Energy Oil markets continue to move higher, with ICE Brent breaking above US$30/bbl yesterday, and settling just shy of US$31/bbl. The strength in flat price has been accompanied by a strengthening in both WTI and Brent time spreads. There has been a real shift in sentiment over the last week, as...
https://www.hellenicshippingnews.com/the-commodities-feed-brent-breaks-above-30-bbl/
Investment bank UBS became one of the first oil market watchers to scale back its forecasts for the oil demand destruction from the COVID-19 pandemic Tuesday amid growing signs that global activity has turned a corner as lockdowns start to ease. Reducing its estimate of the impact of oil demand...
https://www.hellenicshippingnews.com/optimism-builds-over-oil-demand-recovery-as-brent-hits-30-b/
Oil and gas output from some of the world’s top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related...
Research from Cornwall Insight has investigated the impact on the daily average electricity demand and carbon emissions across five European countries during the four weeks from 23 March – the commencement of lockdown in the UK. Overall, all five markets – Great Britain, France, Germany, Italy and...
https://www.hellenicshippingnews.com/covid-19-impacts-energy-demand-and-emissions-across-europe/
China National Petroleum Corporation (CNPC) saw sharp earning declines for the first quarter (Q1), with the revenue shrinking 14.4 percent to around 509.1 billion yuan (around 72.71 billion U.S. dollars), citing the tumbled global economy and the plummeting international oil prices as causes. Net...
https://www.hellenicshippingnews.com/chinas-oil-giant-cnpc-reports-losses/
Brazil produced 2.973 million barrels per day of oil in March, up 0.1% from February and up 16.1% from the same month a year before, national oil regulator ANP said on Monday. The figures suggest that production cuts announced at the end of March by state-run oil giant Petroleo Brasileiro SA had a...
https://www.hellenicshippingnews.com/brazil-oil-production-rose-slightly-in-march-despite-pandemic/
Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether or not they would wade into global oil politics for the first time in 50 years as oil prices crater to historic lows. Global energy demand has tumbled amid coronavirus-related...
https://www.hellenicshippingnews.com/no-mandated-oil-cuts-for-texas-regulators-say/
How bad is the situation for the oil and gas industry in the U.S. right now? Let’s take a look at some compelling recent data points: • On Friday, ExxonMobil posted its first quarterly loss since 1999. • On Thursday, Royal Dutch Shell cut its dividend for the first time since the 1940s. • In …
Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter. It was...
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude futures were up 11.2%, or $2.29, at $22.68 per barrel...
https://www.hellenicshippingnews.com/oil-prices-extend-gains-on-demand-hopes-as-lockdowns-ease-2/