Post Tagged with: "Covid-19"

Source: Reuters

IEA nudges up 2020 gas demand forecast, but still sees record fall

Reuters


OSLO – The International Energy Agency (IEA) has nudged up its global gas demand forecast for this year, but still sees the biggest fall on record due to the impact of the COVID-19 pandemic.

The Paris-based agency said on …

 Global crack spreads remain low amid slow oil demand recovery and high stocks

 Global crack spreads remain low amid slow oil demand recovery and high stocks

EIA

In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) estimates that third-quarter 2020 global liquid fuels consumption averaged 94.2 million barrels per day (b/d), an increase from the second quarter but significantly lower than the …

Source: Reuters

Big Oil shares capitulate to COVID, lower carbon doubts

Reuters


LONDON – Royal Dutch Shell RDSa.L and BP BP.L have lost over half of their market value so far this year, with both shares hitting 25-year lows this week, battered by weak oil prices and investor concerns over their …

Source: Reuters

Oil prices rise on storm-driven output cuts, COVID-19 weighs

Reuters


LONDON – Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains.

However, …

Source: Reuters

Gold eyes $2,000 mark in speedy record-breaking run

Reuters


LONDON/BENGALURU- Gold’s record rally is moving tantalisingly close to the psychologically key $2,000 level, powered by investors seeking cover from COVID-19’s global economic toll, as reflected in dollar weakness, faltering stocks and U.S.-China trade tensions.

Spot gold prices XAU= …

July 27, 2020 - 12:00 pm Closing Bell Story‎, Commodity Pricing
Source: Reuters

OPEC sees oil demand soaring in 2021 but still below 2019

Reuters


LONDON – Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report.…

Source: Reuters

IEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook

Reuters


LONDON – The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook.

The Paris-based IEA raised its forecast to 92.1 million barrels …

Source: CNBC

Shale industry will be rocked by $300 billion in losses and a wave of bankruptcies, Deloitte says

CNBC


The U.S. shale industry is about to enter a period of “great compression” as low oil prices hammer the sector, according to a Deloitte study released Monday.

The firm believes that exploration and production companies could  write down …

Source: CNBC

Oil and gas production ETF paces for best quarter on record, but traders say it’s still a ‘show-me story’

CNBC


Oil and gas stocks are defying the odds.

The SPDR S&P Oil and Gas Exploration and Production ETF (XOP) is having its best quarter on record, up over 102% since April 1 despite concerns about oversupply. That’s more

Source: CNBC

Bank of America pledges $1 billion to assist economic and racial inequality intensified by pandemic

CNBC


Bank of America announced Tuesday that it will commit $1 billion over four years to help local communities grapple with the widened economic and racial inequality caused by the Covid-19 outbreak.

The bank said in a press release that …

June 2, 2020 - 12:00 pm Closing Bell Story‎, Corporate Governance, Finance
Texas Economic Activity Sharply Falls in Wake of COVID-19

Texas Economic Activity Sharply Falls in Wake of COVID-19

Dallas Fed


Oil & Gas 360 Publishers Note: The entire country has been changed forever due to the shutdown. The Dallas Fed has some great numbers to review, but does not totally cover the impact of the oil prices and

May 7, 2020 - 8:25 am Economy, Energy News, Jobs
Enverus -The Path to Recovery Will Follow the Fundamentals

Enverus -The Path to Recovery Will Follow the Fundamentals

360 Feed Wire


Q4 recovery best case scenario in Enverus’
updated oil & and gas market outlook

Austin, TX (May 6, 2020) – Enverus, the leading oil & gas SaaS and data analytics company, has released its latest FundamentalEdge report …

Oil demand is beginning a slow, and fragile, recovery worldwide

Oil demand is beginning a slow, and fragile, recovery worldwide

Bloomberg


LONDON (Bloomberg) –Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was …

Oil glut to halve in May and shrink to 6mbpd in June: Rystad

Oil glut to halve in May and shrink to 6mbpd in June: Rystad

Oil&Gas


Despite the improvement, the stock build will still overwhelm remaining global storage, which will fill in weeks.

The global imbalance between oil supply and demand, which has built to 26.4 million barrels per day (bpd) in April due to …

Texas works with ESG-friendly testing company PerkinElmer to tame pandemic

Texas works with ESG-friendly testing company PerkinElmer to tame pandemic

Karma

Oil & Gas 360 Publishers Note: This article about the great state of Texas is just another example of the importance of ESG. PerkinElmer is providing goods and services with a strong social statement and messaging. Our energy, oil

Saudi Arabia and Kuwait start cutting oil output ahead of schedule

Saudi Arabia and Kuwait start cutting oil output ahead of schedule

Oil&Gas


The two nations acted prior to the May 1 deadline set by OPEC+

Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the …

April 26, 2020 - 5:36 am Crude Oil News, Crude Oil Storage, International, OPEC, Popular 2
Courtesy - Enter Engineering

Enter Engineering Helps Uzbekistan Combat the Covid-19 Virus

360 Feed Wire


Construction of new 10,000-bed infectious diseases facility under way

 Tashkent, 22 April 2020 – As part of an on-going nationwide effort to tackle the global coronavirus pandemic, Enter Engineering, the largest EPC contractor in Uzbekistan, is nearing

SSI Partners with Texo to Provide Coronavirus Screening Stations

SSI Partners with Texo to Provide Coronavirus Screening Stations

360 Feed Wire


Specialist medical support company, SSI Energy, has forged a strategic partnership with Texo Accommodation, part of Texo Group of companies, to deliver modular Coronavirus screening stations in the UK.

