CNBC Oil jumped more than 5% on Friday, the last trading day of the month, capping off its best month in history as an uptick in demand as well as record supply cuts pushed prices higher. West Texas Intermediate, the U.S. oil benchmark, finished May with a gain of 88%. To put the number in context, WTI’s second best month on
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%,
Rystad Energy Given the recent agreement reached by OPEC+, OPEC countries are now expected to decrease oil production by 2.7 million bpd in 2020 with Saudi Arabia to contribute a cut of around 500,000 bpd on average for the full year. This article assesses the outlook for OPEC, illustrated by three key drivers: oil production, breakeven prices and spending. Figure
CNBC Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening. West Texas Intermediate, the U.S. benchmark, shed 2.3%, or 57 cents, to settle at $23.99 per barrel. In a volatile session, the contract swung between a gain of more than 6% at the high — climbing to $26.08 — and a
CNBC Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 18.2%, or $3.72, to trade at $24.11 per barrel. The contract gained 3.08% on Monday — closing above $20 for the first time since mid-April
CNBC Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy. The E&P industry, which includes oil majors, made $2.47 trillion in revenues globally last year, the firm says. But this year it’s projected to bring in $1.47 trillion, reflecting a
Rystad Energy US oil production of at least 300,000 oil barrels per day (bpd) will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers. It is unclear how much of this is due to the Covid-19 pandemic and the related drop in demand, but one thing is certain: more production
CNBC Oil prices jumped more than 20% on Wednesday following a report that showed a smaller-than-expected build in U.S. inventories, as well as on the hope that economies will reopen sooner than expected. West Texas Intermediate for June delivery surged 25%, or $3.08, to trade at $15.41 per barrel, while international benchmark Brent crude traded 9.2% higher at $22.34. Earlier in the session
CNBC U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world’s number one oil producer. Six major U.S. shale producers are expected to shut some 300,000 barrels per day (bpd) of crude for the months of May and June, according to an
CNBC It may seem like ancient market history already, but last Friday the S&P 500 energy sector surged by more than 10%. By Monday the unprecedented drop in oil futures had sent a barrel of crude into negative territory, which had people thinking they would be paid to fill up at the gas pump and left investors in one popular oil ETF in for
Reuters LONDON – Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more. With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal
Oil&Gas The estimated contract value in 2020-2021 is $30 billion in total The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling in particular is among the most affected industry segments. A Rystad Energy impact analysis estimates that drillers will see up to 10% of their contract volumes
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