Crude Oil News

Source: Reuters

Morgan Stanley sees tighter oil market, raises Brent forecast

Reuters


Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply.

 

“We expect demand to …

Source: Reuters

Exxon, climate activists in showdown over independent board chair

Reuters


Shareholder activists targeting Exxon Mobil Corp’s climate policies stepped up a campaign to split the chairman and chief executive’s roles ahead of the oil major’s shareholder meeting on Wednesday.

Unlike European rivals, Exxon faces little government pressure to curb …

Source: CNBC

Oil falls on U.S.-China tensions over Hong Kong

CNBC


Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong.

A potential deterioration in relations between the world’s two biggest economies could ratchet …

May 27, 2020 - 11:00 am China, Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC+ must plan exit strategy: Kemp

Reuters


LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy.

But …

Source: CNBC

IEA says the coronavirus crisis has set in motion the largest drop of global energy investment in history

CNBC


The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year.

In the group’s annual World Energy

Coronavirus is causing the biggest fall in global energy investment in history: IEA

Coronavirus is causing the biggest fall in global energy investment in history: IEA

Oil&Gas


Impacts are being felt across the energy world, from fuel and power supply to efficiency, with serious implications for energy security and clean energy transitions

Oil & Gas 360 Publishers Note: Carla Sertin writes an excellent summary of the

360 Digital Closing Bell 5-26-2020

360 Digital Closing Bell 5-26-2020

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

 

 Interesting day in the markets - demand is up! 

 

International News Desk: -

Hedge Fund Angelo Gordon buys Northern Oil & Gas debt

Hedge Fund Angelo Gordon buys Northern Oil & Gas debt

Reuters


Hedge fund Angelo Gordon & Co on Tuesday bought $33 million worth of Northern Oil & Gas Inc’s (NOG.A) debt and said it was planning to push for deals that would increase the shale producer’s cash reserves.…

Advantage announces renewal of credit facility at $400 Million

Advantage announces renewal of credit facility at $400 Million

Oil and Gas 360


Source: Reuters

Demand rise, output cuts could mean oil market balance in June

Reuters


LONDON  – Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict.

“Bullish sentiment continues to gather momentum as we move closer …

EQT announces closing of asset sale and strategic volume curtailment

EQT announces closing of asset sale and strategic volume curtailment

EQT


PITTSBURGH, May 26, 2020 /PRNewswire/ — EQT Corporation (NYSE: EQT) today announced that it has closed a transaction to sell certain non-strategic assets and implemented a strategic volume curtailment program.

EQT announces closing of asset sale and strategic volume curtailment- oil and gas 360

Asset Sale:
EQT has closed a transaction to sell …

Source: Reuters

Pandemic forces virtual safety checks for oil tankers

Reuters


LONDON – Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships …

Source: Reuters

Oil prices climb as faith in supply cuts grows

Reuters


LONDON – Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

Brent crude LCOc1 futures were up 0.8%, or …

The 360 Digital Closing Bell Look Ahead– 5-25-2020

The 360 Digital Closing Bell Look Ahead– 5-25-2020

VERY SPECIAL Mega Memorial Day 360 Digital Closing Bell episode #19 back for another week ahead in energy!

Show starts with Michael Tanner talking about what ESG might look like post-COVID19 as it relates to the markets (hint: slight history

Hillcrest Re-Starts Oil Production Early

Hillcrest Re-Starts Oil Production Early

May 25, 2020 – TheNewswire – Vancouver, B.C. – Hillcrest Petroleum Ltd. (the “Company” or “Hillcrest”) (TSXV:HRH) (OTC:HLRTF) is pleased to announce production from the Saskatchewan based West Hazel assets re-commenced on May 19th, 2 weeks earlier than originally anticipated. …

Saudi and Kuwait to halt neutral zone production in June

Saudi and Kuwait to halt neutral zone production in June

Oil & Gas


The countries will stop production for a month as part of measures to reduce oil output

Kuwait and Saudi Arabia will halt oil production in the neutral zone in June for one month, Abdullah al-Sumaiti, acting head …

May 25, 2020 - 7:47 am Crude Oil News, International
Putin sets deadline for plan to support Russian oil industry

Putin sets deadline for plan to support Russian oil industry

Bloomberg


Moscow (Bloomberg) –Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.

