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 share of the reduction. On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels per day
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 working,” Bernstein said in a recent note to clients. “A decrease in commuting and business air travel is clearly negative
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 up the pressure on global businesses and oil demand already weakened by the coronavirus pandemic. Brent crude fell $1.69, or 4.7%,
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. Despite all the risks of holding the world’s largest fallen angel, the ignominious distinction for a company that loses its
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 shut down in March. As the economy reopens, analysts are looking at traditional measures of supply and demand, but also
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, on revenue of $321.5 million. This compares to a net loss from continuing operations of $6.2 million, or $0.42 per
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 are taking the government up on its offer to consider royalty cuts on a case-by-case basis after the Interior Department
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 West Texas Intermediate crude, which is set to expire on Tuesday, fell 48 cents to trade at $31.34 per barrel. The
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 managers sold the equivalent of 19 million barrels in the six most important petroleum futures and options contracts in the
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, or 7.1%, at $34.82 a barrel by 1344 GMT, its highest level since mid-April. U.S. West Texas Intermediate (WTI) crude
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 that the market has tightened in recent weeks and the OPEC++ agreement, voluntary cuts outside of OPEC and the production shut-ins are working together
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 front. West Texas Intermediate (WTI) oil was up $1.06, or 3.85%, at $28.62 a barrel at 1347 GMT, after reaching
