EIA Oil & Gas 360 Publishers Note: Very interesting data provided by the EIA. If the U.S. energy production exceeded consumption in 2019 with no Covid 19 Virus, what in the world is going to happen this year? In 2019, for the first time since 1957, energy production exceeded energy consumption in the United States on an annual basis, according
CNBC It’s not all about storage. Yes, the world is watching the available amount of oil storage to try to figure out when the ‘tank tops’ and there’s simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil prices down in a hurry. First,
Reuters Casillas Petroleum Resource Partners sued Continental Resources Inc, alleging the Oklahoma shale producer last month backed out of a $200 million oil and gas deal as prices crashed. U.S. crude futures prices have tumbled, with coronavirus-related lockdowns and travel restrictions souring demand as OPEC and other producers waged a price war, sending oil to $13 a barrel this month
CNBC Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20%. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimist around reopening of economies. West Texas Intermediate futures for June delivery gained 6 cents, or 0.47%, to trade at $12.84 per
Reuters LONDON/MOSCOW – From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because of the coronavirus pandemic. Oil majors have traditionally escaped big cuts in OPEC nations, such as Nigeria, and have never
Reuters LONDON – Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand. Brent crude LCOc1 rose 78 cents, or 4%, to $20.77 a barrel at 1338 GMT, following a 6.8% slide on Monday.
Reuters Shares of United States Oil Fund LP fell more than 16% on Monday after it said it would sell all of its front-month crude contracts to avoid a repeat of the heavy losses suffered last week after crude prices cratered. USO, the United States’ largest crude exchange-traded product, declined 39% last week. Retail investors sold the ETF heavily in
Reuters PUERTO ORDAZ/MARACAIBO, Venezuela – Venezuelans reported paying above $2 per liter ($7.57 per gallon) for gasoline last week amid fuel shortages, one of the world’s highest rates and a dramatic reversal for an OPEC nation that long boasted of having the world’s cheapest fuel. Thanks to subsidies under socialist former President Hugo Chavez and his succesor and protege, Nicolas
Reuters BP (BP.L) said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead to a lower cash boost than initially planned. The revised agreement retains the total consideration but adjusts the structure and phasing of the remaining payment,
CNBC Call it an S&P bright spot. Energy was the only S&P 500 sector to end last week in the green, capping off a wild five trading days in the space. The Energy Select Sector SPDR Fund (XLE) was down less than 1 percent Monday even though oil prices fell sharply amid worries about a bankruptcy filing on Sunday by rig operator Diamond Offshore Drilling and
Reuters LONDON – Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. U.S. oil futures led losses, falling by more than $3 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. U.S. West Texas Intermediate CLc1 June futures fell
Energy World NEW YORK: The twice-a-year evaluation of energy borrowers’ reserve-based loans has taken on more significance than ever as banks seek to cut their exposure to oil and gas companies amid the global Covid-19 pandemic that has caused demand for oil to plummet and a price war between Russia and Saudi Arabia that has flooded the market with crude. Lenders are grappling with
