Energy News

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. 

 





Source: Reuters

Negative pricing seen spreading from oil to gas as European demand slumps

Reuters


LONDON – A month after U.S. crude oil prices collapsed into negative territory, European gas markets are facing the prospect of also slipping into the red after a slump in demand and surging inventories pushed prices into low single …

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 …

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.…

Source: Reuters

Trump administration abruptly postpones New Mexico oil and gas auction

Reuters


The Trump administration abruptly postponed an auction of oil and gas leases in New Mexico that had been scheduled to begin on Wednesday morning, according to a government website about the sale.

No further information about the delay was …

May 20, 2020 - 1:00 pm Closing Bell Story‎, Energy News, Regulatory
Source: CNBC

Google plans to stop making A.I. tools for oil and gas firms

CNBC


Google has pledged to stop building customized artificial intelligence (AI) tools that help oil and gas firms to extract fossil fuels worldwide.

The pledge came after a Greenpeace report on Tuesday highlighted how Google, Microsoft, and Amazon use …

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 …

Haynes and Boone Replay: Weekly Energy Tracker Call  05-19-2020

Haynes and Boone Replay: Weekly Energy Tracker Call 05-19-2020

Oil and Gas 360


Weekly Energy Tracker Call (05/19/20)

Haynes and Boone, AEGIS and EnerCom welcome you to a weekly series of webex meetings to discuss business and legal issues erupting in the oil and gas world, including bankruptcy …

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: CNBC

Details released of a huge offshore wind turbine that can power 18,000 homes per year

CNBC


Siemens Gamesa Renewable Energy (SGRE) has released details of a 14-megawatt (MW) offshore wind turbine, in the latest example of how technology in the sector is increasing in scale.

With 108-meter-long blades and a rotor diameter of 222 meters, …

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
Exide Technologies Announces Comprehensive Strategy to Position Businesses for Long-Term Sustainable and Profitable Growth

Exide Technologies Announces Comprehensive Strategy to Position Businesses for Long-Term Sustainable and Profitable Growth

Exide Technologies (“Exide” or the “Company”), a global provider of stored energy solutions, today announced a comprehensive strategy to best position its businesses in North America, EMEA, and Asia-Pacific to benefit its employees, customers, suppliers, and other stakeholders across …