Reuters LONDON – Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with some surplus stored at sea as land storage filled up.
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
Reuters LONDON – OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction. On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels per day
Reuters LONDON – Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains. Brent crude futures LCoc1 were up $1.33, or 3.84%, at $35.98 per barrel at 1348 GMT. U.S. West Texas Intermediate (WTI) July crude futures
Reuters The risk of a sharp pull-back in oil prices has decreased as the rebalancing of the crude market gathers pace, Goldman Sachs said, aided by a gradual lifting of coronavirus lockdowns and a faster-than-expected fall in output. The Wall-Street bank raised its May global demand estimate by 1.4 million barrels per day (bpd), but still sees a decline of
Reuters LONDON – Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis. Brent crude LCOc1 advanced 78 cents, or 2.6%, to $30.41 at 1216 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up $1.22, or 5%,
Reuters NEW YORK/HOUSTON – The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers stopped drilling – they want to use the tanks to store some of an oil glut that has overwhelmed the market and flipped U.S. crude prices
Reuters LONDON – Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package. Brent crude LCOc1 was down 49 cents, or 1.8%, at $26.66 a barrel at 1400 GMT after touching a low of $25.68. U.S. crude CLc1 was down 42 cents, or 1.75%, at $23.59 after a
By Tyler Losier, Energy Reporter, Oil & Gas 360 Black Bay Energy Capital forms partnership with Total Operations and Production Services Black Bay Energy Capital, a private equity firm focused primarily on the oilfield services and equipment sector, has formed a partnership with, and made an investment in, Total Operations and Production Services (TOPS). TOPS, which operates in the Permian
From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were
From Reuters Marathon Oil Corp (MRO.N) reported a 50% jump in quarterly adjusted profit on Wednesday, as higher U.S. shale output countered lower realized crude prices and production costs fell. The company, like many other U.S. oil producers, is extracting more crude from its wells in the prolific shale basins against the backdrop of pressure to cut back on spending
