Post Tagged with: "Crude Oil Prices"

In bare-knuckle negotiations, Exxon slants view of pandemic to suit its aims

In bare-knuckle negotiations, Exxon slants view of pandemic to suit its aims

Reuters


HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said.

The largest U.S. …

Source: Reuters

U.S. natgas trading at parity with oil after crude price collapse

Reuters


The rapid collapse of U.S. oil futures this year caused crude’s premium over natural gas to drop to near parity on an energy equivalent basis for the first time since 2008.

That could prompt producers to search for more …

Source: Reuters

OPEC cuts oil demand view again as market faces ‘historic shock’

Reuters


LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last.

The Organization of the Petroleum Exporting …

Source: CNBC

Oil jumps ahead of OPEC-led talks on output cuts

CNBC


Oil prices jumped on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

 

Thursday’s videoconference meeting …

April 8, 2020 - 9:05 am Closing Bell Story‎, Crude Oil Storage, Energy News
Source: Reuters

OPEC+ debates biggest-ever oil cut as virus destroys demand

Reuters


DUBAI/LONDON/MOSCOW  – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market …

April 3, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil prices rise on stimulus package, fuel demand sinks

Reuters


NEW YORK  – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week.

Demand for oil …

Source: Houston Chronicle

Plunging oil prices might be just what U.S. gas drillers needed

Houston Chronicle


As the collapse of OPEC+ talks on production cuts sent energy stocks into a tailspin, one corner of the industry defied the rout: U.S. natural gas drillers.

Shares of gas producers including Cabot Oil & Gas Corp., Southwestern …

Source: Reuters

Oil falls 1% as Mideast tensions ease, U.S. gasoline stocks weigh

Reuters


HOUSTON – Oil prices fell about 1% on Monday as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following a bearish U.S. report last week showing a large gasoline stockbuild.

Brent crude LCOc1 was …

Source: Houston Chronicle

Despite Trump’s claim, U.S. still needs Middle East oil

Houston Chronicle


President Donald Trump said during an address from the White House Wednesday that the U.S. no longer needs oil from the Middle East, but American refineries still use the kind of oil that region produces.

Thanks to booming …

January 9, 2020 - 1:30 pm Crude Oil News, Energy News, International, People
Source: Nasdaq

Oil hits three-month high on falling oil stocks, investor optimism

Reuters


HOUSTON – Oil prices rose to the fourth consecutive weekly gain on Friday, steadying at three-month highs after new data showed U.S. crude inventories fell far more than expected, while upbeat economic data and optimism over a U.S.-China trade …

Source: Houston Chronicle

Oil stays above $60 on U.S.-China trade accord optimism

Houston Chronicle


Oil edged higher to settle at a three-month high on optimism that a partial trade deal between the world’s two largest economies will spur demand for fuel to power trucks, trains, airplanes and cars.

Futures closed above the …

Source: Houston Chronicle

Rig count holds flat as oil prices rise

Houston Chronicle

The nation’s tally of active drilling rigs held flat this week as rising U.S. crude oil prices flirted with the $60 per barrel threshold, according to the weekly count from the Houston oilfield services firm Baker Hughes.

 …

December 13, 2019 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters/Jessica Lutz

Oil drops as U.S. data shows unexpected rise in crude stocks

Reuters


HOUSTON – Oil prices dropped about 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on …

Source: Houston Chronicle

Oil rallies on renewed trade deal prospects before OPEC+ meeting

Houston Chronicle


Oil gained as the U.S. and China were moving closer to a trade deal and before OPEC+ decides on its output-cut policy later this week.

Futures added as much as 1.8% in New York. The U.S. and China …

Source: Houston Chronicle

Halliburton to close office in Oklahoma, lay off 800 employees

Houston Chronicle


Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs.

In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon …

December 3, 2019 - 12:00 pm Closing Bell Story‎, Economy, Energy News, Oilfield Services, People
Source: Houston Chronicle

Oil steadies on signs of trade-talks progress, stockpile drop

Houston Chronicle


Oil steadied on signs of progress in trade talks between the U.S. and China, and estimates that American crude inventories retreated for the first time in five weeks.

Futures traded little changed near $58 a barrel in New …

Source: Reuters

Oil rises on reports that OPEC might extend cuts, U.S.-China talks to continue

CNBC


Oil prices rose on Thursday after a Reuters’ report showed OPEC and its allies are likely to extend output cuts until mid-2020 while fresh reports emerged that China has invited U.S. negotiators for a new round of talks.

Brent

Source: Houston Chronicle

Crude inventories spike, but overall petroleum stocks fall again

Source: Houston Chronicle


The nation’s supplies of commercial crude oil spiked by 5.7 million barrels last week, but declines in refined products caused overall petroleum supplies to fall for an unprecedented fourth consecutive week.

Crude oil prices dipped a bit …

Source: Reuters

U.S. crude stockpiles soar, products draw down again: EIA

Source: Reuters


NEW YORK (Reuters) – U.S. crude oil stockpiles soared last week amid higher imports and a release from national reserves, while gasoline and distillate inventories extended their declines even as refiners ramped up production, the Energy Information Administration …

Source: Reuters

Oil prices ease but are on track for large weekly gain

Source: Reuters


LONDON (Reuters) – Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed …

Source: AP/Jae C. Hong,

Oil steady as weaker economy data eclipses U.S. stockpile drop

Source: Houston Chronicle


Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles.

Futures recouped earlier …

An oil pump is seen just after sunset outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann

Oil rises 1.4% on hopes OPEC will extend supply cuts, weaker U.S. dollar

Source: Reuters


HOUSTON (Reuters) – Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of …

REUTERS/Christian Hartmann/File Photo

Oil eases on concerns over U.S.-China talks, weak economic data

Source: Reuters:


Oil prices slid on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, though unrest in Iraq and Ecuador lent some support to crude prices.

Both Brent crude …

October 8, 2019 - 10:35 am China, Closing Bell Story‎, Economy, International
Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

From Reuters


Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.

Brent crude LCOc1 settled …

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters


China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

From Reuters


Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…

Oil Spills Into U.S.-China Trade War, Prices Slump

Oil Spills Into U.S.-China Trade War, Prices Slump

From Reuters


China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

From Reuters


President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession.

Trump, who has …

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

From CNBC


An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil.

Trade tensions …

Source: Lonestar Resources

Energy Bankruptcies Back on the Rise in 2019

From The Houston Chronicle


After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019.

The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and …