Reuters NEW YORK – U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, said OPIS, an IHS Markit company, as coronavirus cases surged and government officials urged residents to stay home. Since March, the coronavirus pandemic has crushed fuel demand in the United States because of lockdown orders to stay indoors to
Reuters OPEC+ members’ decision to slowly ramp up production from next month will be balanced by increased demand as a result of the expected roll-out of coronavirus vaccines, Goldman Sachs said in a note dated Thursday. The Organization of Petroleum Exporting Countries and Russia agreed on Thursday to ease oil output cuts by 500,000 barrels per day (bpd) to 7.2
CNBC S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with four key risks hanging over the sector. The ratings agency currently has a “negative” outlook for about one third of global banks, with many downward revisions taken in light of the Covid-19 crisis and the oil price shock experienced
Reuters DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude output next year. The OPEC+ producer group, for now, is due to raise output by 2 million barrels per day
Reuters LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance. But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.
Reuters NEW YORK – Oil prices fell about 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand. Hopes for a vaccine kept crude futures on track for a second straight weekly gain. Brent crude was down 73 cents, or 1.7%, at $42.80 a
CNBC It may be quite a while before an effective coronavirus vaccine is globally distributed, but forward-looking global equity markets are already partying like it’s here. The total value of stock markets around the world reached an all-time high of $95 trillion through Wednesday, bouncing all the way back from its March bottom in the depth of the coronavirus pandemic,
Reuters LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day(bpd) next year to 96.26 million bpd, the Organization of thePetroleum Exporting Countries said in a
Reuters LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries. In the United States, commercial jet fuel production over the four weeks to Oct. 30 averaged just 0.7 million bpd compared with compared with 1.6 million bpd a year
Reuters (John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fuelled fears of a double-dip recession hitting oil consumption. Hedge funds and other money managers sold the equivalent of 53 million barrels in the six
Reuters U.S. oil majors Chevron Corp CVX.N and Exxon Mobil Corp XOM.N cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim profit. Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year. In common with others in
Fox Business Stocks extended losses on Wednesday as COVID-19 lockdown fears gripped investors across the globe. Oil slipped nearly 6% to the $37 per barrel level. The Dow Jones Industrial Average dropped over 900 points or 3%, before bouncing off that low, while the Nasdaq Composite and S&P 500 declined more than 3%. Both the S&P 500 and Nasdaq are now negative for the
