Post Tagged with: "coronavirus"

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
Shale pioneer Chesapeake considers bankruptcy filing after oil rout

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 …

Source: Reuters

Hess deepens spending cuts, posts quarterly loss on virus-fueled oil rout

Reuters


U.S. oil and gas producer Hess Corp on Thursday introduced deeper spending cuts after reporting a quarterly loss due to impairment charges of $2.25 billion on some oil-producing assets amid the coronavirus crisis.

Stay-at-home orders designed to contain the …

Coronavirus continues to impact the wind energy sector as Germany’s Nordex withdraws guidance

Coronavirus continues to impact the wind energy sector as Germany’s Nordex withdraws guidance

CNBC


Nordex has become the latest wind turbine manufacturer to withdraw guidance for the 2020 financial year, in another example of how the coronavirus pandemic is disrupting the renewable energy sector.

In a statement issued Tuesday the German company said …

Fortis Inc. reports first quarter 2020 earnings¹

Fortis Inc. reports first quarter 2020 earnings¹

Oil and Gas 360


ST. JOHN’S, Newfoundland and Labrador, May 06, 2020 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its first quarter …

Source: CNBC

Total’s net profit falls 35% in the first quarter as oil prices slide

CNBC


Total on Tuesday posted a significant fall in first-quarter net profit, as oil prices tumbled to historic lows following a drop-off in demand due to the coronavirus crisis.

The French energy major reported Tuesday that first-quarter net profit came

Sourcee: Reuters

‘Like watching a train wreck’: The coronavirus effect on North Dakota shale oilfields

Reuters


NEW YORK (Reuters) – Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart …

Chevron says results will be ‘depressed’ as long as oil stays low, takes steps to protect dividend

Chevron says results will be ‘depressed’ as long as oil stays low, takes steps to protect dividend

CNBC


Chevron shares dropped on Friday after the company warned that results will remain depressed as long as oil prices stay low, and said it was further cutting its 2020 capital spending plan.

For the first quarter, Chevron reported earnings …

Source: Reuters

Oil rises further above $26 as OPEC+ begins record cuts

Reuters


LONDON – Oil rose further above $26 a barrel on Friday as OPEC and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market.

The …

Source: CNBC

Oil and gas companies set to lose $1 trillion in revenues this year

CNBC


Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.

The E&P industry, which includes oil majors, made $2.47 …

Source: CNBC

The US wind industry installed over 1,800 megawatts in first quarter, but the coronavirus remains a risk

CNBC


The first quarter of 2020 saw the U.S. wind industry install more than 1,800 megawatts (MW) of new capacity, a report from the American Wind Energy Association (AWEA) has revealed.

According to the AWEA’s report, 11 new projects with

Source: CNBC

Oil major Shell slashes dividend for the first time since World War II

CNBC


Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis.

The board at Shell said it had decided

360 Digital Closing Bell 4-29-2020

360 Digital Closing Bell 4-29-2020

Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail.  This already shaping up to be a wild week with interesting news and great interviews! This is the best 5 min summary for the energy

Source: CNBC

BP’s net profit slides 67% in the first quarter following a historic fall in oil prices

CNBC


Energy giant BP reported a significant fall in first-quarter net profit on Tuesday, as oil prices continue to dive amid intensifying concerns about the coronavirus crisis and dwindling storage capacity.

The U.K.-based oil and gas company posted first-quarter underlying

Source: Reuters

Venezuela’s gasoline goes from world’s cheapest to steepest

Reuters


PUERTO ORDAZ/MARACAIBO, Venezuela – Venezuelans reported paying above $2 per liter ($7.57 per gallon) for gasoline last week amid fuel shortages, one of the world’s highest rates and a dramatic reversal for an OPEC nation that long boasted of …

Source: Reuters

Oil prices resume slide on oversupply and storage concerns

Reuters


LONDON – Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic.

U.S. oil futures led losses, falling by more than $3 a barrel …