Reuters U.S. oil and gas producer Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, as higher output and lower costs helped offset a plunge in oil prices due to the coronavirus crisis, sending its shares 3% higher. Crude prices sank to historic lows in April as demand plummeted due to the COVID-19 pandemic and a price war between the
CNBC Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude futures were up by 49 cents, or 1.13%, at $43.71 a barrel, after dropping 0.4% on Tuesday. West Texas Intermediate crude
Reuters LONDON – Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed. The expected rare losses for BP (BP.L), Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and
Reuters LONDON/BENGALURU- Gold’s record rally is moving tantalisingly close to the psychologically key $2,000 level, powered by investors seeking cover from COVID-19’s global economic toll, as reflected in dollar weakness, faltering stocks and U.S.-China trade tensions. Spot gold prices XAU= have surged 53% in the last 14 months, blowing past 2011’s record high of $1,920.30 an ounce to an all-time
Reuters Dow Inc chief executive officer said on Thursday it would probably take a couple of years for the chemical maker’s volumes and margins to rebound to pre-coronavirus levels, and laid out additional cost-cutting plans to cope with its fallout. The company posted its first quarterly loss since its separation from the erstwhile DowDuPont conglomerate and forecast third-quarter sales below
Reuters HOUSTON/NEW YORK – A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April. But that bump in output is unlikely to be sustained as shale wells lose up to half
CNBC Oil and gas majors are likely to report “horrendous” second-quarter results over the next two weeks, energy analysts have told CNBC, with the three-month period through to the end of June widely expected to mark the “low point” of 2020. “Big Oil” companies, referring to the world’s largest oil and gas majors, witnessed a historic fall in oil and
Reuters U.S. crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases hit U.S. consumption. U.S. crude production ticked higher and refined products supplied, a proxy for fuel demand, declined. The market has recovered from the doldrums of April, when U.S. prices briefly
Fox Business Halliburton Co. booked a $2.1 billion pre-tax impairment charge in the three months through June as the COVID-19 pandemic provided difficult business conditions in North America. The Houston-based energy-services provider posted a net loss of $1.7 billion as revenue plunged 46 percent from a year ago to $3.2 billion, missing the $3.31 billion that analysts surveyed by Refinitiv were anticipating. Adjusted earnings, which
Reuters LONDON/NEW YORK – Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion
Reuters LONDON – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s (RDSa.L) chief executive said. Ben van Beurden told an online interview with IHS Markit Chairman Dan Yergin that it was too early to know if demand for oil had peaked. “Energy demand,
Reuters LONDON – OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters. OPEC, Russia and their allies, a group known as OPEC+, said they would ease record
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