COVID-19 – Page 5 – Oil & Gas 360

Oil prices inch lower as demand forecasts reduced, supply rises

August 14, 2020

Reuters NEW YORK – Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts. [IEA/M]

OPEC trims 2020 oil demand, sees doubts about 2021 on virus fallout

August 12, 2020

Reuters LONDON – World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market. World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the

The coronavirus pandemic is debunking some long-held myths of the energy industry

August 12, 2020

CNBC The coronavirus pandemic has exposed some hard truths to the world’s largest oil and gas majors, energy analysts have told CNBC, with many reeling after historic second-quarter losses laid bare the financial frailty of the industry. “Big Oil” companies, referring to the world’s largest oil and gas firms, posted huge losses in the three-month period through to June as

Crude rises 2% after draw in U.S. oil stocks spurs demand hope

August 12, 2020

Reuters NEW YORK – Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic. Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. EDT (1502 GMT), after falling around

U.S. refiners’ biofuel bills soar in oil market slump

August 11, 2020

Reuters U.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins hit by the collapse since March in global prices and demand. Under renewable fuel legislation originally aimed to support corn farmers, refiners have to blend biofuels like ethanol or diesel made from animal fats or vegetable

Oil gains on U.S. stimulus hopes and demand recovery

August 11, 2020

Reuters NEW YORK – Crude prices rose on Tuesday, underpinned by expectations of U.S. economic stimulus to support the world’s biggest oil consumer as well as a rebound in Asian demand as economies pick up. Brent crude LCOc1 futures rose 22 cents to $45.21 a barrel by (1543 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 32 cents

Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup

August 4, 2020

CNBC Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.7% to $40.71 a barrel at 0414 GMT, while Brent crude futures fell 37 cents, or

Oil steady as virus fears counter positive factory data

August 3, 2020

CNBC Oil prices steadied on Monday, pressured by rising COVID-19 cases around the globe and by oversupply worries as OPEC and its allies are set to wind back output cuts in August, but supported by positive industry data in Europe and Asia. Brent crude rose 3 cents, or 0.1%, to $43.55 a barrel, and U.S. West Texas Intermediate crude was

Oil set for fragile recovery as economies limp towards normal: Reuters poll

July 31, 2020

Reuters Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday. The survey of 43 analysts and economists forecast benchmark Brent crude LCOc1 to average $41.50 a barrel in 2020, up slightly from

Oil prices bounce back from 3-week lows, but economic headwinds loom

July 31, 2020

CNBC Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer. Brent crude was up by 38 cents, or 0.88%, at $43.32 a barrel. On Thursday, Brent closed down 1.9% but had recovered much of

Chapter 11 Bankruptcy statistics on U.S. shale patch are not the best barometer to gauge industry’s future

July 30, 2020

Forbes The oil and gas industry’s most recent cyclical downturn, triggered by the Covid-19 global pandemic in March, has yet again invited close scrutiny of the U.S. shale industry. At one point, prior to the turn of events, shale was seen giving American hydrocarbon production a position of market superiority. In many ways it still does, especially if the sheer

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand

July 30, 2020

CNBC Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices. The Anglo-Dutch company reported adjusted earnings of $638 million for the second quarter of 2020. That compared with net profit of $3.5

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