Post Tagged with: "Oil demand"

Source: Reuters

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

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 …

Source: Reuters

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

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 …

Source: Reuters

Rise of remote working is ‘biggest threat to oil demand,’ says analyst

CNBC


Working from home has become the norm, and if the trend continues even after the pandemic abates, it could pose a big risk for oil, analysts are warning.

“The biggest threat to oil demand is the rise of remote …

Source: Reuters

Demand rise, output cuts could mean oil market balance in June

Reuters


LONDON  – Recovering demand as coronavirus lockdowns ease combined with output cuts by top producers could balance global oil markets as soon as June, some analysts and banks predict.

“Bullish sentiment continues to gather momentum as we move closer …

Source: Reuters

Oil prices climb as faith in supply cuts grows

Reuters


LONDON – Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

Brent crude LCOc1 futures were up 0.8%, or …

Source: Reuters

Column: Recovering oil demand could drive market into deficit by July – Kemp

Reuters


LONDON  – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle.…

Source: Reuters

Oklahoma oil regulators hear arguments on output cuts

Reuters


Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices.

U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel …

Source: CNBC

Goldman Sachs warns jet fuel demand may never fully recover from the crisis

CNBC


The coronavirus outbreak will have a lasting impact on the behavior of businesses across the globe, with jet fuel demand unlikely to ever fully recover, according to the head of commodities research at Goldman Sachs.

The Covid-19 pandemic …

May 11, 2020 - 1:00 pm Commodity Pricing, Crude Oil News, Energy News
Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Oil and Gas 360


MINNEAPOLIS

HIGHLIGHTS

  • First quarter production increased 28% over the prior year, averaging 43,735 barrels of oil equivalent (“Boe”) per day
  • Cash flow from operations, excluding $7.1 million from changes in working capital, totaled $93.6 million, which
Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Reuters


Debt-stricken Chesapeake Energy Corp said on Monday it was considering a bankruptcy filing, among other alternatives, as the shale driller struggled with an unprecedented rout in oil and gas prices caused by the COVID-19 pandemic.

Reuters reported last month …

Source: Reuters

Oil prices rise on Saudi voluntary cuts

Reuters


LONDON – Oil prices rose on Monday after leading exporter Saudi Arabia said it will reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, though gains were capped by fears …

Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand

Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand

Reuters


U.S. oil refiner Marathon Petroleum Corp (MPC.N) on Tuesday cut spending by 30% and detailed other measures to reduce costs, as widespread lockdowns to curb the spread of the COVID-19 pandemic pummel demand for oil and gas.…

Source: CNBC

Oil and gas companies set to lose $1 trillion in revenues this year

CNBC


Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.

The E&P industry, which includes oil majors, made $2.47 …

Source: CNBC

Energy demand, hit by coronavirus crisis, is set to see record drop this year, IEA says

CNBC


The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II.

With roughly 4.2 billion people around the world subject to some …

Source: CNBC

Oil traders have never seen an ‘insane’ market like this, fear more declines to negative prices

CNBC


The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history.

And with only guesswork as

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Source: Reuters

Whiting Petroleum is just the ‘first domino’ to fall in US shale wipeout, strategist says

CNBC


Wednesday’s Chapter 11 bankruptcy filing for Colorado-based Whiting Petroleum is a grim omen of things to come, experts say, as oil prices face historic collapse amid the coronavirus crisis and the Saudi-Russia oil price war.

The company is the …

Source: Reuters

Coronavirus unlikely to have big impact on oil prices: U.S. energy secretary

Reuters


LISBON (Reuters) – The coronavirus epidemic in China has had a marginal impact on energy markets and is unlikely to dramatically push up oil prices even if Chinese demand falls by 500,000 barrels per day, U.S. Energy Secretary Dan …

Source: CNBC

Global oil demand set to see first quarterly decline in over 10 years, IEA says

CNBC


Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude.

