oil prices Archives - Page 42 of 69

Chapter 11 Bankruptcy statistics on U.S. shale patch are not the best barometer to gauge industry’s future

July 30, 2020

Forbes The oil and gas industry’s most recent cyclical downturn, triggered by the Covid-19 global pandemic in March, has yet again invited close scrutiny of the U.S. shale industry. At one point, prior to the turn of events, shale was seen giving American hydrocarbon production a position of market superiority. In many ways it still does, especially if the sheer

ConocoPhillips posts worse loss than feared on oil price plunge, shares fall

July 30, 2020

Reuters ConocoPhillips reported a wider-than-expected loss on Thursday, as coronavirus-induced lockdowns sapped demand for fuel and crushed crude prices, sending shares of the world’s largest independent oil and gas producer down nearly 9%. The pandemic brought travel and other businesses to a halt under lockdowns and led to a glut of oil and gas, forcing widespread output cuts by bleeding

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand

July 30, 2020

CNBC Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices. The Anglo-Dutch company reported adjusted earnings of $638 million for the second quarter of 2020. That compared with net profit of $3.5

Headache for OPEC as oil market structure signals return of glut

July 30, 2020

Reuters SINGAPORE/LONDON – Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of

Hess posts smaller-than-expected loss on higher output, lower costs

July 29, 2020

Reuters U.S. oil and gas producer Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, as higher output and lower costs helped offset a plunge in oil prices due to the coronavirus crisis, sending its shares 3% higher. Crude prices sank to historic lows in April as demand plummeted due to the COVID-19 pandemic and a price war between the

Oil prices edges up on weak dollar, U.S.-China tensions weigh

July 24, 2020

Reuters LONDON – Oil prices edged higher on Friday, supported by a weaker dollar, though tensions between the United States and China and wider economic uncertainty weighed. Brent crude was up 10 cents at $43.41 a barrel at 1323 GMT, while U.S. West Texas Intermediate (WTI) crude was up 18 cents at $41.25. China ordered the United States to close

‘It is going to be brutal’: What to expect as oil and gas majors unveil their second-quarter results

July 23, 2020

CNBC Oil and gas majors are likely to report “horrendous” second-quarter results over the next two weeks, energy analysts have told CNBC, with the three-month period through to the end of June widely expected to mark the “low point” of 2020. “Big Oil” companies, referring to the world’s largest oil and gas majors, witnessed a historic fall in oil and

Oil eases as high U.S. oil stocks outweigh weak dollar

July 23, 2020

Reuters LONDON – Oil edged lower on Thursday as rising U.S. fuel inventories and concerns about surging coronavirus cases outweighed the impact of a weaker dollar, which usually boosts oil prices. Brent crude LCOc1 fell 22 cents, or 0.5%, to $44.07 a barrel by 1351 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 shed 17 cents, or 0.4%, to

Oil prices broadly stable as stimulus hopes balance corona fears

July 17, 2020

Reuters LONDON – Oil prices were broadly stable on Friday in early U.S. trading, as expectations of stimulus programmes balanced concerns about the recovery in fuel demand as coronavirus cases surged, while major crude producers prepared to lift output. Brent crude futures fell 15 cents to $43.22 a barrel by 1350 GMT. U.S. West Texas Intermediate (WTI) crude dropped 5

Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand

July 17, 2020

Reuters LONDON/NEW YORK – Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion

Oil prices ease after OPEC+ agrees to ease output curbs

July 16, 2020

Reuters LONDON – Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. Brent crude fell 29 cents, or 0.66%, to $43.50 a barrel by 1121 GMT. West Texas Intermediate (WTI) crude was down 43 cents,

OPEC faces ‘worst of both worlds’ with oil prices in limbo ahead of committee meeting

July 15, 2020

CNBC OPEC is facing “the worst of both worlds” with the current oil market demand outlook, S&P Global Platts’ head of EMEA news said Wednesday ahead of the group’s Joint Ministerial Monitoring Committee (JMMC), where it will announce recommendations for production policy along with its non-OPEC allies. “This demand issue is really key here,” Andy Critchlow, a long time oil

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