Post Tagged with: "oil prices"

Source: CNBC

Oil prices just had their best quarter in 30 years — what’s next?

CNBC


Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April.

Brent crude futures skyrocketed more than 80% in …

Source: Reuters

Oil mixed on improving economic data, uptick in virus cases

Reuters


LONDON – Oil prices were mixed on Monday, supported by improving economic data and supply cuts by major producers, but held in check by sharp spikes in new coronavirus infections around the world that have forced some countries to …

Source: Reuters

Oil prices erase gains in U.S. trade, set for weekly falls

Reuters


LONDON  – Oil prices dipped on Friday, erasing earlier gains, on concerns about rising new coronavirus cases in the United States and China and expectations of U.S. output ticking up while crude stockpiles linger at record highs.

Brent crude …

Source: Reuters

Column: Oil prices transitioning to next phase of cycle – Kemp

Reuters


LONDON  – Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis …

June 23, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Nasdaq

Column: Funds realise profits, anticipate pullback after oil rally

Reuters


LONDON – Hedge funds started to realise some profits and anticipate a pull back in crude prices, especially in the United States, after a strong rally saw prices double in less than two months.

Hedge funds and other money …

Source: Reuters

Column: Oil prices no longer especially cheap after strong rally – Kemp

Reuters


LONDON  – Oil prices are no longer particularly cheap by historical standards.

Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 …

Source: Reuters

Oil tops $42 as OPEC+ laggards pledge better compliance

Reuters


LONDON – Brent oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and on signs of demand, hit by the coronavirus crisis, …

Source: Reuters

Column: Oil prices likely to average less than $60 over next cycle – Kemp

Reuters


LONDON  – Oil prices are likely to average less than $60 per barrel across the next cycle to ensure production, especially from the shale sector, remains in line with the slow increase in consumption.

On Monday, BP announced its …

Source: Reuters

BP wipes up to $17.5 billion from assets with bleaker oil outlook

Reuters


LONDON  – BP (BP.L) will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy …

Source: Reuters

Oil set to end week lower on coronavirus resurgence fears

Reuters


LONDON  – Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand.

Brent LCOc1 was up 27 …

Source: Reuters

Oil prices set for worst daily drop since April on inventories, bearish Fed

Reuters


LONDON – Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year.

Brent crude LCOc1 futures erased Wednesday’s …

Source: CNBC

Oil jumps 5% as traders await OPEC+ meeting on extending supply cuts

CNBC

Oil prices rose on Friday after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal.

Source: CNBC

Brent crude 

Source: CNBC

Oil falls below $40 on doubts early OPEC+ meeting will go ahead this week

CNBC


Oil prices erased gains on Wednesday, with Brent crude futures falling back below $40 a barrel, on doubts an early meeting of some of the world’s most powerful oil producers will go ahead as planned.

OPEC and non-OPEC allies,

Source: Reuters

Oil falls from $40 on doubts over early OPEC meeting

Reuters


LONDON – Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.

Saudi …

Source: Reuters

Oil prices rise ahead of OPEC+ meeting on output cuts

Reuters


LONDON  – Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week.

Benchmark Brent …

Source: Reuters

Oil analysts see prices edging up but still capped below $40/bbl: Reuters poll

Reuters


Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday.

The survey of 43 analysts forecast …

Source: Reuters

OPEC delivers three quarters of record oil cut in May: survey

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 …

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: CNBC

Oil falls on U.S.-China tensions over Hong Kong

CNBC


Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong.

A potential deterioration in relations between the world’s two biggest economies could ratchet …

May 27, 2020 - 11:00 am China, Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Why bond investors are willing to bet on money-losing Pemex after oil price crash

Reuters


MEXICO CITY/NEW YORK  – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around.…

Source: CNBC

As summer driving season kicks off, it’s unclear just how many people will take to the road

CNBC


This weekend’s Memorial Day holiday could be a test for the gasoline market, depending on whether drivers in reopening states hit the road and then keep on driving.

Gasoline demand is about 30% below where it was before states

Source: superiorenergy.com

Superior Energy Services announces first quarter 2020 results

Oil and Gas 360


HOUSTON, May 21, 2020 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (NYSE: SPN) (the “Company”) today announced a net loss from continuing operations for the first quarter of 2020 of $32.3 million, or $2.18 per share, …

Source: Reuters

U.S. grants royalty relief to hard-hit oil, gas drillers

Reuters


The Trump administration has granted royalty relief to several drilling companies producing oil and gas on federal lands in recent weeks, according to a government database, as the industry seeks help weathering low energy prices.

The move shows drillers …

Source: CNBC

Oil reverses gains and moves lower, despite signs of output cuts and demand hopes

CNBC


Oil prices moves lower on Tuesday, despite signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.

 

The front-month contract for …

Source: Reuters

Column: Hedge fund petroleum buying falters after strong rise in prices – Kemp

Reuters


LONDON – Hedge funds stopped buying petroleum last week, as benchmark crude prices touched $30 per barrel, and evidence emerged of a persistent oversupply of middle distillates such as diesel and especially jet fuel.

Hedge funds and other money …

Source: Reuters

Brent at one-month high, U.S. oil tops $32 as lockdowns ease

Reuters


LONDON  – Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers.

Brent crude LCOc1 was up $2.32, …

Source: CNBC

Oil market is re-balancing, but path to ‘next normal’ not a straight line, says energy CEO

CNBC


Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday.

“There are good signs

Source: Reuters

Oil back at early April highs as demand shows signs of picking up

Reuters


LONDON  – Oil prices touched a one and a half month high on Friday amid signs demand for crude was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply …

Source: Reuters

Oil holds near $30, caught between demand loss and supply cuts

Reuters


LONDON – Oil prices edged higher on Wednesday, reversing earlier losses, and Brent held near $30 a barrel as potential OPEC+ plans to deepen supply cuts were tempered by demand concerns exacerbated by a possible second wave of coronavirus …

Source: Reuters

Oil prices up after Saudi pledge on cuts eases some glut fears

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, …