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. …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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.
…
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 …
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 …
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 …
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: 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
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
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: 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 …
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 …
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 …
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 …
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 …
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.…
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 …
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 …
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 …
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 …
