Commodity Pricing

Source: CNBC

Oil jumps as much as 12% a day after its best day on record as traders expect big production cuts

CNBC


Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly

Source: Reuters

Deep oil output cuts won’t offset unprecedented demand loss: IEA

Reuters


LONDON  – Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to …

Source: CNBC

Brent crude could still drop to $10 a barrel and stay there in Q2: IHS Markit

CNBC


Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a …

The 360 Digital Closing Bell Look Back – 4-3-2020

The 360 Digital Closing Bell Look Back – 4-3-2020

The 360 Digital Bell Look Back Report. Michael Tanner, the Host of the closing bell, covers what happen for during this week; the good the bad and the homely. We did good on some of our predictions

 


 

Some

Source: Reuters

Benchmark Brent’s record $10 discount gives oil market reality check

Reuters


LONDON – U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher.

But he cannot talk up the underlying physical market that shows the full extent of …

Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: Reuters

Shale-well frackers grind to a halt as oil prices collapse

Reuters


DENVER  – Once the fastest growing – and most controversial – oilfield services in the U.S. shale boom, fracking is getting hammered as oil prices near a two-decade low and producers stop completing new wells.

Fracking companies, which pump …

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Source: Reuters

Saudi Arabia and Russia signal readiness to cooperate on oil

Reuters


DUBAI/MOSCOW  – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a …

Source: CNBC

GOP senator calls on Saudis to end its oil price war, says ‘Americans died’ protecting the kingdom

CNBC


America’s strategic relationship with Saudi Arabia may permanently change if Riyadh does not end its latest oil price war, Sen. Dan Sullivan told CNBC on Wednesday.

“The Saudis have really brought in a supply shock at exactly the wrong

Source: CNBC

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

CNBC


Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output.

The coronavirus pandemic …

Source: CNBC

5 charts that explain the Saudi Arabia-Russia oil price war so far

CNBC


Two of the world’s largest oil producers — Saudi Arabia and Russia — are set to increase production dramatically this month, after an agreement between OPEC and its allies to lower output expired at the end of March.

OPEC+

Source: Reuters

Russia, U.S. hold energy talks, as Trump complains about oil cheaper than water

Reuters


WASHINGTON/MOSCOW (Reuters) – U.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper “than water” was hurting the …

April 1, 2020 - 11:30 am Closing Bell Story‎, Commodity Pricing
Source: Reuters

Oil falls towards $25 as oversupply fears mount with U.S. inventory rise

Reuters


LONDON – Oil fell towards $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.

Pledges of …

Source:Reuters

U.S.-Saudi oil alliance idea born at White House, put on back burner for now

Reuters


WASHINGTON  – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said …

Source: Reuters

Oil retreats from session highs, one day after sinking to 18-year lows

CNBC


Oil prices rose on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

U.S.

Source: Houston Chronicle

Parsley, Pioneer ask state regulators for emergency meeting on production cuts

Houston Chronicle


Parsley Energy and Pioneer Natural Resources, two of the most active oil companies in Texas, on Monday asked the Railroad Commission to hold an emergency meeting and order production cuts at a time when record low crude prices …

Source: Reuters

Column: Hedge funds trim short oil positions as prices hit crisis point

Reuters


LONDON – Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries.

Extreme high and low …

The 360 Digital Closing Bell Week Ahead – 3/30/2020

The 360 Digital Closing Bell Week Ahead – 3/30/2020

The 360 Digital Bell Week Ahead Report. Michael Tanner, the Host of the closing bell, covers what to look for during this week; the good the bad and the homely.

Some of the key takeaways this week:

 

The oil

Source: Houston Chronicle

Apache makes deeper cuts while its Permian Basin rig count goes to zero

Houston Chronicle


Houston oil company Apache Corp. is making deeper budget cuts while its Permian Basin rig count has declined to zero.

Apache reported Friday that the company has cut $1.3 billion from this year’s capital spending budget, reducing the …

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
Source: Houston Chronicle

The oil glut is filling up the world’s supertankers fast

Houston Chronicle


The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said.

A combination of surging production from key …

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Column: Global oil storage to fill rapidly as consumption plunges – Kemp

Reuters


LONDON  – Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output.

No comprehensive data …

Source: Houston Chronicle

Oil pain spreads beyond Permian to small towns across America

Houston Chronicle


The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

In such places, mom-and-pop outfits run so-called …

The 360 Digital Closing Bell Week Lookback – 3/27/2020

The 360 Digital Closing Bell Week Lookback – 3/27/2020

The 360 Digital Bell Week Lookback Report. Michael Tanner, the Host of the closing bell, Covers what happened during this week; the good the bad and the homely. 

Some of the key takeaways this week: 

  • 10 Million reduction in demand 
Source: Reuters

Shell, other oil companies seek less Saudi crude in April due to weaker demand -sources

Reuters


Several European and Nordic oil refiners are taking less crude from Saudi Arabia in April, industry sources said, suggesting a lack of demand for the extra supplies the country has offered as it seeks to boost market share.

The …

Source: Reuters

Oil prices rise on stimulus package, fuel demand sinks

Reuters


NEW YORK  – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week.

Demand for oil …

Source: Houston Chronicle

U.S. intervenes in Saudi-Russia oil war with call for restraint

Houston Chronicle


The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Secretary of State …

Source: CNBC

Chevron CEO says the dividend is the company’s No. 1 priority and is ‘very secure’

CNBC


Chevron shares surged Tuesday after the company announced cost-cutting measures, but promised not to slash its dividend despite mounting pressure from falling crude prices.

“Our dividend is our number one priority and it’s very secure,” Chevron CEO Michael Wirth …

Source: Houston Chronicle

Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget

Houston Chronicle


Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.

Schlumberger …