recession – Oil & Gas 360

Energy Market Assessment: The latest data on America’s employers says we are not in a recession or heading to one.

October 8, 2024

(Oil & Gas 360)—Energy Market Assessment: The latest data on America’s employers shows that we are not in a recession or heading toward one. More prosperity-producing ingredients are needed. Last Tuesday, the Bureau of Labor Statistics Job Openings and Labor Turnover (JOLTs) report showed that the number of non-farm job openings increased by 329,000 in August to 8.040 million (Figure 1,

Report: Recession to bite global oil demand worse than IEA, OPEC predict

November 7, 2022

World Oil (WO) – Global oil demand in 2023 will grow about a million barrels per day lower than organizations such as the International Energy Agency (IEA) and OPEC have forecast, according to a new report from Enverus Intelligence Research (EIR). The EIR report looks at near-term global oil demand, correlations between gross domestic product (GDP) and oil demand, and

Oil falls on recession and China COVID fears

October 11, 2022

CNBC Oil slid on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in Covid-19 cases in China raised concern over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a

What recession? The U.S. oil industry won’t stop growing

September 8, 2022

Oil Price In Europe, fears of a potentially deep recession continue to take hold. Meanwhile, these fears seem to have subsided in North America—at least in the oil industry. Instead, it’s back to growth mode for the shale patch and the oil sands. This is according to Schlumberger, whose chief executive said this week that activity in the North American oil industry

Putin’s new gas squeeze condemns Europe to recession and a hard winter of rationing

July 27, 2022

CNBC Europe’s descent into an economic contraction looks to have been confirmed with Russia squeezing natural gas supplies to the region and heavy industry facing tough rationing in the coming months. Just days after Europeans breathed a sigh of relief as Russian gas giant Gazprom announced it would resume supplies through the Nord Stream 1 pipeline, it then announced Monday

Saudi’s June oil exports down $8.7 billion year-on-year

August 26, 2020

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

Column: Refining margins mired between OPEC+ and recession – Kemp

August 7, 2020

Reuters LONDON – Global crude exporters and refiners are locked in a stand-off, as OPEC+ tries to drain excess crude stocks and lift prices and refiners face falling fuel consumption and shrinking margins. These drops are most evident in the market for middle distillates (gasoil, diesel and jet fuel) which have been hit hard by the twin impact of lockdowns

A tale of two recessions: Some Americans thrive as others suffer

June 19, 2020

CNBC The recession caused by the coronavirus pandemic is playing out across stark — and widening — fault lines in America. Lower earners, those with less schooling, women and minority groups have borne the brunt of the economic pain driven by soaring unemployment. Other groups — White men, higher earners and the better-educated — are more likely to have jobs. Not

U.S. import prices post largest gain in more than a year

June 12, 2020

CNBC U.S. import prices increased by the most in more than a year in May, driven by higher costs for petroleum products and food, which could further diminish fears of deflation as the economy battles a recession. The Labor Department said on Friday import prices rose 1.0% last month, the largest gain since February 2019, after falling 2.6% in April.

US economy grew at 2.1% rate in fourth quarter

March 26, 2020

CNBC The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction due to the impact of the coronavirus. The Commerce Department said Thursday in its third and final look at the fourth quarter that

Oil near $30 as recession fears, pump war weigh

March 17, 2020

Reuters LONDON – Oil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share. Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the

Based on history, the stock market is pricing in a recession and maybe something more ‘onerous’

March 16, 2020

CNBC The market’s blistering sell-off over the last month is so bad that investors have already pretty much priced U.S. stocks as if the economy is headed for a recession, based on a history of past declines around economic downturns by RBC. The median and average recession-related market decline sees the S&P 500 plunge 24% and 32%, peak to trough, respectively, RBC

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