Post Tagged with: "coronavirus"

Source: Reuters

Oil falls on coronavirus fears, strong dollar

Reuters


LONDON – Oil prices fell on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China’s economy.

Brent crude was …

Source: Reuters

Column: Goldman proclaims the dawn of a new commodity supercycle – Andy Home

Reuters


LONDON (Reuters) – Will COVID-19 kick-start a new commodities supercycle? Goldman Sachs thinks so.

While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery”, the bank contends it is just “the beginning …

January 5, 2021 - 3:00 pm Closing Bell Story‎, Commodity Pricing, Energy News, Finance
Source: Reuters

Battered energy sector could get reprieve from ‘golden cross’ chart signal

Reuters


Energy, Wall Street’s worst performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday.

The bullish development in S&P 500 energy sector …

December 31, 2020 - 2:30 pm Commodity Pricing, Crude Oil News, Energy News
Source: Reuters

Oil outlook for 2021 hit by new COVID-19 strain: Reuters poll

Reuters


Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday.

The poll of 39 economists and analysts …

Source: Reuters

Exxon signals up to $20 billion writedown to overwhelm 4th-qtr gains in oil, chemicals

Reuters


HOUSTON  -Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset writedown.

The …

Source: Reuters

Oil steadies below $52 as U.S. stimulus counters weak demand

Reuters


LONDON – Oil steadied on Monday, after earlier rising to $52 a barrel, as optimism over the U.S. stimulus package and the start of a European vaccination campaign was balanced by weak demand and the prospect of higher OPEC+ …

Source: CNBC

U.S. import prices inch up in November

CNBC


U.S. import prices rebounded less than expected in November as an increase in the cost of petroleum products was offset by cheaper food and motor vehicles, supporting views that inflation could remain moderate amid a resurgence in new Covid-19 …

December 15, 2020 - 3:30 pm Closing Bell Story‎, Economy
Source: Reuters

OPEC cuts 2021 oil demand outlook again as pandemic impact lingers

Reuters


LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.…

December 14, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil dips as COVID-19 cases, lockdowns outweigh vaccination news

Reuters


NEW YORK -Oil prices edged lower on Tuesday, extending the previous session’s losses after the U.S. state of California tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe.

Brent crude fell 3

December 8, 2020 - 10:35 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

U.S. gasoline demand during Thanksgiving week lowest since 1997: OPIS

Reuters


NEW YORK  – U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, said OPIS, an IHS Markit company, as coronavirus cases surged and government officials urged residents to stay home.

Since …

December 7, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Higher OPEC+ output unlikely to upset oil market rebalancing – Goldman

Reuters


OPEC+ members’ decision to slowly ramp up production from next month will be balanced by increased demand as a result of the expected roll-out of coronavirus vaccines, Goldman Sachs said in a note dated Thursday.

The Organization of Petroleum …

Source: CNBC

Four key risks could make 2021 the toughest year for banks since 2009, says S&P

CNBC


S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with four key risks hanging over the sector.

The ratings agency currently has a “negative” outlook for about one third …

November 17, 2020 - 2:00 pm Closing Bell Story‎, Finance
Source: Reuters

Exclusive: OPEC+ sees oil cut extension curbing 2021 rise in oil stocks, document shows

Reuters


DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …

Source: Reuters

Column: U.S. oil inventories offer hope, and a warning, to OPEC+ – Kemp

Reuters


LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.

But with stocks of crude and distillates still well above the five-year average, OPEC+ …

Source: Reuters

Oil falls on rising Libya output, coronavirus surge

Reuters


NEW YORK – Oil prices fell about 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand.

Hopes for a vaccine kept crude …

Source: CNBC

Global stock market value rises to a record $95 trillion this week on vaccine hope

CNBC


It may be quite a while before an effective coronavirus vaccine is globally distributed, but forward-looking global equity markets are already partying like it’s here.

The total value of stock markets around the world reached an all-time high of

November 12, 2020 - 3:00 pm Closing Bell Story‎, Finance
Source:Rreuters

OPEC expects coronavirus to curb oil demand recovery into 2021

Reuters


LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market.

Demand will rise by

Source: Reuters

Oil price path depends on coronavirus control: Kemp

Reuters


LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries.

In the United States, commercial jet fuel production over …

Source: Reuters

Funds sell oil on fears of virus-driven economic double dip: Kemp

Reuters


(John Kemp is a Reuters market analyst. The views expressed are his own)

LONDON – Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fuelled fears of a double-dip …

Source: Reuters

Chevron, Exxon shrink spending as coronavirus cuts demand

Reuters


U.S. oil majors Chevron Corp CVX.N and Exxon Mobil Corp XOM.N cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim …

October 30, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Dow extends losses as tech and energy lead drop, oil hits $37 per barrel level

Fox Business


Stocks extended losses on Wednesday as COVID-19 lockdown fears gripped investors across the globe. Oil slipped nearly 6% to the $37 per barrel level.

The Dow Jones Industrial Average dropped over 900 points or 3%, before bouncing off …

October 28, 2020 - 2:30 pm Closing Bell Story‎, Economy, Finance
Source: Reuters

Oil plunges 5% as coronavirus cases surge, U.S. crude stockpiles swell

Reuters


NEW YORK – Oil prices dropped 5% to a three-week low on Wednesday as surging coronavirus infections in the United States and Europe is leading to renewed lockdowns, fanning fears that the unsteady economic recovery will deteriorate.

Brent LCOc1

October 28, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

ExxonMobil CEO warns of job cuts coming for employees in US, Canada

Fox Business


ExxonMobil Chairman and CEO Darren Woods warned that job cuts are coming for employees in the U.S. and Canada as part of an ongoing plan announced earlier this year to “redesign work processes and improve cost competitiveness.”

While …

October 22, 2020 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Jobs
Source: Fox Business

Big money managers flee cash despite coronavirus, election worries

Fox Business


Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank …

October 13, 2020 - 2:30 pm Closing Bell Story‎, Economy, Finance
Source: Reuters

Oil falls as virus cases mount and U.S. debate looms

Reuters


LONDON – Oil prices dropped on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors remained cautious ahead of the first U.S. presidential debate.

Brent’s November contract LCOc1, which expires …

September 29, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News
energynow.com

The coronavirus pandemic and the future of oil

Energy Now


By David Yager

September 21, 2020

“The only thing certain about oil is uncertainty.” This earth shattering profundity was shared with me in 1990 by Dr. Subroto, then Secretary-General of OPEC.

Every time somebody predicts with great confidence …

Source: Reuters

Saudi’s June oil exports down $8.7 billion year-on-year

Reuters


DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday.

Compared with May, total exports – including non-oil exports of goods such as …

Source: Reuters

Oil holds near five-month high on U.S. output cuts, virus concern weighs

Reuters


LONDON – Oil edged up towards $46 a barrel on Wednesday, close to its highest since March, lifted by U.S. producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a …

Source: CNBC

Oil drops as demand risk rises, U.S. stockpiles fall less than expected

CNBC


Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected.

Brent crude was down 47 cents, or 1%, at $44.90 …

August 20, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

Options trader bets nearly $500,000 on a big turnaround for one energy name

CNBC


It’s no secret how hard integrated oil names have been hit this year due to the global economic consequences of the coronavirus pandemic, and Occidental Petroleum has been among the worst hit of all the companies in the …