Post Tagged with: "oil prices"

Source: Reuters

Oil prices face uphill struggle in 2021 despite vaccine progress: Reuters poll

Reuters


Oil prices will struggle to gain upward traction next year as demand remains in the grip of the coronavirus pandemic despite growing optimism over vaccines and a likely extension of output cuts by top producers, a Reuters poll showed …

November 30, 2020 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil prices fall as OPEC+ members debate 2021 output policy

Reuters


LONDON  – Oil prices fell on Monday on uncertainty about whether OPEC+ would agree to extend their large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise by more than a …

November 30, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil rallies past eight-month high on U.S. crude inventory drop, vaccine hopes

Reuters


NEW YORK – Oil prices climbed to the highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost …

Source: Reuters

Oil hits highest since March on vaccine and Biden transition

Reuters


LONDON – Oil hit its highest since in March on Tuesday, rising above $47 a barrel as a third promising coronavirus vaccine raised demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition.

AstraZeneca …

Source: Reuters

Oil prices rise on COVID-19 vaccine news

Reuters


LONDON – Oil prices rose on Monday, extending last week’s gains as traders anticipated coronavirus vaccine trials would spur a recovery in demand.

Sentiment was also bolstered by expectations that the Organization of the Petroleum Exporting Countries (OPEC), Russia

Source: Reuters

Oil prices pull back as surge in virus cases raises concerns about demand

Reuters


NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.

Brent crude was …

Source: CNBC

Oil rises on hopes for delay to OPEC+ supply increase

CNBC


Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a bigger than expected build in U.S. crude inventories.

Brent crude futures rose 50 cents, …

November 18, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Column: U.S. oil inventories offer hope, and a warning, to OPEC+ – Kemp

Reuters


LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.

But with stocks of crude and distillates still well above the five-year average, OPEC+ …

Source: Reuters

Oil rises but IEA casts doubt on speedy demand recovery

Reuters


LONDON  – Oil prices rose on Thursday, taking this week’s gains to more than 12% on growing hopes that the world’s major producers will hold off from a planned supply increase, though the advance was kept in check by …

Oil gains as vaccine hopes outweigh lockdown impact

Oil gains as vaccine hopes outweigh lockdown impact

Reuters


LONDON/NEW YORK/SINGAPORE  – Renewed restrictions in Europe and the United States to combat the coronavirus have slowed the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels.

As the …

Source: Reuters

Hedge funds dump oil, prompting OPEC to signal ‘tweak’: John Kemp

Reuters


LONDON  – Hedge funds dumped many of their remaining petroleum positions last week as the surging number of coronavirus cases and fresh lockdowns fuelled fears of a second recession in the United States and Europe.

In response, Saudi Arabia’s …

Apache Corp prepared to cut costs if oil prices remain low, CEO says

Apache Corp prepared to cut costs if oil prices remain low, CEO says

Reuters


U.S. oil producer Apache Corp APA.O said on Thursday it plans to keep project spending next year flat or slightly lower than this year’s $1 billion spending rate, as the COVID-19 pandemic continues to slash global oil demand.

 …

Source: Reuters

Oil price path depends on coronavirus control: Kemp

Reuters


LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries.

In the United States, commercial jet fuel production over …

Source: Reuters

Oil prices extend rally on U.S. election day

Reuters


LONDON – Oil prices extended their rally on U.S. election day with a 3% gain as financial markets staged a broad recovery, though gains were capped by concerns over surging coronavirus cases around the world.

Brent crude futures rose …

Source: Reuters

Hess posts bigger-than-expected loss, cuts annual production forecast

Reuters


U.S. oil and gas producer Hess Corp HES.N reported a bigger-than-expected quarterly loss on Wednesday and slightly lowered its full year production forecast, as its operations were hit by hurricanes in the Gulf of Mexico and lower production in …

Source: Forbes

As oil bankruptcies surge, vulture investors start their long feast

Forbes


Bankruptcies abound in America’s oilpatch. So far this year 40 oil exploration and production companies have gone under, according to analysis from lawfirm Haynes & Boone, involving $54 billion in debt. The biggest failure so far, with $11.8 …

October 15, 2020 - 2:30 pm Bankruptcy, Closing Bell Story‎, Crude Oil News
Source: Reuters

OPEC+ will ensure oil prices do not plunge again, says OPEC chief

Reuters


LONDON – The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly …

Source: Reuters

Oil under pressure as coronavirus spike stokes demand concerns

Reuters


LONDON – Oil prices were steady on Wednesday, with researchers predicting renewed downward pressure from concerns that a recovery in fuel demand will be stalled by soaring coronavirus cases worldwide.

Brent crude futures LCOc1 for December delivery were little …

Centennial Resource Development announces reaffirmation of borrowing base and improvement to liquidity position

Centennial Resource Development announces reaffirmation of borrowing base and improvement to liquidity position

Oil and Gas 360


DENVER, Oct. 13, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that its bank group, led by JPMorgan Chase Bank, N.A., has reaffirmed the Company’s $700 million borrowing …

Source; Reuters

Goldman says a Biden win could be a ‘positive catalyst’ for oil prices

CNBC


Despite a grim demand outlook for energy as the coronavirus pandemic continues to weigh down the global economy, Goldman Sachs remains bullish on both oil and gas prices — regardless of the U.S. presidential election outcome in November.

“We …

October 12, 2020 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
Source: Reuters

Hurricane Delta shuts most U.S. offshore oil output in 15 years

Reuters


HOUSTON  – A large and powerful Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region’s oil and nearly two-thirds of its natural gas output.

Delta was packing …

Source: Reuters

Strike could cut a quarter of Norway’s oil and gas output next week

Reuters


In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and …

Source: Reuters

Oil prices up 3% on hurricane, supply disruptions

Reuters


NEW YORK  – Oil prices rose more than 3% on Tuesday, supported by U.S. supply disruptions caused by an approaching hurricane in the Gulf of Mexico and an oil worker strike in Norway.

Energy companies shut offshore oil platforms …

Source: CNBC

Oil prices slip on potential Libyan output return, demand concerns

CNBC


Oil prices fell on Monday, weakened by the possible return of Libyan production and as rising coronavirus cases stoked worries about global demand, although the market drew support as a tropical storm threatened to disrupt output in the U.S. …

Source: Reuters

Oil prices at one-month low on demand worries

Reuters


LONDON – Oil prices extended losses on Thursday, falling to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment.

Brent crude LCOc1 fell 55 …

Source: Reuters

Supply curbs, uncertain demand to keep oil rangebound above $40: Reuters Poll

Reuters


Oil prices will see little change this year and a modest uptick in 2021 as output cuts take effect, with the demand picture clouded in uncertainty due to the coronavirus pandemic, a Reuters poll showed on Tuesday.

The survey …

Source: Fox Business

Oil industry shuts platforms, rigs, refineries as storm hits

Fox Business


The energy industry braced for catastrophic storm surges and winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana, making landfall early Thursday.

Oil and gas producers evacuated platforms and rigs in …

Source: Reuters

Oil prices slip as Hurricane Laura makes Gulf Coast landfall

Reuters


LONDON  – Oil prices fell on Thursday as a massive hurricane in the Gulf of Mexico made landfall in the heart of the U.S. oil industry, forcing oil rigs and refineries to shut down.

Brent crude LCOc1 futures for …

August 27, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil prices rise on storm-driven output cuts, COVID-19 weighs

Reuters


LONDON – Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains.

However, …

Source: Reuters

Steady oil price belies weakening physical market

Reuters


LONDON – The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the …