Post Tagged with: "pandemic"

Source: Reuters

Exxon retreated from oil trading in pandemic as rivals made fortunes

Reuters


NEW YORK/HOUSTON – Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unraveled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with …

Source: Reuters

Factbox: Pandemic brings forward predictions for peak oil demand

Reuters


The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world’s demand for oil may peak.

The rise of electric vehicles and a shift to renewable energy

April 21, 2021 - 9:37 am Closing Bell Story‎, Crude Oil News, Energy News
Source: CNBC

Protectionism around natural resources is surging, and could spell danger for commodities

CNBC


Countries rich in natural resources have become increasingly protectionist over the past year as Covid-19 threatened their economies, a new study has shown.

A report published Thursday by risk consultancy Verisk Maplecroft indicated that over the course of 2020, …

March 8, 2021 - 11:00 am Closing Bell Story‎, Commodity Pricing
Source: Reuters

Brent cracks $70 for first time since pandemic began after Saudi facilities attacked

Reuters


SINGAPORE  – Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian …

Source: Reuters

OPEC president says oil market rebalancing, pandemic still a risk

Reuters


LISBON- The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (OPEC), the group’s president said on Tuesday.…

Source: Reuters

Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

Reuters


TORONTO – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production.

Such limitations on supply would push prices to multi-year highs and keep …

Source: Reuters

Pandemic pushes Exxon to historic annual loss, $20 billion cut in shale value

Reuters


HOUSTON -Exxon Mobil Corp on Tuesday posted a historic annual loss after the COVID-19 pandemic hammered energy prices and the company reduced the value of shale gas properties by more than $20 billion.

loss, $20 billion cut in shale …

Source: Reuters

Pandemic drives oil major BP to first loss in a decade

Reuters


LONDON – BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread …

Source: Reuters

U.S. oil refiners set for worst earnings quarter of the pandemic

Reuters


NEW YORK – U.S. refiners are girding for a painful slate of fourth-quarter earnings, reflecting the pressure of rising crude prices, weak demand due to renewed COVID-19 travel restrictions, and higher costs of associated with blending of renewable fuels …

January 25, 2021 - 10:00 am Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

Oil prices ease as pandemic overshadows Chinese and U.S. data

Reuters


NEW YORK – Oil prices dipped on Thursday as surging coronavirus cases in Europe and new lockdowns in China renewed worries about global oil demand and eclipsed bullish signals from Chinese import data and U.S. crude oil stocks draws.…

January 14, 2021 - 10:00 am China, Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Third of oil and gas workers faced pay cut in 2020 due to pandemic, survey shows

Reuters


LONDON – Almost one in three workers in the oil and gas industry faced pay cuts in 2020, a worldwide survey showed on Tuesday, as the coronavirus crisis drove down fuel demand and prices.

Oil and gas workers are …

January 12, 2021 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Jobs
Source: Reuters

In pandemic, Fed showed its muscle in markets still matters

Reuters


The U.S. Federal Reserve’s response to the coronavirus pandemic began on Feb. 28 with a 44-word statement of faith in the economy from Chair Jerome Powell, an old-school measure aimed at calming nosediving financial markets.

Within weeks, though, its …

December 29, 2020 - 2:00 pm Closing Bell Story‎, Economy, Finance, Regulatory
Source: Reuters

Investors turn bullish on pandemic-hit North America oil stocks

Reuters


WINNIPEG/TORONTO – Shares of North America’s hard-hit oil and gas producers are climbing sharply as investors bet COVID-19 vaccine rollouts will ease the pandemic’s travel restrictions and revive fuel demand.

The gains, which have pushed the Canadian Energy Sector …

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

Pandemic, energy transition to hasten peak in global oil demand: Rystad Energy

Reuters


OSLO – The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted on Monday.

Global demand will likely peak in 2028 at …

November 2, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Pandemic to trim China’s 2020 gas demand growth to 4.2%: government report

Reuters


BEIJING  – China’s natural gas consumption is expected to grow at 4.2% in 2020, the slowest pace in five years, a government research report said, after the coronavirus pandemic slowed economic activity and dented demand for energy.

Demand for …

September 18, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, LNG, Natural Gas News
Related: Reuters

Oil falls as crews return to U.S. Gulf rigs, economic recovery stalls

Reuters


LONDON – Oil prices fell on Thursday as U.S. producers in the Gulf of Mexico prepared to resume output following Hurricane Sally, and amid concerns about the slow economic recovery from the COVID-19 pandemic as U.S. jobless claims remained …

September 17, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Pandemic’s ‘great reset’ pushes energy firms toward renewables, hydrogen: executives

Reuters


SINGAPORE – The economic trauma caused by the coronavirus pandemic has pushed energy companies to step-up investment in renewables, hydrogen and other low carbon alternatives, but fossil fuels will be their dominant business for the foreseeable future, industry executives …

Source: Reuters

Oil industry paints grimmer picture of pandemic’s harm to demand

Reuters


SINGAPORE/LONDON/NEW YORK  – Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the global economy.

The novel coronavirus hammered fuel demand in the spring, causing …

September 15, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil rises but bleaker demand outlook weighs

Reuters


LONDON – Oil prices rose on Tuesday, supported by hurricane supply disruptions in the United States, but forecasts of a slower than expected recovery in global demand from the pandemic weighed.

Brent crude LCOc1 was up 41 cents, or …

September 15, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil steady as demand concerns rise, Libya output looms

Reuters


LONDON – Oil prices slipped slightly on Monday amid concerns about a stalled global economic recovery and with Libya poised to resume production, but were supported by an impending storm which has disrupted U.S. oil output.

Brent crude LCOc1

Source: Reuters

Oil refiners and OPEC+ walk a tightrope as pandemic lingers: Kemp

Reuters


LONDON  – High-frequency data from the United States has provided the first convincing indication of global oil market rebalancing, but it also underscore the market’s vulnerability to a COVID-19 resurgence and new lockdowns.

Total stocks of crude and refined …

July 16, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

IMF slashes growth forecasts in the Middle East again amid an ‘unusually high level of uncertainty’

CNBC


The International Monetary Fund revised its growth forecasts for the Middle East and North Africa downward again amid an “unusually high level of uncertainty,” according to its latest regional economic report.

It now expects MENA economies to contract 5.7%

Source: Reuters

Iran’s oil storage almost full as sanctions and pandemic weigh

Reuters


LONDON – Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, …

Source: Reuters

Pandemic forces virtual safety checks for oil tankers

Reuters


LONDON – Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships …