Crude Oil News

360 Digital Closing Bell 6-26-2020

360 Digital Closing Bell 6-26-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 8 min summary of the energy markets.  

Michael covers the highlights and the new discussions about pricing change on WTI vs Cushing

Source: Reuters

Urals u-turn as Europe shuns expensive Russian oil

Reuters


MOSCOW/LONDON  – The rapidly rising price of Russia’s flagship Urals blend oil has forced European refineries to cut purchases from Moscow and look for crude supplies elsewhere, traders said on Friday.

Urals, a blend of heavy sour oil from …

Source: Forbes

The world’s Top 10 oil producers and consumers

Forbes


Following last week’s release of the BP Statistical Review of World Energy 2020, I began to review and analyze the data. Today I take a deeper dive into the numbers on petroleum.

Oil accounts for a third of …

June 26, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
U.S. rig count decreased by 1 this week, at 265

U.S. rig count decreased by 1 this week, at 265

Oil and Gas 360


This week’s Baker Hughes rig count shows that U.S. had a decrease of 1 over last week, resulting in a total count of 265 rigs. Canada had a decrease of 4 over last week, resulting in …

Source: Reuters

Column: Oil refiners adapt to post-lockdown shift to gasoline from diesel – Kemp

Reuters


LONDON – Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners.

Refiners must cope with a much stronger rebound …

June 26, 2020 - 11:05 am Closing Bell Story‎, Crude Oil News, Energy News
Source: CNBC

Two leading oil price reporting agencies launch new U.S. crude benchmarks to rival WTI

CNBC


Two leading oil price reporting agencies separately launched new U.S. crude benchmarks on Friday, as part of an effort to rival the U.S. West Texas Intermediate futures contract.

The move from S&P Global Platts and Argus Media comes as

June 26, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil prices erase gains in U.S. trade, set for weekly falls

Reuters


LONDON  – Oil prices dipped on Friday, erasing earlier gains, on concerns about rising new coronavirus cases in the United States and China and expectations of U.S. output ticking up while crude stockpiles linger at record highs.

Brent crude …

U.S. refinery capacity sets new record as of January 1, 2020

U.S. refinery capacity sets new record as of January 1, 2020

EIA


Oil & Gas Publishers Note: Our 360 team has covered the refinery capacity news. The key take away is; “U.S. Gulf Coast, which is home to about half of U.S. refining capacity, used imported crude oil for only 28%

A recent rally in oil prices had given energy executives in Texas hope that a recovery was at hand. Now they are not so sure.Credit...Tamir Kalifa for The New York Times

Still Reeling From Oil Plunge, Texas Faces New Threat: Surge in Virus Cases

The New York Times


Oil & Gas Publishers Note: $40 a barrel for one week does not count as a come back. It takes months of higher prices, and then you just cannot easily turn production. Crews re-hired, equipment pulled

Tallgrass Energy Announces Cheyenne Connector Pipeline In-Service; D-J Basin Supply Gains First Firm Access to Rockies Express Pipeline Through REX Cheyenne Hub Enhancement Project

Tallgrass Energy Announces Cheyenne Connector Pipeline In-Service; D-J Basin Supply Gains First Firm Access to Rockies Express Pipeline Through REX Cheyenne Hub Enhancement Project

Tallgrass Energy, LP today announced that both the Cheyenne Connector pipeline and the Rockies Express Pipeline (REX) Cheyenne Hub Enhancement Project will commence commercial service effective June 26, 2020, having obtained approval from the Federal Energy Regulatory Commission on June …

Oil recovery may gather pace in H2, says Opec chief

Oil recovery may gather pace in H2, says Opec chief

TradeArabia News Service -ABU DHABI,

Oil and gas markets recovery is likely to gather pace in the second half of the year as countries further ease lockdown restrictions and demand rises, said Opec Secretary General Mohammad Sanusi Barkindo, expressing cautious
June 25, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, International, OPEC
360 Digital Closing Bell 6-25-2020

360 Digital Closing Bell 6-25-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 8 min summary of the energy markets.  

Michael covers the highlights and Oxy trying to raise 3M and the Dallas Fed Production

Shell begins staff evacuation at Bonga field over COVID-19

Shell begins staff evacuation at Bonga field over COVID-19

EnergyMix


Nigeria’s oil production is facing risk as rising number of coronavirus cases among workers at offshore oil fields and platforms in the country is a growing concern with disruption to output.

