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U.S. Drilling Activity Slips

U.S. Drilling Activity Slips

The total number of active…

Russia's LNG Expansion Plans Hit the Wall

Russia's LNG Expansion Plans Hit the Wall

The Kremlin has set an…

News

Marathon Petroleum Restarts Texas Refinery

Marathon Petroleum Restarts Texas Refinery

Jul 10, 2020 at 15:20 | Julianne Geiger

Marathon Petroleum Corp (NYSE: MPC) began restarting its 585,000 bpd refining complex in Galveston Bay that has been shuttered for more than a month now, according to Reuters sources.…

U.S., Libya Suspect Maduro-Haftar Gold Trade Scheme

U.S., Libya Suspect Maduro-Haftar Gold Trade Scheme

Jul 10, 2020 at 14:48 | Tsvetana Paraskova

The United States and Libya are probing a suspected scheme in which eastern Libyan strongman Khalifa Haftar is allegedly paying Nicolas Maduro’s regime in Venezuela U.S. dollars in exchange for…

Shorts To Make Tesla The First Stock With $20 Billion Bet Against It 

Shorts To Make Tesla The First Stock With $20 Billion Bet Against It 

Jul 10, 2020 at 11:33 | Tsvetana Paraskova

Short interest on Tesla is set to make the EV maker's stock the first stock to hit US$20 billion in bets against it, data from financial analytics firm S3 Partners…

IEA Sees Lower-Than-Previously Expected Demand Loss This Year

IEA Sees Lower-Than-Previously Expected Demand Loss This Year

Jul 10, 2020 at 10:44 | Tsvetana Paraskova

Global oil demand is set to crash by 7.9 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Friday, but this forecast is slightly more…

Shell Idles Unit At Texas Refinery Due To Demand Crash

Shell Idles Unit At Texas Refinery Due To Demand Crash

Jul 10, 2020 at 09:31 | Charles Kennedy

Shell is idling a unit at the Deer Park, Texas, refinery for several months due to low demand for fuels, sources familiar with the refinery’s operations told Reuters. The 318,000-barrels-per-day…

Covid-19 Could Boost Fossil Fuels, Slow Renewables In Emerging Economies

Covid-19 Could Boost Fossil Fuels, Slow Renewables In Emerging Economies

Jul 09, 2020 at 16:28 | Oxford Business Group

Just as the pandemic has had an considerable impact on the global economy, travel restrictions and the suspension of industrial activities have led to an unprecedented drop in global emissions. According to data…

Fuel Glut Forces Chinese Refiners To Cut Oil Processing Rates

Fuel Glut Forces Chinese Refiners To Cut Oil Processing Rates

Jul 09, 2020 at 15:48 | Tsvetana Paraskova

Higher oil prices and a fuel glut in Asia are depressing refining margins, likely forcing China’s independent refiners to scale down crude oil processing rates in the third quarter, traders…

Demand Crash Led To Biggest Monthly Surge in US Oil Inventories Since 1920

Demand Crash Led To Biggest Monthly Surge in US Oil Inventories Since 1920

Jul 09, 2020 at 13:38 | Tsvetana Paraskova

The oil demand crash in April, when most of America was under stay-at-home orders, resulted in the biggest monthly inventory jump in U.S. commercial crude oil inventories in data going…

Record High U.S. Crude Inventories Threaten Oil Rally

Record High U.S. Crude Inventories Threaten Oil Rally

Jul 09, 2020 at 12:30 | Metal Miner

Anyone connected or exposed to the dynamics of the oil price must be wondering if the recovery in the oil price is sustainable and, indeed, whether it has further to…

Will Trump's New Investment Proposal Help The Oil & Gas Industry?

Will Trump's New Investment Proposal Help The Oil & Gas Industry?

Jul 09, 2020 at 10:38 | Tsvetana Paraskova

The U.S. Department of Labor – which has recently proposed a rule that would limit retirement funds’ investments based on environmental, social, and governance (ESG) criteria – is unlikely to…

Energy Transfer Not Shutting Dakota Access Oil Pipeline

Energy Transfer Not Shutting Dakota Access Oil Pipeline

Jul 09, 2020 at 09:20 | Tsvetana Paraskova

Energy Transfer is not emptying or shutting down the Dakota Access Pipeline and is using all legal ways to fight the court order from Monday that would shut down the…

Talos Energy Forced To Share Massive Zama Oil Find With Mexico’s Pemex

Talos Energy Forced To Share Massive Zama Oil Find With Mexico’s Pemex

Jul 08, 2020 at 17:49 | Julianne Geiger

Talos Energy has been ordered to come to some agreement with Mexico’s state-run oil giant, Pemex for the development of its massive Zama oil field made back in 2017.…

Irving Oil Lays Off Employees As Gasoline Demand Stumbles

Irving Oil Lays Off Employees As Gasoline Demand Stumbles

Jul 08, 2020 at 17:45 | Julianne Geiger

Although there are signs that gasoline demand is starting to recover from the effects of the coronavirus pandemic, Canadian-based refiner Irving Oil announced on Wednesday that it would lay off…

Russia-led Nord Stream 2 Gas Pipeline Could Be Completed Soon

Russia-led Nord Stream 2 Gas Pipeline Could Be Completed Soon

Jul 08, 2020 at 15:43 | Tsvetana Paraskova

A Russian vessel capable of completing the pipelaying for the Gazprom-led Nord Stream 2 natural gas pipeline project left a German port on Wednesday and entered Danish waters where the…

Researchers Look For Ways To Cut Norway's Gargantuan $100 Billion Decommissionin

Researchers Look For Ways To Cut Norway's Gargantuan $100 Billion Decommissionin

Jul 08, 2020 at 13:05 | Charles Kennedy

A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face,…

Libya’s Oil Company Prepares To Reopen A Major Export Hub

Libya’s Oil Company Prepares To Reopen A Major Export Hub

Jul 08, 2020 at 12:07 | Tsvetana Paraskova

Libya's National Oil Corporation (NOC) is ready to lift the force majeure at the oil port of Es Sider, allowing a tanker to load crude oil from storage, the state…

Indebted Mexican State Oil Firm Plans $22-Billion Debt Swap

Indebted Mexican State Oil Firm Plans $22-Billion Debt Swap

Jul 08, 2020 at 11:55 | Michael Kern

Mexico’s state-owned oil firm Pemex, which has US$105 billion in debt, is planning a debt swap for a total of US$22.4 billion long-term bonds, according to a filing to the…

Shell Considers Selling Its 240,000 Bpd Louisiana Refinery

Shell Considers Selling Its 240,000 Bpd Louisiana Refinery

Jul 08, 2020 at 10:26 | Tsvetana Paraskova

Shell is considering selling its 240,000-barrels-per-day refinery in Convent, Louisiana, as part of a broader strategy to reshape its refining portfolio, the supermajor's spokesman Curtis Smith told Reuters.  Sources with…

Texas Oil, Gas Drilling Permits Fell By A Third

Texas Oil, Gas Drilling Permits Fell By A Third

Jul 08, 2020 at 09:31 | Julianne Geiger

The number of oil and gas drilling permits in Texas fell by a third in June from a year earlier, the state’s oil and gas regulator body said on…

Oil Price Rally On Hold After API Reports Rising Crude Inventories

Oil Price Rally On Hold After API Reports Rising Crude Inventories

Jul 07, 2020 at 15:51 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 2.048 million barrels for the week ending July 3. Analysts had predicted an inventory draw…

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