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OilPrice.com 05/24/2020 19:00
Oil prices have climbed nearly uninterrupted since late April, but the gains could be coming to an end. On Friday, oil prices fell sharply, hitting the pause button on a rally that saw WTI rebound from -$37 per barrel on April 20, to nearly $34 per barrel on May 21, a more than $70-per-barrel swing in just a few weeks. Of course, the plunge deep into negative territory was likely a unique, one-off phenomenon. Nevertheless, the rally back into (positive) $30 territory has been impressive. Of note, China’s oil demand has climbed…
OilPrice.com 05/24/2020 15:00
On April 20, the West Texas Intermediate crude benchmark did not just fall below zero, it plummeted to negative $37.63 a barrel. This stunning price crash was the result of a months-long series of unfortunate events, starting with a global decrease in oil demand spurred by the spread of COVID-19. When the leading OPEC+ countries of Saudi Arabia and Russia initiated talks to decide on a strategy to contend with the global slump in oil demand, the talks quickly developed into disagreement and then an all-out oil price war. That price war led to a…
OilPrice.com 05/24/2020 13:00
Memorial Day weekend, the typical start of the summer driving season in the United States, will offer some clues about gasoline demand and driving behavior after lockdowns were eased across America. U.S. gasoline demand – which averaged 9.28 million barrels per day (bpd) or nearly 10 percent of daily global oil demand in 2019 – during the Memorial Day holiday weekend will serve as a gauge for the travel behavior after the great COVID-19 lockdown was eased with all 50 states re-opening at least to some extent. …
OilPrice.com 05/24/2020 11:00
The next negative prices in energy contracts could soon be seen in European natural gas prices as lockdowns batter demand while storage capacity for the commodity is running out, analysts and traders told Reuters on Friday. “If it will happen today or next week, it’s hard to say. This weekend we have very low demand and strong supply, so weekend prices might go close to negative,” a European gas trader told Reuters. Prices at the Dutch TTF hub and the prompt UK wholesale gas prices have recently slumped by 20-30…
OilPrice.com 05/23/2020 19:00
European oil supermajors are slashing costs but sparing their renewable energy business. U.S. giants are cutting across the board and focusing on their core business above all else. Both are preparing for the future, but who's doing it right? A recent Reuters analysis into European and U.S. supermajors' approach confirms what is becoming increasingly obvious: the Europeans are pushing strongly into renewables while the Americans are sticking with oil and gas. Of course, the European supermajors are subjected to more pressure to clean up their fossil…
OilPrice.com 05/23/2020 17:00
As much as Russia’s dealings with its neighbors are predominantly perceived as an exercise in brandishing the good old “energy weapon”, Moscow has been having a hard time with its neighbors ever since the collapse of the Soviet Union. Having incubated political elites that have based their personal wealth on the preferential conditions provided by Russian exporters of oil or gas, Russian authorities have been having a very difficult time in having the ‘near abroad’ (the term usually used for former Soviet Union nations)…
OilPrice.com 05/23/2020 15:00
With the collapse in oil demand, oil producers and refiners have come under intense financial pressure. Not far behind are the integrated supermajors like ExxonMobil and Chevron. These companies have upstream (oil- and gas-producing) assets as well as refining assets, so they are getting hit on both ends. However, they also have substantial midstream assets. Midstream refers to the transport and storage of oil, natural gas, and finished products like gasoline. Midstream assets generally function as toll collectors, and are more insulated from the…
OilPrice.com 05/23/2020 13:00
When it comes to thinking about which economic sectors and industry niches that consume the most energy, cryptocurrencies may not immediately come to mind. But for some of these crypto companies, their energy and carbon footprints are not just considerable, they’re massive. The most famous example, Bitcoin, has an annual energy footprint slightly larger than the entire nation of Switzerland. The company’s current energy consumption can be tracked here. Last year, the University of Cambridge created an online…
OilPrice.com 05/22/2020 17:30
Welcome to Memorial Day weekend, a weekend traditionally filled with fun, food, family—and driving. If you are one of the lucky ones that gets to go out and about this weekend, you’re going to find at the pump that gas prices are at a nearly 20-year low. Heading into the holiday weekend, the national average for gas prices, according to AAA, is just $1.94. per gallon—that’s $.90 below last-year levels. The last time gas prices were under $2 per gallon heading into Memorial Day weekend was in 2003, when drivers paid…
OilPrice.com 05/22/2020 13:30
A UK judge dismissed on Friday a lawsuit against Eni and Shell brought by the Nigerian government alleging that the oil and gas supermajors knew about US$1.1 billion in bribes given to secure an oil license in Nigeria nearly a decade ago. The judge in London dismissed the case on the grounds that the UK has no jurisdiction to try the lawsuit that is basically the same for which Shell and Eni are currently under trial in Italy, Bloomberg reported. Eni and Shell are on trial in Milan for allegedly knowing that an alleged payment…
OilPrice.com 05/22/2020 13:00
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 21, falling to 318, with the total oil and gas rigs sitting at 665 fewer than this time last year—a more than 67% drop off in a single year. The number of oil rigs decreased for the week by 21 rigs, according to Baker Hughes data, bringing the total to 237—a 560-rig loss year over year. It is the fewest number of active oil rigs in play since mid-2009. The total number of active gas rigs in the United States held at 79 according to…
OilPrice.com 05/22/2020 13:00
COVID-19 Market Update Brent crude gained over 1% Thursday, which--dull as it sounds--was its highest level since March. The bump came as US inventories lessen and OPEC cuts production, while governments are starting to ease COVID-19 restrictions and reopen parts of the economy helping to put demand on the recovery path. WTI gained 1.28% Thursday. But on Friday, a new panic set in after China declined to publish its annual economic growth targets, sending oil prices 6% down in the early Friday hours. (Check out the Oilprice.com homepage for live…
OilPrice.com 05/22/2020 13:00
After a period of quite literally unprecedented volatility in oil markets, things seem to have calmed down a bit over the last month or so. July WTI futures (CLN20) have recovered nicely from the $6.50 low and are now trading back in the thirties, but remember, upward movement is still volatility. If it weren’t for the dramatic collapse, would anyone consider a 300%+ jump in a month to be a “quiet” market?Of course not. So, while it may seem like the worst is behind us, it is still a good time to consider the adjustments that…
OilPrice.com 05/22/2020 13:00
July West Texas Intermediate crude oil futures are under pressure on Friday, but still in a position to finish higher for the week. This week’s rally has been fueled by positive supply data and a positive outlook for demand now that countries have begun to ease coronavirus-related lockdown and restrictions. Demand Concerns Cap Weekly Gains The end of the week weakness is being generated by profit-taking ahead of the long U.S. holiday weekend and escalating tensions between the United States and China. Some traders are also expressing concerns…
OilPrice.com 05/22/2020 13:00
1. Rig count hits record low - The U.S. rig count has fallen to record lows, plunging to 339 rigs on May 12. Since record-keeping began by Baker Hughes back in 1987, the rig count has never been this low. - The rig count has fallen by 56 percent since March 17. - The Permian, Eagle Ford and the Bakken have accounted for the bulk of the losses – 308 rigs, or 71 percent of the total decline. - Big shifts in the rig count typically lead to production changes, although with an average lag of about 4 months. Shut-ins due to storage constraints…

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