Maintenance at the offshore Bonga oil field has …

June 25, 2020 - 2:30 pm Crude Oil News, International, Offshore
Oil firms slam brakes on return-to-work as virus cases soar

Oil firms slam brakes on return-to-work as virus cases soar

Reuters.


U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients, as reported by Reuters

Dallas Fed Energy Survey – Activity in the oil and gas sector deteriorated further in Q2

Dallas Fed Energy Survey – Activity in the oil and gas sector deteriorated further in Q2

Dallas Fed


Activity in the oil and gas sector deteriorated further in second quarter 2020, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of conditions facing Eleventh District …

Source: Reuters

Fuel demand accelerates but new virus wave may slam on the brakes

Reuters


LONDON/NEW YORK – Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed.

Road traffic in some of the world’s major cities …

Source: CNBC

Oil turns positive, shrugging off U.S. crude stock build

CNBC


Oil prices reversed course and turned positive on Thursday, despite a record high U.S. crude inventories and worries that a rapid resurgence in Covid-19 cases could choke a revival in fuel demand.

U.S. West Texas Intermediate (WTI) crude futures …

Shale Oil Recovery Seen Taking Years After Decade of Excess

Shale Oil Recovery Seen Taking Years After Decade of Excess

Bloomberg


As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Parsley Energy Inc. all saying they’re …

June 25, 2020 - 8:47 am Crude Oil News
Source: Forbes

Why central banks are talking up the importance of climate change action — and pouring money into fossil fuels

Forbes


Last year, central bank chiefs in the US and Europe for the first time widely embraced the necessity of taking action on climate change.

Christine Lagarde, the new head of the European Central Bank (ECB), vowed during her confirmation …

360 Digital Closing Bell 6-24-2020

360 Digital Closing Bell 6-24-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 8 min summary of the energy markets.  

Michael covers the highlights and the article from the blood bath on the market today! 

Source: Reuters

BP’s stranded Canadian, Angolan assets expose wider industry risks

Reuters


LONDON  – When BP (BP.L) slashed its long-term oil price outlook last week, prospects in Canada and Angola were rendered worthless, company sources and analysts said, exposing broader risks the industry faces as the world pivots to …

Source: Forbes

How Russian and Saudi oil ties to China complicate the post-pandemic world

Forbes


Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer

Source: Reuters

With contracts canceled and debts mounting, offshore oil drillers face another shakeout

Reuters


DENVER/OSLO – The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to …

Source: Reuters

Oil falls on rising stocks, worries of new virus wave

Reuters


LONDON  – Oil prices fell on Wednesday, as record high inventories and worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.

Brent crude was down 66 cents, or 1.5%, to …

Source: Reuters

U.S. crude oil inventories increase by 1.4 million barrels

Weekly Crude Oil Storage as of June 19, 2020

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 540.7 million barrels, U.S. crude oil …

Source: © Getty Representational image

Tankers Carrying Venezuelan Oil Stuck at Sea

MarineLink


Oil & Gas Publishers Note: We have been covering this story on China and other countries trying to go around the U.S. sanctions on Venezuela. It is interesting that the refineries are watching where the shipments are originating. 16

360 Digital Closing Bell 6-23-2020

360 Digital Closing Bell 6-23-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  The best 8 min summary of the energy markets.  

Michael covers the highlights and the article from anonymous sources that trash the oil business. 

Source: Reuters

Column: Oil prices transitioning to next phase of cycle – Kemp

Reuters


LONDON  – Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis …

June 23, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil up after Trump assurance on China trade deal

Reuters


LONDON  – Oil prices rose on Tuesday in a volatile session after U.S. President Donald Trump soothed jangled nerves over the status of the U.S.-China trade deal.

Markets were unsettled by surprise comments from White House trade adviser Peter …

Harvest Midstream Company announces completion of Ingleside Pipeline

Harvest Midstream Company announces completion of Ingleside Pipeline

World Pipelines


Harvest Midstream Company has announced the completion of the new Ingleside Pipeline and provided an update on the Harvest Midway Terminal’s construction schedule.

“As a result of the successful and timely completion of the Ingleside Pipeline, Harvest customers …

June 23, 2020 - 9:30 am Crude Oil News, Pipeline News