Fox Business Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank of America. Cash holdings fell to 4.4% in October, down from 4.8% in September, and have now dropped 1.5 percentage
Reuters OSLO – The International Energy Agency (IEA) has nudged up its global gas demand forecast for this year, but still sees the biggest fall on record due to the impact of the COVID-19 pandemic. The Paris-based agency said on Monday it now expected gas demand to drop by 3% year-on-year, or 120 billion cubic metres (bcm), to 3,886 bcm.
EIA In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) estimates that third-quarter 2020 global liquid fuels consumption averaged 94.2 million barrels per day (b/d), an increase from the second quarter but significantly lower than the same time last year. The slow recovery has contributed to low gasoline and diesel crack spreads and high petroleum product stocks in three major
Reuters LONDON – Royal Dutch Shell RDSa.L and BP BP.L have lost over half of their market value so far this year, with both shares hitting 25-year lows this week, battered by weak oil prices and investor concerns over their plans to shift to low-carbon energy. Exxon Mobil, the largest U.S. oil company, which is set to report its third straight quarterly loss
Reuters LONDON – Oil prices dropped on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors remained cautious ahead of the first U.S. presidential debate. Brent’s November contract LCOc1, which expires on Wednesday, fell 63 cents, or 1.5%, to $41.80 a barrel by 1342 GMT. The more active Brent crude contract for December LCOc2 fell
Energy Now By David Yager September 21, 2020 “The only thing certain about oil is uncertainty.” This earth shattering profundity was shared with me in 1990 by Dr. Subroto, then Secretary-General of OPEC. Every time somebody predicts with great confidence what oil prices, production and demand will do next I’m reminded of his comment. Oil forecasters have been so wrong
Reuters DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday. Compared with May, total exports – including non-oil exports of goods such as chemicals and plastics – grew by 19.1%, or $1.86 billion, the General Authority for Statistics said. Saudi Arabia, the world’s
Reuters LONDON – Oil edged up towards $46 a barrel on Wednesday, close to its highest since March, lifted by U.S. producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in U.S. crude inventories. Renewed worries over the COVID-19 pandemic, which has squeezed demand and sent prices to record
Reuters LONDON – Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains. However, the risk of a major double hit has lessened. Storm Laura has developed into a hurricane but storm Marco has
CNBC Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. Brent crude was down 47 cents, or 1%, at $44.90 a barrel, having slipped 0.2% in the previous session. U.S. oil was down 43 cents, or 1%, at $42.50 a barrel, after inching
CNBC It’s no secret how hard integrated oil names have been hit this year due to the global economic consequences of the coronavirus pandemic, and Occidental Petroleum has been among the worst hit of all the companies in the space. The stock has lost more than 60% of its value since the beginning of the year, leading Warren Buffett’s Berkshire Hathaway to liquidate its stake in
Reuters TOKYO/LONDON – Oil prices eased on Wednesday on concerns U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks. Brent crude futures LCOc1 were down 44 cents, or 1%, to $45.02 a barrel at 1230 GMT, but still not far off a
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