EnergyMix Nigeria’s oil production is facing risk as rising number of coronavirus cases among workers at offshore oil fields and platforms in the country is a growing concern with disruption to output. Maintenance at the offshore Bonga oil field has already been disrupted after the operator, Shell, was forced to evacuate workers due to a coronavirus outbreak, sources close to
Reuters. U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients, as reported by Reuters. A record number of new illnesses in Texas this week spurred local officials to impose restrictions as new cases topped 5,000 on
Dallas Fed Activity in the oil and gas sector deteriorated further in second quarter 2020, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of conditions facing Eleventh District energy firms—fell from -50.9 in the first quarter to -66.1 in the second quarter. It was the lowest reading in
Reuters LONDON/NEW YORK – Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed. Road traffic in some of the world’s major cities in June had returned to 2019 levels, data provided to Reuters by location technology company TomTom showed. But a resurgence
CNBC Oil prices reversed course and turned positive on Thursday, despite a record high U.S. crude inventories and worries that a rapid resurgence in Covid-19 cases could choke a revival in fuel demand. U.S. West Texas Intermediate (WTI) crude futures gained 28 cents, or 0.7%, to trade at $38.29 per barrel on Thursday, after dropping $2.36 on Wednesday. Brent crude
Bloomberg As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Parsley Energy Inc. all saying they’re restarting closed wells. But top industry forecasters are painting a far darker picture. The reopenings, they say, will do little to bring new growth to an
Forbes Last year, central bank chiefs in the US and Europe for the first time widely embraced the necessity of taking action on climate change. Source: Forbes Christine Lagarde, the new head of the European Central Bank (ECB), vowed during her confirmation hearings in September to make climate change a “mission critical” priority. Mark Carney, the former Bank of England chief, in
Reuters LONDON – When BP (BP.L) slashed its long-term oil price outlook last week, prospects in Canada and Angola were rendered worthless, company sources and analysts said, exposing broader risks the industry faces as the world pivots to low-carbon energy. The $17.5 billion write-down, part of Chief Executive Bernard Looney’s drive to wean BP off fossil fuel, was the biggest
Forbes Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer of oil, though it could cut imports if it stopped adding to inventory (storage). China has stored so much oil over that half
Reuters DENVER/OSLO – The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have driven innovation
Reuters LONDON – Oil prices fell on Wednesday, as record high inventories and worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Brent crude was down 66 cents, or 1.5%, to $41.97 a barrel by 1349 GMT, a day after hitting its highest level since a price plunge began in March.
Weekly Crude Oil Storage as of June 19, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 540.7 million barrels, U.S. crude oil inventories are about 16% above the five year average for this time of year, according to the EIA crude oil and petroleum
