• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 3 mins The Downside of Political Correctness
  • 7 mins In the Event of WW3, Oil and/or Renewables?
  • 2 hours Main Stream Media falls into depressed mood today after hearing of the record May jobs report UP 2.5 MILLION JOBS !
  • 1 hour George Floyd’s History
  • 1 hour US and Australia Sign SPR Lease Agreement
  • 14 hours Rioting and Protesting
  • 1 hour Trump waves a Bible
  • 2 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 14 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 1 day Healing, Not Hatred
  • 8 hours Coronavirus hype biggest political hoax in history
  • 6 hours World’s First Integrated Hydrogen Power-to-Power Demonstration Launched
  • 19 hours China’s Oil Thirst Draws an Armada of Tankers
  • 7 hours Model 3 cheaper to buy than BMW 3 series.
  • 1 day Trumps Oil Industry....
Putin Furious After Major Oil Spill

Putin Furious After Major Oil Spill

After a massive oil spill…

Breaking Down Biden's Energy Policy

Breaking Down Biden's Energy Policy

Trump’s energy policy has been…

U.S. Shale Outperforms Expectations In Q1

U.S. Shale Outperforms Expectations In Q1

While oilfield services companies have…

Editorial Dept

Editorial Dept

More Info

Premium Content

The Oil & Gas Consequences Of COVID-19

COVID Market Update

- Continental Resources - the largest producer in the Bakken - has shut in production, sounding alarms across the entire U.S. shale patch. It has also notified several of its clients that it will suspend deliveries. Continental is thought to have shut in about one-third of its production. Unlike some other shale companies in the United States, Continental has not hedged its 2020 production and is floundering as Bakken crude trades around $3 per barrel, compared to WTI’s $17.

- Oil ETFs and ETNs went for a wild ride this week, with front-month WTI futures contracts trading in the red on Monday. Barclays OIL ETN, iPath S&P GSCI Crude Oil Total Return Index ETN is being liquidated. The USO ETF has escaped this liquidation fate, but narrowly. OIL ETN holders will receive a portion - a tiny portion - of what they had invested in their unsecured ETN. The payout to holders will be based on the valuation of the ETN as of April 23rd closing.

- Marathon Petroleum - the largest U.S. refiner - warned this week that it was expecting a $7.8 billion writedown as fuel demand crashed. The loss before charges is expected to be $250 million for Q1. As stay-at-home orders in the US continue, Marathon has tapped a $3.5 billion credit facility and is also looking at taking out a $1 billion 1-year loan.

- Mexico’s famous oil hedge, which likely cost the country slightly north of $1 billion, is expected to produce a $6B windfall for the…





Leave a comment

Leave a comment




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