Post Tagged with: "coronavirus"

Source: Reuters

Trump to sign order giving agencies emergency powers to fast-track energy projects: sources

Reuters


WASHINGTON – President Donald Trump on Thursday is expected to sign an executive order that would let federal agencies use emergency powers to fast track major energy infrastructure projects by overriding environmental permitting requirements, two sources familiar with the …

Source: Reuters

Natgas flows to U.S. LNG export plants sink to 9-month low due to coronavirus

Reuters


NEW YORK – The amount of natural gas flowing on pipelines to U.S. liquefied natural gas export plants is at its lowest levels since August, a signal of weak worldwide demand due to government lockdowns to repress the coronavirus.…

Source: CNBC

Morgan Stanley is planning to bring traders back to New York headquarters next month, sources say

CNBC


Morgan Stanley is planning to kick off the return of trading personnel to its New York headquarters in mid to late June, according to people with knowledge of the situation.

The firm expects that, at least at first, only …

May 29, 2020 - 3:00 pm Capital Markets, Closing Bell Story‎, Finance
The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro


Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro

Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any

May 29, 2020 - 11:25 am Capital Markets, Crude Oil Storage, OPEC
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: 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

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 …

Source: CNBC

Banks will struggle to generate profits even as the global economy recovers, IMF says

CNBC


WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday.

In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced …

May 22, 2020 - 12:00 pm Closing Bell Story‎, Finance, International
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

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: 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: 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

Column: Recovering oil demand could drive market into deficit by July – Kemp

Reuters


LONDON  – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle.…

Source: CNBC

Oil market is re-balancing, but path to ‘next normal’ not a straight line, says energy CEO

CNBC


Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday.

“There are good signs

Source: Reuters

Sharp oil price pullback unlikely as demand improves: Goldman

Reuters


The risk of a sharp pull-back in oil prices has decreased as the rebalancing of the crude market gathers pace, Goldman Sachs said, aided by a gradual lifting of coronavirus lockdowns and a faster-than-expected fall in output.

The Wall-Street …

Source: CNBC

Powell says more policy help may be needed to pull the US out of economic downturn

CNBC


Federal Reserve Chairman Jerome Powell said Wednesday that policymakers may have to use additional weapons to pull the country out of an economic mire that has cost at least 20 million jobs and caused “a level of pain that …

May 13, 2020 - 3:00 pm Closing Bell Story‎, Economy, Finance, Regulatory
Source: Forbes

Key Indicators On The Oil Price Path ‘After’ Covid-19

Forbes


Undoubtedly, the dominant factor in the oil market for the next twelve to twenty-four months will be the progress of the pandemic, which will reduce economic activity and thus oil demand to an uncertain degree and with unpredictable timing. …

Source: Reuters

Oil prices up after Saudi pledge on cuts eases some glut fears

Reuters


LONDON  – Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.

Brent crude LCOc1 advanced 78 cents, …

Source: Reuters

Oklahoma oil regulators hear arguments on output cuts

Reuters


Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices.

U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel …

Source: Reuters

More shale drillers slash production after oil rout slams earnings

Reuters


U.S. shale producers Continental Resources Inc and Callon Petroleum Co on Monday joined their peers in cutting production to cope with a rout in oil prices as the coronavirus crisis sapped demand for fuel.

The historic drop in oil …

Source: CNBC

Goldman Sachs warns jet fuel demand may never fully recover from the crisis

CNBC


The coronavirus outbreak will have a lasting impact on the behavior of businesses across the globe, with jet fuel demand unlikely to ever fully recover, according to the head of commodities research at Goldman Sachs.

The Covid-19 pandemic …

May 11, 2020 - 1:00 pm Commodity Pricing, Crude Oil News, Energy News
Source: Reuters

Long-suffering Canadian oilpatch faces ‘biggest existential crisis’ yet

Reuters


Canada’s oil patch has endured five years of existential threats that have pruned weaker companies, but now its strongest firms are trying to navigate the coronavirus pandemic, which has set off the worst crisis in the oil industry in …

Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Oil and Gas 360


MINNEAPOLIS

HIGHLIGHTS

  • First quarter production increased 28% over the prior year, averaging 43,735 barrels of oil equivalent (“Boe”) per day
  • Cash flow from operations, excluding $7.1 million from changes in working capital, totaled $93.6 million, which
Source: Reuters

Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Reuters


Debt-stricken Chesapeake Energy Corp said on Monday it was considering a bankruptcy filing, among other alternatives, as the shale driller struggled with an unprecedented rout in oil and gas prices caused by the COVID-19 pandemic.

Reuters reported last month …

Source: Reuters

Oil prices rise on Saudi voluntary cuts

Reuters


LONDON – Oil prices rose on Monday after leading exporter Saudi Arabia said it will reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, though gains were capped by fears …

Source: CNBC

Why the stock market is up even with historic job losses

CNBC


A record number of Americans just lost their job, and yet stocks are moving higher. This seems paradoxical given the economic toll — to say nothing of the emotional toll — on millions of people across the country without

May 8, 2020 - 3:00 pm Capital Markets, Closing Bell Story‎, Economy, Finance
Source: Reuters

North American oil producers slash output faster than OPEC skeptics expected

Reuters


NEW YORK – North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis …

Source: CNBC

Markets are getting too excited about the oil price rally too soon, analysts warn

CNBC


Oil prices rallied for five consecutive days this week amid investor optimism over the relaxing of coronavirus lockdowns in the U.S. and around the world, but several energy analysts argue it’s too soon to get carried away.

The commodity …

Canadian Natural swings to loss, slows output as oil prices slump

Canadian Natural swings to loss, slows output as oil prices slump

Reuters


Canadian Natural Resources Ltd (CNQ.TO) posted a quarterly loss on Thursday compared with a year-ago profit, hurt by the sharp decline in oil prices caused by the novel coronavirus outbreak and a price war between Saudi Arabia …