Crude Oil News

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 …

Source: Reuters

U.S. grants royalty relief to hard-hit oil, gas drillers

Reuters


The Trump administration has granted royalty relief to several drilling companies producing oil and gas on federal lands in recent weeks, according to a government database, as the industry seeks help weathering low energy prices.

The move shows drillers …

Source: CNBC

Oil at highest since March on lower U.S. inventories, recovering demand

CNBC


Oil prices rose on Thursday to their highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis.

Crude prices have slumped …

Source: Reuters

Traders Beware: U.S. taps new tools to find fraud in volatile commodities market

Reuters


WASHINGTON – When the U.S. Department of Justice charged a handful of JP Morgan Chase & Co (JPM.N) traders in 2018 and 2019 with alleged commodities futures manipulation, it wasn’t the first time the government had probed …

360 Digital Closing Bell 5-20-2020

360 Digital Closing Bell 5-20-2020

The Great Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 7 min summary of the energy markets. This is an up day in the market.

 

Rystad Energy posting that there

Source: Reuters

Halliburton slashes dividend by 75% in latest move to save cash

Reuters


Oilfield services provider Halliburton Co slashed its quarterly dividend by 75% on Wednesday, the latest move by the company to shore up cash to cope with a dramatic plunge in oil prices that began in March.

U.S. oil prices …

Source: Reuters

Continental Resources pushes for regulatory action at North Dakota hearing

Reuters


Continental Resources, one of the largest U.S. shale oil producers, on Wednesday urged North Dakota energy regulators to intervene to help stabilize the state’s oil market through steps such as limiting output or restricting flaring of unwanted natural gas.…

The number of active U.S. crude oil and natural gas rigs is at the lowest point on record

The number of active U.S. crude oil and natural gas rigs is at the lowest point on record

EIA


Producers were operating the fewest oil and natural gas drilling rigs on record in the United States at 339 on May 12, the lowest level in the Baker Hughes Company’s rig count data series that dates back to 1987. …

May 20, 2020 - 10:00 am Crude Oil News, EIA News That Matters, Fracing
Source: Reuters

U.S. crude oil inventories decrease by 5.0 million barrels

Weekly Crude Oil Storage as of May 15, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.0 million barrels from the previous week. At 526.5 million barrels, U.S. crude oil …

Source; Reuters

Oil up on lower U.S. stocks, firmer demand

Reuters


LONDON – Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Brent crude futures LCoc1 …

360 Digital Closing Bell 5-19-2020

360 Digital Closing Bell 5-19-2020

The Great Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 7 min summary of the energy markets. This is an up day in the market.

 

OPEC+ and Saudi Arabia have

360 Energy Expert Network Preview: WolfePak Software

360 Energy Expert Network Preview: WolfePak Software

Oil and Gas 360


Publisher’s Note: Please join us Wednesday, May 20, 2020 on The 360 Energy Expert Network  for our exclusive WolfePak Software Interview.

360 Energy Expert Network Preview: Wolfpack- oil and gas 360

 

360 Energy Expert Network Preview: WolfePak Software- oil and gas 360

 

About WolfePak Software:

WolfePak is an oil & gas accounting solutions company

Source: Reuters

Exclusive: Exxon revives sale of stake in giant Azeri oilfield

Reuters


LONDON – Exxon Mobil (XOM.N) has relaunched the sale of its stake in Azerbaijan’s largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and …

Source: Reuters

Column: Successful OPEC+ output deal fits a pattern – Kemp

Reuters


LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks.

Front-month Brent futures …

Source: CNBC

Oil reverses gains and moves lower, despite signs of output cuts and demand hopes

CNBC


Oil prices moves lower on Tuesday, despite signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.

 

The front-month contract for …

Source: Reuters

Coronavirus creates repair headache for oil and gas industry

Reuters


MOSCOW/LAGOS/LONDON – The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say.

Lockdowns to …

Source: Reuters

Oil steady on signs of output cuts but demand concerns weigh

Reuters


LONDON – Oil prices were steady on Tuesday amid signs that producers are cutting output as promised while traders awaited more clarity on the demand picture as some countries ease out of lockdowns.

Benchmark Brent crude was up 4 …

May 19, 2020 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
360 Energy Expert Network Preview: Ajax Analytics

360 Energy Expert Network Preview: Ajax Analytics

Oil and Gas 360


Publisher’s Note: Please join us Tuesday, May 19, 2020 on The 360 Energy Expert Network  for our exclusive Ajax Analytics Interview.

360 Energy Expert Network Preview: Ajax Analytics- oil and gas 360

 

360 Energy Expert Network Preview: Ajax Analytics- oil and gas 360

 

About Ajax Analytics:

Ajax Analytics is a Fort Collins, Colorado-based environmental software

Source: CNBC

Oil outlook vastly different than when it plunged into negative territory a month ago

CNBC


The fortunes of the oil market have turned around dramatically in the past month.

This time last month, investors were watching the futures market in disbelief. The May contract for West Texas Intermediate oil was set to expire, and …

360 Digital Closing Bell 5-18-2020

360 Digital Closing Bell 5-18-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 7 min summary of the energy markets. This is an up day in the market.

 

Majors in Europe are spending more on