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COVID Fears Drive Oil Prices Downwards

COVID Fears Drive Oil Prices Downwards

Despite significant oil inventory declines…

Has The Oil Market Finally Turned A Corner?

Has The Oil Market Finally Turned A Corner?

August is usually a bad…

U.S. Shale Remains In Survival Mode For Another Year

U.S. Shale Remains In Survival Mode For Another Year

After slashing capex plans for…

News

Across The Board Draws Send Oil Prices Higher

Across The Board Draws Send Oil Prices Higher

Aug 11, 2020 at 15:42 | Julianne Geiger

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.401 million barrels for the week ending August 7. Analysts had predicted a modest inventory…

German Utility Warns That It May Have To Impair Loan If Nord Stream 2 Fails

German Utility Warns That It May Have To Impair Loan If Nord Stream 2 Fails

Aug 11, 2020 at 13:31 | Tsvetana Paraskova

German utility Uniper – one of five Western European companies partially funding the Russia-led Nord Stream 2 gas pipeline project – warned on Tuesday that it might have to…

Eastern Libya Sees Power Outages As A Result Of Oil Blockade

Eastern Libya Sees Power Outages As A Result Of Oil Blockade

Aug 11, 2020 at 12:41 | Tsvetana Paraskova

The closure of oil ports in the Gulf of Sirte is the main reason for the power outages in eastern Libya, the National Oil Corporation (NOC) says.   "By closing…

Demand Crash Hit U.S. Refiners With Surging Biofuel Blending Costs

Demand Crash Hit U.S. Refiners With Surging Biofuel Blending Costs

Aug 11, 2020 at 12:25 | Charles Kennedy

U.S. refiners are feeling the pinch not only from the lower fuel demand, but also from the surging costs for complying with the biofuel requirements as refining and blending activity…

Gold Prices Plunge Below $2000 After Explosive Rally

Gold Prices Plunge Below $2000 After Explosive Rally

Aug 11, 2020 at 11:50 | MINING.com

Gold prices dropped below $2,000/oz on Tuesday as the dollar clung to recent gains and risk appetite was boosted by an expected US stimulus deal, prompting investors…

Russia’s Oil Product Exports To The U.S. Jump To 16-Year High

Russia’s Oil Product Exports To The U.S. Jump To 16-Year High

Aug 11, 2020 at 11:01 | Tsvetana Paraskova

Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since…

Shale Giant Occidental Petroleum Reports Major Loss In Q2

Shale Giant Occidental Petroleum Reports Major Loss In Q2

Aug 11, 2020 at 09:15 | Irina Slav

Occidental Petroleum reported a net loss of $8.4 billion for the second quarter of the year, becoming the latest oil company to suffer the combined effect of low oil…

Atlantic Basin Oil Supply Plunges To 8-Year Low

Atlantic Basin Oil Supply Plunges To 8-Year Low

Aug 10, 2020 at 15:53 | Tsvetana Paraskova

Western Europe’s largest oil producer, Norway, which is not officially part of the OPEC+ coalition, is cutting its oil production because of the slump in demand and prices and is…

Equinor Shakeup Hastens To Move Away From Oil

Equinor Shakeup Hastens To Move Away From Oil

Aug 10, 2020 at 14:12 | Charles Kennedy

Norway’s oil major Equinor announced on Monday that its incoming chief executive Anders Opedal – who will replace retiring Eldar Sætre in November – has a mandate from the…

U.S. Set To Roll Back Methane Rules For Oil & Gas Industry

U.S. Set To Roll Back Methane Rules For Oil & Gas Industry

Aug 10, 2020 at 12:44 | Charles Kennedy

The U.S. Environmental Protection Agency (EPA) expects to finalize and sign this week new rules about methane emissions for the oil and gas sector, including putting an end to requirements…

U.S. Oilfield Services Job Losses Accelerate

U.S. Oilfield Services Job Losses Accelerate

Aug 10, 2020 at 10:23 | Tsvetana Paraskova

The U.S. oilfield services industry lost another 9,000 jobs in July, up by 43 percent compared to the jobs lost in June, Bloomberg quoted the latest report from the…

Overflowing Oil Storage Tanks Raise Risk Of Accidents In Libya

Overflowing Oil Storage Tanks Raise Risk Of Accidents In Libya

Aug 10, 2020 at 09:39 | Irina Slav

Oil tanks full to the brink at Libya's oil export terminals are posing a risk to local communities and the facilities themselves, the chairman of the National Oil Corporation, Mustafa…

Nigeria Looks To Settle Export Dispute With Big Oil Firms

Nigeria Looks To Settle Export Dispute With Big Oil Firms

Aug 07, 2020 at 15:55 | Tsvetana Paraskova

The Nigerian National Petroleum Corporation (NNPC) has signed a preliminary agreement with two companies over a dispute about foreign firms exporting Nigerian oil from some offshore fields, which could…

Jet Fuel Demand Still Has A Long Way To Recovery

Jet Fuel Demand Still Has A Long Way To Recovery

Aug 07, 2020 at 15:48 | Tsvetana Paraskova

Jet fuel demand for commercial flights crashed during the worldwide lockdowns in April, and although some of the demand has returned, jet fuel consumption in July was still nearly 70…

Why Is The U.S. Importing So Much Russian Fuel Oil?

Why Is The U.S. Importing So Much Russian Fuel Oil?

Aug 07, 2020 at 11:16 | Charles Kennedy

Russia exported 1.078 million tons of fuel oil to the United States last month, equal to more than 7 million barrels, Reuters has reported, citing data from traders and…

Chinese Oil Imports Slip But Remain 25% Higher Than In 2019

Chinese Oil Imports Slip But Remain 25% Higher Than In 2019

Aug 07, 2020 at 10:06 | Irina Slav

China imported 12.08 million bpd of crude oil last month, according to official customs data, which was lower than the record-breaking import rate in June but 25 percent higher than…

BP To Sell Oil And Gas Assets Even If Prices Rebound

BP To Sell Oil And Gas Assets Even If Prices Rebound

Aug 07, 2020 at 09:45 | Irina Slav

BP will sell oil and gas assets to fund its ambitious low-carbon strategy even if prices improve, three unnamed sources told Reuters. A tenfold increase in investments in low carbon…

Global Natural Gas Demand Set For Long-Term Growth After COVID

Global Natural Gas Demand Set For Long-Term Growth After COVID

Aug 06, 2020 at 16:36 | Tsvetana Paraskova

The world’s consumption of natural gas is set to decline by 4 percent this year, but global demand will return to growth after the pandemic, thanks to low natural gas…

Cost Of Shale Gas Drilling Permit In Pennsylvania Jumps 150%

Cost Of Shale Gas Drilling Permit In Pennsylvania Jumps 150%

Aug 06, 2020 at 14:15 | Charles Kennedy

Pennsylvania more than doubled as of August 1 the fee for all unconventional well permit applications, while shale companies call on state officials to find other mechanisms to fund…

Transocean Hires Adviser To Consider

Transocean Hires Adviser To Consider "Strategic Alternatives"

Aug 06, 2020 at 11:25 | Irina Slav

The world's largest offshore rig operator Transocean has hired Lazard to advise it on strategic alternatives for its capital structure, Bloomberg has reported, citing a company statement. Transocean reported…

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