Crude Oil News

360 Digital Closing Bell 6-3-2020

360 Digital Closing Bell 6-3-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 6 min summary of the energy markets.  

 

Green day all around, led by the banks, and defense contractors and oil flat.

Source: Reuters

U.S. oil companies monitor Gulf of Mexico storm

Reuters


HOUSTON – U.S. oil companies are monitoring the first tropical storm of the 2020 Atlantic hurricane season to threaten the offshore oil patch in the U.S.-regulated northern Gulf of Mexico.

Royal Dutch Shell Plc (RDSa.L), BP Plc …

Source: Reuters

Trump administration putting trust in global oil producers ahead of OPEC+ meet

Reuters


WASHINGTON – The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy …

Source: Reuters

OPEC+ keen to keep U.S. shale in check as oil prices rally

Reuters


LONDON – When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.

Now that …

Source: Reuters

U.S. crude oil inventories decrease by 2.1 million barrels

Weekly Crude Oil Storage as of May 29, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.1 million barrels from the previous week. At 532.3 million barrels, U.S. crude oil …

Source: Reuters

Oil falls from $40 on doubts over early OPEC meeting

Reuters


LONDON – Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.

Saudi …

Source: Houston Chronicle

Venezuela to seek more gasoline from Iran

Argus


Caracas, 2 June (Argus) — Venezuela is seeking to consolidate bilateral ties with fellow US-sanctioned Iran with an eye toward importing more desperately needed gasoline and additives.

In an address yesterday, Venezuela’s president Nicolas Maduro said he will visit …

360 Digital Closing Bell 6-2-2020

360 Digital Closing Bell 6-2-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 6 min summary of the energy markets.  

 

Markets look green.  EOG is Bullish in Q4! 

 

International News Desk: Demand for

Source: Reuters

Trump administration shelves more oil and gas lease sales

Reuters


The Trump administration has backed off its regular oil and gas lease sale schedule, postponing at least two auctions that had been set for later this month after delaying a major sale in New Mexico in May, according to …

Source: Reuters

Column: Global diesel use likely to be depressed all year – Kemp

Reuters


LONDON  – Consumption of diesel and other middle distillate fuels is likely to be depressed for many months, as stay-at-home orders are lifted but the lingering effects of the epidemic and lockdowns reduce business activity.

Lockdowns are easing in …

Source: Reuters

Oil prices rise ahead of OPEC+ meeting on output cuts

Reuters


LONDON  – Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week.

Benchmark Brent …

Source: Reuters

US scraps over 10,000 acres of oil auctions amid Covid-19 uncertainty

Offshore Technology


The Trump Administration has scrapped a series of oil and gas licencing auctions, halting new offshore developments in US territory as the Covid-19 pandemic continues to disrupt the oil and gas industry.

The Bureau of Land Management (BLM), …

June 2, 2020 - 9:00 am Crude Oil News, Fracing, Regulatory
Source: Reuters

U.S. EPA moves to curb state powers to deny permits for energy projects

Reuters


WASHINGTON – U.S. Environmental Protection Agency chief Andrew Wheeler signed on Monday a rule limiting state powers to block energy infrastructure projects, setting up a fight with some Democratic governors who say Washington is stripping their ability to protect …

Source: Reuters

Column: Hedge funds turn bullish on crude, remain cautious on fuels

Reuters


LONDON – Hedge funds continue to bet on a recovery in oil prices, but their bullishness is concentrated on crude, especially U.S. crude, while refined fuel markets are expected to take longer to tighten.

Hedge funds and other money …

360 Digital Closing Bell 6-1-2020

360 Digital Closing Bell 6-1-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 6 min summary of the energy markets.  

 

Nat Gas down, Demand up!  

 

International News Desk: The incoming imports are going

OPEC supply cut compliance at 74% in May

OPEC supply cut compliance at 74% in May

Oil & Gas


While Saudi Arabia and other Gulf countries made additional cuts to their production, some nations lagged behind on their commitments

Oil output from members of the Organisaation of Petroleum Exporting Countries (OPEC) hit the lowest amount in …

June 1, 2020 - 1:22 pm Crude Oil News, Crude Oil Storage, International, OPEC
Petrofac secures Iraq contract extension with Basra Oil Company

Petrofac secures Iraq contract extension with Basra Oil Company

Oil & Gas


The extension is for BOC’s long-standing Iraq Crude Oil Export Expansion Project

Petrofac’s Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil …

June 1, 2020 - 1:17 pm Crude Oil News, International
Source: Reuters

Exclusive: China snaps up Russia’s expensive Urals oil in thirst for sour barrels

Reuters


MOSCOW  – China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output …

Source: Reuters

OPEC, Russia discuss extending oil cuts for 1-2 months: sources

Reuters


DUBAI/MOSCOW – OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday.…

Source: CNBC

Oil jumps nearly 90% in May to $35, registering best month on record

CNBC


Oil jumped more than 5% on Friday, the last trading day of the month, capping off its best month in history as an uptick in demand as well as record supply cuts pushed prices higher. West Texas Intermediate,

Source: Reuters

Oil falls as U.S.-China tension escalates

Reuters


LONDON  – Oil fell on Monday on worries about renewed tensions between the United States and China, although reports that OPEC and Russia were closer to a deal on extending oil output cuts lent some support to prices.

Benchmark …

360 Digital Closing Bell 5-29-2020

360 Digital Closing Bell 5-29-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 6 min summary of the energy markets.  

 

Dow Flat, Crude up $1 - Nat Gas up, 

 

International News Desk:

U.S. rig count decreased by 17 this week, at 301

U.S. rig count decreased by 17 this week, at 301

Oil and Gas 360


This week’s Baker Hughes rig count shows that U.S. had a decrease of 17 over last week, resulting in a total count of 301 rigs. Canada had a decrease of 1 over last week, resulting in …

Source: Reuters

Oil analysts see prices edging up but still capped below $40/bbl: Reuters poll

Reuters


Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday.

The survey of 43 analysts forecast …

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro


Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

Source: Reuters

OPEC delivers three quarters of record oil cut in May: survey

Reuters


LONDON – OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their …

Source: Reuters

Oil falls but remains set for biggest monthly gain in years

Reuters


LONDON – Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea and a worsening in U.S.-China relations, but were still on track for a …

Source: Reuters

Morgan Stanley not given advisory role on Aramco pipeline sale: sources

Reuters


LONDON/DUBAI  – Morgan Stanley (MS.N) has not been given an advisory role on the potential sale of a stake in Saudi Aramco’s pipeline business, a deal worth over $10 billion, two sources told Reuters.

The U.S. investment …

360 Digital Closing Bell 5-28-2020

360 Digital Closing Bell 5-28-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 6 min summary of the energy markets.  

 

Oil down - Securities get pounded, Tech stocks up, nice draw at Cushing. Jobs

Source: Reuters

Rise of remote working is ‘biggest threat to oil demand,’ says analyst

CNBC


Working from home has become the norm, and if the trend continues even after the pandemic abates, it could pose a big risk for oil, analysts are warning.

“The biggest threat to oil demand is the rise of remote …