Oil prices have been volatile in recent days due to lack of storage options, and last week US oil dropped into negative territory for the first time in history. On Monday oil prices plummeted 30% after United States Oil Fund, one of the biggest exchange traded funds in oil announced it would sell...
Oil & Companies News
Coming U.S. shale results will test extent of oil hedges, output cuts
As low crude oil prices leave U.S. producers struggling to eke out profits, investors will focus on production hedges and cost-cuts to determine winners from losers as first quarter earnings roll out in coming days. Global energy demand have tumbled by nearly a third due to coronavirus lockdowns,...
BP targets breakeven below $35/bbl next year, CEO says
BP seeks to sharply reduce its spending and costs to be able to generate profit at oil prices below $35 a barrel by next year compared with $56 a barrel last year, CEO Bernard Looney said. The company announced a 25% cut in its 2020 spending to $12 billion following the recent collapse in oil …
https://www.hellenicshippingnews.com/bp-targets-breakeven-below-35-bbl-next-year-ceo-says/
European gas markets feel the pressure – but there are signs of recovery
As the number of new cases of coronavirus starts to slow across Europe, many countries are reviewing their current restrictions. In many cases, lockdowns have been extended, but there are also moves to ease restrictions in some markets. As a result, while milder weather and an oversupplied market...
Oil: Revenge Of The Negabarrels
Never before, say shell-shocked oil traders, has the world price of crude oil fallen so far. Well, not since the early 1980s, anyway. Or was it 2008? Or 2014? Look at the 50-year history: Starting at the lower left, this roller-coaster ride of real price vs. use went wild in 1973–74 with a 217%...
https://www.hellenicshippingnews.com/oil-revenge-of-the-negabarrels/
Oil prices rise after smaller than feared U.S. inventories build
Oil prices gained on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns. June Brent crude futures were up 5.3%, or $1.09, at...
One of UK’s richest businessmen says he expects oil at $40-$50 once the coronavirus crisis is over
Oil prices are likely to remain low until global economic conditions start to stabilize again, one of the richest businessmen in the U.K. said Tuesday. U.S. crude fell 13%, or $1.67, to trade at $11.11 per barrel, following a near 25% decline a day earlier. The international benchmark, Brent,...
Dubai crude futures edge higher amid Middle East production cuts
Benchmark Dubai crude futures edged higher in mid-morning trade Wednesday as the Middle East crude market in Asia took cues from evidence of supply cuts that could bring market inequilibrium closer to rebalancing, traders told S&P Global Platts. At 11 am in Singapore (0300 GMT), the June Dubai...
ANALYSIS-Resilience of independent oil firms faces hedging, debt tests
Independent international oil producers can cope with plunging oil prices better than higher-cost U.S. shale firms but persistent low prices may still leave them struggling to repay debts and renew hedging facilities needed to protect revenues. The drop in Brent crude to $20 a barrel and less, or...
Insight from Shanghai: Can shale gas secure China’s energy security?
As China’s energy imports rise, so energy security climbs up the political agenda. In 2014 Xi Jinping, General Secretary of the Communist Party of China, outlined a long-term energy strategy that included strengthening the domestic and overseas supply of oil and gas. More recently, external...