All major indices up as optimism over a new stimulus package help prop up what has been a choppy September to say the least. The Dow Jones last traded up 260 points, or 0.9%, after rising 550 points at its
Crude Oil News
Libya to export at least 240,000 b/d of crude in Oct
Argus
London, 1 October — Libya is set to export at least 240,000 b/d of crude this month, according to data compiled by Argus from shipping and trading sources.
October export schedules show that the recently reopened Zueitina terminal in …
Big Oil’s $110 billion asset sale target could prove big ask
LONDON – Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.
But with the outlook for oil and …
U.S. crude oil producers increased the amount and share of production covered by financial hedges in Q2 2020
EIA
According to the U.S. Energy Information Administration’s (EIA) analysis of financial disclosures from 77 publicly traded U.S. crude oil producers, financial hedging activity in the second quarter (Q2) of 2020 increased year on year from the second quarter of …
Hess Sanctions Payara Development, Offshore Guyana
Development of the Payara Field receives government approval Payara on trac…
…The market’s worst-performing sector is due for some upside, two traders say. Here’s how they’d play it
There could be upside in store for the market’s worst-performing sector.
S&P 500 energy stocks have underperformed the index’s 10 other sectors over a range of time frames including in Tuesday’s trading session, this week, this month, this year
OPEC September oil output rises for third month on Libya restart, Iran
LONDON – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut …
Second tanker carrying Iranian fuel reaches Venezuelan waters -data
The second of a group of three Iranian tankers entered Venezuelan waters on Wednesday, carrying fuel for the gasoline-starved nation, which is struggling under a collapsing oil industry and U.S. sanctions that have crippled imports and exports.
The Iran-flagged …
U.S. crude oil inventories decrease by 2.0 million barrels
Weekly Crude Oil Storage as of September 25, 2020
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.0 million barrels from the previous week. At 492.4 million barrels, U.S. crude oil …
Libyan oil output hits 300,000 barrels per day as fields, ports reopen
Bloomberg
Oil & Gas 360 Publishers Note: We have been covering this story with the involvement of Turkey. This has also spilled over to the Mediterranean offshore disputes in territorial waters over drilling. Turkey and Libya have claimed an extensive …
PetroTal Recommences Oil Production at the Bretana Field
The Peruvian government and communities agree to funding plan Calgary, Alberta and Houston, T…
…ConocoPhillips says Eagle Ford, for now, is chief focus in US unconventional arena
Houston — ConocoPhillips sees the US’ Eagle Ford Shale as its current main domestic activity focus, at a time when most large US upstream players are tapped out in the South Texas play, a top company executive said …
Top U.S. oil refiner, Marathon Petroleum, begins widespread job cuts -sources
HOUSTON, Sept 29 (Reuters) – Marathon Petroleum Corp MPC.N, the largest U.S. oil refiner, on Tuesday began cutting employees at its U.S. operations as the COVID-19 pandemic further narrowed global demand for motor fuels, people familiar with plant …
OPEC Unlikely To Increase Output As Planned Starting January
Image source: Elise Aldram / Pixabay By Dmitry Zhdannikov, Julia Payne LONDON (…
…Husky Completes Commissioning At Liuhua 29-1
CALGARY, Alberta, Sept. 29, 2020 (GLOBE NEWSWIRE) — Husky Energy (TSX:HSE) today anno…
…Daily Energy Market Summary: 360 DCB – 9/29/2020 – Hosted by Michael Tanner
COVID-19 concerns hit the east coast hard, driving markets to its first loss in 4 trading days. The Dow Jones Industrial Average traded 130 points lower, or 0.5%. The S&P 500 fell 0.4% while the Nasdaq Composite dived 0.1%. New
Total joins BP in projecting an oil demand peak around 2030
Bloomberg
Total SE joined the ranks of oil companies anticipating a peak for the industry in the coming decade, saying demand growth will end around 2030.
While the French energy giant’s analysis is more conservative than that of BP, which …
Energy transitions and zero-carbon targets: Kemp
LONDON – Policymakers in many countries have outlined plans for an ambitious transition from a system dominated by oil, gas and coal in the 2010s to one centred around renewables, nuclear and carbon capture by the 2050s.
Experience suggests …
Top traders see tepid oil demand recovery, flat prices
LONDON – The heads of the world’s largest trading houses on Tuesday predicted a tepid recovery in oil demand and flat prices over the coming months or years due to the coronavirus pandemic but said peak oil demand would …
Daily Energy Market Summary: 360 DCB – 9/28/2020 – Hosted by Michael Tanner
New week means new bullish trends as the markets rip higher today, off the back of improved stimulus talks. House Speak Pelosi is set to speak to Treasury Secretary Mnuchin today with talks ongoing today.
Oil and Gas News
Brazil’s Petrobras pays off $2 billion revolving credit line
Reuters
BRASILIA – Brazilian state-controlled oil producer Petroleo Brasileiro S.A. PETR4.SA said on Monday that it has fully repaid the remaining $2 billion balance on its dollar-denominated revolving credit line, which will now allow it to access new facilities.
Petrobras …
Oil steady as surge in virus cases clouds demand recovery
Oil prices were slightly higher on Monday despite rising coronavirus cases that upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after last week’s …
Hedge funds race to cover crude short positions: Kemp
LONDON – Hedge funds trimmed bearish positions in crude oil last week after Saudi Arabia threatened to punish short sellers and on signs that prices had found a floor after recent weakness.
Hedge funds and other money managers purchased
Deadly Armenia-Azerbaijan clashes unlikely to cause an oil spike, analyst says
Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets.
“There is …