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OilPrice.com 08/05/2020 19:00
Back in June, we reported that China had begun ramping up imports of U.S. LNG ostensibly in a bid to fulfill the January trade agreement with Washington and possibly avert another full-blown trade war. According to Wood Mackenzie via NGI, China took in 10 LNG cargoes from U.S. suppliers between April and May at the expense of its traditional suppliers, including Turkmenistan and Uzbekistan. But it’s now emerging that the LNG purchases could have been a mere smokescreen. Reuters has reported that China’s imports of U.S. energy…
OilPrice.com 08/05/2020 18:30
After a grim Q2 season for Big Oil, the world’s third-most valuable energy company is warning that 20% of the world’s oil and gas reserves may no longer be viable, according to Bloomberg. According to Exxon Mobil, one-fifth of the world’s oil and gas reserves will no longer qualify as “proved reserves” at the end of this year if oil prices fail to recover before then. A flurry of oil and gas companies have written off billions in oil and gas assets as the value of those assets in the current oil price climate is no…
OilPrice.com 08/05/2020 18:00
BP now says it will reduce its oil and gas production by 40 percent by 2030 as part of its pivot to low-carbon operations. But many will wonder why natural gas--the bridge between our fossil fuel present and renewable energy future--is being included on the chopping block. Despite its much lower emissions footprint, natural gas is also under threat not only by the bare fundamentals, but by the trends shaping energy policies. The EU Green New Deal is perhaps the best example of these trends and their effect on future fossil fuel demand, including…
OilPrice.com 08/05/2020 17:00
Only two years ago analysts were hailing Argentina’s emerging shale oil boom, which many believed would be the next major petroleum frontier in Latin America. The vast Vaca Muerta, or Dead Cow in English, shale formation, which skirts Argentina’s semi-arid Patagonian steppe, is compared to the smaller prolific Permian shale. The EIA estimates that the formation has technically recoverable resources of 16 billion barrels of oil and 308 trillion cubic feet of natural gas. The Vaca Muerta is an enormous resource, ranked as the world’s…
OilPrice.com 08/05/2020 15:00
A total of 103 coal-fired power plants were converted to natural gas or replaced by natural gas-fired plants in the United States since 2011, the Energy Information Administration (EIA) said on Wednesday. Natural gas has displaced the majority of the 121 coal-fired plants that have been converted to burning other types of fuels over the past decade, according to EIA estimates. A decade ago, at the end of 2010, the U.S. had 316.8 gigawatts (GW) of coal-fired capacity in the United States. By the end of 2019, as much as 49.2 GW of that capacity…
OilPrice.com 08/05/2020 14:30
U.S. oil supermajor ExxonMobil will start suspending the employer match to the retirement savings plans of its employees in October, people who received the notification told Reuters. Kevin Steele, News Anchor at ‎KBMT TV, posted on Facebook a photo of a message from Exxon referring to the suspension of the company’s contributions to the 401K Savings Plan. “Given the current business environment, the corporation is taking steps to reduce costs,” says Exxon’s message, seen by Reuters. “The company intends…
OilPrice.com 08/05/2020 14:00
China’s crude oil imports are estimated to have dropped in July by 3 percent from June, but they were still much higher than the import volumes in July 2019, data from energy analytics services provider OilX showed. Following record-high imports in June, China is expected to have imported on average 11.55 million bpd in July, down by 373,000 compared to June, OilX Research data showed. Despite the monthly drop in Chinese crude oil imports, arrivals in July surged by 21.5 percent, or by 2.05 million bpd, compared to July 2019.…
OilPrice.com 08/05/2020 13:00
It’s been nearly 12.5 years since Virgin Atlantic flew a Boeing 747 between London and Amsterdam partly powered by a biofuel made from Brazilian babassu nuts and coconuts. Although Sir Richard Branson labeled the event a “vital breakthrough”, many observers dismissed it as just another one of his outlandish PR and marketing stunts. And they might have been right. More than a decade on, aviation biofuels account for less than 1 percent of the 1.5 billion barrels of aviation fuels (15 percent of global oil supply) that commercial…
OilPrice.com 08/05/2020 12:30
Continental Resources is bringing back previously shut-in oil production, seeing flow rates in some fields double compared to the rates before the curtailment, the company’s executives said on the Q2 earnings call. In the middle of June, Continental Resources – which had shut in 70 percent of its output – said it expects to partially begin resuming production but still expects to curtail approximately 50 percent of its operated oil production. As oil prices stabilized at around $40 a barrel, the U.S. shale patch began…
OilPrice.com 08/05/2020 12:00
Venezuela no longer has any operational oil rigs after the last oilfield services firm that was still drilling for oil in the country holding the world’s largest crude oil reserves pulled its only rig out of service. As of June 2020, Venezuela had one operational rig, according to the monthly international rig count of Baker Hughes. However, after U.S. supermajor Chevron suspended its operations in Venezuela because of the U.S. sanctions on Nicolas Maduro’s regime, Chevron’s contractor Nabors Industries…
OilPrice.com 08/05/2020 11:30
The Mexican government may need to effect changes in the country’s constitution to strengthen its control of state oil giant Pemex, President Andres Manuel Lopez Obrador said in a memo cited by Bloomberg. “We must advance to the limit permitted by the current legal framework. However, if in order to apply the new rescue policy to Pemex and CFE we need to propose a new energy reform, we don’t rule out that possibility,” Lopez Obrador wrote in the memo. Obrador came to power with a pledge to, among other things, restore…
OilPrice.com 08/05/2020 10:00
Tropical storm Isaias is threatening critical oil infrastructure along the U.S. East Coast as it barrels towards the Northeast, Bloomberg reports, noting that the risk has pushed up regional prices of various fuels. The Coast Guard has limited the traffic in Delaware Bay, which contains infrastructure serving three refineries, which, in turn, serve drivers and airports along the Atlantic seaboard. The combined capacity of the refineries is 530,000 bpd. The region’s largest oil port is also risking at least partial closure as the storm draws…
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 18:00
Green hydrogen is red hot. While hydrogen has long been touted as a virtually inexhaustible source of clean energy, with zero carbon emissions since this first element on the periodic table burns clean, leaving behind only water vapor. This makes hydrogen highly marketable as a promising fuel source option for a decarbonized economy of the future. The idea of a new energy order has gained a ton of attention in the wake of the novel coronavirus’ unprecedented interruption to the energy sector status quo, with such influential organizations…

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