U.S. shale producer Pioneer Natural Resources expects oil prices to recover to at least $45 per barrel this year, its chief executive said in a call with investors. Producers slashed output and energy companies cut tens of thousands of jobs as plummeting demand for fuels and a global supply glut...
Oil & Companies News
U.S. motorists start returning to the road
U.S. gasoline consumption has started to increase in a sign motorists are starting to use their cars more as the economic lockdown eases. Fuel consumption data show an economy that had adjusted to an exceptional economic shock by the middle of April and demonstrated some signs of improving in the...
https://www.hellenicshippingnews.com/u-s-motorists-start-returning-to-the-road/
Russian oil output below 10 million bpd for first time since 2009: sources
Russian oil and gas condensate production in the first five days of May fell to 9.5 million barrels per day (bpd), the first time it has dropped below 10 million since August 2009, sources familiar with the data told Reuters. While the latest data showing production of 1.296 million tonnes per day,...
Maersk Drilling revises financial guidance for 2020 and takes steps to reduce onshore organisation
Yesterday, The Drilling Company of 1972 A/S (“Maersk Drilling”) provides the following update on the impact of COVID-19 and lower oil prices. Revised financial guidance for 2020 On 20 March 2020, Maersk Drilling revised its profitability guidance for 2020 for EBITDA before special items to USD...
Speculators Look Beyond Tank Tops to Accelerate Oil Buying
The below summary highlights futures positions and changes made by hedge funds across 24 major commodity futures up until last Tuesday, April 28. The risk on seen during this period was driven by hopes, perhaps in some cases premature, that the COVID-19 pandemic had started to loosen its...
https://www.hellenicshippingnews.com/speculators-look-beyond-tank-tops-to-accelerate-oil-buying/
Top trader Vitol says virus might bring peak oil demand much quicker
Oil markets are at the beginning of a fragile recovery as coronavirus lockdowns ease, though long-term peak demand may be permanently eroded, Vitol’s chief executive told Reuters. Russell Hardy, CEO of the world’s biggest oil trader, said global oil demand sank by 26-27 million barrels per day...
Dubai Futures: Brent/Dubai spread narrows amid rebalancing hopes
Benchmark Dubai crude futures’ premium over ICE Brent narrowed in mid-morning trading hours on Wednesday, with some form of market rebalancing slowly taking shape from OPEC+ production cuts and easing of global COVID-19 related quarantine measures. Oil markets are responding to “the OPEC+ cut, as...
U.S. crude stocks up less than expected, distillate jumps sharply
U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 4.6 million barrels in the week to May 1 to 532.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 7.8...
Oil Investors Are Doomed Even If Oil Prices Recover
I’m writing this essay because millions of investors are in danger without realizing it. As you probably know, oil has recently taken an historic nosedive. On April 20, its price crashed from $18 a barrel to -$38, turning negative for the first time on record. The news has set off an oil buying...
https://www.hellenicshippingnews.com/oil-investors-are-doomed-even-if-oil-prices-recover/
How does government have the power to curb U.S. oil output?
Texas regulators decided on Tuesday against reducing the state’s oil output, a power available to U.S. state and federal authorities that has been put in the spotlight by spreading job losses during a sharp decline in energy prices. Crude oil prices are around $24 per barrel, down from $61 at the...
https://www.hellenicshippingnews.com/how-does-government-have-the-power-to-curb-u-s-oil-output/