Weekly Crude Oil Storage as of June 26, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 533.5 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year, according to the EIA crude oil and petroleum
Reuters LONDON – Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of surging coronavirus infections capped the gains. Brent crude LCOc1 was up 67 cents, or 1.6%, at $41.94 a barrel at 1336 GMT, and U.S. crude was up 71 cents, or
Oil & Gas Amin Nasser is optimistic about the second half of the year, and credited IKTVA and previous attacks on Aramco helped it build resilience before the pandemic Saudi Aramco CEO Amin Nasser said that “the worst is behind us” for oil markets, in a recorded interview at CERAWeek. “We went from -$40 to +$40 with WTI,” he continued.
Reuters Oil prices will consolidate at around $40 a barrel this year, with a recovery gaining steam in the fourth quarter and into 2021 on OPEC-led production cuts and as economies limp back from coronavirus lockdowns, a Reuters poll showed on Tuesday. The survey of 45 analysts forecast benchmark Brent crude would average $40.41 a barrel in 2020, up from
Oil & Gas The onshore oil field produces more than 370,000 barrels per day ADNOC plans to shut down the onshore Bab oil field for regular maintenance until the end of July, a company spokesperson said. “The company’s Bab onshore oil field will enter a planned shut-down for maintenance at the end of June. The maintenance is expected to last
Oil and Gas 360 CALGARY, AB, June 30, 2020 /CNW/ – Paramount Resources Ltd. (“Paramount” or the “Company”) (TSX: POU) is pleased to announce that it has successfully completed amendments to its senior secured revolving bank credit facility (the “Facility”) with the unanimous support of its nine-bank syndicate. The amendments include a full waiver of the Senior Secured Debt to Consolidated EBITDA
Reuters ConocoPhillips said on Tuesday it would bring back some of the curtailed production in July, joining a growing list of oil producers turning on the taps months after a plunge in demand slammed the brakes on drilling. U.S. shale drillers had to cut supply by roughly 2 million barrels per day to counter a historic crude price crash stemming
Reuters LONDON – OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria. The 13-member Organization of the Petroleum Exporting Countries pumped 22.62 million barrels per day
Reuters LONDON – Royal Dutch Shell (RDSa.L) plans to slash the value of its oil and gas assets by up to $22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday. The writedown announcement came after Shell cut its forecast for energy prices into 2023 on
Oil and Gas 360 Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) announced today that it has entered into a crude oil prepayment agreement (“Prepayment Agreement”) with Trafigura Trading LLC (“Trafigura”). The Prepayment Agreement provides up to $200 million of crude oil sales primarily related to a portion of the Company’s 2022 and 2023 Gulf of Mexico production, with $150
Reuters LONDON – Hedge funds increased their bullish positioning in oil last week, reversing a bearish move the week before, but the minimal changes serve to confirm the market’s lack of direction since the start of June. The equivalent of 26 million barrels were purchased by hedge funds and other money managers in the six most important futures and options
Oil & Gas 360 FORT WORTH, Texas, June 29, 2020 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that it has filed petitions under Chapter 11 of the United States Bankruptcy Code to initiate voluntary cases in the
