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OilPrice.com 08/12/2020 19:00
No matter how you slice it, it’s clear that we are heading into a new and unprecedented era for energy. The novel coronavirus has shaken up the global energy sector in previously unimaginable ways. At the beginning of this year, who could have predicted in just four months the West Texas Intermediate crude benchmark would plunge into unprecedented negative territory, that Halliburton would leave the shale shale sector for dead, and that nations around the world would be scrambling to design stimulus packages that will define the future trajectory…
OilPrice.com 08/12/2020 17:00
The March 2020 oil price crash and COVID-19 pandemic has hit the global energy sector hard. In response oil companies are slashing capital spending, driving down costs and shuttering uneconomic operations. The key goals being to preserve cash flow, shore-up balance sheets, protect dividend payments and retain investor confidence in the current harsh operating environment. This, however, may not be enough. The severity of the crisis recently forced oil giant BP to slash its dividend by half after posting a shock $16.8 billion second quarter 2020…
OilPrice.com 08/12/2020 15:30
BP plans the most massive downsizing of office locations and properties in its history amid remote work and office job cuts, the Guardian reported on Wednesday, citing senior officials and a spokesman. BP is currently reviewing the need of office locations in the UK and abroad in view of the growing work from home trend amid the coronavirus pandemic. Over time, BP could nearly halve the office space it uses, which would be the most dramatic downsizing of office locations in the company’s more than 100 years of history, the Guardian has learned.…
OilPrice.com 08/12/2020 15:00
The United States shale revolution didn’t just transform West Texas, and it didn’t just transform the energy sector, and it didn’t just transform the entire U.S. economy. It was a boom felt around the world. As the United States flooded international markets with cheap and plentiful shale oil and gas over the past decades, it shaped whole economies, industries, and communities around it. And now, as that revolution winds down, it’s hard to say where the damage will end. It’s been a hard year for all oil markets, as…
OilPrice.com 08/12/2020 13:30
Chevron’s interest in the giant offshore Leviathan gas field in the Mediterranean is the starting point for what ended as a $5-billion acquisition of Noble Energy, Reuters reports, citing a regulatory filing. The filing reveals that Chevron initially planned to take a 50-percent stake in the Israeli field that Noble Energy is developing in partnership with local Delek. The field’s development will cost billions of dollars, so Noble was on the prowl for a partner to shoulder part of the burden. But things worsened. As the oil industry…
OilPrice.com 08/12/2020 13:00
Saudi Arabia’s oil giant Aramco is considering additional cuts to its capital expenditure (capex) in order to be able to pay its massive dividends, the Financial Times reported on Wednesday, quoting three people with knowledge of the plans. If oil prices continue to hold at the current levels at around $45 a barrel Brent Crude, Aramco will target capex of between US$20 billion and US$25 billion between 2021 and 2023, according to FT’s sources. In March, when oil prices crashed and Saudi Aramco’s profit started to decline as a…
OilPrice.com 08/12/2020 12:00
U.S. crude oil production will drop by an average of 990,000 barrels per day, according to the Energy Information Administration, for an average of 11.26 million bpd. That is a far greater loss than the agency expected during its previous forecast made in the July Short Term Energy Outlook. In July, the EIA had forecast that crude oil production in the United States would fall by an average of 620,000 barrels per day for the full year 2020. The caveat? That the August STEO “remains subject to heightened levels of uncertainty because…
OilPrice.com 08/12/2020 10:41
Crude oil prices got another lift today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to August 7. At 514.1 million barrels, inventories remain above the five-year average for this time of the year despite several hefty weekly draws, including one of 7.4 million barrels for the first week of August. Analysts had expected the authority to report an inventory draw of 3.2 million barrels. The EIA report comes on the heels of the American Petroleum Institute’s weekly estimate,…
OilPrice.com 08/12/2020 10:30
The former chief of Mexico’s state oil giant has accused former President Enrique Pena Nieto of taking bribes, Mexico’s Attorney General’s Office said. In a televised statement, Attorney General Alejandro Gerts Manero said Pena Nieto and finance minister Luis Videgaray had allegedly tasked former Pemex chief Emilio Lozoya to use more than $4 million in illicit payments from Brazilian conglomerate Odebrecht to pay consultants to Pena Nieto’s campaign. “There were a series of bribes for a quantity of more than 100 million…
OilPrice.com 08/12/2020 10:00
Due to the coronavirus shock to the global economy, the world’s oil demand is expected to drop by 9.1 million barrels per day (bpd) in 2020 – a larger demand loss than the cartel had estimated just a month ago. In its closely-watched Monthly Oil Market Report (MOMR) published on Wednesday, OPEC now forecasts that the global economy will shrink by 4.0 percent this year, more than the 3.7-percent economic drop expected in the July forecast, due to the additional negative impact of the pandemic. Due to lower economic…
OilPrice.com 08/11/2020 20:00
August has historically been brutal for oil and gas stocks. According to data from Schaeffer Research, the energy sector has consistently underperformed in August, with returns coming in negative in 8 of the last ten years. Oil field services companies have been among the biggest culprits, with Baker Hughes (NYSE: BKR), Schlumberger NV (NYSE: SLB) and Haliburton Co (NYSE: HAL) featuring among the ten worst-performing stocks in all sectors with average returns of -7.45%,-6.31% and -6.10%, respectively. Meanwhile, one of the top players…
OilPrice.com 08/11/2020 18:00
The coronavirus pandemic has already destroyed oil demand growth. It has dented oil demand. It has sent oil and gas companies under. It has stymied exploration and production the world over, and triggered countless job losses, writedowns, and more. And it’s not over yet. The pandemic is also set to upend the U.S. car market, in ways few saw coming. We’ve heard a lot about what the work-from-home trend has done to oil demand—it has cut into gasoline demand as fewer workers commute. And we’re not even talking about the furloughed…
OilPrice.com 08/11/2020 16:40
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 draw of 2.875-million barrels. In the previous week, the API reported a considerable draw in crude oil inventories of 8.587 million barrels, after analysts had predicted a draw less than half that size. Despite oil prices rising earlier in the day onqzDDD Tuesday, WTI was trading down on Tuesday afternoon before the API’s data release as prices…
OilPrice.com 08/11/2020 16:00
If COVID has solidified one thing, it is that playing the market must be democratic. And as always in a democracy, people get what they deserve: That means we are seeing tons of amateur investors pour into the market, skewing sentiment away from fundamentals. Much of that goes down on the fee-free Robinhood trading app, whose median user age is 31, but with college kids increasingly jumping on board. And whether they know anything at all about oil—or even markets in general—they have decided that when it comes to hydrocarbons,…
OilPrice.com 08/11/2020 15:30
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 the ports in the Gulf of Sirte, the condensate reservoirs at the export ports will be filled within days, and thus the production of the gas associated with the condensate, which feeds Zueitina power stations and north of Benghazi, will come to a halt," NOC chairman Mustafa Sanalla said, as carried by The Libya Observer. A few days ago, Sanalla warned that oil tanks full to the brink…
OilPrice.com 08/11/2020 15:00
Oil prices got a boost on Tuesday on fresh hopes of progress in coronavirus vaccine trials, though the oil industry still has a long road ahead before seeing a full recoveryChart of the Week- U.S. LNG exports averaged 8 bcf/d in January 2020. By July, exports fell to 3.1 bcf/d. - The last time U.S. gas exports were as low as July levels was in May 2018, back when export capacity was about one-third of current capacity.- The week of July 12-18 was particularly low – averaging just 2 bcf/d.…

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