Article Archive | Page 699

Mar 25, 2020 at 11:49

Oil companies are already beginning to pare back their activity in the Permian, with cutbacks coming not just from smaller drillers, but also the oil majors.  Chevron said on…

Mar 25, 2020 at 11:06

A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, oil…

Mar 25, 2020 at 09:59

As the oil industry continues to struggle with oil price shocks, the U.S. Energy Information Administration reported a crude oil inventory build of 1.6 million barrels for the week to March…

Mar 24, 2020 at 18:52

The U.S. is today showing signs of increased desperation as oil prices sink to levels that may pose a threat to the energy independence of the United States by kicking…

Mar 24, 2020 at 17:57

This month has seen a spectacular oil price crash the likes of which we haven't seen in decades. The last time we had since a single day oil…

Mar 24, 2020 at 15:32

Barclays slashed its oil price estimates for this year for the second time in two weeks, expecting WTI Crude to average $28 a barrel in 2020 due to the demand shock…

Mar 24, 2020 at 15:01

Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. According to Energy and Restructuring…

Mar 24, 2020 at 13:29

Under normal circumstances, a company's management suspending a share buyback program is construed to mean that it lacks confidence in the future or thinks the shares are overvalued, meaning the…

Mar 24, 2020 at 13:25

Both oil and stocks rallied on Tuesday morning as news of a Fed stimulus initiated some bullish sentiment in markets, but poor fundamentals are likely to drag oil…

Mar 24, 2020 at 12:28

Oil prices have been on the slide for more than two weeks now, and they will, in all likelihood, continue downward despite the respite from the United States…

Mar 24, 2020 at 11:01

Oil prices jumped by 4 percent early on Tuesday after the U.S. Federal Reserve launched on Monday extensive new measures to support the economy as the coronavirus pandemic spreads. But…

Mar 24, 2020 at 10:42

Chevron is slashing capital expenditures, especially in the Permian, and is suspending its share buyback program, the U.S. supermajor said on Tuesday. It is the latest oil major to slash billions…

Mar 24, 2020 at 10:02

The United States and Saudi Arabia have been discussing the idea of setting up an oil accord, Bloomberg reports, citing Energy Secretary Dan Brouillette. Such an agreement would effectively amount…

Mar 23, 2020 at 18:27

The wave of oil industry spending cuts continues, with the majors now announcing significant reductions to spending as oil remains stuck in the $20s.  Royal Dutch…

Mar 23, 2020 at 18:12

Here’s a quick question: what happens when a lot of people are producing more and more of a commodity, but fewer people want to buy it? It’s economics…

Mar 23, 2020 at 17:12

Oil prices rose slightly on Monday, but the oil markets are still in full-blown panic mode as the number of American states in complete lockdown grows, threatening demand for crude…

Mar 23, 2020 at 14:57

Despite still sluggish oil demand, China is expected to continue to build its strategic and commercial crude oil reserves with ultra-cheap oil, but this time around the rate of filling…

Mar 23, 2020 at 14:25

Over-supplied markets like the oil market take prices in only one direction, down. We are seeing indications of a historically over-supplied market right now, so we expect continued…

Mar 23, 2020 at 13:55

With the current oil price war raging across the globe, the heavyweights of Saudi Arabia, Russia and UAE have been offering significant volumes and discounts into the market, crushing the…

Mar 23, 2020 at 13:21

The Covid-19 virus and the ongoing oil price war have created such a large global supply surplus that Western Canada’s oil production will need to be cut from April by…