Post Tagged with: "coronavirus"

Source: CNBC

Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup

CNBC


Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.

U.S. West Texas

August 4, 2020 - 11:00 am Commodity Pricing, Crude Oil News, Energy News
Source: CNBC

Oil steady as virus fears counter positive factory data

CNBC


Oil prices steadied on Monday, pressured by rising COVID-19 cases around the globe and by oversupply worries as OPEC and its allies are set to wind back output cuts in August, but supported by positive industry data in Europe …

Source: Reuters

Oil set for fragile recovery as economies limp towards normal: Reuters poll

Reuters


Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday.

The survey …

July 31, 2020 - 3:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
Source: CNBC

Oil prices bounce back from 3-week lows, but economic headwinds loom

CNBC


Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer.

Brent crude was up …

Source: Forbes

Chapter 11 Bankruptcy statistics on U.S. shale patch are not the best barometer to gauge industry’s future

Forbes


The oil and gas industry’s most recent cyclical downturn, triggered by the Covid-19 global pandemic in March, has yet again invited close scrutiny of the U.S. shale industry. At one point, prior to the turn of events, shale was …

Source: CNBC

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand

CNBC


Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices.

July 30, 2020 - 10:45 am Closing Bell Story‎, Earnings, Energy News
Source: Reuters

Hess posts smaller-than-expected loss on higher output, lower costs

Reuters


U.S. oil and gas producer Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, as higher output and lower costs helped offset a plunge in oil prices due to the coronavirus crisis, sending its shares 3% higher.

Crude prices …

Source: CNBC

Oil rises after surprise drop in U.S. inventories offsets demand concerns

CNBC


Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.

Brent crude futures

Source: Reuters

Big Oil braces for second-quarter losses after virus whips up perfect storm

Reuters


LONDON – Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed.

The expected

July 27, 2020 - 2:30 pm Closing Bell Story‎, Crude Oil News, Earnings, Energy News
Source: Reuters

Bounceback in U.S. shale oil output is unlikely to last the summer

Reuters


HOUSTON/NEW YORK – A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) …

Source: Reuters

U.S. crude, distillate stockpiles rise unexpectedly -EIA

Reuters


U.S. crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases hit U.S. consumption.

U.S. crude production ticked higher and refined products …

Source: Fox Business

Halliburton takes $2.1B charge as coronavirus slams business

Fox Business


Halliburton Co. booked a $2.1 billion pre-tax impairment charge in the three months through June as the COVID-19 pandemic provided difficult business conditions in North America.

The Houston-based energy-services provider posted a net loss of $1.7 billion as …

Source: Reuters

Global recovery unlikely to be v-shaped, says Shell chief

Reuters


LONDON  – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s (RDSa.L) chief executive said.

Ben van Beurden told an online …

July 16, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Exclusive: OPEC fears second virus wave to prolong oil inventory overhang

Reuters


LONDON – OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal …

Source: Reuters

‘Disaster’ U.S. earnings loom, but investors try and look beyond

Reuters


NEW YORK – U.S. companies are preparing to open their books on a quarter that is set to show the biggest earnings fall since the financial crisis, leaving investors looking for light at the end of the tunnel.

The …

July 9, 2020 - 2:00 pm Closing Bell Story‎, Earnings, Economy, Finance
Source: Reuters

Rooftop revolution: Coronavirus chill upends solar power industry

Reuters


LOS ANGELES/MADRID/LONDON – The booming rooftop solar panel industry nosedived overnight when the coronavirus forced homeowners to rein in spending and keep their distance from would-be installers.

Now, in their struggle to survive, companies on both sides of the …

Source: CNBC

Oil demand to return to pre-pandemic levels by 2022, Goldman says, but unlikely to peak this decade

CNBC


Analysts at Goldman Sachs expect global oil demand to return to pre-pandemic levels by 2022, citing a pick-up in commuting, a shift to private transportation and higher infrastructure spending.

In a research note published Thursday, analysts at the U.S.

July 2, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Finance
Source: CNBC

Oil prices just had their best quarter in 30 years — what’s next?

CNBC


Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April.

Brent crude futures skyrocketed more than 80% in …

Source: Reuters

Shell to cut asset values by up to $22 billion after coronavirus hit

Reuters


LONDON – Royal Dutch Shell (RDSa.L) plans to slash the value of its oil and gas assets by up to $22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, …

June 30, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News
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 …

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

Column: Oil prices no longer especially cheap after strong rally – Kemp

Reuters


LONDON  – Oil prices are no longer particularly cheap by historical standards.

Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 …

Saudi Aramco to use cash and debt to uphold dividends pledge amid reports of job cuts

Saudi Aramco to use cash and debt to uphold dividends pledge amid reports of job cuts

CNBC


Saudi Aramco maintained its pledge to make good on its dividend payments, saying Thursday that it would mobilize cash and debt to fulfill the $18.75 billion payouts for the first quarter of this year despite taking a hit from …

Post-COVID Global Oil Demand Series – Part 1: Petrochemicals and Construction Materials

Post-COVID Global Oil Demand Series – Part 1: Petrochemicals and Construction Materials

RarePetro


Oil & Gas 360 Publishers Note: This is part 1 from Kevin Olson at RarePetro on the Petrochemicals. The Post-COVID demand is an interesting topic for almost every market segment. Construction, manufacturing, transportation, air travel, and real estate will

Source: Reuters

OPEC sees gradual oil demand recovery, makes 84% of cuts in May

Reuters


LONDON – OPEC forecast on Wednesday a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market.

In a monthly …

Source: CNBC

IEA sees largest drop of oil demand in history this year, before biggest-ever one-year jump in 2021

CNBC


The International Energy Agency said on Tuesday that it expects the fall in oil demand this year to be the largest in history, but believes there are signs the market could reach “a more stable footing” over the coming …

Source: Reuters

Oil prices up 4% on supply cuts, improving demand

Reuters


LONDON – Oil prices jumped around 4% on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.

Brent crude LCOc1 prices were up $1.62, or 4.08%, to …

Source: Reuters

Oil prices rise on optimism around OPEC+ output pact

Reuters


NEW YORK  – Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy.

U.S. West Texas …

Source: Reuters

BP wipes up to $17.5 billion from assets with bleaker oil outlook

Reuters


LONDON  – BP (BP.L) will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy …

Source: Reuters

Oil set to end week lower on coronavirus resurgence fears

Reuters


LONDON  – Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand.

Brent LCOc1 was up 27 …