed. One of the key talking points is the volatility of the oil and gas industry on the Texas economy, and

February 25, 2020 - 10:10 am
Source: CNBC

Oil prices rise as US crude stocks build less than expected

CNBC


Oil prices rose on Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China.

Data from the U.S. Energy Information Administration (EIA) showed …

February 20, 2020 - 3:00 pm
Source: Reuters

Russia: oil producers agree no need to hold early OPEC+ meeting

Reuters


MOSCOW – Russian Energy Minister Alexander Novak said on Thursday there was a common understanding among global oil producers that it would now no longer make sense for OPEC and non-OPEC producers to meet before their planned gathering in …

February 20, 2020 - 2:00 pm
Source: CNBC

US oil industry expected to cut spending by 10-15% and restructure, Dallas Fed says

CNBC


The Dallas Federal Reserve, which has the Permian basin in its economic region, expects the oil and gas sector to cut capital spending by 10% to 15% in 2020.

Rob Kaplan, president of the Fed district, said in an

February 19, 2020 - 12:30 pm
Source: Houston Chronicle

Hottest fossil fuel market catches a chill as gas prices drop

Houston Chronicle


A plunge in prices is shaking some of the more marginal players out of the liquefied natural gas market, chilling what until recently was the hottest part of the energy industry.

Major utilities from Orsted A/S in Denmark …

February 18, 2020 - 3:00 pm
Source: Houston Chronicle

Oil snaps 5-day rally as virus continues to weigh on demand

Houston Chronicle


A five-day rally in oil prices ended as investors found new reasons to worry about how fuel demand will be affected by the impact of Asia’s deadly coronavirus.

Brent futures fell 1.8% to trade below $57 a barrel …

February 18, 2020 - 9:00 am
Source: Houston Chronicle

Oil steady as Asian states seek to offset virus hit to economies

Houston Chronicle


Oil steadied near $57 a barrel in London as China and other Asian states promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand.

Prices recovered more than 5% last week, the …

February 17, 2020 - 10:00 am
Source: Houston Chronicle

Solar and wind power can’t compete with gas this cheap

Houston Chronicle


This will almost certainly be a record-breaking year for the advance of solar and wind power across the U.S. The additions that are in progress or planned are significant enough to boost hopes for emissions-free electrical grids within …

February 14, 2020 - 3:00 pm
Source: Houston Chronicle

Oil rally continues as virus fears show signs of easing

Houston Chronicle


Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing.

Chinese refiners have used oil’s earlier drop to snap up cheap cargoes, taking …

February 14, 2020 - 9:00 am
Source: Houston Chronicle

America’s oil boom feels more like bust in the shale patch

Houston Chronicle


Last month, two days before the latest government prediction that U.S. shale production would hit new heights, an oil industry conference in Houston opened with a clip of Eeyore making one of his bleak utterings: “End of the …

February 13, 2020 - 11:00 am
Oil prices edge down as traders assess China’s oil demand, await OPEC+ cuts

Oil prices edge down as traders assess China’s oil demand, await OPEC+ cuts

BOE Report


Oil is off more

February 10, 2020 - 1:50 pm
There’s more oil and gas than ever — and the industry is tanking

There’s more oil and gas than ever — and the industry is tanking

AXIOS


The world’s oil and natural gas companies are drilling their way into financial and social hell.

Oil & Gas 360 Publishers Note: Amy Harder has some excellent points backed up with facts and data. This is a good read

February 10, 2020 - 1:29 pm
Source: Reuters

Free-falling LNG prices wreak havoc on trade amid coronavirus fears

Reuters


SINGAPORE – Record low prices for liquefied natural gas (LNG) are roiling the global gas market, creating havoc as traders rush to find alternative locations for cargoes with Chinese buyers rejecting shipments amidst the coronavirus epidemic.

Asian spot prices …

February 7, 2020 - 11:00 am
Source: Houston Chronicle

Saudis slash oil prices in Asia as virus causes demand shock

Houston Chronicle


Saudi Arabia’s state oil company made deep cuts to the price of crude it sells to Asia, where an outbreak of the coronavirus has caused a slump in demand.

Saudi Aramco lowered most of its official selling price …

February 6, 2020 - 2:00 pm
Source: CNBC

Russia’s reluctance for a production cut exposes possible crack in three-year-old OPEC alliance

CNBC


Russia’s reluctance to jump on board a bigger OPEC production cut may signal a potential fissure within the oil producer alliance, known as OPEC plus.

