Monday, July 6, 2020
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Oil prices no longer particularly cheap after strong rally

Oil prices are no longer particularly cheap by historical standards. Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 period. But over a longer time horizon, current prices are not especially cheap, and...

Russian negotiator says no need to extend oil cuts beyond July

The head of Russia's sovereign wealth fund Kirill Dmitriev sees no point in extending strict global oil output cuts as world economies and oil demand recovers from the depths of the coronavirus crisis, he told the RBC Daily newspaper. The comments from Dmitriev, who is one of Moscow's top negotiators...

Chesapeake Energy skips interest payment; borrowing base slashed

Chesapeake Energy Corp, the shale pioneer widely anticipated to seek bankruptcy protection, said on Thursday it had skipped an interest payment due June 15 on some of its notes and its capacity to borrow money was slashed by lenders. The company said in a regulatory filing its borrowing base under...

U.S. oil refiners’ shares rebound to pre-lockdown levels

Wall Street is betting on a strong recovery from the coronavirus pandemic by pouring money into shares of U.S. oil refiners, even though demand for gasoline, jet fuel and diesel remains well below seasonal lows. Shares of Valero Energy Corp and Marathon Petroleum Corp were trading on Monday at their...

Oil prices slip despite OPEC+ cuts as Gulf ends voluntary curbs

Oil slipped on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include extra voluntary cuts by a trio of Gulf producers. Brent crude was down 14 cents, or 0.3%, at $42.16 per barrel, by 1210 GMT, while U.S. West Texas Intermediate (WTI) crude...

Hedge fund buying dries up after oil prices double

Hedge funds have started to temper their bullishness towards oil after crude futures prices have doubled since late April. Crude prices are nearing levels expected to see some shale production restart and there are concerns the rally is outrunning the recovery in demand. Hedge funds and other money managers purchased the...

Spot LNG, the worst-performing energy commodity, faces more price pain

With the recovery in crude oil prices, spot liquefied natural gas (LNG) has assumed the unwanted mantle of the worst-performing major energy commodity this year. Spot LNG for delivery to North Asia <LNG-AS> in July dropped to $1.85 per million British thermal units (mmBtu) in the week to May 29,...

Norway oil firms slash investment plans amid pandemic

Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday. The biggest drop will come in the exploration for new reserves and in spending...

Energy trader Gunvor returns to profit in 2019, helped by U.S. business

LONDON, June 2 (Reuters) - Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong. The Geneva-based firm, which reported a 2019 net profit of $381...

Oil drops as U.S.-China tension escalates

NEW YORK, June 1 (Reuters) - Oil futures edged lower on Monday as rising U.S.-China tensions weighed on market sentiment, but reports that OPEC and Russia were close to a deal extending output buoyed prices. Brent futures fell 37 cents, or 1%, to $37.47 a barrel by 11:10 a.m. (1510...
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Recently Added

Buffett’s Berkshire to buy Dominion Energy gas assets for $4 bln

July 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Sunday it agreed to buy Dominion Energy Inc's natural gas transmission and storage...

Wall Street sees Exxon paring asset values on weakening demand

HOUSTON, July 2 (Reuters) - Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and...

Oil falls below $43 on virus fears, still heads for weekly gain

LONDON, July 3 (Reuters) - Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand...

Refiner Phillips 66’s return-to-work policy stirs unease as virus flares

DENVER/HOUSTON, July 3 (Reuters) - About 20 employees of U.S. oil refiner Phillips 66 tested positive at its Texas headquarters for COVID-19 in recent...
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