Reuters HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said. The largest U.S. oil and gas producer this month told workers in Texas and New Jersey to accept contract offers because they would
Reuters The rapid collapse of U.S. oil futures this year caused crude’s premium over natural gas to drop to near parity on an energy equivalent basis for the first time since 2008. That could prompt producers to search for more gas in coming months if demand recovers as expected when the economy snaps back after governments loosen travel and work
Reuters LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9%, in 2020, it said in
Reuters Natural gas forwards for 2021 at the Waha hub in the Permian basin in West Texas traded at their highest in years, up from below zero now, on expectations gas supplies from oil drilling will drop as low crude prices cause energy firms to cut rigs. At the same time, demand for gas is expected to jump next year
CNBC Oil prices jumped on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which
Reuters DUBAI/LONDON/MOSCOW – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday,
Reuters NEW YORK – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week. Demand for oil products, especially jet fuel, is falling dramatically as governments globally announce nationwide lockdowns to slow the spread of coronavirus. Fuel
Houston Chronicle As the collapse of OPEC+ talks on production cuts sent energy stocks into a tailspin, one corner of the industry defied the rout: U.S. natural gas drillers. Shares of gas producers including Cabot Oil & Gas Corp., Southwestern Energy Co., Range Resources Corp. and EQT Corp. climbed on speculation that the nosedive in crude prices will force oil
BOE Report Oil prices edged down on Monday but held recent ranges as traders assessed China’s oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets. Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and
Houston Chronicle Prices at the pump are falling once again now that crude oil prices have stabilized below $60 per barrel in the United States. The average cost of a gallon of regular unleaded in the Houston area dipped by nearly 3 cents last week down to $2.19, while the national average fell 2 cents to $2.55 per gallon. Prices
Reuters LONDON – Global oil benchmark Brent crude rose to more than $64.50, recovering from four days of declines on easing Middle East tensions, as the United States and China prepared to sign a preliminary trade deal. Brent crude LCOc1 gained 43 cents, or 0.7%, to $64.63 a barrel by 1507 GMT. U.S. West Texas Intermediate crude futures CLc1 rose
Reuters HOUSTON – Oil prices fell about 1% on Monday as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following a bearish U.S. report last week showing a large gasoline stockbuild. Brent crude LCOc1 was down 64 cents at $64.34 per barrel at 9:59 a.m. CST (1559 GMT), while West Texas Intermediate (WTI) crude CLc1
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