CNBC It’s been a wild week for the oil market. Oil prices began an unprecedented drop on Monday that saw the West Texas Intermediate May futures contract, which expires on Tuesday, slide into negative territory for the first time ever. The May and June contracts remained under serious pressure Tuesday as the more actively traded June contract fell nearly 25%. In the days leading
Reuters NEW YORK/HOUSTON – The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling – they want to use the tanks to store some of an oil glut that has overwhelmed the market and flipped U.S. crude prices
CNBC The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history. And with only guesswork as to when stay-at-home orders might be lifted and when crude demand might pick up, traders warn that oil could continue
Reuters LONDON – Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis. Brent for June delivery LCOc1, known as the front-month contract after the May futures contract expired, fell
Halliburton Reports $1 Billion Loss in First Quarter, Will Cut Capital Outlays By 50%
Reuters MOSCOW – Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. It is here, rather than in the world of futures prices, that a long-standing battle for market share carries on, particularly in Asia, shipping data analysed on Monday by
CNBC A Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the U.S. dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the U.S. more than doubled from February to March as oil prices crashed. The firm said its data indicates that the April export
Reuters LONDON – Oil prices fell on Monday, with a U.S. crude futures contract hitting its lowest level since 1998, as concerns that U.S. crude storage will soon be full and bleak economic data hit sentiment. Brent LCOc1 was down $1.18, or 4.2%, at $26.90 a barrel by 1321 GMT, while the front-month May WTI contract CLc1 fell $5.88, or
Reuters An extreme situation has developed in the U.S. crude oil futures markets, as the current front-month May contract expiring on Tuesday has dropped by a whopping 40%, opening up the widest gap ever between it and the next contract, nearly $11 a barrel. That gigantic spread CLc1-CLc2 is the result of the shocking fall in demand due to the
Oil&Gas The lockdown in India has resulted in a sharp drop in fuel demand, forcing refiners to operate at lower capacities Oil & Gas Publishers Note: Very nice article from Carla Sertin. India has been importing oil from Iran – I guess one way to stop it is to shut the country down for demand. The extended lockdown announced by
World Oil LONDON (Bloomberg) –Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners. The shipments, agreed with refiners as Saudi Arabia ramped up production to a record 12.3 million barrels a day this
WorldOil OTTAWA (Bloomberg) –Canada’s plan to spend $1.2 billion to help clean up the country’s derelict oil wells comes with strings attached: tougher environmental rules for the energy-rich province of Alberta. “We’ve been urging the Trudeau government to bail out people and not polluters, and today’s announcement is a step in that direction,” Greenpeace Canada Senior Energy Strategist Keith Stewart said in
