Post Tagged with: "oil prices"

Source: CNBC

Oil jumps as much as 12% a day after its best day on record as traders expect big production cuts

CNBC


Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly

Source: Reuters

Trump to host Big Oil execs at White House to discuss market slump

Reuters


WASHINGTON  – U.S. President Donald Trump will meet with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war.…

April 3, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Jobs
Source: CNBC

Brent crude could still drop to $10 a barrel and stay there in Q2: IHS Markit

CNBC


Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a …

Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: Reuters

Shale-well frackers grind to a halt as oil prices collapse

Reuters


DENVER  – Once the fastest growing – and most controversial – oilfield services in the U.S. shale boom, fracking is getting hammered as oil prices near a two-decade low and producers stop completing new wells.

Fracking companies, which pump …

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

Saudi Arabia and Russia signal readiness to cooperate on oil

Reuters


DUBAI/MOSCOW  – Saudi Arabia and Russia signalled on Thursday they were ready to cooperate to help stabilise the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a …

Source: CNBC

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

CNBC


Global oil storage could reach maximum capacity within weeks, energy analysts have told CNBC, as the coronavirus crisis dramatically reduces consumption and some of the world’s most powerful crude producers start to ramp up their output.

The coronavirus pandemic …

Source:Reuters

U.S.-Saudi oil alliance idea born at White House, put on back burner for now

Reuters


WASHINGTON  – Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said …

Source: Reuters

Oil retreats from session highs, one day after sinking to 18-year lows

CNBC


Oil prices rose on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

U.S.

Source: Houston Chronicle

Parsley, Pioneer ask state regulators for emergency meeting on production cuts

Houston Chronicle


Parsley Energy and Pioneer Natural Resources, two of the most active oil companies in Texas, on Monday asked the Railroad Commission to hold an emergency meeting and order production cuts at a time when record low crude prices …

Source: CNBC

Goldman on how the ‘largest economic shock of our lifetimes’ will permanently alter energy markets

CNBC


The coronavirus pandemic will likely be a “game-changer” for energy markets, according to analysts at Goldman Sachs, with carbon-based industries such as oil thought to be sitting “in the cross-hairs.”

A global health crisis has meant countries around …

Source: Reuters

Column: Hedge funds trim short oil positions as prices hit crisis point

Reuters


LONDON – Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries.

Extreme high and low …

Source: Houston Chronicle

Pipeline operators ask oil companies to stop production as storage fills up

Houston Chronicle


A new problem attributed to the coronavirus pandemic is slowly brewing out in the oil patch.

Pipeline operators with full storage tanks are asking some Texas oil companies to stop production as the ongoing price war between Russia …

Source: Reuters

Trump to speak with Putin, criticizes Russian-Saudi oil price war as ‘crazy’

Reuters


WASHINGTON – President Donald Trump said on Monday he planned to speak with Russian President Vladimir Putin and said Saudi Arabia and Russia “both went crazy” in their oil-price war, a battle begun just as the spread of the …

Source: Houston Chronicle

Oil pain spreads beyond Permian to small towns across America

Houston Chronicle


The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

In such places, mom-and-pop outfits run so-called …

Source: Houston Chronicle

U.S. calls on Saudis to halt plan to unleash record oil supply

Houston Chronicle


The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after a price war with Russia sent crude prices crashing to their lowest levels in almost two decades.

While its status …

Source: Houston Chronicle

U.S. intervenes in Saudi-Russia oil war with call for restraint

Houston Chronicle


The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Secretary of State …

Source: Reuters

Oil prices fall as demand woes eclipse U.S. stimulus

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 …

Source: Reuters

U.S. kicks off new drilling lease sales despite oil market slump

Reuters


The Trump administration moved ahead with oil and gas lease sales in four Western states on Tuesday, bucking criticism from taxpayer advocates who say the auctions should be postponed because of a meltdown in energy prices.

The Bureau of …

March 24, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil jumps 3% towards $28 on Fed steps to support economy

Reuters


LONDON – Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid …

March 24, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Economy, Energy News
Source: Houston Chronicle

Oil drifts lower as hopes for OPEC-Texas production truce fade

Houston Chronicle


Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.

Futures in London fell around …

March 23, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Economy, Energy News
Diamondback Energy cuts budget again as oil prices continue to sink

Diamondback Energy cuts budget again as oil prices continue to sink

Houston Chronicle


Midland exploration and production company Diamondback Energy is cutting its 2020 drilling budget for a second time this month as crude oil continue to fall to nearly 20-year lows.

In a statement issued late last week, Diamondback has …

Source: Reuters

Shell cuts 2020 spending by $5 billion, suspends share buyback

Reuters


LONDON – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.

The …

Source: Reuters

U.S. crude hits 18-year low as lockdowns spread

Reuters


LONDON  – Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect …

Source: Reuters

Oil near $30 as recession fears, pump war weigh

Reuters


LONDON – Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share.

Countries …

Source: Reuters

Stock market rout doubles pain for energy firms that took shares for deals

Reuters


Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers …

Source: CNBC

In oil crash, energy debt loads are not the immediate problem for most drillers

CNBC


As markets for energy companies’ bonds crater on lower crude oil prices, bond analysts offer one big piece of comforting news amid the chaos: Very few major energy companies have any debt due before next year, when the crisis …

HighPoint Resources provides summary of hedge position

HighPoint Resources provides summary of hedge position

Oil and Gas 360


Approximately 95% of anticipated 2020 oil volume hedged at a WTI price of $58.32 per barrel ensures certainty of cash flows

DENVER, March 12, 2020 (GLOBE NEWSWIRE) — HighPoint Resources Corporation (“we”, “us”, or the “Company”)