COVID-19 – Page 8 – Oil & Gas 360

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

June 18, 2020

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

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

June 17, 2020

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

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

June 16, 2020

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

Oil prices up 4% on supply cuts, improving demand

June 16, 2020

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

Oil prices rise on optimism around OPEC+ output pact

June 15, 2020

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

(GRAPHIC - Oil majors' 2020 spending: here) Reuters Graphic-oil and gas 360

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

June 15, 2020

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

Oil set to end week lower on coronavirus resurgence fears

June 12, 2020

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

Oil prices set for worst daily drop since April on inventories, bearish Fed

June 11, 2020

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

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

June 10, 2020

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 than triple its second-biggest gain from June 2008, when it ran nearly 31%. Some traders aren’t buying the recent run, however. “Energy is still

The Saudi-Russia oil price war was a ‘very big mistake,’ Qatar energy minister says

June 9, 2020

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

Morgan Stanley flags risk oil price rally will lead to a fall

June 8, 2020

Reuters Oil prices have quickly climbed to levels that raise the risk of price falls as demand is fragile, Morgan Stanley said on Monday, as benchmark crude hit its highest in three months. Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit

Exclusive: Oil major BP to cut 15% of workforce

June 8, 2020

Reuters LONDON – BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100.

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