Markets moved slightly upwards after Larry Kudlow reports a revised package has been agreed upon by President Trump. Dow Jones traded over .75% higher, while tech heavy Nasdaq outgained all, up over 1.2% as $1,200 stimulus check outlook is bullish
Crude Oil News
US Gulf production, operations restart after Delta
Houston, 11 October (Argus) — US oil and natural gas producers are redeploying staff to offshore platforms and restarting operations after Hurricane Delta’s pass through the region late last week.
The storm made landfall in the early evening of 9 …
Energy Companies Begin To Restore Operations After Hurricane Delta
By Erwin Seba HOUSTON (Reuters) – U.S. energy companies were returning workers …
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Russian LUKOIL proceeds with Filanovsky field phase two development
Lukoil
Deputy Prime Minister of the Russian Federation Yury Borisov and President of LUKOIL Vagit Alekperov have launched phase two of the development drilling campaign of the Offshore Ice-Resistant Fixed Complex 2 (OIRFC 2) at Vladimir Filanovsky field in Astrakhan, …
Icahn sees energy sector rebound but urges patience
BOSTON – Billionaire investor Carl Icahn said on Thursday the energy sector will bounce back one day but shareholders need to be very patient and he is not urging people to buy.
Icahn, with stakes in CVR Energy, …
OPEC, in major shift, says oil demand to plateau in late 2030s
LONDON – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus …
U.S. rig count increased by 3 this week, at 269
This week’s Baker Hughes rig count shows that U.S. had an increase of 3 over last week, resulting in a total count of 269 rigs. Canada had an increase of 5 over last week, resulting in …
Hurricane Delta shuts most U.S. offshore oil output in 15 years
HOUSTON – A large and powerful Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region’s oil and nearly two-thirds of its natural gas output.
Delta was packing …
Oil prices head for 10% weekly jump on North America, Norway outages
LONDON – Oil prices fell on Friday, erasing an earlier rise but still leaving both benchmarks on track for their biggest weekly gains since early June on the back of supply cuts caused by a storm in the Gulf …
Norway’s striking labour union, oil firms to meet with mediator
off-shore energy
Oil firms and labour officials in Norway will meet on Friday with a state-appointed mediator to try to end a strike threatening to cut output from the country by some 25 per cent.
Six Norwegian offshore fields …
Hurricane Closes 92% of Gulf of Mexico Oil Output in Biggest Shutdown in 15 Years
MarineLink
A strengthening Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region’s oil and nearly two-thirds of its natural gas output.
An already large and powerful storm, Delta …
Daily Energy Market Summary: 360 DCB – 10/8/2020 – Hosted by Michael Tanner
Mixed day for the markets as traders react to statements from both House Speak Nancy Pelosi and President Trump each give conflicting statements, driving markets sideways for a ranged bound day. The Dow Jones closed 122 points higher, or 0.4%.
Column: Shrinking U.S. oil stocks point to market rebalancing – Kemp
LONDON – Excess petroleum inventories are being absorbed as lower prices compel U.S. shale producers and the members of OPEC+ to limit their output, confirming the market is on course to rebalance in 2021.
In the United States, total …
Hurricane Delta steams across Gulf of Mexico, halting 80% of oil output
HOUSTON – Hurricane Delta raked across the prime U.S. offshore oil producing areas in the Gulf of Mexico on Thursday as energy companies pulled workers from offshore platforms and began securing coastal processing plants.
The storm was about 400 …
U.S. domination in energy should not change post-election, top energy guru predicts
CNBC
The U.S. could remain the world’s largest oil producer in five years, no matter who wins the election, and oil demand should come back strong after Covid-19.
Dan Yergin, vice chairman of IHS Markit, explores these and other
Strike could cut a quarter of Norway’s oil and gas output next week
In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and …
Global crack spreads remain low amid slow oil demand recovery and high stocks
In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) estimates that third-quarter 2020 global liquid fuels consumption averaged 94.2 million barrels per day (b/d), an increase from the second quarter but significantly lower than the …
Offshore Oil and Gas Firms Prepare for Yet Another Massive Hurricane
Image source: National Hurricane Center HOUSTON (Reuters) – Oil and gas workers wit…
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Cabot Oil & Gas Corporation provides operational update
HOUSTON, Oct. 7, 2020 /PRNewswire/ — Cabot Oil & Gas Corporation (NYSE: COG) (“Cabot” or the “Company”) today provided an operational update for the third quarter of 2020 and announced updated 2020 guidance.
Third Quarter 2020 …
Daily Energy Market Summary: 360 DCB – 10/7/2020 – Hosted by Michael Tanner
Trump tweets storm strikes again, this time sending major indices running higher amid the idea of more targeted stimulus. President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could
Sole survivor? Saudi Aramco doubles down on oil to outlast rivals
DUBAI/RIYADH – The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come.
But Saudi …
Oil falls on U.S. stimulus impasse and U.S. stockpiles
LONDON – Oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy, with prices also pressured by a larger than expected rise in U.S. crude inventories.
Brent …
U.S. crude oil inventories increase by 0.5 million barrels
Weekly Crude Oil Storage as of October 2, 2020
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 492.9 million barrels, U.S. crude oil …
US Gulf Platforms Shutting as Hurricane Delta Strengthens
MarineLink
Energy companies were securing offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as a major hurricane took aim at U.S. oil production in the Gulf of Mexico.
Hurricane Delta, the 25th named …
Sole survivor? Saudi Arabia doubles down on oil to outlast rivals – Seems logical
Reuters
Oil & Gas 360 Publishers Note: This is an interesting article about different paths for some of the major oil & gas companies. The other majors are divesting oil assets, and morphing into renewable power companies. Saudi Aramco is …
Daily Energy Market Summary: 360 DCB – 10/6/2020 – Hosted by Michael Tanner
Stocks get hammered Tuesday as President Trump announces via Twitter that he is calling off stimulus talks late in the trading session. The Dow Jones closed 375.88 points lower, or 1.3%, The S&P 500 ended the day down 1.4%. The
Oil prices up 3% on hurricane, supply disruptions
NEW YORK – Oil prices rose more than 3% on Tuesday, supported by U.S. supply disruptions caused by an approaching hurricane in the Gulf of Mexico and an oil worker strike in Norway.
Energy companies shut offshore oil platforms …
