LONDON – Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more.
With crude consumption collapsing, the Organization …
WASHINGTON – The U.S. energy secretary said on Tuesday he would talk with leaders in the U.S. House of Representatives later in the day and urge them to fund the purchase of crude to fill the emergency oil reserve.…
Saudi Arabia will be best positioned to weather the impact of an unprecedented collapse in U.S. oil prices, energy analysts told CNBC on Tuesday.
It comes at a time when the market is awash with crude, storage tanks …
WASHINGTON – U.S. President Donald Trump said on Tuesday he has asked his government to come up with a way to inject cash into the ailing U.S. drilling industry to help it survive a historic collapse in global crude …
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. …
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 …
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
The rapid collapse of U.S. oil futures this year caused crude’s premium over natural gas to drop to near parity on an energy equivalent basis for the first time since 2008.
That could prompt producers to search for more …
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 …
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 …
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 …
The 360 Digital Bell Look Ahead Report. Michael Tanner, the Host of the closing bell, covers what could happen this week; the good the bad and the homely. We cover the wild week ahead, and get your crayons ready to
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, …
Oil prices fell on Friday as news of President Donald Trump’s plans to ease the U.S. coronavirus lockdown to get the American economy moving again were quickly overshadowed by China’s worst quarterly economic contraction on record.
U.S. crude for …
OTTAWA – Canada will invest around C$2.5 billion ($1.8 billion) in measures to help the hard-hit oil and gas industry and is working to ensure vulnerable firms have access to more credit, Prime Minister Justin Trudeau said on Friday.…
Saudi Arabian oil exports to the U.S. more than doubled from February to March as oil prices crashed and American shale producers reeled over demand destruction from the coronavirus pandemic, data from analytics firm TankerTrackers.com shows.
Saudi crude shipments
Reuters
WASHINGTON – The Trump administration is seeking to ease a severe cash crunch in the drilling industry by raising loan limits available under a coronavirus stimulus package and by barring lenders from discriminating against drillers, according to Energy Secretary …
LONDON – Traders are storing an estimated record 160 million barrels of oil on ships – double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand …
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron, ConocoPhillips and Occidental Petroleum – account for more than …
April 16 (UPI) —
A U.S. federal judge has canceled a key permit for the construction of the controversial Keystone pipeline, stating it was issued without proper assessment of the project’s environmental impact.
U.S. Chief District
Parsley Energy CEO Matt Gallagher on Wednesday told CNBC’s Jim Cramer that the state of Texas must issue an oil production cut, or risk putting almost 1 million jobs across the country in jeopardy.
“My stance is if we …
LONDON – Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a build-up in U.S. inventories may mean producers have little option but to cut output as the coronavirus pandemic ravages demand.…
LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last.
The Organization of the Petroleum Exporting …
U.S. natural gas futures slipped for a fifth day in a row on Wednesday as pipeline and liquefied natural gas (LNG) exports declined and on long-term forecasts government steps to slow the spread of coronavirus will cut demand in …
The International Energy Agency (IEA) said Wednesday that it expects the coronavirus crisis to erase almost a decade of oil demand growth in 2020, with countries around the world effectively having to shut down in response to the pandemic.
In the April 2020 update of its Short-Term Energy Outlook (STEO), released on April 7, and before a recently announced agreement by oil producing countries to limit production, the U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil …
Occidental Petroleum said on Wednesday billionaire Warren Buffett’s Berkshire Hathaway Inc had agreed to accept common shares of the oil producer instead of cash dividends for preferred stock.
Berkshire last year bought $10 billion worth of Occidental’s preferred shares …
The historic deal reached by OPEC and its oil-producing allies to cut production has worked to “stem the tide, stem the damage that was being done to the market,” since the onset of the coronavirus pandemic and the Saudi
LONDON – Oil fell by more than 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage.
The …
