Production – Page 4 – Oil & Gas 360

U.S. energy firms tally damages from Hurricane Sally, begin restarts

September 17, 2020

Reuters HOUSTON – Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left almost 500,000 homes and businesses in Alabama and Florida without power. Sally became a tropical depression on Thursday, leaving widespread

Oil rises but bleaker demand outlook weighs

September 15, 2020

Reuters LONDON – Oil prices rose on Tuesday, supported by hurricane supply disruptions in the United States, but forecasts of a slower than expected recovery in global demand from the pandemic weighed. Brent crude LCOc1 was up 41 cents, or 1%, at $40.02 a barrel by 1341 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 47 cents, or 1.3%, at

Oil and gas industry assesses damage at refineries, plants

August 28, 2020

Fox Business The energy industry is assessing damage caused by storm surges and high winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana, making landfall early Thursday. Oil and gas producers evacuated platforms and rigs in the Gulf of Mexico and companies shut down refineries in the storm’s path. More than 900,000 customers were without power in

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

Oil Profitability Around the World – or – What is the cost to keep their social programs running?

July 24, 2020

RarePetro Oil & Gas 360 Publishers Note: This is an outstanding piece from Kevin about world oil costs and what the countries need to make in order to keep up with their social programs. We have been covering this topic, and Kevin has articulated the points very well. Many countries base their social and military spending almost solely on revenue

Brent at one-month high, U.S. oil tops $32 as lockdowns ease

May 18, 2020

Reuters LONDON – Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude LCOc1 was up $2.32, or 7.1%, at $34.82 a barrel by 1344 GMT, its highest level since mid-April. U.S. West Texas Intermediate (WTI) crude

Key Indicators On The Oil Price Path ‘After’ Covid-19

May 12, 2020

Forbes Undoubtedly, the dominant factor in the oil market for the next twelve to twenty-four months will be the progress of the pandemic, which will reduce economic activity and thus oil demand to an uncertain degree and with unpredictable timing. My take is that once inventories are no longer filling, prices will recover somewhat, with Brent reaching $35-40 and WTI

Oil heads for another weekly gain on demand hopes and shut-ins

May 8, 2020

CNBC Oil prices rose on Friday and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as more output was shut in. U.S. West Texas Intermediate crude gained 5%, or $1.18, to trade at $24.73 per barrel, while

Oil prices could go negative again for reasons beyond just storage

April 28, 2020

CNBC It’s not all about storage. Yes, the world is watching the available amount of oil storage to try to figure out when the ‘tank tops’ and there’s simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil prices down in a hurry. First,

Oil falls back into the red in volatile session

April 28, 2020

CNBC Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20%. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimist around reopening of economies. West Texas Intermediate futures for June delivery gained 6 cents, or 0.47%, to trade at $12.84 per

Oil at two-decade lows, price of U.S. crude for delivery below zero

April 21, 2020

Reuters LONDON – Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis. Brent for June delivery LCOc1, known as the front-month contract after the May futures contract expired, fell

OPEC sees small 2020 oil deficit even before latest supply cut

December 11, 2019

Reuters LONDON – OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next

Premium Content