Led by Saudi Arabia, other OPEC producers and Russia were considering an emergency meeting …

February 6, 2020 - 12:00 pm
Source: Reuters

Oil prices leap after reports on coronavirus drug

Reuters


LONDON – Oil prices jumped by more than 4% on Wednesday after media reports that scientists had developed a drug against the fast-spreading coronavirus that continues to weigh heavily on global economic activity.

The World Health Organization played down …

February 5, 2020 - 11:00 am
Source: Houston Chronicle

OPEC+ in second day of talks as Saudis push for emergency cut

Houston Chronicle


OPEC+ officials gathered in Vienna for a second day of debate on the impact of the coronavirus, a process that could result in an emergency ministerial meeting where Saudi Arabia would push for an oil-production cut.

The price …

February 5, 2020 - 10:00 am
Source: Houston Chronicle

Cabot cuts 2020 spending nearly 30% amid weak natural gas prices

Houston Chronicle


Cabot Oil & Gas said Tuesday it will slash its 2020 spending by nearly 30 percent amid historically low natural gas prices.

Cabot, Houston’s largest producer focused entirely on gas, said it will cut 2020 spending to $575 …

February 4, 2020 - 1:00 pm
Source: Reuters

BP full-year net profit falls 21% on weak oil and gas prices

CNBC


Energy giant BP reported better-than-expected full-year net profit on Tuesday, outperforming analyst expectations despite lower oil and gas prices.

The U.K.-based oil and gas company posted full-year underlying replacement cost profit, used as a proxy for net profit, of …

February 4, 2020 - 12:00 pm
Source: Houston Chronicle

2 giants with 2 strategies that aren’t working

Houston Chronicle


Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil Corp. and Chevron Corp. are taking increasingly diverging approaches as they try to weather the storm.

The problem is, neither strategy …

February 3, 2020 - 11:30 am
Source: Reuters

Oil falls as coronavirus hits demand; OPEC+ considers deeper cuts

Reuters


LONDON – Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.

Brent crude LCOc1 …

February 3, 2020 - 10:30 am
Source: Houston Chronicle

Oil heads for biggest monthly loss since May

Houston Chronicle


Oil headed for its biggest monthly drop since May as Asia’s coronavirus spread, stoking concerns that demand for transportation fuels will shrink.

Futures were little changed in New York on Friday, after sliding to a five-month low on …

January 31, 2020 - 2:00 pm
Source: Reuters

Imperial Oil’s quarterly profit beats estimates on higher crude prices

Reuters:


Canada’s Imperial Oil Ltd (IMO.TO) edged past quarterly profit estimates on Friday, benefiting from a recovery in Canadian crude prices following Alberta’s mandated production cuts.

The company, which recently appointed Exxon veteran Brad Corson as CEO, said …

January 31, 2020 - 1:00 pm
Source: CNBC

Shell shares sink as full-year net profit tumbles 23% on lower oil and gas prices

CNBC


Oil giant Royal Dutch Shell reported a sharp fall in full-year net profit on Thursday, citing challenging macroeconomic conditions and lower oil and gas prices.

Net income attributable to shareholders on a current cost of supplies (CCS) basis and …

January 30, 2020 - 1:00 pm
Source: Reuters

Shell reins in share buybacks after profit halves

Reuters


LONDON – Royal Dutch Shell is reining in its vast $25 billion share buyback programme after lower oil and natural gas prices halved its profit in the last three months of 2019 and sent its shares to their lowest …

January 30, 2020 - 10:00 am
Source: Houston Chronicle

Oil falls again as U.S. supplies grow, Asia virus menaces demand

Houston Chronicle


Oil resumed declines as the biggest jump in U.S. crude stockpiles in almost three months added to concern over demand in a market already grappling with China’s spreading coronavirus.

 

Futures lost as much as 2% in New …

January 30, 2020 - 9:00 am
Source: Houston Chronicle

Oil extends recovery as traders reassess virus threat to demand

Houston Chronicle


Oil continued its recovery from a three-month low as traders reassessed the threat to demand from China’s coronavirus, and as U.S. industry data showed a drop in crude inventories.

Futures traded near $54 a barrel in New York …

January 29, 2020 - 3:00 pm
Source: Reuters

Oil mixed as virus fears offset by talk of OPEC cut extension

Reuters


NEW YORK – Oil was mixed on Wednesday as worries about the impact of the coronavirus outbreak and swelling crude inventories in the United States weighed on prices, while talk that OPEC could extend oil output cuts provided support.…

January 29, 2020 - 11:00 am