Demand is …

Source Houston Chronicle

Oil falls to three-month low as virus spread raises demand fear

Houston Chronicle


(Bloomberg) — Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply.

Futures plunged more than 3% as China reported an increase …

January 27, 2020 - 10:30 am China, Closing Bell Story‎, Commodity Pricing, Crude Oil News
Oil Sector Cutting Spending as Wall Street Turns its Back

Oil Sector Cutting Spending as Wall Street Turns its Back

From the Houston Chronicle

The U.S. energy sector, while not entering a downturn, is facing an extended period of lower oil prices, lower profits and tighter spending, ultimately leading to slower growth, fewer companies and fewer jobs in Houston and …

Oil Demand to Reach 100 Million BOPD Much Sooner than Projected: OPEC Chief

Oil Demand to Reach 100 Million BOPD Much Sooner than Projected: OPEC Chief

From Reuters

CAPE TOWN (Reuters) – World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC’s secretary-general said on Wednesday.

Mohammad Barkindo also told an energy conference …

September 6, 2018 - 11:36 am Closing Bell Story‎, Crude Oil News, Energy News
IEA Revises Up Forecasts of Global Oil Demand Growth

IEA Revises Up Forecasts of Global Oil Demand Growth

The latest Oil Market Report by IEA suggests that the global demand growth for oil has been revised upwards to 1.6 million BOPD. This number has already included the effects of Hurricanes Irma and Harvey on the U.S. energy demand.…

Higher Gasoline Costs Sent Consumer Price Index Soaring in April - 360

Long Vehicle Life Means Oil Consumption Won’t Change Suddenly

96% of new vehicle sales in 2016 featured combustion engines

The implementation of electric vehicles and ride-sharing may have long-term effects on oil demand, but the speed at which changes to the vehicle fleet takes place are likely to ensure …

December 20, 2016 - 6:21 pm Closing Bell Story‎, Oil and Gas 360 Articles, Oil Sands
EPA Carbon Standards for Cars, Light Trucks to Reduce Oil Consumption by 1.2 Billion Barrels

EPA Carbon Standards for Cars, Light Trucks to Reduce Oil Consumption by 1.2 Billion Barrels

EPA carbon rule is expected to add $800-$1,100 to new car sticker prices and reduce oil consumption by 1.2 billion barrels

While the oil industry was watching OPEC, U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy has issued a final …

Crude Exports, LNG and NatGas: Part II with NAPIA and Energy Directions President Mike Smolinski

Crude Exports, LNG and NatGas: Part II with NAPIA and Energy Directions President Mike Smolinski

In this second and final part of our exclusive interview, NAPIA and Energy Directions President Mike Smolinski talks about the effect of growing U.S. crude oil and LNG exports on global markets and refining, the effect of $2.50 natural gas …

Oil Supply & Demand: an Interview with NAPIA and Energy Directions President Mike Smolinski

Oil Supply & Demand: an Interview with NAPIA and Energy Directions President Mike Smolinski

In this multi-part interview, NAPIA and Energy Directions President Mike Smolinski talks about oil demand, supply, price shocks, and a coming rebalance, with a detailed look at how today’s oil market fundamentals will affect U.S. oil and gas producers, oilservice …

OPEC Head Says Oil Prices Will Not Fall Further

OPEC Head Says Oil Prices Will Not Fall Further

OPEC sees higher demand balancing markets

OPEC Secretary General Abdalla Salem El-Badri said the organization does not expect prices to fall any lower as demand picks up in 2016 and continues to grow through the end of the decade. “The …

OPEC: Too Close to Call - Oil & Gas 360

OPEC Raises 2015 Oil Demand Growth Estimate to 1.28 Million Barrels per Day

OPEC sees ‘a more balanced market’ – a higher demand for its crude oil in 2016

The Organization of Petroleum Exporting Countries (OPEC) released its Oil Monthly Report (OMR) for July, predicting economic growth would continue to drive oil …