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OilPrice.com 08/04/2020 20:00
On Monday, OPEC’s relaxation of its historic production cuts began—and oil prices responded by falling as the market braced for more oil. Monday morning’s price slide highlights the power of OPEC, even as U.S. shale production pushed the country’s total output higher and higher over the last couple of years, causing some to debate the influence of OPEC on global oil markets. OPEC+ agreed in April this year to slash its combined production by a record 9.7 million barrels daily until economies emerged from their coronavirus…
OilPrice.com 08/04/2020 19:00
Gold’s mega rally took another upturn on Tuesday as it surpassed another major hurdle at $2,000 per ounce. Spot gold advanced 1.4% to $2,004.97 per ounce by 3:20 p.m. EDT, after reaching an intraday high of $2,009.20 earlier. Bullion has surged more than 30% so far this year to a record high and is one of the best-performing assets in 2020 as a result of increased safe-haven demand during the coronavirus pandemic. Investors are driven by the belief that the metal will hold its value better than other assets as fallout from covid-19 ripples…
OilPrice.com 08/04/2020 16:47
The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 8.587 million barrels for the week ending July 31. Analysts had predicted a modest inventory draw of 3.267-million barrels. In the previous week, the API reported a significant—and unexpected--draw in crude oil inventories of 6.829 million barrels, after analysts had predicted a small build. WTI was trading up on Tuesday afternoon before the API’s data release, as the market largely expected an inventory draw, ignoring the kickoff of OPEC’s…
OilPrice.com 08/04/2020 16:00
The global coronavirus pandemic--a true black swan event--has altered the course of the entire oil and gas industry, and not even the mighty US shale industry will emerge unscathed. Employment in the oil and gas industry in the United States has already dropped off considerably in the months following the coronavirus, exacerbated by Russia and Saudi Arabia’s oil price war that saw millions of extra barrels of oil flood into the market, including into the United States. The combination of those two events put remarkable pressure on the shale…
OilPrice.com 08/04/2020 14:30
With Libya's conflict escalating, the country's crude oil exports are set to be just 1.2 million barrels in August, a 40-percent plunge from July, Bloomberg reported, citing an initial loading program it has seen. This month, two terminals in the country holding Africa's largest crude oil reserves are set to ship a cargo of 600,000 barrels each, according to the program Bloomberg has seen. Most of Libya's oil terminals and facilities are closed amid an ongoing civil war in the country, with violent clashes erupting between armed groups in Libya's…
OilPrice.com 08/04/2020 13:30
Southern California Gas Co is suing the California Energy Commission over the state’s climate policy and attempts to phase out natural gas as a source of heating and cooking. Southern California Gas Co, owned by Sempra Energy, is trying to shield itself from policy actions that could ban the hook-up of natural gas for all new homes. The California Energy Commission, for its part, is promoting building efficiency and emissions-cutting rules for new construction, encouraging home developers to build all-electric buildings in the state. …
OilPrice.com 08/04/2020 13:00
Tesla looks to significantly expand its retail and sales presence in North America, China, and other countries, as it is gearing up for increased sales over the next years, Electrek reports, citing job listings and sources. Tesla, which has backtracked on its idea from last year to sell cars only online, is now looking to open retail locations in Tucson, Arizona, El Paso, Texas, Milwaukee, Wisconsin, and Smithtown, New York. The U.S. electric vehicle maker also wants to open a store near Montreal in Canada, as well as in Singapore. China will be…
OilPrice.com 08/04/2020 12:30
Scientists from the University of California San Diego and the Idaho National Laboratory got a first-time-ever glimpse at the non-crystalline “glassy” lithium that forms at the earliest stages of lithium recharging. During such stages, slow, low-energy charging causes electrodes to collect atoms in a disorganized way that improves charging behaviour. This had never been observed before. In a study published in the journal Nature Materials, the researchers say these findings may help fine-tune recharging approaches to…
OilPrice.com 08/04/2020 12:00