Putin ordered ministers

Coronavirus Threatens to Hobble the U.S. Shale-Oil Boom for Years

Coronavirus Threatens to Hobble the U.S. Shale-Oil Boom for Years

WSJ


American shale drillers helped turn the U.S. into the world’s top oil producer, topping 13 million barrels a day earlier this year. It likely will be years—if ever—before they reach such heights again.

That is the growing view among …

Source: Reuters

Angola’s oil exploration evaporates as COVID-19 overshadows historic reforms

Reuters


LONDON/LAGOS  – The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer.

The consequences could be grave …

360 Digital Closing Bell 5-22-2020

360 Digital Closing Bell 5-22-2020

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 up at 33.56 and market up. 

 





U.S. rig count decreased by 21 this week, at 318

U.S. rig count decreased by 21 this week, at 318

Oil and Gas 360


This week’s Baker Hughes rig count shows that U.S. had a decrease of 21 over last week, resulting in a total count of 318 rigs. Canada had a decrease of 2 over last week, resulting in …

Source: Reuters

Why bond investors are willing to bet on money-losing Pemex after oil price crash

Reuters


MEXICO CITY/NEW YORK  – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around.…

Source: Reuters

U.S. shale bust slams rural economies as oil checks shrivel

Reuters


DeWITT COUNTY, Texas – Royalties from oil pumped on Paul Ruckman’s land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s …

Source: Reuters

Oil drops over 4% on China-U.S. tensions, demand doubts

Reuters


LONDON – Oil fell over 4% on Friday to below $35 a barrel on rising U.S.-China tensions and doubts about the pace of demand recovery from the coronavirus crisis, although it remained on course for a weekly gain.

China …

Post-Crisis Recovery: Oil Supply and Demand is Moving Back Towards Equilibrium with China Leading the Way

Post-Crisis Recovery: Oil Supply and Demand is Moving Back Towards Equilibrium with China Leading the Way

Rare Petro


Oil & Gas Publishers Note: This is an outstanding case study from Kevin Olson at Rare Petro. He does a great job covering the global oil demand inflection points. 

Abstract

The dual black swan events of 2020 have …

Source: CNBC

As summer driving season kicks off, it’s unclear just how many people will take to the road

CNBC


This weekend’s Memorial Day holiday could be a test for the gasoline market, depending on whether drivers in reopening states hit the road and then keep on driving.

Gasoline demand is about 30% below where it was before states

360 Digital Closing Bell 5-21-2020

360 Digital Closing Bell 5-21-2020

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 up at 33.99 and market down. 

 





Show Notes: 


Transcript:

Source: Reuters

Shell evacuates foreign staff from Iraq’s Basra Gas project: executives

Reuters


BASRA, Iraq – Royal Dutch Shell (RDSa.L) evacuated some 60 foreign staff from Iraq’s Basra Gas Company as a security measure following a protest over delayed pay, company officials said on Thursday, adding production was unaffected.

The …

Source: superiorenergy.com

Superior Energy Services announces first quarter 2020 results

Oil and Gas 360


HOUSTON, May 21, 2020 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (NYSE: SPN) (the “Company”) today announced a net loss from continuing operations for the first quarter of 2020 of $32.3 million, or $2.18 per share, …

Source: Reuters

Column: U.S. petroleum stocks stabilize as industry adapts to shock – Kemp

Reuters


Excess inventories are clearing from the crude side first in response to output cuts, while a reduction in refined fuel stocks will take longer as consumption is slower to return.

Total inventories of crude and products, excluding the strategic …