Oil climbs with economic data warding off gloomy demand signals Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018. Click here to read more from Bloomberg. Oil jumps […]
Oil prices are collapsing after Saudi Arabia sends ominous signal The fierce selling in the energy market is being driven largely by rising concern about how much crude the fragile world economy needs. With Labor Day in the rearview mirror, summer driving season in the United States is over. Jet fuel demand remains extremely weak […]
Oil gains on U.S. stock draw, economic recovery optimism Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fueled optimism of a recovery from the pandemic, boosting investor risk appetite. Click here to read more from CNBC. Saudi cutting oil deliveries […]
Laura Looms: Gulf Coast Oil Refineries Brace for Cat 3 Hurricane Hurricane Laura is set on a collision course with America’s refinery row. Forecast to grow into a Category 3 storm before landfall early Thursday morning, Laura will strike near the border of Texas and Louisiana. The nation’s biggest refinery, Saudi Aramco’s 600,000 bpd plant […]
Low Oil Prices Will Boost Consumption Without a doubt economic growth and income are the primary drivers of oil consumption, but price is the most important secondary element. It’s not that a price crash will encourage consumers to leave their cars running in the driveway, but on the margin, it will make them less inclined […]
End Game for Oil Somare speculating that oil demand may never recover to pre-COVID levels. If that’s the case, a lot of OPEC nations, reliant on exports to fill government coffers, may be in trouble. Click here to read from Reuters how the group is coping with declining oil demand. Infrastructure: The Next Big […]
Oil slips on surge in COVID-19 infections, U.S.-China tension In the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now require mask-wearing to slow […]
April Shows Record Crude Inventory Increase No surprise, April was a pretty rough month for the petroleum industry. Demand plummeted, prices turned negative, and inventories swelled. As it turns out, inventories actually rose faster than they ever have, adding 47 million barrels (+10%) in April. Click here to read more from the EIA. Russian […]
Oil slips slightly on rising coronavirus cases, returning Libyan supplies Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. Click here to read more from […]
With contracts canceled and debts mounting, offshore oil drillers face another shakeout The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. Click here to […]