The partnership will combine SSI Energy’s range of …

April 22, 2020 - 4:40 pm International, Oil and Gas 360 Articles, Press Releases
Vogtle / Workforce Reduced By 20% As Coronavirus Pandemic Takes Toll

Vogtle / Workforce Reduced By 20% As Coronavirus Pandemic Takes Toll


42 workers at new-build site in Georgia have been diagnosed with Covid-19

The workforce at the Vogtle nuclear power station in the US state of Georgia is being reduced by about 20%, or roughly 1,800 employees, to mitigate the
Emerging-Market Economies Face COVID-19 and a ‘Sudden Stop’ in Capital Flows

Emerging-Market Economies Face COVID-19 and a ‘Sudden Stop’ in Capital Flows

Dallas Fed


Emerging-market capital inflows dramatically declined in response to the rapid spread of the coronavirus (COVID-19). A rise in global risk at a time of investor risk aversion led to a rapid flight from emerging-market assets.

While most aggregate …

April 14, 2020 - 2:30 pm Closing Bell Story‎, Economy, Feature Stories, Finance
Offshore drillers will be living on the edge, Rystad analysis shows a combined revenue loss of an estimated $3 billion

Offshore drillers will be living on the edge, Rystad analysis shows a combined revenue loss of an estimated $3 billion

Offshore Energy


The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy.

April 11, 2020 - 11:10 am Crude Oil News, International, Offshore
ERIELL takes measures to prevent the spread of COVID-19 and demonstrates its approach to ESG

ERIELL takes measures to prevent the spread of COVID-19 and demonstrates its approach to ESG

360 NewsWire


Oil & Gas Publishers Note: While the world politics in the oil industry is out of our control, it is important to know that there are regular people around the world trying to earn a living while facing

ICAEW: COVID-19 pandemic brings Middle East economies to temporary standstill

ICAEW: COVID-19 pandemic brings Middle East economies to temporary standstill

Oil & Gas


Oil & Gas 360 Publishers Note: Carla Sertin provides and excellent summary of the Middle East economy which will have budgetary deficits. Good background on why OPEC + should continue talks, and/or President Trump should act sooner

3 Utilities to buy while others are fearful

3 Utilities to buy while others are fearful

360 Feedwire


Wall Street fell into a bear market in just a few weeks and then bounced back in just a few days, jumping by more than 20% in record time. And now stock prices are falling again. To suggest …

April 5, 2020 - 6:28 pm Capital Markets, Energy News, Finance, Press Releases
Trump Today: Trump vows U.S. energy sector will come back as he sees Russia-Saudi oil agreement

Trump Today: Trump vows U.S. energy sector will come back as he sees Russia-Saudi oil agreement

Oil & Gas 360 PRwire


Oil & Gas 360 Publishers Note: As we covered on the 360 Digital Closing Bell, President Trump gave a hint about this on his Thursday’s Corona -19 press conference, and then followed through with his

Courtesy of Liberty Oilfield Services Inc.

Liberty Oilfield Services Inc. announces strategic actions in response to current market conditions including capacity & cost reductions, executive and board pay cuts and dividend suspension

Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that it has reduced the size of its workforce, the number of active frac fleets deployed, capital expenditures and its general and administrative cost structure in response to …

Source: Reuters

U.S. crude dips below $20 as lockdowns wipe out demand

Reuters


LONDON – Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could …

Offshore workforce cut by 40% due to Covid-19.

Almost 40% of the North Sea workforce has been cut as operators attempt to wrestle with the growing coronavirus crisis.

EnergyVoice

 


Trevor Stapleton, Oil and Gas UK’s HSE director, said more than 4,000 crew and staff have been stood down over the last few weeks as offshore firms look to move to a skeleton staff. The North Sea averaged …

March 27, 2020 - 6:53 am Crude Oil News, Energy News, International, Offshore
Covid-19 and oil price war could derail two-thirds of the world’s oil & gas project sanctioning in 2020

Covid-19 and oil price war could derail two-thirds of the world’s oil & gas project sanctioning in 2020


The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development

March 25, 2020 - 2:30 pm Closing Bell Story‎, Energy News, International
Thirteen suspected Covid-19 cases on Taqa North Sea platforms

Thirteen suspected Covid-19 cases on Taqa North Sea platforms

Energy Voice


Taqa said that eight crew members are currently under self-isolation on its Cormorant Alpha and North Cormorant platforms.

It added that a further five workers have show “minor symptoms” and are nearing the end of their self-isolation period.…

March 24, 2020 - 7:00 am Energy News, Exploration and Production (E&P), Offshore