• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 14 mins Cpt Lauren Dowsett
  • 36 mins Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 12 mins Its going to be an oil bloodbath
  • 1 hour Marine based energy generation
  • 5 mins What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 3 hours Which producers will shut in first?
  • 45 mins CDC covid19 coverup?
  • 45 mins How to Create a Pandemic
  • 58 mins Iran-Turkey gas pipeline goes kaboom. Bad people blamed.
  • 19 hours The Most Annoying Person You Have Encountered During Lockdown
  • 12 hours The idea that electric cars are lowering demand is ridiculous.
  • 13 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 18 hours Natural gas price to spike when USA is out of the market

Breaking News:

IEA: OPEC Can’t Save The Oil Market

Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

More Info

Premium Content

OPEC+ Fails To Reassure The Oil Market

Oil tumbled by over 4 percent on Tuesday morning, as the OPEC deal failed to excite investors. 

(Click to enlarge)

(Click to enlarge)

(Click to enlarge)

(Click to enlarge)

- At the start of 2019, the U.S. had 18.8 million barrels per day of oil refining capacity a record high.

- Refining processing has climbed steadily over the years, adding nearly 3.7 mb/d of capacity over the past decade.

- Between 2009 and 2018, U.S. oil imports fell by 1.3 mb/d, exports increased by 2 mb/d, leading to a decrease in net imports by about 3 mb/d.

Market Movers

• ExxonMobil (NYSE: XOM) warned that weaker chemical margins will slash second quarter profits by $100 million to $300 million, quarter-on-quarter. But better refining margins would have a positive impact by $300 to $400 million.

• Callon Petroleum (NYSE: CPE) briefly saw its shares jump by 3 percent after Barclays upgraded the stock from equal weight to overweight. Barclays downgraded SM Energy (NYSE: SM) to underweight from equal weight, on concerns that small- to mid-cap E&P companies continue to underperform.

• Weatherford International (NYSE: WFT) officially filed for Chapter 11 bankruptcy protection on Monday.

Tuesday July 2, 2019

Oil prices surged over the weekend on news that the U.S. and China…






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News