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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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. …
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 …
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 …
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 …
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 …
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, …
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 …
TOKYO/LONDON – Oil prices eased on Wednesday on concerns U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks.
Brent crude futures …
LONDON – Oil prices hovered near five-month highs on Thursday as support from a weak dollar .DXY and falling U.S. crude inventories counteracted bearish sentiment about fuel demand, pushing the benchmarks in and out of positive territory.
Brent crude …
LONDON – Oil prices rose to their highest since early March on Wednesday on a drop in U.S. crude inventories and the weak dollar, but mounting coronavirus infections weighed on the demand outlook.
Brent crude was up $1.50, or …
Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday.
The survey …
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 …
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 …
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.
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 …
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 …