Range Resources has agreed to sell its North Louisiana natural gas assets for just one-tenth of what it paid for it in 2016, as shale drillers struggle with high debt and low commodity prices. Range Resources said on Monday that it had signed an agreement to sell its North Louisiana assets for gross proceeds of US$245 million, plus another potential US$90 million that is contingent on future commodity prices. The buyer is Castleton Resources LLC, whose president and CEO Craig Jarchow said: “We are very pleased to be able to purchase quality…
OilPrice.com 08/04/2020 11:30
President Donald Trump has fired the chairman of the largest federal planning agency in the U.S.—the Tennessee Valley Authority—saying the federal-owned utility hired foreign workers instead of U.S. citizens, the AP reported. The President also threatened to oust members of the TVA's board if they continued to hire workers from abroad. Besides the firing, Trump revisited an older problem he has with the corporation, which was formed after the Great Depression to boost the economy of the Tennessee Valley, which spans seven states. The…
OilPrice.com 08/03/2020 20:00
A number of high-profile reports last week cited data released on 26 July by China’s General Administration of Customs (GAC) as clear evidence that China did not import any crude oil from Iran in June ‘for the first time since January 2007’. This is absolute nonsense. Not only is China continuing to import many millions of barrels of crude oil from Iran every single month but also it will continue to do so in line with the now firmly in-play 25-year deal between the two countries. Specifically, from 1 June to 21 July…
OilPrice.com 08/03/2020 19:00
More than thirty billion dollars: this is the size of the collective debt of oil and gas companies that filed for bankruptcy protection in the first half of the year. That is 23 companies, all but five of which filed during the second quarter when Covid-19 really took hold. Now, with the resurgence of new cases and an equal resurgence in doubts about the outlook for oil demand, more filings are on the way. “It is reasonable to expect that a substantial number of producers will continue to seek protection from creditors in bankruptcy even…
OilPrice.com 08/03/2020 17:30
Russia’s finance ministry is looking to raise as much as US$1.93 billion (143 billion Russia rubles) in taxes from the oil industry over the next two years, as the oil price crash has shrunk Russia’s key revenue stream—oil. According to a document on a Russian government website, cited by Reuters, the finance ministry is looking to receive more tax proceeds by amending the tax code and the recently implemented profit-based tax. The government and the Russian oil industry are heading for a dispute over the proposed tax amendments,…
OilPrice.com 08/03/2020 17:00
Last month, the European Union set out a comprehensive hydrogen strategy as part of its goal to achieve carbon neutrality for all its industries by 2050. The EU has an ambitious target to build out at least 40 gigawatts of electrolyzers within its borders by 2030 and also support the development of another 40 gigawatts of green hydrogen in nearby countries that can export to the region by the same date. The announcement came as little surprise, given that Europe is regarded as being far ahead of the United States in the shift to renewable energy.…
OilPrice.com 08/03/2020 16:00
One of the world’s largest oil producers and exporters, the United Arab Emirates (UAE), has just launched the first nuclear power plant in the Arab world. Touted as a major milestone for the UAE and its energy diversification, the project raises questions about the economic viability of an expensive nuclear power plant in one of the best spots for solar energy in the world. More importantly, the project also raises questions about the geopolitical implications of a nuclear facility in the restive Middle East region, where tensions…
OilPrice.com 08/03/2020 15:00
The weather is going to be hot after all in the short term, forecasts now predict. That prediction sent natural gas prices soaring on Monday by nearly 20 percent as traders hold out hope for anything that will contribute to a reduction in nat gas stockpiles. Natural gas prices have been trading under $2.50 since December on weak demand and oversupply. Other bullish factors on Monday highlight the increased LNG/feedgas export figures provided over the weekend, with Genscape estimating a 740 MMcf/d increase on Saturday. Natural gas prices were trending…

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