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 $41.97 a barrel by 1349 GMT, a day after hitting its highest level since a price plunge began in March.
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 period. But over a longer time horizon, current prices are not especially cheap, and are only a little below long-run
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 the coronavirus pandemic and lower oil prices. “It will be a combination of both,” Aramco CEO Amin Nasser told press during
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 all have demand impacts for oil and natural gas. Nice article from Kevin and worth the time to review. Abstract
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 report, the Organization of the Petroleum Exporting Countries said demand would decline by 6.4 million barrels per day (bpd) in
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 months. International benchmark Brent crude futures traded at $40.53 on Tuesday afternoon, more than 2% higher, while U.S. West Texas Intermediate futures stood at
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 $41.34 a barrel at 1347 GMT. U.S. oil CLc1 rose $1.67, or 4.5% to $38.79 a barrel. In its monthly
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 Intermediate crude rose 44 cents, or 1.2%, to $36.70 a barrel by 1:22 p.m. EDT (1722 GMT). Brent crude rose
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 demand and accelerate a shift away from fossil fuels. Like its rivals, the British oil major is set to take a big
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 cents, or 0.7%, at $38.82 a barrel by 1204 GMT, having lost more than $1 earlier in the session. After
Reuters LONDON – Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 dropped
CNBC Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, which sent oil prices into free fall. “I think it was a very big mistake,” Saad al-Kaabi told CNBC’s Hadley
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