Elon Musk’s gas drilling plans in Texas meet legal resistance Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas in the state. The billionaire’s SpaceX intends to drill wells close to the company’s Boca […]
Forget Fracking, Oil Stocks Will Likely Move More On These Factors Post-Election Whoever wins the presidential election will help shape the U.S. energy industry long term, but the victory will have less impact on oil stocks in the near term as weak demand during the coronavirus pandemic weighs on oil prices. Click here to read […]
IEA forecasts a serious, ongoing oil demand hit from Covid-19 After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on Tuesday. Even in that case, which is the most optimistic scenario for oil considered by […]
Sole survivor? Saudi Aramco doubles down on oil to outlast rivals The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But Saudi Aramco plans to boost its production capacity […]
Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices. In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read […]
Oil down after U.S. crude inventories rise against expectations Oil prices fell on Wednesday after an industry group reported a surprise rise in U.S. crude, adding to worries about demand that led to a steep selloff earlier in the week. Click here to read more from CNBC. Oil refiners worldwide struggle with weak demand, inventory […]
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 […]
